TOP 5 MUST HAVE CREDIT CARDS

[Anonymous]

Blue from AMEX is the next card in my list. I will apply for that card when my score is over 620 and all the collections are paid. Do you know what was your credit score and overall credit when you applied for that card?

Thanks

Message Edited by ashabbir1 on 07-28-2007 05:15 AM

[Anonymous]

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@Anonymous wrote:

Blue from AMEX is the next card in my list. I will apply for that card when my score is over 620 and all the collections are paid. Do you know what was your credit score and overall credit when you applied for that card?

Thanks

Message Edited by ashabbir1 on 07-28-2007 05:15 AM

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Upper 600's, lower 700's. I applied a million other times with mid 600 scores... Never got them to approve me until now.

[Anonymous]

Acccording to this I need atleast 708 fico score to approve for that card. I guess I will wait till my score is over 708.

Credit Record Needed:
Based on the FICO score recommendation, applicants should have a great credit record. A FICO score of at least 708 is recommended for a higher chance of approval for the Blue from American Express®, but is not required. There are a number of other factors that this issuer may also consider when making decisions for approval

[VLGaffEsq]

My suggestion, for starters, is that you hold off applying for most of the credit cards mentioned in this thread UNTIL you get you FICO scores raised to the high 600's at the least.  You don't want to have too many inquiries on you credit report that will eventually lower your FICO scores, plus possibly end up with a denial for a credit card.  Plus, lenders don't like to see too many inquires asking for more credit.  Keep following the advice in this forum (and yes, it is excellent!) and as time passes, your FICO score will improve.  If you really want another credit card at this time to add another positive trade line to your credit report (taking into account your present FICO scores - which you need NOT be embarassed about since everyone here only wants to help each other improve their credit and financial health), I would suggest applying for a CapitalOne Platinum card online.  Despite many people's bashing of this company, I have had nothing but positive results with them, from negotiating a fixed rate of 4.9% for three years on my Platinum card (with a limit of $4,100) and getting another CapitalOne card combined to this account while cancelling an annual fee and allowing me to keep a good credit limit in tact.  Good luck to you, and keep the faith!

[Anonymous]

I read in other topics that capital one does not report credit limit to CRA. Would not it hurt my score? Thats why I did not apply for Capital one.

Thanks

[VLGaffEsq]

The easy and simply solution around CapitalOne's present failure to accurately report one's true and correct credit limit (and rumor has it they plan to change this bogus policy by year's end, but that fact remains to be seen...) is the day you get your credit card, say with a $500.00 limit, go out and charge about $475.00 on your card and 2 days later pay OFF that entire $475.00 balance online in full. CapitalOne will immediately begin to report that $475.00 amount/ "Highest Limit" balance as your credit limit.  This is a simple and easy round-about solution, and a new positive trade line will appear on your credit report, plus you'll have a higher overall credit availability one you've paid off that balance, and your FICO score should begin to go higher.

[Anonymous]

Not certain which is the best/correct way to do this. I maxed my Cap1, waited for my statement to post showing the high balance, & then paid it off. Since doing that the high balance has continued to show on my CR.

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VLGaffEsq wrote:

The easy and simply solution around CapitalOne's present failure to accurately report one's true and correct credit limit (and rumor has it they plan to change this bogus policy by year's end, but that fact remains to be seen...) is the day you get your credit card, say with a $500.00 limit, go out and charge about $475.00 on your card and 2 days later pay OFF that entire $475.00 balance online in full. CapitalOne will immediately begin to report that $475.00 amount/ "Highest Limit" balance as your credit limit.  This is a simple and easy round-about solution, and a new positive trade line will appear on your credit report, plus you'll have a higher overall credit availability one you've paid off that balance, and your FICO score should begin to go higher.

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[Anonymous]

The high balance will always continue to show, until you exceed that number...  As long as it shows only a 1%-9% current balance you should be good from what I've read here in the forums...

[antredd67]

I have 9 credit cards and one line of credit which are:

B of A Mastercard $16,000 CL

Citibank Dividends Mastercard $2,000 CL

Capital One Mastercard $7,700 CL

Home Depot $5,500 CL

Wells Fargo Mastercard $7,500 CL

Chevron Gas Card $2,000 CL

WaMu Visa $12,000 CL

Discover $6000 CL

B of A Line of Credit $22,300 CL

Direct Merchant's Mastercard $4,500 CL

I like all of these cards except Capital One.  WaMu has been the most generous in CL increases.  Bank of America has been very generous as well.  Because my UTI is at 73% ( $17,000 balance) of my credit limit, that's what keeping my scores hovering around 650s-660s. 

The Citibank Dividends card is my most recent card I applied for and was approved for in  November 2006.  I was surprised that they approved me because my fico score was lower than what it is now. But I guess they were looking at how well I managed my account with my other credit card companies with those much higher CLs.  As you can see I have more than enough credit, and I will be slowly working on closing the younger cards as the older ones age. In my opinion, I only need 3 of the cards I currently have, since I have a well mixed of paid off mortgages, car loans, and one recently opened car loan on my credit report. Once I pay down or off my line of credit with B of A, my scores will soar passed 700.

Message Edited by antredd67 on 07-29-2007 07:53 PM

[Anonymous]

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ashabbir1 wrote:

Acccording to this I need atleast 708 fico score to approve for that card. I guess I will wait till my score is over 708.

Credit Record Needed:
Based on the FICO score recommendation, applicants should have a great credit record. A FICO score of at least 708 is recommended for a higher chance of approval for the Blue from American Express®, but is not required. There are a number of other factors that this issuer may also consider when making decisions for approval

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I got approved for Amex Delta with EX score of 574 two months ago. A week later, I got invitation to apply for Amex Blue. I got a little too excited and applied. I was instantly denied!!. But last month, I called them and asked if I can convert the Amex Delta to an Amex Blue. They did it right away. My statement closing date is Aug 2nd and my card should be here soon. Why don't you take that route if they require 708 or higher for Blue. Alot of people with scores in the high 500s and low 600s have been approved for Delta here.