What to do next now that scores are solidly in 600's?

[Anonymous]

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@Anonymous wrote:

If you qualified for the Platinum, then you're qualified for the QS1 as well. App first and if they deny you with no hard pull, then you need to close the secured card first.

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Wait, no HP if they deny for already having 2 cards is a thing? This is my first time hearing that. I'd do it if I knew for sure. Also, the pre-qualifier was qualifying me for QS, not QS1. After a big CLI they stopped pre-qualifying me for anything. I didn't know if they had a policy around that. I went from $750 --> $2250. Either way, I'm happy with them.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

If you qualified for the Platinum, then you're qualified for the QS1 as well. App first and if they deny you with no hard pull, then you need to close the secured card first.

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Wait, no HP if they deny for already having 2 cards is a thing? This is my first time hearing that. I'd do it if I knew for sure. Also, the pre-qualifier was qualifying me for QS, not QS1. After a big CLI they stopped pre-qualifying me for anything. I didn't know if they had a policy around that. I went from $750 --> $2250. Either way, I'm happy with them.

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Yes, it is abolutely a "thing". Their app system checks internally for disqualifying conditions such as too many accounts, overlimit accounts, etc. before it ever pulls a credit file.

[fishbjc]

NOPE.  My sister was declined with a score of 720....the reason?  Precisely with what I spelled out.  YMMV, of course.

[fishbjc]

I think you really misread my post. There is a different fall-off time for paid collections in New York state, and I'm asking about cards precisely because I don't want to app for anything too far out of my reach. Did you also miss the part where I said that I would LIKE a Barclay's card, but that I feel like I have too many collections? And couldn't you just post both of those thoughts in one post?

The purpose of this forum is to read and learn.  Do research and ask questions.  Why are you asking if you don't want to hear the answers and the benefit of our experience?  

I began this journey with a 555, now my score is almost 800.  I learned something from each member and used it to my advantage.   It's up to you.

[fishbjc]

Hmm

[Anonymous]

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@fishbjc wrote:

NOPE.  My sister was declined with a score of 720....the reason?  Precisely with what I spelled out.  YMMV, of course.

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Out of curiosity, which card was she apping for?

Often the "reason given" on the denial letter is merely their automated system regurgitating the FICO algorithm's "score factors", and may not realistically reflect the lenders other "red flag overlays" such as high number of new accounts, large number of recent inquiries, or unpaid vs paid collections.

I'm just pointing out that my approval clearly shows that collections is not an outright app killer with them. Good recent history (18-24 months) with at least two cards will often trump many negatives. A lack of any charged off credit card accounts is another thing I believe was in my favor.

Barclays is a bit like Cap One in many respects - more conservative (than Cap One), but willing to overlook many negatives - BK, Judgements and collections (in my case) - if they see certain positives and good recent history for a couple of years. That appears to be the case with their entry level cards like the Rewards MC and the Apple card - these two seem to be the easiest to get for most people.

[BeautifulBlueBoy]

Norman, you did use the word 'nonsense' which may confuse some posters into thinking that Barclay's will approve you with an old collection  NOT TRUE.

The only card I have been declined for within the past two years is Barclay.  (recent App was January of 2016).  Their reason:  Recent Collection.  The LAST Collection I have is from Feb. of 2012.  Maybe FOUR years is their magic number and I should have waited until March?

What fits for one doesn't fit for all.    My scores are in the mid 700's.....debt ratio is about 15%.  I have an NFCU with a $15k limit and Venture with 15k.  Yet Barclay still as an issue with my profile.  OH well, they aren't all that and a bag of chips.  

(Mod Cut-This comment doesnt fall in line with our FSR policy. If someone is being rude please just report it to the mod staff using the report inappropriate content link from the options pull down menu on each post.)

[Anonymous]

BeautifulBlueBoy wrote:

Norman, you did use the word 'nonsense' which may confuse some posters into thinking that Barclay's will approve you with an old collection  NOT TRUE. Sorry, but your personal experience only proves that it was true FOR YOU. My own experience (and many others) clearly proves otherwise. One thousand white balls do not disprove the existance of black balls, but a single black ball, DOES prove the existance of black balls.

The only card I have been declined for within the past two years is Barclay.  (recent App was January of 2016).  Their reason:  Recent Collection.  The LAST Collection I have is from Feb. of 2012.  Maybe FOUR years is their magic number and I should have waited until March? Please see my above comment on denial letters - they can often be quite misleading. Also you decline to say WHICH card you were denied for - thats quite relevant.

What fits for one doesn't fit for all. OBVIOUSLY - but its not me that made the blanket claim that collections are an app killer with Barclays, on the contrary, I am saying that OTHER FACTORS *may* very well cancel out those collections.   My scores are in the mid 700's.....debt ratio is about 15%.  I have an NFCU with a $15k limit and Venture with 15k.  Yet Barclay still as an issue with my profile.  OH well, they aren't all that and a bag of chips.  

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One of my functions as a community leader is to prevent and counter the dissemination of false information. I am not going to do that with "kid gloves", if I am seemingly rude, its not intentional, I am merely being blunt. I geuss I am a little too old these days to be terribly concerned about making everybody "feel good" about themselves. If you are wrong, I'm gonna tell ya so, thats just the way I am.