topic Re: Help Needed!!! in Credit Card Approvals

Help Needed!!!

Anonymous — Fri, 24 Apr 2015 03:14:50 GMT

Hi All, I've been lurking around the forums for awhile and have gotten really good advice...Here's my story, I ruined my credit as a college student 20 years ago. I have worked to repair it and right now scores range from 650-680 (EQ- TU). I had a home built 3 years ago but I have still been nervous about applying for credit cards since my past horrible experience. Well. I recently bit the bullet and went on an app spree, sort of...

AMEX Everyday- Instant Approval $1000 limit

Discover It -can't approve instantly but received an approval email 3 days later that it was approved $500 limit

Cap One QS1- instant approval $3000

Walmart- prequal received in the mail...$1200 limit

Macys- denied because of past history with creditor ( I haven't had a Macy's card since 1993!)

Southwest - denied debt to income ratio to high- called to recon and they said my deferred student loans were the factor

Chase Freedom- denied - called to recon and 2010 repo was the factor

I also have Cap One secured $1000 limit (5 years).

car loan bal $9800

Facts: working on my PhD so I am a student for the next few years, $70k income, no lates last 5 years, repo 2010 (reporting as paid though)

any thoughts/suggestions on what I should or should not be doing would be greatly appreciated.

Thanks

Re: Help Needed!!!

PinkPanther3719 — Fri, 24 Apr 2015 03:40:27 GMT

I'd stop applying and let the accounts age for a while. I would also try calling Capital One about graduating your secured card.

Re: Help Needed!!!

joedtx — Fri, 24 Apr 2015 04:00:38 GMT

Congrats on your approvals at this point as suggested do not app for additional cards allow your scores to both mature and stabilize.

Re: Help Needed!!!

Anonymous — Fri, 24 Apr 2015 04:16:10 GMT

Capital one does not graduate secured cards

Re: Help Needed!!!

PinkPanther3719 — Fri, 24 Apr 2015 05:57:08 GMT

@Anonymous wrote:
Capital one does not graduate secured cards

Not even with a call to the EO?

Re: Help Needed!!!

gdale6 — Fri, 24 Apr 2015 23:06:20 GMT

Grats on your approvals

Re: Help Needed!!!

Anonymous — Fri, 24 Apr 2015 23:12:13 GMT

I agree. Let your new accounts age a bit. Get a QS if you can upgrade. Then you won't need another. Keep charging and paying on what you have now. And make sure to leave a small balance reporting at least 1% every month. I've found most of my cards want you to use them all the time and PIF if you can. Congrats!!!!

Re: Help Needed!!!

uswala — Fri, 24 Apr 2015 23:27:24 GMT

Congrats on the approvals!

Re: Help Needed!!!

Anonymous — Sat, 25 Apr 2015 02:12:38 GMT

Thanks everyone! I will let these accts age. I'm pretty happy with what I have.

Re: Help Needed!!!

Anonymous — Sat, 25 Apr 2015 02:29:16 GMT

@PinkPanther3719 wrote:
@Anonymous wrote:
Capital one does not graduate secured cards
Not even with a call to the EO?

No.