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Mega Contributor
Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

Re: approval possibilities?

I don't think nordstrom is a real hard card to get, worse case you end up with a store card for 3-6 months and then upgrade to visa.
Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Contributor
CodeMonkey
Posts: 100
Registered: ‎08-04-2008

Re: approval possibilities?

I would probably take a crack at the Citi HHonors - your scores look really solid and since you already have an existing line of credit with them I'm guessing that would probably work in your favor on a manual review of your account.

I don't know that I'd bother with more than one of the Visas; just a personal quirk though. I tend to carry one from each issuer for backup purposes; in case there's a glitch on the MC network and I get declined, I can use the Visa or the AmEx.

If you really want to deal with paying the annual fee on the AmEx Plat, I'd wait for 3-6 months after opening whatever Visa you pick and give it a shot. It is a great card (my dad's got one and loves it), and the worst that can happen is they say "no thanks!"

Hard inquiries do suck, but they only affect your score for a year, and even then not by a whole lot if you've got a relatively established history already.

Those are my two cents anyhow. :smileyhappy:

Good luck!
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: approval possibilities?

[ Edited ]


CodeMonkey wrote:
I would probably take a crack at the Citi HHonors - your scores look really solid and since you already have an existing line of credit with them I'm guessing that would probably work in your favor on a manual review of your account.

I don't know that I'd bother with more than one of the Visas; just a personal quirk though. I tend to carry one from each issuer for backup purposes; in case there's a glitch on the MC network and I get declined, I can use the Visa or the AmEx.

If you really want to deal with paying the annual fee on the AmEx Plat, I'd wait for 3-6 months after opening whatever Visa you pick and give it a shot. It is a great card (my dad's got one and loves it), and the worst that can happen is they say "no thanks!"

Hard inquiries do suck, but they only affect your score for a year, and even then not by a whole lot if you've got a relatively established history already.

Those are my two cents anyhow. :smileyhappy:

Good luck!

Codemonkey, I read your other thread, and I'm impressed with your knowledge and progress in this area, so I'm sorry to have to contradict some of your statements here. :smileytongue:
 
Hard inquiries are actually more damaging to those with established histories, since any negative factor typically hits people with long, established histories worse than it hits those who are just establishing their credit.  This is one reason that it is usually a good idea to establish several new positive accounts all at once when one is rebuilding one's credit.  Take the hit for the multiple inquiries now, while your credit history is still young, so you won't have to in the future when it will hurt more.
 
Also, when it comes to Visa vs. MC, that distinction is virtually nonexistent.  Yes, they are separate companies with separate brands, but it's much, much more important to get cards from banks you want cards from, with the rewards programs and terms you want than it is to worry about having "too many Visas and not enough MCs" and so on.  As far as the network being down, typically Visa/MC use the same POS network, so if it's down for one, it's down for both.
 
To the OP, the Nordstrom card is one of the more difficult store cards to get.  They hate, hate, hate inquiries and new accounts.  Just FYI.
 


Message Edited by cheddar on 08-04-2008 12:58 PM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Regular Contributor
d09
Posts: 172
Registered: ‎07-02-2008

Re: approval possibilities?

everyone, thanks so much for your insights. I probably will only pick one or two Visas. The first one will be the more difficult to get of the two and the second will be easier (so I have a better chance even after a previous hard inquiry).

I am definitely considering the HHonors Visa because I do have a good relationship with Citi (I have been a member for over 3 years). After that I'm considering either the WorldPerks or the Marriott depending on which is easier to get.

Nordstrom is probably out because it's so hard to get. I don't want to throw an inquiry out the window when I don't have a chance.
Contributor
CodeMonkey
Posts: 100
Registered: ‎08-04-2008

Re: approval possibilities?


cheddar wrote:
Codemonkey, I read your other thread, and I'm impressed with your knowledge and progress in this area, so I'm sorry to have to contradict some of your statements here.


No worries - we're glad to have the benefit of your expertise either way. :smileytongue:


cheddar wrote:
Hard inquiries are actually more damaging to those with established histories, since any negative factor typically hits people with long, established histories worse than it hits those who are just establishing their credit.


This is highly counterintuitive to be sure - you would expect that one of the benefits of an established record would be more "wiggle room," so to speak.

Though on the flip side I suppose that as your score improves the standards become more demanding, so it's easier to slip down than it would be in a lower score bracket.


cheddar wrote:
Also, when it comes to Visa vs. MC, that distinction is virtually nonexistent. Yes, they are separate companies with separate brands, but it's much, much more important to get cards from banks you want cards from, with the rewards programs and terms you want than it is to worry about having "too many Visas and not enough MCs" and so on.


Heh, like I said, probably just a personal quirk - a "security blanket," if you will. Had an embarrassing experience awhile back with a very public MC decline, even though the account was in good standing and very low balance; the Visa I was carrying, from the same bank, also in good standing, was approved.

When I called later they said they declined the MC for anti-fraud purposes, so the fact that the Visa worked may have been more due to the fact that it was a different account rather than a different card company; but to this day I try to make sure I have at least one type of card on me whenever possible. :smileyhappy:
Contributor
CodeMonkey
Posts: 100
Registered: ‎08-04-2008

Re: approval possibilities?


d09 wrote:
everyone, thanks so much for your insights. I probably will only pick one or two Visas. The first one will be the more difficult to get of the two and the second will be easier (so I have a better chance even after a previous hard inquiry).

I am definitely considering the HHonors Visa because I do have a good relationship with Citi (I have been a member for over 3 years). After that I'm considering either the WorldPerks or the Marriott depending on which is easier to get.
Good luck. :smileyhappy: Let us know how it goes!
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: approval possibilities?

[ Edited ]


CodeMonkey wrote:

This is highly counterintuitive to be sure - you would expect that one of the benefits of an established record would be more "wiggle room," so to speak.

Though on the flip side I suppose that as your score improves the standards become more demanding, so it's easier to slip down than it would be in a lower score bracket.



Yes, it is somewhat counterintuitive, but it is well established.  It really makes sense when you consider that FICO likes to revert to the mean, in a sense.  This is why it only takes a little bit of good behavior for very low scores to recover rather quickly, but the slightest bit of bad behavior from a high achiever can result in a serious smackdown. :smileyhappy:
 
The reason for this is exactly as you stated.  As your established history gets longer and longer, the standards become more and more demanding.  When you are judged against a peer group that virutally never makes mistakes, it's all the more important not to make any mistakes yourself. :smileywink:
 


Message Edited by cheddar on 08-04-2008 01:13 PM
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Mega Contributor
Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

Re: approval possibilities?

So true cheddar, I had a friend file chapter 7 but he never let anything go late before filing.  His scores never dropped below 690!!
me however, let everything go late before filing and I was in the 400's!
Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007

Re: approval possibilities?

It's not so counterintuitive when you think about it a little bit more in depth.

The scoring algorithm seems to try and pull everyone back to the median. Thus, someone with 800 scores is going to be dinged a lot harder an inquiry that someone with 600 scores.
Here we go again...
Regular Contributor
d09
Posts: 172
Registered: ‎07-02-2008

Re: approval possibilities?

yes, this is what I've heard - although my question is aren't you allowed to get all your previous baddies removed when you file for BK? so the only thing that appears on your CR is the bankruptcy?

or do the baddies have long-term lasting effects even if you get them taken off?

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