Hello,everyone.My first post here,although I was reading a lot for few months.Best forum ever,IMHO.
Here is my case.I have about 20 derogs on my report. One is foreclosure .All of them happened in 2009.
After foreclosure I just stopped paying to all my creditors,except my car loan. I thought I would Never get any credit in the future.
But in July of 2011 I filed for bankruptcy.
To my big surprise in November of 2011 I've got an offer from Capital 1.
I applied for a credit and got a Platinum card with $300 limit.After few months they raised it to $500.
In May of 2012 I got a Cap1 secured card with $200 CL. Added another $1000 of my own.I keep utility under 10%.
My Fako scores as of today through USAA Credit Check Monitoring are Exp-647,EQ-646,TU-638.
My FICO score in April was like 670-ish when I was enrolled in 10 days free (or whatever) programm. But it was
before my app for secured card.(I guess it took some hit after that.)
Now. I have recevied couple "pre-approved" letters from Barclay with an offer of MC with double reward points for gas and utility bills and one point for everything else.
I Really want this card cos Barclay is almost a Prime lender as I have read on this forum. Never had any relations with them,while almost all other prime creditors were included in BK.So I won't have any offers from Chase,Discover and others.That is also why I feel like if I will get this one I can go gardening for years easily.
Sorry for the long post , and thanks in advance for your advices.
Preapproval is meaningless, for you can still get denied. With 20 derogs, I'm not sure you can get into Barclays.
Can you tell us about these 20 derogs? What are they? Lates? Collection?
Like I said above after I realized that I can't pay my mortgage I just stoped to pay not only for mortgage but to all of my creditors.Yes they were lates,then became collections,then they were discharged after I filed for BK.
I understand that 20 derogs are a lot,but having a score in mid 600's is little surprising and encouraging for me.
I'm just going to check my real FICO right now and post it here.
I wouldn't waste the INQ with all of those derogs still being recent and a recent BK. Gain positive history on the Cap1 cards for a year or so then try it. I still think the BK would be a dealbreaker with Barclays for quite awhile.
I was able to get a Barclay's I-Tunes card after my BK.
However, I did have to call the number to recon and I had a history of on time payments on 5 new tradelines since the BK, 4 cc's and 1 vehicle loan.
Orignially they were reluctant because they said I didn't have enough history since the BK. The BK discharge was Jan 09 and the first cc was May 09. Barclay's gave me an approval for a low limit originally of $1100 in Nov 2011. So they will approve after a BK. But you have to have enough history to show you have begun to re-establish yourself. They do give good CLI's after 6 months they doubled my CL.
So I would say the others are right^^^^ about waiting a bit to prove yourself. You will probably have to call the backdoor number anyway so you want to have everything in order and it seems that AAoA is one of the factors they review (at least when I had to recon my app).
I will definitely stay away for another year.I was just probably got too excited about this approved offer from non Cap1 or Orchard club.
Thanks for dragging me back to reality.When I will pay off my auto loan in January (20,000 for 60 months) is that going to boost my score?
And do I need to open another credit card lets say in 5-6 months,something easier to get than Barclays?
Thanks again for your advices!
How many card do you have total OP?
I only have Cap1 $500,Cap 1 secured $1200 limit,and car loan that I got almost 5 years ago and will be paid off this coming january.That is all.