topic Re: Should I get a card? in Credit Card Applications

Should I get a card?

ray8806 — Wed, 12 Nov 2014 09:29:18 GMT

I may be moving soon across state and need $1-2K for the move. I'll be making double my salary now without increasing my monthly bills so I'll have more income to pay things off if I need to.

The thing is, I'm not sure if I should get a card or a personal loan. Even then, I don't know what card to get or who to get a loan from.

My profile:

2 Credit Cards
CapOne QS1- $1,000 limit, 24.9%APR, and I got it in early August.
Local CU- $500 limit, 14.9% APR, Got it in late August.

2 Auto Loans, one closed(started 11/2013) and one open (got it late 9/2014), I just refinanced one car. Payments are $353 a month at 3.49% APR.

EQ: 659, 13 INQ (as of 11/3/14)

TU: 680, 9 INQ (As of 10/16/14)

EX: 668, 10 INQ (As of 10/16/14)

AAoA: 0.17 Yrs. :-(

Re: Should I get a card?

Anonymous — Wed, 12 Nov 2014 07:52:44 GMT

@ray8806 wrote:
I may be moving soon across state and need $1-2K for the move. I'll be making double my salary now without increasing my monthly bills so I'll have more income to pay things off if I need to.

The thing is, I'm not sure if I should get a card or a personal loan. Even then, I don't know what card to get or who to get a loan from.

My profile:
2 Credit Cards
CapOne QS1- $1,000 limit, 24.9%APR, and I got it in early August.
Local CU- $500 limit, 14.9% APR, Got it in late August.

2 Auto Loans, one closed(started 11/2013) and one open (got it late 9/2014), I just refinanced one car. Payments are $353 a month at 3.49% APR.

EQ: 659, 13 INQ (as of 11/3/14)
TU: 680, 9 INQ (As of 10/16/14)
EX: 668, 10 INQ (As of 10/16/14)

Your scores aren't necessarily the problem so much as the inquiries..

I'd say you had a shot at Discover if you had about 10 less EQ inquiries.

Chase....you might be able to get a Freedom with a so-so limit, CSP is real sketchy below EX ~675.

Barclay's may balk at your inquiries, but i'd say you could get a Sallie Mae with that score. You may have to recon.

Re: Should I get a card?

ray8806 — Wed, 12 Nov 2014 09:27:24 GMT

Well the thing is, those inquiries are pretty recent. :/

Chase Freedom- August, denied. At the time of app, I add a c/o on my report that has since been removed completely though. (I have my primary checking with them now though.

Discover It- September, denied.

Barclay Rewards MC- August, denied. Same situation as with Chase.

AmEx Green- September, denied. Same thing as with Chase also.

I tried recon with all of them, but still denial. The only bank I haven't tried is Citi, but I've heard that they are INQ sensitive. Every lender said that even if they overlook the charge off, my file is too thin and my history with revolving credit way too short.

I'm not really looking for a new card per say, I mean I'd like to get better cards later on but I can wait. I'm just not quite sure how to fund this move.

Re: Should I get a card?

Anonymous — Wed, 12 Nov 2014 10:56:55 GMT

Well... Have you given Diner's Club a look? They might overlook the score in the interest of no C/O's.

Otherwise it seems as if you have tried most if not all the potential possible creditors in your range. If you are okay with adding another HP, Id try again for a Chase Freedom.

Re: Should I get a card?

Chris679 — Wed, 12 Nov 2014 11:53:12 GMT

I don't think you are going to have any luck getting another unsecured card with decent terms at this time due the factors you listed in the denials already. I think your best bet is to go talk to the loan officer at the CU. See if you can do any of the following: CLI on the card, unsecured line of credit, secured loan on the vehicle if there is any equity. They should only have to do 1 HP and I bet they can figure something out for you.

Re: Should I get a card?

Anonymous — Wed, 12 Nov 2014 12:58:11 GMT

I thought that the QS1 was 22.9. How is yours so much higher.

Re: Should I get a card?

juggar — Wed, 12 Nov 2014 13:36:47 GMT

@ray8806 wrote:
I may be moving soon across state and need $1-2K for the move. I'll be making double my salary now without increasing my monthly bills so I'll have more income to pay things off if I need to.

The thing is, I'm not sure if I should get a card or a personal loan. Even then, I don't know what card to get or who to get a loan from.

My profile:
2 Credit Cards
CapOne QS1- $1,000 limit, 24.9%APR, and I got it in early August.
Local CU- $500 limit, 14.9% APR, Got it in late August.

2 Auto Loans, one closed(started 11/2013) and one open (got it late 9/2014), I just refinanced one car. Payments are $353 a month at 3.49% APR.

EQ: 659, 13 INQ (as of 11/3/14)
TU: 680, 9 INQ (As of 10/16/14)
EX: 668, 10 INQ (As of 10/16/14)
AAoA: 0.17 Yrs. :-(

At this point it looks like you'll only be approved for sub-prime lenders... Credit One, First Premier and the "Verve" card.

If you have a college degree you can apply for a loan at Upstart, you just need a 640 score to get in the door and the interest rate is usually half of what any other online lender would offer you. Minimum loan is 3K I think. You even get a $100 Amazon gift card if you apply and get approved same day, I did it but it was not easy lol

Re: Should I get a card?

ray8806 — Wed, 12 Nov 2014 18:14:55 GMT

Lol I don't think Diner's Club is in my ballpark right now lol.

Many APR for QS1 is higher because it was a PC I did from their Platinum card where my APR was 24.9%.

No, I don't have a degree. I was able to go went straight into my profession after high school. So I don't think I can do that UpStart loan. I don't want subprime lenders like Credit One or First Premier because I don't want to be sucked into the deep abyss that is their terms. Lol

Re: Should I get a card?

ray8806 — Wed, 12 Nov 2014 19:21:38 GMT

Mini Update: I just bought my Experian report/score on FICO and I know that's what Chase pulled last time. It went from a 668 to 702. I'm not sure how much of a difference that makes though.

**Whoops, nevermind, Experian hasn't gotten the update on my auto refinancing yet. :/

And it just shows that the old auto loan hasn't been updated.

Re: Should I get a card?

Anonymous — Thu, 13 Nov 2014 00:30:58 GMT

@ray8806 wrote:
Mini Update: I just bought my Experian report/score on FICO and I know that's what Chase pulled last time. It went from a 668 to 702. I'm not sure how much of a difference that makes though.

**Whoops, nevermind, Experian hasn't gotten the update on my auto refinancing yet. :/
And it just shows that the old auto loan hasn't been updated.

I would try for a personal loan then vs CC's seeing as anything you might acquire now will very likely have a mickey mouse limit.

Re: Should I get a card?

ray8806 — Thu, 20 Nov 2014 04:26:18 GMT

With a couple extra bonus checks from my employer, I was thinking that I may have plenty for my move.

When I originally applied for the AmEx and Chase cards that I was denied for, my report showed a checking account charge off. However, since then I've had that bank remove it from my reports completely(it was a mistake anyway).

Do you think that if I reapplied for Chase Freedom or a AmEx (Green/Gold charge or Delta Gold revolver) that I have any chance of approval?