Want to apply for a prime CC, what to do?

[Anonymous]

Hi all,

After several months of repairing my credit, my scores have gone up quite a bit.

My scores now: TU-698, EX- 672, EQ-671

I have a cap one charge of (should come off next year or so) that i could not get off, (tried every possible way of GW, no luck, i gave up on it)

I got all the collections off, excep still one on experian, disputiing with the CRA to see if it comes off (since it came off on the other 2 reports)

current i have a cap 1 CC limit for 500 and a orchard for $320. no hard inquiries in the past 2 years and no recent lates.

I am itching to apply for a prime CC. But worry that i will be denied and hurt the score that i worked so hard to improve.

The cards i have in mind to apply is BoA, chase and Amex Zync....

I would like some suggestions or comments on whether i should wait till all the baddies to come off then apply for a good CC or i should try my luck now?

Thanks!!

[Anonymous]

Hi all,

After several months of repairing my credit, my scores have gone up quite a bit.

My scores now: TU-698, EX- 672, EQ-671

I have a cap one charge of (should come off next year or so) that i could not get off, (tried every possible way of GW, no luck, i gave up on it)

I got all the collections off, excep still one on experian, disputiing with the CRA to see if it comes off (since it came off on the other 2 reports)

current i have a cap 1 CC limit for 500 and a orchard for $320. no hard inquiries in the past 2 years and no recent lates.

I am itching to apply for a prime CC. But worry that i will be denied and hurt the score that i worked so hard to improve.

The cards i have in mind to apply is BoA, chase and Amex Zync....

I would like some suggestions or comments on whether i should wait till all the baddies to come off then apply for a good CC or i should try my luck now?

Thanks!!

[Uncle_Money]

IMO, I would absolutely wait until the baddies fall off. Your score should rise at that point and then go for it. I wouldn't be applying for BOA or Amex with a collections account showing. These two lenders usually pull Experian. At least they have for me in the past.

In the meanwhile, build on what you have by making timely payments and keeping utilization at bay.

- UM

[Anonymous]

The remaining collection on EX is paid and closed. I got it off of the other 2 reports, not sure why it did not come off on EX as well.

Would you say that without scores in 700s, it's hard to get a good CC? I just think that before my cap one charge off can come off, it will be a very long and slow climb up...

[voidman]

If you do not need new credit then I would advice you to wait.

CC like Amex have their own internal database, if you apply and if they deny it, they will keep your record for a long time, it would not matter if the bady has fallen off from all CRs latter, but Amex will keep denying your application and you will be complaining why amex keep denying even though you have a clean report. 

Amex will deny saying that there is a derog in the report, but you will say your report is clean and Amex is a lier and bad lender, etc etc. I am not teasing your, just leting you know from past experiences of people in the forum.

I can understand the itch to apply for something after you have done the hard work. You want to see the approval and boost your moral. Yes, it could go in a good way but it can also go the other way too.

I have had that itch in the past, all I do is wait for few weeks and it usualy dies out.

[smc733]

Don't go for Zync as a rebuilder card.  Since charge cards don't report limits, they don't help your utilization numbers, which is something you should want in your next prime card.

I'd say go for the BankAmericard Basic Visa, it has a bit of a high APR at 17%, but its a step in the right direction with getting back to prime lenders.

[MarineVietVet]

Hello and welcome to the forums.

I also advise you to wait. It sounds like you will be in much better shape in a year or so. In the meantime do your research and find out what cards might be right for you and your situation.

One thing I will ask is where did you get your scores? No one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com (If you look hard enough) and your Transunion score at www.transunioncs.com.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[smc733]

marinevietvet,

I've been pulling my Experian score through Bank of America's "Privacy Assist", is that not an actually legitimate score?

[MarineVietVet]

---

@smc733 wrote:

marinevietvet,

I've been pulling my Experian score through Bank of America's "Privacy Assist", is that not an actually legitimate score?

---

It's a legitimate FAKO score. If you look at the information on site at BoA you will not find the word "FICO" mentioned anywhere for any of the Privacy Assist programs that offer "credit scores".

The reports are probably accurate although I've never seen one.

But I've been wrong many times before.     If I am this time I wait to be corrected.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[smc733]

---

@MarineVietVet wrote:

It's a legitimate FAKO score. If you look at the information on site at BoA you will not find the word "FICO" mentioned anywhere for any of the Privacy Assist programs that offer "credit scores".

The reports are probably accurate although I've never seen one.

But I've been wrong many times before.     If I am this time I wait to be corrected.

---

Woah!  If those are my FAKO scores, all those denials begin to make sense.  Maybe I will wait to re-apply for Amex, because IIRC, FAKO scores are usually a higher scale than FICO, so my FICO may be well below the 700s still.

[Devastator]

---

@smc733 wrote:

Don't go for Zync as a rebuilder card.  Since charge cards don't report limits, they don't help your utilization numbers, which is something you should want in your next prime card.

I'd say go for the BankAmericard Basic Visa, it has a bit of a high APR at 17%, but its a step in the right direction with getting back to prime lenders.

---

Counter argument is that it builds credibility with AMEX, and you can graduate to their hotel cards (if you travel a lot ) or blue/clear (if you want rewards). 

And Amex is solidly a prime lender I understand (notwithstanding the apparent 100% approval of Zyncs)