Credit Cards

[pjxf99]

I can't find anything that applies to my specific problem, so I thought I'd throw it out to the brain trust (seriously, you guys are geniuses!)

My scores are withing 5 points of 700, plus or minus. (that's not awful, right?) My last late payment was 4.5 years ago. I have a 5000 limit on my Wachovia card (sav. & ck with them). I PIF every month.

Since screwing up as a college student, I've been more of a cash person. I also live overseas, and we get dinged with that overseas fee. I try to just use it for online purchases. My billing addresses are in the US.

I can't seem to qualify for anything online. Cap 1 turned me down flat, Chase gave me the "still reviewing" message, and its been 3 weeks.

Should I even bother with BofA? I noticed on one of the sites (cap1 or bofa) that they define good credit as having at least one CC with higher than a 5000 limit. Am I being punished for not using credit cards, and if so, how do I use one if I can't get one?

Happy to provide more info if asked, but I don't want to go overboard.

[CanDoAttitude]

Good Morning pjxf99,

Thanks for the collective compliment! Our strength

is in our numbers.

Since all 3 of your FICO scores are in the 700 range

you should have no problem getting a credit card. You're

definitely in the ballpark with BofA - it's simply a matter of

whether you choose to apply. As long as you have a US

address and phone number there should be no problem.

Since you live overseas but maintain a US mailing address,

you might look into a credit union. Even if you don't have a govt/military

background, Pentagon Federal might be a good fit for you. You can

join one of the affiliated organizations for a modest fee of $25 and then

join PenFed by opening a savings account with them for a $5 initial deposit.

Here is their website and toll-free number. They will be happy to walk you thru

the entire process:

http://www.penfed.org 

Toll Free: 1-800-247-5626

Overseas Direct Dial

541-225-6700

PenFed's qualifying FICO scores tend to be high 660's or better for credit cards

and 650 or better for auto loans.

Edit to add: PenFed hard pulls Equifax exclusively. Their hard pulls are good for

60 days at a time, so if you plan on apping for more than just a credit card it will

only cost you 1 inquiry. You don't have to app every 60 days, but whenever you do

decide to apply, the inquiry will be good for 60 days from that date.

Hope this helps you. Once again, thanks for the compliment! 

CanDo

"The right attitude is everything"

Message Edited by CanDoAttitude on 05-04-2008 09:39 AM

[jaxstraw]

Try the BoA pre-approval feature. It will let you know almost 60 seconds after the submit key is hit. It doesn't hurt your credit to try either.

Jax

[pjxf99]

I tried the Bof A thing, they said no too.

I'll look into PenFed, thanks!

I did have a household bank card that I closed because I wasn't using it (before I came here, I know NOW that I shouldn't have done that)

I guess I could reopen it, but I was hoping for a better card, or one I could earn miles with.

*sigh*

[jaxstraw]

IMO something doesn't compute.

When was the last time you pulled your FICO's from this site ???

If your scores are just shy of 700 and you have a great payment history, you should be getting approved all over the place.

Pull your reports and see what they say, I would imagine that there is something there that you are unaware of that's impeding your ability to establish new TL's.

Hope this helps and good luck. Let us know what you find. People have great advice here for almost every situation. They've helped me quite a bit.

Jax

[pjxf99]

As of 4/30/08

TU 698

Ex 695

Eq 703

I paid a collections account in March, which seems to have dropped my TU score by 40 points, except that they still have it listed as a collection?? I've gone over that thing with a fine toothed comb and can't see why it dropped from 740 to 698.

Eq and Ex say I have no collections accounts, and simply list AFNI as a creditor.

There is an error on one report, that says I'm not current with Sallie Mae, but I am and have been for years. I'm disputing that--would that cause a problem?

What about too many apps? I tried to get preapproved for a PLUS loan at 2 different places before I realized I couldn't, then 2 or 3 cc apps.

I'm really at a loss here.

[jaxstraw]

To me you seem to be doing the right thing.

I have to agree w/ CanDoAtt and go with PenFed.

Your EQ score looks strong and if it's not one of the ones w/ the bad accounts (I can't remeber which you said) you should have a great chance.

Look into other Credit Union posts here. Many have had success w/ JFCU, Patelco, and othhers. JFCU seems to be a favorite and only pulls EQ if I'm not mistaken.

Check out whogavemecredit.com and look at the state where you use your address,you can also search for Credit Unions within the area of your US address online and then inquire with them by phone of what you're looking for and who they pull.

Jax

[braznyc]

I would also try to get that CA account cleared off your TU CR if in fact it's been paid .Know they can still list as a paid collections account. Watch your inquires as well. If there isn't anything else that needs to be fixed then a CU is the best route as they look at the whole person, try PENFED as suggested they're extremely nice people. Good luck!

Message Edited by braznyc on 05-04-2008 02:54 PM

[pjxf99]

Thanks for all the advice, I'm going to look into credit unions once I start school in the fall.

I also solved part of the problem today. I called Chase and they said I was turned down bc they couldn't verify my address. I said, "but no one tried to verify anything". They said they had sent a letter, which I never got. So they resent it, and I just have to get that all ironed out and the lady on the phone said I'm good to go. I specifically asked if there are any other issues and she said no, just the verification.

I don't know, I still feel pessimistic, but we'll see! *fingers crossed*

[Jesedmotherof5]

That may have been the problem with al of your applications try calling. Check you address at the CRA and send them information for your new address.