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Member
Posts: 12
Registered: ‎05-29-2007
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Applying for a credit card

My scores are low for various reasons, but the simulator says if I get a CC with $2000 limit it will vastly improve my scores. However, I don't want to take the hit if I don't get approved by apllying for one.
Any suggestions on what to apply for with greater assurances of getting approved with a TransUnion score of 623 (about to go up with some past due payments being paid).
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
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Re: Applying for a credit card

I hate to burst your bubble, but paying the past due payments won't remove the late-pays from your credit report. Your odds of being approved for a $2000 CC with a 623 FICO are rather slim. If you don't have any major baddies (BK, collections, or charge-offs) in the past two years, you may be approved for a "starter" card in the $300 and $500 range.

The good news is that you can live a 30 or even a 60-day late down fairly quickly. Take the starter card, be faithful with it, and you will eventually have a $2000 CC.
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in a credit-scoring postnuclear Stone Age...
Regular Contributor
Posts: 171
Registered: ‎05-18-2007
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Re: Applying for a credit card



TheNewWorldMan wrote:
I hate to burst your bubble, but paying the past due payments won't remove the late-pays from your credit report. Your odds of being approved for a $2000 CC with a 623 FICO are rather slim. If you don't have any major baddies (BK, collections, or charge-offs) in the past two years, you may be approved for a "starter" card in the $300 and $500 range.

The good news is that you can live a 30 or even a 60-day late down fairly quickly. Take the starter card, be faithful with it, and you will eventually have a $2000 CC.


Doesn't income have anything to do with credit limits, too?
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Member
Posts: 12
Registered: ‎05-29-2007
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Re: Applying for a credit card

I'm hoping so. I do make 6 figures. What about a secured card?
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
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Re: Applying for a credit card



javi84 wrote:


TheNewWorldMan wrote:
I hate to burst your bubble, but paying the past due payments won't remove the late-pays from your credit report. Your odds of being approved for a $2000 CC with a 623 FICO are rather slim. If you don't have any major baddies (BK, collections, or charge-offs) in the past two years, you may be approved for a "starter" card in the $300 and $500 range.

The good news is that you can live a 30 or even a 60-day late down fairly quickly. Take the starter card, be faithful with it, and you will eventually have a $2000 CC.


Doesn't income have anything to do with credit limits, too?

Yes, definitely.  But I also agree with NWM.  Just remember the 3 C's:
 
Character: good payment history
Capacity:  income, decent stable job
Collateral: in the event you default, mortgaging a house and having equity cc's love this
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Regular Contributor
Posts: 112
Registered: ‎05-16-2007
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Re: Applying for a credit card

I have seen a person with scores in the 500's get cards with $5000 limits. Given it was a special case as the person had a lot of high credit history and very few late pays. The 540 score was because he would borrow 95% on his cards at 7.5% and lend it out at roughly double that on private money mortgages. (rehab loans) But the important thing is your score may determine the rate on the card but the limit is not a strict function of your score.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Applying for a credit card

What are your EQ and EX scores?
Member
Posts: 12
Registered: ‎05-29-2007
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Re: Applying for a credit card

TU 623 EX 609 EQ 616 I am trying to increase the credit limit of my secured card.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
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Re: Applying for a credit card

[ Edited ]
Have you tried the Orchard card?
 
You won't get $2k... but the key here is to increase your avail credit. That does not mean with only one card. :smileyhappy:


Message Edited by Tuscani on 05-29-2007 05:08 PM
Member
Posts: 12
Registered: ‎05-29-2007
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Re: Applying for a credit card

I've seen the Orchard card but have not tried it in fear of not getting it and what the hit will do to my current scores.
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