topic Re: Need help deciding when to apply in Credit Card Applications

Need help deciding when to apply

Anonymous — Sat, 24 Sep 2016 22:48:56 GMT

I applied for the Discover secured card in July and was denied. Basically too many derogatory accounts, serious delinquency too few accounts paid as agreed, no recent non mortgage balance information, and my EQ Fico was 486. I had no positive credit account and only negative.

Since then I've opened a secured C1 for $1,000 had 2 statements still hasn't shown up on my reports. US BANK secured for $1,000.00 2nd statement will cut at midnight both having $11.00 being reported and a $500.00 secured loan all in July. My EQ Fico score is now 569.

My question is this. I've been at my current residence for over 4 years but my landlord is selling it and have since rented a townhouse and will be moving this week and will be changing my address the first week of October. Should I apply for the Discover secured card before I change my address? I don't know if changing my address will hurt my chances of getting credit even more than my bad credit already does. Or should I just wait a few more months for my score to grow a little more? One more question. Should I put the full $2,500.00 as a deposit if and when I ever get approved? I really would like some guidance here. Thanks in advance.

Re: Need help deciding when to apply

Aduke1122 — Sun, 25 Sep 2016 05:35:44 GMT

Hey there , I would wait for the new address to update on your credit file bf apping for any new cards , it could cause a mess with fraud verification. I dont know if you could put the old Addy and then call to change it ? Maybe someone else could chime in. As far as how much to lay down on your secured card ..the more the better . It has a chance to graduate in 12 to 18 mths and when it does they usually match your CL ..are you a member of Navy Fed yet ? If not I would recommend you joining bc they are amazing for rebuilding.

Re: Need help deciding when to apply

Anonymous — Sun, 25 Sep 2016 05:48:08 GMT

Yeah I'm worried about the fraud thing also but I'm not sure which would be better to apply at the address that i have years of history at now because I'll still be able to get mail at the address and get the card. I may just get a po box and use that as my mailing address, that may be easier while dealing with debt collectors during my rebuild phase. Who knows suggestions are always welcome.

No I'm not a member of NFCU yet, I wanted to wait until I applied for the Discover card again because I didn't want the inquiry on my EQ report yet. As soon as I apply for D I will take the steps to join NFCU.

Thanks for the response. I appreciate it.

Re: Need help deciding when to apply

stargazer25 — Sun, 25 Sep 2016 08:50:20 GMT

I got declined by Discover even by a secured when I was around 500 earlier this year. I then went to Cap1 with $1K secured. Waited 6 months did the prequal site and app'ed for platinum and QS1. I jus PC'ed to QS. I mention this b/c your credit score + your history with Cap1 might be good enough to go unsecured and get multiple cards with only one HP. My credit score 6 months ago was in the 560-570's. I never looked back at Discover for a secured. I am now between 670-693 in between all 3 CB's.

Side note, thank you for your service 😇

Re: Need help deciding when to apply

stargazer25 — Sun, 25 Sep 2016 08:54:08 GMT

And I've been at my current address for less than a year, they just ask you to give your address for the previous 2 years in an additional line. As long as your old addy matches what is on your credit report you are fine.

Re: Need help deciding when to apply

Anonymous — Sun, 25 Sep 2016 13:12:58 GMT

@stargazer25 wrote:
I got declined by Discover even by a secured when I was around 500 earlier this year. I then went to Cap1 with $1K secured. Waited 6 months did the prequal site and app'ed for platinum and QS1. I jus PC'ed to QS. I mention this b/c your credit score + your history with Cap1 might be good enough to go unsecured and get multiple cards with only one HP. My credit score 6 months ago was in the 560-570's. I never looked back at Discover for a secured. I am now between 670-693 in between all 3 CB's.

Side note, thank you for your service 😇

After my sixth statement drops I plan on seeing which card C1 will give me if any. Now as far a Discover goes, I don't mind going the secured route, I would really like to get in early with Discover espeically during the early portion of my rebuild phase and have the card graduate. My scores are a little lower than yours were 6 months ago mine are 541,550,569, but I am now working on them. Congrats on your scores, you have made some great progress keep up the good work! Thank you for the side note!

Re: Need help deciding when to apply

Anonymous — Tue, 27 Sep 2016 00:21:02 GMT

Status update, I applied for the card tonight and made it to the bank account page. I set it up for the max amount of $2,500.00. Now I just have to wait to confirm the two deposits. I used my current address because I still have not officially moved to the new place yet, I am still here until saturday even though I have been in the new place for the past 2 weeks.

Side note I hate moving.

I have a question. Can I still be denied for the card? I didn't make it this far when I first applied back in July.