12-06-2010 08:08 PM
I'm working to rebuild, but haven't done much other than get my util down under 9% at this point. My short term goal is to get a Zync card so that I can ditch the debit card and earn some points. My scores aren't great, but I've seen others qualify with what seems to be similar scores around here.
I have a few lates, a few collections, but for the last three years I've had perfect payment history. My Equfax is 604 and my Transunion is 657, both FICO scores from myFICO. I have an NCO collection that will fall off as soon as I can get a letter to them because I'm sure they can't validate. I called them a few months ago trying to PIF and they refused to take my money because they couldn't find the account.
Long story short - pull the trigger now, or wait until some of the bogus reporting is resolved?
12-06-2010 08:17 PM
Why on earth would anyone apply for credit when their reports are about to get better???
Sorry, Booma, I'm not being personal. It's just that I see this all the time, and I don't get it.
Think of applying for new credit like going on a blind date. You can go with stringy, greasy hair, grubby clothes, and a rather odd odor, or you can clean up and look your best. Which do you think will have the, ummm, best results?
AmEx will pull your Experian report, although they use their own internal scoring system. As to your baddies, the older the better. Congrats on getting your util under control!
12-06-2010 08:24 PM
Eh, I just want a charge card, really. I'm not interested in gaining credit. With the packages I could rack up points instead of using my debit card, which gains me nothing. I've been responsible with my credit for the last three years and I want to feel like I've hit a milestone, maybe. There are a myriad of reasons, though I will admit that none of them are terribly logical. I'm about to spend a sizeable amount of cash on Christmas, so gaining the points would be a bonus. Getting something for nothing...or a $25 annual fee...
You're point is well taken, though.
12-06-2010 08:29 PM
Amex will likely pull your Experian report, so you might check how that report compares (baddies, etc.) to your EQ and TU reports.
Although this is not a final determiner (it wasn't for me), have you tried the pre-approval page on Amex's website?
Score-wise, it might be a little early to apply, but also keep in mind that Amex reportedly uses its own algorithm for determining to whom it will offer its cards.
12-06-2010 08:32 PM
AMEX is not too easy to understand. They accepted me with low to mid 600 scores (I know they use their own rubric but it gives you an idea of where I was). But, I was a past cardholder who made good on old accounts. They certainly aren't throwing any revolvers at me yet...
I say if you haven't been app crazy, nothing beats a try but a failure...and you won't know that till you try! But if you know something really derogatory will be coming off...get it off!
12-07-2010 12:35 PM
No one seems to know what is going on with Amex in regards to the Zync.
I was denied several times when my FICOs were in the 650-660 range, yet people have been approved with 620 and lower! Amex's own internal scoring system (which they use, not FICO) has a lot of differences against how the FICO system evaluates your credit.
You never know, you MAY get approved, but I would certainly, in your case, wait until those baddies come off. Why waste an inquiry to potential denial, on something that could be an approval as soon as that baddie is removed?