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Established Contributor
Crossdivided
Posts: 534
Registered: ‎01-23-2013
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Unsecured Credit Card "Order of Precedence" For Applying

Hello again, all.

 

I have attempted to research this, but keep coming up empty. Does anyone have a fairly good guess as to which unsecured cards are most likely to approve low scores. What I'm attemping to do is minimize hard inquiries in building up the unsecured credit card accounts. Something like an algorithm for applying. For example, I know that FPB will approve most anyone (which is the only unsecured I have now, 6 months old).

 

Which company would be best to try next (2nd easiest to get approved for), and after that company (3rd easiest), etc etc. Also, what amount of time to wait between each application to maximize approval odds? I understand that this may not ultimately the best course of action for credit rebuilding, but assuming someone wanted to add 1 or 2 more unsecured card accounts it would atleast be a good direction to start in. Those hard inquiries get painful after awhile....

 

As always, thank you in advance!

Regular Contributor
raisinitup
Posts: 224
Registered: ‎12-11-2012
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Re: Unsecured Credit Card "Order of Precedence" For Applying

Great question - can't wait to hear from the pros. 

 

BTW, what's FPB stand for ? 

12/11/12 Starting Score EQ FICO - 583/ TU FICO - 615/
4/1/13 - Lender Pull - TU - 645 EQ - 675 EX 712
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Established Contributor
Crossdivided
Posts: 534
Registered: ‎01-23-2013
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Re: Unsecured Credit Card "Order of Precedence" For Applying

First Premier Bank. Fees are terribad, though.
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Senior Contributor
StartingOver10
Posts: 4,222
Registered: ‎03-06-2010
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Re: Unsecured Credit Card "Order of Precedence" For Applying

[ Edited ]

Probably the next easiest to get an approval is Credit One Bank which is on par with FPB and also has terrible fees.

 

Getting a Kay's or Jared's card is exceptionally easy too if you have any established history but low scores.

Contributor
soILseminole
Posts: 80
Registered: ‎01-17-2013
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Re: Unsecured Credit Card "Order of Precedence" For Applying

cap1 is pretty easy approval on "platinum" card. i think $39 AF, and they pull all 3 CR's

Current: |MyFico TU-766| |MyFico EQ-737| |Amex EX-736| (May '13)
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Revelate
Posts: 9,548
Registered: ‎12-30-2011
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Re: Unsecured Credit Card "Order of Precedence" For Applying

[ Edited ]

At a swag:

 

First Premier

Credit One

Discover Matrix (Continental Finance, does this report to all 3 bureaus?)

 

The above all all relatively similar, and frankly if you have any money to put down as a deposit you're better off looking at secured options in my estimation.  May actually be less in fees to take one of the $1000-2600 deep subprime unsecured loans, put $99 to Cap One, $300 to BOFA, and pay the rest back immediately.  Small installment tradeline and two quality secured cards for pretty minimal interest, I haven't done the math but I suspect it might come out to less than FP's AF, need to pencil that out.  Actually if you can afford to pay it off within a few months after that, think you're actually ahead even at the roughly 12% monthly APR on first real balance of $400.

 

Well that doesn't include the AF's for C1 / BOFA secured; however, since one needs two tradelines at a minimum for optimal building, adding another $90+ to the FP tradeline for a either Credit One or I think more for the Matrix card, looks like come out a non-trivial amount ahead and have way better tradelines + small installment line.  Am I missing something here because I've never seen that suggested previously?

 

Capital One is next on the list.  May be some store cards mixed in there as another poster suggested, and there's a non-trivial amount of distance between FP and C1 unsecured.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
Crossdivided
Posts: 534
Registered: ‎01-23-2013
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Re: Unsecured Credit Card "Order of Precedence" For Applying

Sounds like some great advice, thank you.

Yes, ideally I would take that plan of action, but I have a @$&!TON of debt to clear up on the negative side (both to pay BEFORE it hits credit report as more judgements IRS liens etc, and secondarily cleaning up negs already on there) in addition to building the positive side. Just clearing up OLD debt prior to making more.

I've opened a secured installment loan through my CU, in addition to working on student loan consolidation (through dept of Ed...it's actually alot easier than people think) which will turn 5 defaulted student loans (which are off credit report anyway through DoFD) into a 13k installment entry, so I assumed I'm good on the installment loan side of the fico mix. Not to mention I'm sure I'll end up adding an auto loan eventually.

So basically yes I do agree that secured cards would be a better route, but it may be that I could've qualified for another unsecured by the time I could shift disposable income away from the debt/default side.

Thanks again!
Moderator
Revelate
Posts: 9,548
Registered: ‎12-30-2011
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Re: Unsecured Credit Card "Order of Precedence" For Applying

The only issue I see is you want to be establishing positive history right now.

 

Unless call it $400 is going to make a material difference to your aggregate debt, or even $200, open up a couple tradelines now, maybe even 2 Cap One secured at $99. 

 

However much time it takes to get your negatives sorted, the  tradelines will put you that much further ahead almost 1:1 when it comes to building the positive portion of your credit file.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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