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Regular Contributor
jla84
Posts: 249
Registered: ‎07-21-2011

How long until I can apply for prime cards?

Hi all! First off I want to say that I'm learning so much from these forums - thank you! I'm just starting to pay off my debts and rebuild my credit. I just got a Capital One card with a $500 CL and $39 annual fee (but it has rewards, so that's nice!). Planning on PIF/reporting under 9% util and all that. But now I'm wondering what and when my next step should be. Here's all the dirt:

 

myFICO scores: 709 TU 706 EQ ???? EX

 

1. Had a Chase credit card from about 2005-2010. They closed it in 2010 due to keeping a high balance. The credit limit was ~$3000. I've been very aggressive about paying it off in the last 6 months and will be paying off the last ~$400 TOMORROW (YESSSS!). The other thing you need to know about this was 7 months ago I had a 30 day late payment reported for this account. Only late payment on any of my accounts.

2. The only open account reporting on my credit report right now is a student loan which I have never been late on (but it is a pretty big loan, if that matters).

3. No derogs of any kind.

4. Like I said, I have a Capital One $500 CL that I just received this month. I also was approved this month for a Lane Bryant card with $100 CL.

5. Applied for a Chase Amtrak Guest Rewards card but got declined, even on the recon. CSR told me they needed to see some revolving credit lines, and wasn't too happy with the recent late payment.

 

So with all this said, how long do I need to wait to see if I can be approved for a prime card? I am planning on applying for a Barclays Apple iTunes Rewards card in September, since I will be buying a new Macbook Pro then anyway (saved up the cash). Do you think it's a good idea to app for that? If I'm approved for that, I will hold off on any more apps for a year. If I'm declined I was thinking about applying for a Citi Forward card around February 2012, but I'm not too certain I will be approved. 

 

Any advice on all this would be so helpful! Thanks!


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


Take the FICO Fitness Challenge
Regular Contributor
jla84
Posts: 249
Registered: ‎07-21-2011

Re: How long until I can apply for prime cards?

Forgot to add that the average age of my accounts is 4 years!


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


Take the FICO Fitness Challenge
Regular Contributor
jla84
Posts: 249
Registered: ‎07-21-2011

Re: How long until I can apply for prime cards?

*bump*

 

Any advice? Thanks!


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


Take the FICO Fitness Challenge
Established Contributor
casmith1980
Posts: 633
Registered: ‎03-20-2010

Re: How long until I can apply for prime cards?

I know this is a very popular response, but I would GW Chase and see if they would remove the late.  If you can get that removed, you should be golden for the Barclays IMO

 

Also - if Chase doesn't delete right away, keep sending the letters.  Explain your situation as sincere as possible (you might get a sympathetic ear).  if you haven't heard anything positive by the time you send your last $400 payment, include your letter again showing how you responsibily paid off the debt :smileyhappy:  (keeping my fingers crossed for you!!!)

 

 

EQ Fico 2009 500's
TU Fico 2009 500's

EQ Fico 04/10/2012 663 (SW alert)
TU Fico 04/13/2012 653 (Walmart)

Goal: 760 by 12/2013 and close on my first house :smileyvery-happy:

Goal - 720 by 12/31/12
Regular Contributor
jla84
Posts: 249
Registered: ‎07-21-2011

Re: How long until I can apply for prime cards?

Thanks! I have read about the GW letters, but I wasn't sure I should do that since I don't have a very good excuse - I was unemployed for 6 months prior to that, had just gotten a new job but was waiting on the first paycheck to be able to pay my minimum, so I just ignored the phone calls until I could pay. Any advice on how to spin that? 


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


Take the FICO Fitness Challenge
Established Contributor
casmith1980
Posts: 633
Registered: ‎03-20-2010

Re: How long until I can apply for prime cards?

I know most would say "be honest" but when it comes to creditors, I would try to play to their emotions. Being out of work for 6 months is a big deal for most people. In essence you aren't lying, just playing it up a bit. Exclude the part about ignoring their calls though lol
EQ Fico 2009 500's
TU Fico 2009 500's

EQ Fico 04/10/2012 663 (SW alert)
TU Fico 04/13/2012 653 (Walmart)

Goal: 760 by 12/2013 and close on my first house :smileyvery-happy:

Goal - 720 by 12/31/12
Regular Contributor
jla84
Posts: 249
Registered: ‎07-21-2011

Re: How long until I can apply for prime cards?

Ok. I will try that and see where that gets me. Thanks! 


Starting Score (07/2011): EQ 706 TU 709
Current Score (6/2013): EQ 740 TU 732 EX 740
Goal Score: 750+ on all 3


Take the FICO Fitness Challenge

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