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Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Want to get a premium credit card,need advice!

Hi Everyone

 

New to the forum have been reading many of the threads and you guys are a endless source of great information.Here is my situation. I had to stop working in order to care for a very loyal and loving parent about 7 years ago.One of the best things I've ever done!!! A casualty of my decision was the lost of my credit rating.Up to that point I had never been late on any of my bills. Had the American Express Blue($4k limit),BofA Platimum pre-approved($5k), a couple Cap1 cards($5k) a new Toyota 4Runner, ect ect. Was not able to work needed to focus full time on home care. 7 years later just about everything negative has fallen off my credit reports. I have a nissan purchase showing excellent 2.5 year history,about 9 years old and paid in full from 2005,will be on my credit history till 2014. And I have about 5 student loans about 1.5 years old with excellent history,and I opened a Wells Fargo Secured card with a $500 limit but will increase to about $2k in a few weeks.

 

My TU-FICO 710,EQ-FICO708,EX-Plus 705.My scores have jumped dramatically in the last week because of all the recent dropped delinquints. Only have one delinquint remaining, an $800, 6 year,4 month phone bill with a unpaid "ZERO" balance CO left, and that falls off in april. My Wells Fargo balance will be paid in full about a month before I attempt to apply for a new card. My Wells Fargo Secured card is about 10 months old.

 

My question is,does my credit score and history allow for a possible approval with Citibank premium card? I've never had a card with them.American Express is no longer on any of my credit reports as of 4 months ago, and I would really like to have a card with them again but not sure if my score is high enough,not to mention my CO history with them. Is American Express doable? I was reading on this site how its possible to go on the American Express pre-select site and register.Is that something you would recommend? I noticed that I would need to enter my SS and I'm not sure if that would result in a HP on my credit? Sorry for the long post, I have so many things that I need to accomplish and your help is appreciated!!

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Want to get a premium credit card,need advice!

 

If you had an AMEX card previously and it was charged~off, did you pay the outstanding balance ?   If so then you might consider applying for a charge card like ZYNC to start ~ it should be backdated to your previous member since date on your credit reports.     

 

You can go to the AMEX pre~approval site, it won't be a hard pull.    For what it's worth, this site ( and any pre~approvals ) aren't a guarantee of approval.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Want to get a premium credit card,need advice!

OP, I would apply for Amex Zync.  If you are blacklisted by them for old debt, you will be rejected with no HP as you will trigger internal rejection.  If you are not on blacklist, your score looks fine for Zync but obviously you could be rejected.  Amex is great for you as you might get backdate which will fill out your credit profile.  Also, even if you are blacklisted, you might be able to join the Oasis program to get back in with Amex.

               LIMITS IN CARD DESCRIPTIONS
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
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Re: Want to get a premium credit card,need advice!

For what it's worth, thank you for this post.  It helps to remind me that live isn't ALL about the score.  Good luck to you friend

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Want to get a premium credit card,need advice!

Tell me more about the Oasis program?  How do you qualify?

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Want to get a premium credit card,need advice!


tboy1977 wrote:

Tell me more about the Oasis program?  How do you qualify?


I think that AMEX offers this in some cases when you have an upaid charged~off account ~ you pay the old remaining balance and they give you an Optima ( ? ) card with a fixed credit limit.   After some probationary period with this card you can close the Optima and app for any other AMEX cards.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

Re: Want to get a premium credit card,need advice!

Hi Pizzadude

Thanks for the response. No I did not pay off that debt, did not have the money at that time. Do you think I'm blacklisted or is it possible that I may no longer be in their system? I did noticed on my creditchecktotal account that Amex was not checking or monitoring my credit in 2012. I was told the same thing by TU in reference to Soft pulls.

 

I'm concern that if I were to apply for any credit card regardless of CC provider, that last CO ($800,--6.4 year old)on my file might stop me from being approved.What are your thoughts? btw, my credit report is saying there is a zero balance for that collection.

 

Is it possible to get approved despite a old CO on the credit report?

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Want to get a premium credit card,need advice!

OP, read my post.  The old CO might get your rejected.  However, it is probably worth finding out if you are on AMEX's blacklist.  Even if rejected because of CO, by the time the CO falls off, any inquiry will be well aged by then.  When credit is marginal, you have to be strategic about your apps, but at the same time you need to build positive credit and therefore be prepared for rejection.  The possibility of backdating any AMEX you get is a powerful reason to consider taking that risk.

               LIMITS IN CARD DESCRIPTIONS
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

Re: Want to get a premium credit card,need advice!

Thank you crashem for the info! Much appreciated.I really want my Amex Blue back, but not sure that can happen at the moment. I'm tempted to try at the end of september.By then I should have on 2 inquiries on any of my credit reports for the last two years.

 

Tboy

Some wise words by you.We sometime don't know what we have until its at risk or gone. That includes health,friendship,you name it. I'm rebuilding and that feels really good, its a process.Hopefully I can pick a really good card, that would further my momentum. Wouldn't mind having a Saphire Chase,but I had a Circuit City Chase that was a charge off.Chase might blacklist? Its surreal to go from being a person that was never late on any payments to now being the guy with past charge-offs :smileyhappy:

 

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Want to get a premium credit card,need advice!

[ Edited ]

My life was a series of financial mistakes.  I'm still learning.  I lost my job in 2001 and just stopped paying my bills.  Then co-signed a loan.  Ran up utility debt, lose job,  stopped paying.   I hit the big leagues employment-wise in 2005, and the good times lasted until 2008. Add an ORchard Bank Secured CCwith a $5k limit.  Then add two years of virtual unemployment and medical debt.  And voila!  $182k in debt and $350 in assets (and $300 was my laptop :-) ) Filed the ch 7 and I'm now rebuilding (in many ways just building because I never cared what my score was before).  And the process has been SLOW and PAINFUL.  But we persevere.  Life. Add pray that as time marches on the scars from wounds, mistakes, and missteps fade away.

 

I laughed when I saw my score of 420 1/2011 but now, as I see a 456 (checked today) it is a firm remember of the journey you, I, and every other member of this site goes through

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)

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