Applying for a line of credit

[Anonymous]

What I was wondering if I should wait until my tax lien has been released to apply for a line of credit. I would like to purchase a new computer through dell. I am not sure if the open lien would affect me getting approved. The lien will be released after my next payment in June and 30 days after that the CRA's will hopefully have the update. Any advice will be helpful

[Tuscani]

Dell is pretty easy to get. What are your scores?

[Anonymous]

TU-536

EQ-576

EXP-583

I know that my scores are not good but I just would like to know should I apply

Message Edited by bkny on 05-02-2007 03:17 PM

[Tuscani]

Dell will probably pull EXP which is your highest score. I am guessing you have a 50/50 chance.

[Anonymous]

Last week I applied for both US Bank and Chase LOC.

Both declined me - Chase said I REALLY had to have A-List credit
US Bank said I needed 670+

I'm finding the tax lien is pretty devastating to get around in terms of credit cards or lines of credit

[RobertEG]

There is no question that a tax lien being reported as a public record on your CR hurts you.  Whether it hurts more or less than a collection account or a prior 30/60 late on a CC is a matter of degree for the FICO algorithm and the prospective creditor (Dell) to determine.

Nothing personal, but look at it from the potential creditor's point of view, in this tight credit market.  The only facts known to Jack-in-the-Dell, is that your CR currently shows failure to pay a debt.  Whether it be a lien, collection account, or late CC payment, is that something that you would  consider in your decision to grant additional credit if you were Mr. Jack-in-the Dell? 

Let it dissolve into the CR ether, get it off your CR, and then go for the new frill computer!

Message Edited by RobertEG on 04-05-2008 03:10 PM