Reply
Valued Member
Posts: 46
Registered: ‎01-05-2013
0

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

[ Edited ]

 

 

 

 

 

 

 


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
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

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.

Valued Member
Posts: 46
Registered: ‎01-05-2013
0

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
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

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. .     

Valued Member
Posts: 46
Registered: ‎01-05-2013
0

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
Valued Member
Posts: 46
Registered: ‎01-05-2013
0

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 :smileyhappy:

 

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
Regular Contributor
Posts: 199
Registered: ‎11-24-2012
0

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 :smileyhappy:

 

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!

Established Member
Posts: 35
Registered: ‎12-30-2012
0

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.

AMEX BCE: $15K, Chase Sapphire: $5k, Discover More: $3250, Kay Jewelers: $7200, Lowes: $3000, TD Easy Rewards: $1000, CapOne:$750, CapOne:$750, CareCredit: $3500, Lenscrafters $500, Victoria Secret: $920, Wells Fargo (Furniture card) $2800, Best Buy:$900, American Eagle: $600

2013 Goal: Garden and 740+ scores across the board.
Established Member
Posts: 35
Registered: ‎12-30-2012
0

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...

AMEX BCE: $15K, Chase Sapphire: $5k, Discover More: $3250, Kay Jewelers: $7200, Lowes: $3000, TD Easy Rewards: $1000, CapOne:$750, CapOne:$750, CareCredit: $3500, Lenscrafters $500, Victoria Secret: $920, Wells Fargo (Furniture card) $2800, Best Buy:$900, American Eagle: $600

2013 Goal: Garden and 740+ scores across the board.
Valued Member
Posts: 46
Registered: ‎01-05-2013
0

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 :smileyhappy:

 

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

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.