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Also, is secured card graudation based solely on your CR? Can one graduate even after being denied a normal bank CC?
@FixMyCredit1992 wrote:Also, is secured card graudation based solely on your CR? Can one graduate even after being denied a normal bank CC?
other factors as well...such as your usage and payment history with the creditor.
Paid collections are pretty trivial to most banks.
Open collections are bigger deals to them. It greatly depends on lenders but the comment that nobody with a collection of any sort can get unsecured cards is pure and utter horsepucky.
Amex / Chase / BOFA / USAA / DCU / GECRB / etc. ad nasuem.
I thought paid collections score the same as unpaid?
@FixMyCredit1992 wrote:I thought paid collections score the same as unpaid?
Scoring maybe won't increase a lot once it's paid but once it's paid many banks will start approving again.
i got navy and even 76 by GE as soon as all my GE accounts were "settled"
76?
76 gas station card
@FixMyCredit1992 wrote:I was chatting with someone today who [seemed] to know about credit and credit cards.
He said most CC's will deny you if you have any collection accounts AT ALL.
Any truth to this?
Every card in my signature was approved with collections (paid & unpaid) on my CRs at the time of approval. Yes, you can defintiely get approvals with collections. However, you might also note that I don't have any cards that would be considered "prime" in my signature, I don't have any cards with APRs lower than 19% APR, and I certainly don't have high CLs on any of them.
For creditors, your report is more than a couple lines. You can get approvals with collections reporting, you can get credit with a judgement reporting, I have had both and got AMEX and Chase cards With starting limits over 3k. It helps if they are more than a couple years old. Over 5 years old makes most a non-issue. Even a BK over 7 years old makes you appealing to some prime lenders. If you have baddies on your report, you need other things to make you appealing to lenders. If you have a couple baddies and a high income you can get credit, if you have a long history with a few blemmishes you can get credit. If you have a short history and low income, you will need to work hard to clean up your report.
@FixMyCredit1992 wrote:
Any truth to this?
As much truth as there is to any broad, sweeping generalization on any topic. In other words, it applies in some cases and not in others. Creditors vary. Some target those with no or poor credit. Some avoid them. There are certainly those who have unsecured cards with collections on their reports.
@FixMyCredit1992 wrote:I thought paid collections score the same as unpaid?
Keep in mind that the score isn't necessarily the only thing that a creditor considers. Two people with the same score applying to the same creditor can have differing results. It's never just about one factor alone.