No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I have searched all the boards but not finding much info specifcally about "settled for less" with new credit requests.
I am closing on a house Tuesday (thanks to this site) and was hoping to get a decent credit card for emergencies.
My lendor scores are TU 687, EQ 665 and EX 700
13 TLs in good standing - oldest 15 years.
1 active credit card with 2% uti (300 limit)
No collections
Just 3 old COs (all prior to 2006) that have a zero balance. One with Cap 1 that shows "settled for less". Pretty sure at this point that has the worst impact.
Anyone have any suggestions who may over look that "settled for less" and approve a Visa/Mastercard with a decent limit over $1000
I know about Orchard, that is what I have now but was trying to get another card with a better limit.
Discover More
Barclay
It would be easy peasy and over 1G for sure.
My CR is way worst than your's and I got over 1G's on my new cards.
Report back with results.
Experian FICO= 640 AMEX BCP- Pull 11-2-11 (Denied)
Experian FICO=579 Chase Freedom-Pull 11-3-11 (Denied)
Transunion myFICO = 673 Pulled 10-28-11
Transunion FICO= 653 Cap One Plat No Hassle Cash Back-Pull 10-26-11 (Approved $2000.)
Transunion FICO= 630 Discover More - Pull 11-2-11 (Approved $1000.)
Equifax myFICO = 681 Latest -Down From 684
Walmart = Pull 11-2-11..Waiting on Score (Approved $500.)
Barclay Apple= Pull 11-9-11..Waiting on Score (Approved $1290.)
Kohls = Old Pull = 10-5-10 (Score At The Time ? ) =(Approved $300)
BOA Cash Back= Pull 11-9-11..Waiting on Deny Score Letter (Denied)
@Anonymous wrote:
Do you have a "settled for less" on ur credit. That's my biggest concern as I have heard that alone can cause declines.
Actually I did have one reporting "settle for less" but it's a CA reporting it. It was still listed as a CO by
the CCC when I applied for all these cards the last 2 weeks.
Remember..my settle for less wasn't a huge amount and the original CO wasn't huge either..it wasunder 1G
and settled for way less than the 1G.
I don't know if the amount of "settle for less" or original amount
owed has a factor.
Did you get approval right away with Discover.
I applied today.... And it was odd as it said I was approved then had me set up access for an online account.... Did that....Then, I tried to log in and it said my account was stil being set up. Below that is said "check the status of your applicantion" which I clicked and got this message...
"Your application is being processed. We have received your information but need to perform additional processing before we can provide you with a decision. You will hear from us within 30 days of your application being submitted"
So I am confused.
checked again this am... Says this now...
Congratulations! You have been approved for a Discover® Card with a credit line of $1,000.00. You will receive your card in approximately 5 to 7 business days at the address provided on your application. Once you receive your card, be sure to visit Discover.com to manage your account online.
Thanks for the tip on the card!!!
Question, when you settle for less is it almost like a charge off when you get a tax form and are suppose to report as income?
The company or collection agency is supposed to send a 1099 form if the settlement or CO remaining balance is above a certain dollar limit. (I don't remember the specific amount. Someone may fill it in.) This does not seem to be a universal practice though. A few years back when I was going through the bad times process and settling accounts or letting them go I only had one company that sent a 1099. The others just left it alone. YMMV.