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Hey guys, I've been lurking the forums for quite a while but now that I've gotten my life back on track I can start planning for the future. I'd like your thoughts though because the decisions I've made in the past regarding credit cards haven't been all that great lol. Back in 2008 I lost my job due to the decline of the economy and 2 of the credit cards I had with cap back then I couldn't afford to pay. I worked out a deal with cap1 and they let me slide on payments for 2 months on both of them in good faith that I'd have a job and could start paying again. Well, after 8 months of no job, both went to collections. I settled around 2 years later for less than full.
I have 2 cap 1 cards right now, both 500$ cli's with around 80% util (paying that off in the next 2-3 months) and an auto loan with chase for 12,800$ currently. My EQ fico says I have 629 and my AAoA is 2 years.
I want to eventually get a premium card but I'm unsure what route I should take to get there. I have a tip job, so my income flucuates monthly, making anywhere between 1500$ - 3500$ monthly on the lows and highs, with around 2400$ being the average I bring home. I currently only have around 900$ a month in bills if that helps. Also note I've only gotten my life back on track around 1 year ago, being able to finally get a car loan and some credit cards.
Thanks in advance everyone.
Do you do any other banking with chase other than the auto loan? Do you know your scores?
If you have a checking account with Chase with a good record you maybe able to get a Freedom card depending I guess on your score and your banking history
It's probably not the advice you're looking for, but in terms of working on FICO positives, you're doing fine currently and just need to hang out.
You have 2 revolving tradelines, and an auto (installment) loan, you might do a little better with another credit card but it'll be something of a wash. You can attempt to write some Goodwill letters to Capital One, but I don't know how responsive they're going to be. Eventually the accounts you settled will age out.
What you might consider doing, is there's more and more lenders offering secured products which graduate, but they also offer a rewards package one (NFCU, USBank I think graduates not sure, and now BOFA). This is sort of a backdoor into a prime card other than the AF might be different. I'm trying to get ahold of BOFA today to do what other forum members have recently, and seeing about getting my secured card switched over to their Cash Rewards (which is no different than their prime version of this card, just still secured) and that actually turns it into a pretty good card for the long term when I'd originally just planned to drop it in the sock drawer once I got approved for a rewards card from literally anyone else.
I don't think it's something you have to do, as you're doing about as well as you can currently FICO wise in continuing to make ontime payments, but it is a shortcut for me, and possibly for you as well.
Yes, I also have a checking account with chase, but its only around 6 months old. The only score I've gotten so far is the EQ fico which is 629 right now.
Should I wait and pay down my balances before apping for anything? Silly question but I'd rather not waste a HP if I'm not going to get approved.
Ok, thanks for the advice. I'll def pay down what I can asap!