Credit Cards

[Kr33ker]

I just ran my Equifax Fico score and was pretty pleased to see a score of 699. I'm 22, and do not have any credit card. I am looking to get my first card, preferrebly a Chase Freedom (High Expectations I know). I want to see if you guys think I am a good candidate for this card, or maybe you have some other recommendations for me.

To give a little history, I was denied for a Chase Freedom almost 6 months ago because I had too much outstanding debt. I did not know at the time, but there was $16k worth of credit dept on my reports due to being an authorized user on 2 of my cards. Since then I have had myself removed from a card with $10k on it. I am still waiting for an AMEX with $6k (108% credit utillization) to come off. AMEX said they were sending the update to the credit buerues yesterday (4/10). How long should I expect to wait for it to come off my reports? 

I was thinking that removing these cards from my reports would only help my scores, but now I am a little nervous... Currently my credit history goes all the way back to 2000 with an AAoA of 4 years. When I am removed from the AMEX my 2 college loans will only go back to 2010. Is this going to really hurt my score when it drops off?

The positives of my report:

1. No missed payments
2. Established Credit history
3. 0 Inquiries

The negatives of my report:

1. Heavy use of revolving credit
2. Amount Owed on revolving credit is too high
3. Too few credit accounts

You think I can get approved for a Freedom? My Chase banker will put in a special reconsideration for me if I am denied (I don't know if that really helps).

Any other cards?

[webhopper]

I would say your first card should be an Amex charge card like zync or green. You will instantly get back your old Amex history butwithout the balance because Amex backdates the card. So your new card will show that it opened in the same year you became an au on the old card. After the Amex reports it would be dependent on your new score as to which card you get. Definately go for freedom especially since chase CSrs like to see Amex accounts.

[Kr33ker]

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webhopper wrote:
I would say your first card should be an Amex charge card like zync or green. You will instantly get back your old Amex history butwithout the balance because Amex backdates the card. So your new card will show that it opened in the same year you became an au on the old card. After the Amex reports it would be dependent on your new score as to which card you get. Definately go for freedom especially since chase CSrs like to see Amex accounts.

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I really like that idea. What do you think my chances are of being approved for a Green? Is there a point of the Green if I'm really not going to be spending that much within this year (Zync points are worth less right?). Can Zync be upgraded to Green?

[webhopper]

I believe that the criteria for green is tougher and it nay be more easily upgraded in the future. For me zync is great and I like the looks of the card. If I start traveling more ill get plat or PR gold. Zync is a good Card but I've never heard of it being upgraded later on, you would have to reapply

[webhopper]

Definately zync is a great card and the fee is cheaper.

[frogfan12]

I'd say wait until your util goes down. That will affect your scores majorly.

[Kr33ker]

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frogfan12 wrote:

I'd say wait until your util goes down. That will affect your scores majorly.

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So you don't think losing the history of the AMEX will hurt my score?

I definitely think you guys are right about the Zync. I'm going to get the Zync, and after a few months go for the Freedom.

I'm currently using the Score Watch Trial. Can I get my updated score everyday until the trial is over? Would you guys recommend using the Score Watch or some similar service? Or just do the right things and run my score when I'm going to be applying for something?

[-Cain-]

There's been mixed results with AmEx and the backdating of ACMs lately, I believe someone said they changed their policy late last year. You may not get the additional history, but if you can start off with them now it'd be great for future backdating. They may want to see some credit history before they issue you a card, but I think I've read of some people getting approved for Zync as their first card. Good luck in whatever you decide...

As for scorewatch, no you don't get a daily score update, you should be able to purchase additional scores, but I don't think they change daily unless an account updates.

[Kr33ker]

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-Cain- wrote:
There's been mixed results with AmEx and the backdating of ACMs lately, I believe someone said they changed their policy late last year. You may not get the additional history, but if you can start off with them now it'd be great for future backdating. They may want to see some credit history before they issue you a card, but I think I've read of some people getting approved for Zync as their first card. Good luck in whatever you decide...

As for scorewatch, no you don't get a daily score update, you should be able to purchase additional scores, but I don't think they change daily unless an account updates.

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What does ACM stand for? What exactly changed about their policy that would not give me the additional history? Being removed as AU? Only being an AU? If I am approved for the Zync could I go back on as AU and get t he additional history with them?

Besides being great for my AAoA, I honestly think it would be cool to have a year in which I would have been 11 on my AMEXs lol...

So if my Equifax updates within the trial period I will get a new score?

Also, it seems that AMEX prefers to pull Experian. Would there be a big descepancy in scores if my credit reports for all three bureus are pretty much identical?

[Crashem]

AMEX would be a good idea.  Basically you need to see where your score is after everything is off and see where your at.  What date does your AMEX card say it first reported on your credit report?  You should save a copy of that tradeline and credit report in case AMEX doesn't backdate you automatically.  AMEX changed their policy last year that they would no longer change AU user's membership date to the date of the cardholder.  If you had your's changed before this policy change, I am not sure how they will treat you.  Worse case, you will get the membership year of the first time you had an AMEX whether as AU or not.  Best case, you had your membership year backdated before policy change to the original cardholder's membership date and that will carry with you.  In any case, it will be better than any card that reports opened in this month.