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Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

Valued Member

Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

 

 

 

 

 

 

 


Hello everyone,

 

Per another poster's suggestion in the Rebuilding Credit Forum (where I originally posted this thread), I am also posting it here in hopes I get some more replies.


I have learned a lot here over the past few weeks, and I think this website is fantastic.

I've been working to rebuild my credit for a little over a year now. My EQ score is 709 and TU is 643. I want to apply for a credit card with benefits, such as Chase Freedom or AmEx Blue Cash Rewards, but I'm not sure if I'd be approved based on history of missed payments. I would appreciate your thoughts, as well as any other advice on increasing my score. FYI, my utilization is usually 10-30%, and I don't have any charge-offs, collections, bankruptcies, or tax liens. My AAoA is only 3 years. Inquiries are minimal and past 1 yr mark.

Here is my history of deliquencies and late payments:

GE Care Credit - closed:

Both EQ and TU - 1 x 30-day (Sept 2010)

BoA Credit Card - closed:

EQ - 5 x 30 days (October 2010, Jul 2008, other three not listed in report); 4 x 90 days (Jan 2008, other three not listed in report);

TU - 1 x 30 days (Oct 2010), 1 x 90 days (Nov 2007)

Capital One Credit Card - closed:

EQ - 1 x 30 days (Aug 2009);

TU - 3 x 30 days (Oct 2010, Jul 2010, Aug 2009), 1 x 60 days (Nov 2010). TU also says account closed in Jan 2010, but last activity reported in Aug 2011?

Two student loans (since closed and refinanced):

Both EQ and TU report 1 x 60 days (Feb 2011), 6 x 90 days+ (Aug 2011, Jul 2011, Jun 2011, May 2011, April 2011, March 2011)

I am disputing the Current Account Status on both EQ and TU, as the account was closed due to refinance but is still reporting 120+ days past due (last activity Sept 2011)

Two more student loans (since closed and refinanced):

Both EQ and TU report 1 x 60 days (May 2011), 2 x 90+ days (Jul 2011, Jun 2011)

Now, here is my current credit:

Revolving:

Capital One Platinum: Credit Steps opened in Nov 2011, no late payments, current CL $750. However, there is no recent payment history listed on my EQ credit report. Should I be concerned? Recent payment history shows up on TU though.

Wells Fargo Platinum: $300 secured opened Oct 2011, graduated to unsecured and $500 CL in Dec 2012. No late payments, but same issue with recent payment history not showing up on EQ credit report.

Macy's: $100CL, opened Mar 2009 but not used since Sept 2009. CL was $300 at one point, but decreased due to inactivity. Same issue as above with recent payment history not showing up on EQ credit report.

Installment:

CarMax Finance: Financed $18.5K in April 2011 at 10.95%. All payments on time, and balance is now down around $13K.

Student Loans: In deferment since consolidating in Sept 2011. You don't want to know what the balance is...

 

 

 

 

 

 

 

 



Current Scores:EQ: 726 (07/13) | TU: 656 (03/13) | EX: 715 (07/13)
Goal Scores (2013): EQ: 750 | TU: 700 | EX: 730 - Last app: 11 May 2013 - Done apping for the foreseeable future
Message 1 of 14
13 REPLIES
Senior Contributor

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

I think you would have better odds getting rewards cards with Capital One and WF since you have good history with them.

Message 2 of 14
Valued Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

Thanks, Wolf.

 

Any specific cards (from WF, Cap1, or others) that I should be looking at?



Current Scores:EQ: 726 (07/13) | TU: 656 (03/13) | EX: 715 (07/13)
Goal Scores (2013): EQ: 750 | TU: 700 | EX: 730 - Last app: 11 May 2013 - Done apping for the foreseeable future
Message 3 of 14
Senior Contributor

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?


kimbia wrote:

Thanks, Wolf.

 

Any specific cards (from WF, Cap1, or others) that I should be looking at?


WF has been running a 3% cash back or 3x rewards for 6 months promotion.   That is probably my next app if they are still running it in the summer. .     

Message 4 of 14
Valued Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

To  my surprise, just applied for Chase Freedom and received instant approval! Not sure what the credit limit it is...can I call to find out?

 

I figured I'd apply for a couple more while I am at it. I tried for the AmEx BCE and received the Pending Further Review page, which likely means I am denied. From what I've read here, AmEx recons do not tend to be successful and involve another hard pull, so probably won't call.

 

What is another good card I might qualify for now that I recieved instant approval for Chase Freedom?



Current Scores:EQ: 726 (07/13) | TU: 656 (03/13) | EX: 715 (07/13)
Goal Scores (2013): EQ: 750 | TU: 700 | EX: 730 - Last app: 11 May 2013 - Done apping for the foreseeable future
Message 5 of 14
Valued Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

Regarding Chase Freedom, just found the information I needed - initial CL was $1K, reconned and got a CLI to $2K Smiley Happy

 

Since they ran my report again, would it be prudent to hold off on any other apps (now that I have 3 hard pulls)?



Current Scores:EQ: 726 (07/13) | TU: 656 (03/13) | EX: 715 (07/13)
Goal Scores (2013): EQ: 750 | TU: 700 | EX: 730 - Last app: 11 May 2013 - Done apping for the foreseeable future
Message 6 of 14
Regular Contributor

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?


kimbia wrote:

Regarding Chase Freedom, just found the information I needed - initial CL was $1K, reconned and got a CLI to $2K Smiley Happy

 

Since they ran my report again, would it be prudent to hold off on any other apps (now that I have 3 hard pulls)?




 

I would totally call amex back because it might be a case of info verification! Also, app for one more card that you really want you might be surprised! Please give us the update!

Current Score: TU 671 / EQ 675 / EX 682
Goal Score: 700 Club Across the board!

Message 7 of 14
Established Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

I just got the AMEX BCE, and the Chase Sapphire the day before christmas.

 

My scores are similar to yours, but I don't have any lates.

 

I have had quite a few auto loans (i think 4 or 5)

 

my student loans are also in deferrment, and the balance is also pretty horrendous! haha!

 

I had probably 7 cards prior to getting the two above, my highest CL is my discover more card, i have a couple store cards and a couple capital one cards.. My utilization was at probably 25% when i applied.

 

I'm not sure your odds with the lates on there.... but score-wise i think you're good.

Message 8 of 14
Established Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

My Amex was pending further review too... and then i got approved for a 15k CL...

Message 9 of 14
Valued Member

Re: Rebuilding credit - Apply for Chase Freedom or AmEx Blue Cash?

Thanks for the comment, I just called AmEx and turns out I was approved, for $2.5K! I seriously was not expecting to be approved for these two cards with my past lates, but I guess my recent positive CC use, low utilization, and one inquiry (before today) helped Smiley Happy

 

I am thinking I should stop here while I am good ($4.5K in new credit when before today I only had $1350).



Current Scores:EQ: 726 (07/13) | TU: 656 (03/13) | EX: 715 (07/13)
Goal Scores (2013): EQ: 750 | TU: 700 | EX: 730 - Last app: 11 May 2013 - Done apping for the foreseeable future
Message 10 of 14