04-17-2013 08:07 PM
While I'm sitting here browsing threads- I've been wondering for a while, do any prime creditors (eye towards Discover IT) issue cards to a person with an active collection? I have one CO from 2008 (don't remember the date, CO was towards the end of 2008, or in the first or second month of 2009 at the latest). I want to pay it, but have no incentive to until/unless collection agency will agree to a PFD.
I have always lived frugally, and with a new position I took in February, am making way more money now than I ever have, so I don't need the credit so badly, but I'd like to have one decent card so I can sock-drawer the rest (besides a store card that I use intermittently).
I'm going to be contacting Cap One EO to see if they'll roll up my now 3 Cap One cards into one, and give me a little CLI, and even if they don't, its fine, but- just wondering- anyone have experience/knowledge regarding whether a decent FICO would suffice even with an active baddie, or if it is automatic no, regardless of FICO score, if there's an active collection present?
04-17-2013 09:00 PM
I was approved for both Discover and Amex BCP last year with two six year old unpaid collections. One is for over $2k. If they are older and your report is otherwise strong it can be done, especially with Discover. They are far more forgiving than other prime cards.
04-17-2013 09:04 PM
You're much easier to understand in writing than you are on TV, Boomhower.
Thanks for the response!
I know Discover used to be very tough to get, but I've seen on some other unmentionable sites, that they may be easing up a bit.
Good to know there's at least a chance. I'll wait and see the outcome of my email to Cap One EO, but if its no go or not enough love, I might try Discover IT.
04-17-2013 09:36 PM
I was actually just approved for Discover It with active collections showing on my credit report. (Either 3 or 4 were on the report when I was approved - all small, 3 medical, one a utility, all from about 2 years ago) So, I would say it's possible!
04-17-2013 10:05 PM
I have 2 paid collections on EX and one of them reporting on TU one around 2 years old the other 1.5 (non-credit card collections). Also have 2 charge offs from 2007 (one paid, the other unpaid) and got approved with BofA, AMEX, and Citi. so it is possible. I guess my good recent credit (thanks to this forum) outweighed the baddies.
04-18-2013 05:48 AM
Dodgers - I am amazed re: AMEX. (Grats!)
I have an INQ falling off May 1 or May 2...maybe I'll try Discover at that point, even if Cap One EO does take care of me before then.
04-18-2013 06:00 AM
04-18-2013 07:50 AM
04-18-2013 08:23 AM
No interest in AMEX, actually. The lady has a corporate AMEX from her law firm and has her own AMEX as well, and I don't understand the appeal of the card (besides status) - she seems indifferent to the cards, though as I see so often on here, "YMMV" (in this case, "HMMV"), as I know a lot of people here swear by it. Anyway, I'm quite certain I'd not qualify even if I tried. Income in low 50s and an active baddie and low CLs on existing cards = not worth bothering. Hoping that Discover IT is a little more accessible- sounds from these responses that this may be the case.
04-18-2013 08:44 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO