topic Re: Questions re CC apps w background~ please help! :) in Credit Card Applications

Questions re CC apps w background~ please help! :)

Anonymous — Mon, 13 Apr 2015 03:57:42 GMT

Hi, I've been lurking & learning from all of you for the last few months, and am finally coming out to ask my own questions -it's a little convoluted, So I'm going to bullet point everything to hopefully make it easier to follow

A little background:

8 years ago my financial world fell apart... luckily all of that has fallen off, but it left me with a thin file
3.5 years ago I was seriously injured & after 4 spinal fusions (and more recommended!), my spine is more titanium than bone, and my income has plummeted to approx $19k/ann, at least until I receive my settlement (which hopefully will approx double my income)
My credit union agreed to take a chance on me in Nov 2014 & gave me an UNSECURED card w $500 limit (YAY! LOVE my CU!). I PIF each month, and generally use 150-200, but one mo was $319, but PIF'd that mo, too.
There are 2 med collections on my credit reports that shouldn't be there~ I've tried disputing with the collection agencies, but they refuse to remove them or take my atty's info. There are no other baddies on my CR
I own my car outright, and unfortunately the loan I did have on it didn't report
Since I received the CU CC, my FAKO has jumped to 626TU & 620EX (Don't know my FICO, and am a little afraid to look!)
I've recently been offered a lease w opt to buy on a great, affordable condo (mortgage + HOA's will be lower than rent!), BUT, when I spoke to my CU to find out what I'd need to do to qual for a mortgage, was told I need at least 3 TL's reporting in order to qualify for best products.

what I need to know

what are my best CC options? I tried the pre approvals for Cap 1, Chase & Citi ~ No matches found, BUT Discover matched me with the Discover IT Card ~ Should I apply for the It card & wait to try for the 3rd TL I need?
should I apply for multiple cards as part of a spree or a multi browser app fest? If so, which additional cards would you recommend?
what are the odds of being approved for the Amazon Rewards card?
Same question with store cards, primarily Overstock since it would be more useful for my new home...
Any thoughts on likely CL's & when /if I should ask my cu for a CLI?

I Know that's a ton of info AND questions, and I appreciate & am open to any & all suggestions ~ I'd love to bump myself into the best possible credit score & position myself to get great mortgage terms, even with my current income.

thanks in advance!

Re: Questions re CC apps w background~ please help! :)

Anonymous — Mon, 13 Apr 2015 04:13:27 GMT

Also, would a Macy's card be an easy yes & at what likely CLI? I need a couch for the new place (my ex got ours in the breakup & I haven't replaced it yet, as I've been staying with a friend temporarily)

Aaaaand... my ex's address address is still my legal address ~ do I app using his address, or my temporary address at my friends house?

I'm more complicated than I originally thought! Sorry!

Re: Questions re CC apps w background~ please help! :)

joedtx — Mon, 13 Apr 2015 05:05:56 GMT

@Anonymous wrote:
Hi, I've been lurking & learning from all of you for the last few months, and am finally coming out to ask my own questions -it's a little convoluted, So I'm going to bullet point everything to hopefully make it easier to follow
A little background:
8 years ago my financial world fell apart... luckily all of that has fallen off, but it left me with a thin file
3.5 years ago I was seriously injured & after 4 spinal fusions (and more recommended!), my spine is more titanium than bone, and my income has plummeted to approx $19k/ann, at least until I receive my settlement (which hopefully will approx double my income)
My credit union agreed to take a chance on me in Nov 2014 & gave me an UNSECURED card w $500 limit (YAY! LOVE my CU!). I PIF each month, and generally use 150-200, but one mo was $319, but PIF'd that mo, too.
There are 2 med collections on my credit reports that shouldn't be there~ I've tried disputing with the collection agencies, but they refuse to remove them or take my atty's info. There are no other baddies on my CR
I own my car outright, and unfortunately the loan I did have on it didn't report
Since I received the CU CC, my FAKO has jumped to 626TU & 620EX (Don't know my FICO, and am a little afraid to look!)
I've recently been offered a lease w opt to buy on a great, affordable condo (mortgage + HOA's will be lower than rent!), BUT, when I spoke to my CU to find out what I'd need to do to qual for a mortgage, was told I need at least 3 TL's reporting in order to qualify for best products.

what I need to know
what are my best CC options? I tried the pre approvals for Cap 1, Chase & Citi ~ No matches found, BUT Discover matched me with the Discover IT Card ~ Should I apply for the It card & wait to try for the 3rd TL I need?
should I apply for multiple cards as part of a spree or a multi browser app fest? If so, which additional cards would you recommend?
what are the odds of being approved for the Amazon Rewards card?
Same question with store cards, primarily Overstock since it would be more useful for my new home...
Any thoughts on likely CL's & when /if I should ask my cu for a CLI?

I Know that's a ton of info AND questions, and I appreciate & am open to any & all suggestions ~ I'd love to bump myself into the best possible credit score & position myself to get great mortgage terms, even with my current income.

thanks in advance!

Let me start by wish you well in your health recovery, medical issues are one thing that aren't as simplistic as financial situations so I wish your well in that regard. I'll try and touch on some of your questions. If you didn't see anything on the preapprovals its usually because that info wasn't marketed to the creditors its not a bad thing just not an option at this point, disregard the Discover match unfortunately it is more of a marketing tool than a qualifier. Capitol One is the creditor most likely to approve you if you must apply, there are others out there like First Premier but I strongly would encourge you to look elsewhere as these types of companies are well known predatory type creditors.

Store and Gas cards would also be a viable options what you are looking for would be the ones that offer Pop-UP offers, use the search tool in this forum to locate specifics on this type of tactic. Continue to ask questions we're glad to help you and good health in the days ahead.

Re: Questions re CC apps w background~ please help! :)

Momof5 — Mon, 13 Apr 2015 19:55:34 GMT

I have no advice regarding Discover....I have read they can go one way or the other. To-date, I haven't applied. I get the prequal and letters in the mail but all have the full range of interest rates and I heard that it has to be more narrow to see it as approval likely.

That being said, Cap 1 is always a good bet for rebuilding. Any of the SCT cards you would use (for me it was Victoria's Secret) might be a good option for a store card.

Do you have any in with NFCU?

Re: Questions re CC apps w background~ please help! :)

Anonymous — Tue, 14 Apr 2015 01:06:36 GMT

Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!

Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited If not, what credit score range would I need before it becomes feasible?

Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?

I'll look into the store/ gas card pop ups.

Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?

thanks again!

Re: Questions re CC apps w background~ please help! :)

Anonymous — Tue, 14 Apr 2015 01:21:26 GMT

Thanks Momof5 (Wow! You've got your hands full! :-))

That's great info about the ranges & approvals! I think I'm going to bite the bullet & get my real FICO's before I apply w Discover ~I don't want the HP & inquiry with nothing to show for it, especially if I have no shot at it, anyway!

I'm trying to figure out what stores I'd use most often, other than Amazon (do they have a store card, or just the chase(?) visa?) and maybe Overstock, since I really don't do a ton of shopping, but I'm sure I'll find something! :-)

I wish I had an in with NFCU! I've heard & read some great things about them!

Re Cap One, they're also not matching me with anything on the pre qual page ~ guessing that's not great for my chances lol

Re: Questions re CC apps w background~ please help! :)

joedtx — Tue, 14 Apr 2015 07:14:29 GMT

@Anonymous wrote:
Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!
Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited If not, what credit score range would I need before it becomes feasible?
Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?
I'll look into the store/ gas card pop ups.
Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?
thanks again!

Until your CS is in the high 600's and by that at least 670 and above I would hold off, Capitol One has a short memory and can be forgiving they have a program called credit steps, that within 6 mths you can graduate. Basically they start you out with a small CL usually $500 - $750 unsecured, you cannot make a mistake during that period for example missing a payment so essentially if you just pay good on the account in 6 months you graduate and they will start you off with a small increase as well upon graduation you can request a PC to another product like Quicksilver which is a good cash back card. Have you pulled your credit you get a free report from all the CB once a year. I'd suggest doing that so you complete details and a roadmap of where to start.

Re: Questions re CC apps w background~ please help! :)

ojefferyo — Tue, 14 Apr 2015 22:47:21 GMT

@Anonymous wrote:
Thank you Joe! I'll continue to research & ask questions before I make any moves re: applications!
Do you think Discover might be possible with recon? I ask because a month ago it didn't match me to anything, so the match got me excited If not, what credit score range would I need before it becomes feasible?
Re Cap One, I had a card with them years ago that was eventually charged off (young & very dumb~went from a 785 Score to 500s to thin file... didn't appreciate it until I lost it, but I will appreciate & hold on to it(!!!) this time around!) Will that past mistake be held against me now?
I'll look into the store/ gas card pop ups.
Another question: where can I get the most accurate FICO #'s? Here? Another site? Through my CU?
thanks again!

I would not apply for Discover just yet, their pre-qual tool is Mickey Mouse at best and they don't recon either. As far as Cap 1 is concerned, they are pretty forgiving farily fast. First thing I suggest you do is get your real Fico scores and reports. Try to take care of the old baddies. Time may be your best friend right now.

Re: Questions re CC apps w background~ please help! :)

Anonymous — Tue, 14 Apr 2015 22:54:52 GMT

First, sorry to hear about your hardship. Second, be very careful if you're planning on buying in the near future. The best to do (& we did) was get secured cards. This way, you're not wasting an hp & you won't have many inq's. Fico is coming out with a new scoring model that will include your utility bills. That should be a big help.

Re: Questions re CC apps w background~ please help! :)

Anonymous — Wed, 15 Apr 2015 03:39:06 GMT

Thanks Joe!

I have pulled my reports (just haven't paid for the actual scores).

The only old baddies reporting are 2 medical collections that should have been sent to my attorney (they're related to my injuries/surgeries), and should NEVER have hit my CR in the first place. I've tried to explain this to the collection agencies, but they're refused to remove them or send them to my atty's to be handled when the case is settled.

There are no other baddies, and the only other "stuff" on any of my reports are the credit card I have with my CU ($500 limit, PIF before the due date each mo), and 2 hard pulls from 11/14 when I applied with both my CU A Discover (which I realize now was dumb, but I got a pre approval letter from them & was excited that I'd just been approved by the cu lol)

Any suggestions on how to proceed? (or get the darn med collections OFF my CR?)? I'd really like to see my score go up, Up, UP!

Re: Cap One, should I app online, or call them?

thanks again!

Re: Questions re CC apps w background~ please help! :)

Anonymous — Wed, 15 Apr 2015 03:42:38 GMT

Any suggestions on where to get my real FICO scores? As mentioned in my reply to Joe, my CR is clear of any baddies that aren't medical, and those shouldn't even be there!

How much time would you suggest/ think necessary to see real improvement?

Re: Questions re CC apps w background~ please help! :)

gdale6 — Wed, 15 Apr 2015 03:54:26 GMT

@Anonymous wrote:
Any suggestions on where to get my real FICO scores? As mentioned in my reply to Joe, my CR is clear of any baddies that aren't medical, and those shouldn't even be there!
How much time would you suggest/ think necessary to see real improvement?

You can purchase your scores right here on My Fico. I would inform you attorney about those collectors and let him handle them

Re: Questions re CC apps w background~ please help! :)

Anonymous — Wed, 15 Apr 2015 03:57:35 GMT

Hi Sandibeach~

Having utilities, etc included in my FICO Scores would be fantastic & a HUGE help, since I pay everything on time / early anyway, thanks to reminders programmed into my phone

I probably won't be looking for a mortgage for another 12-18 months... at what point should I stop trying to open new lines of credit?The loan officer I spoke with suggested that having at least 3 TL'S would be necessary to qualify for the best mortgage products, Which is why I'm anxious to have more & would prefer unsecured if I can qualify

Do any secured cards graduate to unsecured cards?

When is a good time to ask my CU for a CLI, and/or a 2nd card? They offer 3 products including a 1% cash back rewards card that I'd be happy to have in my wallet...

Re: Questions re CC apps w background~ please help! :)

Anonymous — Wed, 15 Apr 2015 04:01:11 GMT

thanks gdale! I'll look into grabbing my scores here this week, and I'll happily sic my lawyer on those collectors! I know they've got tough jobs, but... no excuse for being jerks!

Re: Questions re CC apps w background~ please help! :)

Momof5 — Wed, 15 Apr 2015 14:05:32 GMT

WRT to the med CA's, try calling the OC and explain the situation and see if you can get it pulled back from the CA. If that doesn't work, you can try a PFD. If that doesn't work, you can google the HIPAA method and follow its creators advice. Good Luck!

Re: Questions re CC apps w background~ please help! :)

joedtx — Wed, 15 Apr 2015 20:26:31 GMT

@Anonymous wrote:
Thanks Joe!
I have pulled my reports (just haven't paid for the actual scores).
The only old baddies reporting are 2 medical collections that should have been sent to my attorney (they're related to my injuries/surgeries), and should NEVER have hit my CR in the first place. I've tried to explain this to the collection agencies, but they're refused to remove them or send them to my atty's to be handled when the case is settled.
There are no other baddies, and the only other "stuff" on any of my reports are the credit card I have with my CU ($500 limit, PIF before the due date each mo), and 2 hard pulls from 11/14 when I applied with both my CU A Discover (which I realize now was dumb, but I got a pre approval letter from them & was excited that I'd just been approved by the cu lol)

Any suggestions on how to proceed? (or get the darn med collections OFF my CR?)? I'd really like to see my score go up, Up, UP!

Re: Cap One, should I app online, or call them?
thanks again!

Great now that you have your report you were able to clarify some of the unknowns, such are verfifying where you actually stand the good news is that you have 2 issues reporting, at this point I would refer that information to your attorney I would also suggest you refer to another post on this thread by momof5 technically we're not allowed to discuss it here but you can 'research' the topic.

If you decide to apply for the Capitol One card do so online, another option would be Bank of America in the event they deny you they sometimes offer a product known as the 99/500 card which is similar to credit steps program except the BOA product is basically a $99 deposit they open a CC with a $500 limit and you have year of reporting with a prime lender if you do well it will graduate and your $99 is refunded and you get a standard card plus become eligible for a credit line increase.

Re: Questions re CC apps w background~ please help! :)

Anonymous — Wed, 15 Apr 2015 22:39:37 GMT

Thanks momof5 And Joe! I'll look into the info Mom provided & see what I can do!

I'll submit an app for Cap One & look into BoA and their 99/500 ~ not a big fan of theirs as far as banking, but hopefully their credit prods are better

Any thoughts on the best time to request a CLI from my CU? before or after submitting the cap One & possibly BOAon thebest time to request a CLI from my CU? before or after submitting the cap One & possibly BoA app?

Re: Questions re CC apps w background~ please help! :)

Anonymous — Thu, 16 Apr 2015 00:05:15 GMT

Quickie question re BoA ~ I used their pre-qual form & they matched me with several products. Is that a near guaranteed approval, or is their card match like Discover & will match you no matter what/may or may not actually result in a card? If it's a near guaranty, is there a card you'd recommend over others? they matched me with:

BankAmericard Visa Card, Cash Rewards, and Better Balance

Thanks again for all of the responses & information! I really appreciate it!

Re: Questions re CC apps w background~ please help! :)

joedtx — Thu, 16 Apr 2015 03:51:47 GMT

@Anonymous wrote:
Quickie question re BoA ~ I used their pre-qual form & they matched me with several products. Is that a near guaranteed approval, or is their card match like Discover & will match you no matter what/may or may not actually result in a card? If it's a near guaranty, is there a card you'd recommend over others? they matched me with:
BankAmericard Visa Card, Cash Rewards, and Better Balance
Thanks again for all of the responses & information! I really appreciate it!

The Online PreQual from BOA is pretty much worthless, if you receive one in the mail and it has a set APR then yes otherwise no. I'd suggest 1 year before asking your CU for CLI as well you need history before most CU's extend additional credit.

Re: Questions re CC apps w background~ please help! :)

Anonymous — Fri, 17 Apr 2015 23:09:36 GMT

Thank you for all of the great information!

I wound up calling the CU & they suggested waiting another 2-3 months, which I will happily do!

I also app'd with Cap One & was approved for a QuicksilverOne with a $300 limit, and then, thanks to a few other posts mentioning success with consecutive apps, the Platinum card, again with a $300CL. Can I call them to request recon on the CL now, or do I need to wait for CLI/ recon? It just seems that the $300 limit makes it really easy to screw up utilization #'s! (and hard to use the card to pay for anything biggish!)

thanks again!

Shana