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+1 In a manual review certain companies may make you look riskier but it not an down right decline.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
I had only Cap1 cards many years ago and my history with them open the door to approval with Amex Blue. My history with Cap1 was less than two years and my util was near 50%.
@jamie123 wrote:
@Wolf3 wrote:
@Siobhanmairead wrote:I am rebuilding and have been approved for a Credit One Platinum card. The fees are high but I feel it's worth it. I need a few accounts to show good history so I'll eventually have a good enough credit score for prime cards. I have read on the forums that sub-prime cards can "red flag" you with prime lenders like Chase and AMEX. Is this true? My goal is to get a Chase Freedom in about a year. What are the chances with the sub-prime card listed above?
What's in my wallet?
WalMart $250 Limit
Amazon $400 Limit
Victoria's Secret $350 Limit
Also AU on Cap 1 Secured $200 and Chase Slate $26k.
I also have a truck loan thru Toyota Motor Corp. All accounts, even the truck loan were opened in Jan 2013.
The AU accounts are older, the Cap 1 was opened in Sept 2012 and the Chase Slate is 19 years old.
Thank you
I think the sub prime CC preventing approval is mostly rumor. I suspect it might happen in very rare cases.
However, I don't see how Credit One card helps you enough to be worth all the fees. For instance, Getting a Cap1 secured card of your own would be much cheaper, and better in the long run.
It is not rumor! Sure the lenders won't come right out and tell you that they denied you because you have a First Premier credit card but that IS the reason for denial.
There was somebody that stopped by this forum the other day wondering why they were denied an AMEX card. They had about 8 quality credit cards with an average of 5K CLs. His scores were about 736 across the board. He also had a First Premier credit card with a $500 CL. The First Premier was the first credit card he ever received about 8 years ago and he just kept it open but hadn't really used it in years.
In lender's eyes all credit is not created equal. You can be denied credit for the quality of your previous credit.
I must disagree here...
I began two years ago rebuilding my credit....
I started out with a First Premier Card, from there....Credit One and then Capital One......... All starter cards and all SubPrime quality.
All of them were still open at the time of my approvals for the rest of my cards....take a look at my signature to see.
Having those cards mentioned did not get me a denial.
@JMills wrote:Can you please give me a list of subprime cards and prime cards? I have seven cards, 2 Capital One, 2 Orchard Bank which is now bought from capital one CFNA- A card from Firestone. One with Fingerhut. Please let me know what I should do to raise my score. I have been paying cards late, but I paid 4 off and they now have a zero balance this month.
Well there's not really a "list" since there are numerous credit card products out there. Sub-prime cards typically have terms that include very low CL, very high interest, high AF in relation to CL, monthly maintenance fees, all other fees, etc. Common sub-prime lenders are First Premier, Credit One, Applied Bank, Orchard Bank, Fingerhut, etc. Capital One has products that can be Prime or Sub-Prime. Prime lenders tend to have stricter underwriting criteria, but much more favorable terms. Common prime lenders are Chase, Discover, Amex, Barclays, etc. Keep in mind that you can also receive terms from a prime lender that resemble that of a sub prime depending on what your credit report looks like. For example, Chase may start someone out with a $500 toy limit if they have a flawed history. However, that card will grow with you whereas one from from a sub-prime lender likely will not.
Looking at your file now, I would say you aren't a candidate for any prime cards, but this will change with continued patterns of responsible usage. You MUST pay your bills on time, all of the time. Payment history is 30-35% of your score. Also keep your balances low (pref <10%) as that accounts for another 30-35%. Just focus on taking care of the credit you have now, you don't need to apply for anything else yet. We can save a spot for you in the garden. Take good care to "garden" your current TLs and you'll soon be on your way to Primeville.
If subprimes do prevent approval for prime cards, at what point do you get rid of the sub primes? I have an orchard card that I have had for years. Foolish me but I never knew to request a CLI so it still sits at $300.
@Anonymous wrote:If subprimes do prevent approval for prime cards, at what point do you get rid of the sub primes? I have an orchard card that I have had for years. Foolish me but I never knew to request a CLI so it still sits at $300.
The jury is still out on this. From what I can see, you CAN get prime cards while having sub-primes. For me, it's a matter of what is the card doing for me. I plan to app for two prime cards in a couple months, which makes my sub-primes look more like a bad deal. Sure they've done their job, and I appreciate them helping me to rebuild positive history, but it's time to move on. Kind of like taking the training wheels off of your bike. At this stage I'm looking for a card that can offer a higher CL, rewards, and good customer service. My sub-prime cards can't really offer that to me. Credit One is definitely getting the axe. I'll possibly hold on to my Orchard Bank depending on what Cap One converts it to. Hopefully once Cap One completes the takeover I can contact the EO about better terms.
So don't go crazy closing your sub-prime cards because you think having them may hurt you. Evaluate your needs and wants and determine if the cards still benefit you.
Where is my garden?, Because I will take care of it for now on. Now I just focus on paying off my cards and work from there
@JMills wrote:Where is my garden?, Because I will take care of it for now on. Now I just focus on paying off my cards and work from there
Welcome. Have a beer.
Okay...Let me try and clarify this a bit.
Credit is ALWAYS a YMMV type of situation. There are always exceptions to the rule it seems. I make the mistake of talking in absolutes and I apologize for that. I try to always give my advice for the AVERAGE person who has AVERAGE credit problems. I know, I know...What is average?
First Premier credit cards are the worst of the sub-prime cards. They are telling lenders that you are willing to deal with loan sharks just to get credit. I'm sorry if I offended anyone but that is my opinion and I feel very strongly about it!
Credit One is one small step above First Premier but is still kinda cellar grade credit in my opinion.
Those 2 cards are really the only 2 lenders that I would recommend people stay away from.
Orchard Bank, Capitol One, Walmart and Victoria's Secret are NOT sub-prime credit cards in my book. These are all actually quite good and honest lenders to be doing business with. Sure they charge just a little bit higher interest and fees but not by much. These are all great cards for re-building or starting your credit history with.
I've done the research. If you have First Premier, payday lenders or other shady financing companies on your credit report you can be denied credit because of it. Some lenders will assume that you will go to any lengths to get credit when you want it, regardless of cost, and won't give you their credit. Of course, as always, YMMV.