topic Re: Any Collection Friendly Credit Cards From Real Banks? in Credit Cards

Any Collection Friendly Credit Cards From Real Banks?

jbh — Sun, 07 Sep 2008 01:42:15 GMT

Hey,

I wonder if we can compile a useful list from user experience...

If you have received a major bank card, with 1/2+ collections on Experian, I'd love to hear from you. I feel this information can help a lot of people in what I call "credit purgatory" where you are 650+ but aren't "100% clean"

Personal Situation That Lead To This Q:

My EXP is 616 before my utility (overall) was updated from 90+ % to 10% and before a CA falls off by November. I ask this q. *assuming* I will hit 660+ when all is updated and I am trying to pinpoint just ONE 'starter prime card'. Thing is, by November, I will have 2 small ca's left that fall off by May '09

Thank you for your time.

PS. This thread is referring to CC's from prime lenders, such as Citi/Chase/Boa/Amex so we can have a reference of nice starter cards that are not as picky as the platinum or plum or 'blue' cards.

Re: Any Collection Friendly Credit Cards From Real Banks?

creditreformer — Sun, 07 Sep 2008 02:25:14 GMT

BA 99/500 approved in late 4/08 w/EX in the high 500s, 5 figure unpaid tax lien from 2003, @ least 3 CAs on my reports, 2 unpaid cc chargeoffs on my reports, and several 30-120 day lates. how/why BA approved me is beyond me b/c @ that time, the only ccs i had were orchard (2; 300 CL ea.) and first premier (2; 250 and 350 CL ea.). oh yes, to make me look even more stellar (lol not) to BA, i had burned them in the past w/2 ccs and never paid on them. however, when i applied w/BA, my newest baddie was from 2003, so maybe that semi-redeemed me.

btw, why not add some 'middle of the road ccs' while waiting to be approved by 'real banks'? i added hooters, target red, and cap 1 right around the time i added BA. cap 1 started @ 300 and is already @ 1.1k CL and hooters should give me a CLI before my BA 99/500 graduates. my reasoning for adding the 'middle of the road ccs' is that by the time my BA graduates, i figure they'll want to 'beat my other CLs', so rather than the usual CLI to 1k, maybe BA will give me more....so i hope. by this time next year (if not sooner), more 'prime' banks (like citi) should be fawning over me LOL

ps, another option= citibank secured cc.

lastly, it's not all about ficos...some lenders (penfed in my experience) will NOT touch you w/ANY collections on your reports, even if your ficos are in the mid 600s and your baddies are OLD.

Message Edited by creditreformer on 09-06-2008 07:25 PM

Re: Any Collection Friendly Credit Cards From Real Banks?

cw81 — Sun, 07 Sep 2008 02:37:57 GMT

suscribing this is a good thread

Re: Any Collection Friendly Credit Cards From Real Banks?

jbh — Sun, 07 Sep 2008 02:41:54 GMT

"lastly, it's not all about ficos...some lenders (penfed in my experience) will NOT touch you w/ANY collections on your reports, even if your ficos are in the mid 600s and your baddies are OLD."

Bingo. Which is why I created this thread, as I am curious to see if we can compile a list of 'prime cards' that make exceptions. I am not sure if they exist, but I am always surprised with what I do NOT know

TY very much for a great reply.

Re: Any Collection Friendly Credit Cards From Real Banks?

jbh — Mon, 08 Sep 2008 14:36:55 GMT

Bumping, as I'd like to see if cards like Delta Skymiles/other prime cards were approved for those with a few collections. I really believe a list of somewhat CA friendly PRIME starter cards would be a huge service to those rebuilding.

Thanks

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Mon, 08 Sep 2008 18:15:22 GMT

GE Money gave me a cc with a $500 CL. My scores then were in the low 600's.

I had about 8 updaid collections back in November 2007 both medical and non and only 2 active cc's fully maxed out (500 each) one of which is Cap1 and and the other HSBC (GE Money).

Hope this helps

Re: Any Collection Friendly Credit Cards From Real Banks?

llecs — Mon, 08 Sep 2008 18:39:43 GMT

I was approved for Juniper ($400), BofA 99/500, Target ($200), Macys ($300), Bloomingdales ($300), and National City ($2000) with a 5 yo unpaid CA and a 2-2.5 yo unpaid CO and a 3 yo redeemed repo to boot. All of the above CCs, except Nat City, also saw at applying a 2nd CA, 7 yrs, and a 7 yo CC CO to match, each unpaid.

DW was approved for Citibank ($500), Target ($200), BofA Amex ($1000), Macys ($300), and Merrick Bank ($750) with a 4-5 yo unpaid CO, a 3.5 yo unpaid medical CA, a near CO'd CC (2.5 yo) with 120 day lates, the repo, and a 7 yo CC CO (except for BofA).

Neither of us really had any lates, except for a 90 and 30 that was over 6 yrs for myself.

Edit to add...our scores were at least in the mid 600s with each of these cards. We were also approved for subprime cards like Credit One and HSBC/Orchard.

Message Edited by llecs on 09-08-2008 02:39 PM

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Mon, 08 Sep 2008 22:16:57 GMT

I just got approved for a BofA platinum plus mastercard with a $500 cl (unsecured). I have two paid collections and one medical collection showing. All of my scores a month ago were in the mid to upper 600s not sure what it is now because i just opened an Macy's with 600cl and Victoria secret with a 350cl. In january of this year i was approved for a wamu visa 1500 cl that was increased to 2500 after 6 months. I am done for a long time. Need to let these grow especiall the BofA.

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Wed, 10 Sep 2008 03:19:47 GMT

I was just approved for a BOA platinum plus mastercard with $1500 CL (unsecured). On EQ I have 1 paid collection (collection was from 03 paid in 07) and 3 inqs (1 drops off in 2 weeks), on EX have 1 COL (same collection from 03 paid in 07) and 1 inq. TU shows 1COL (paid non-medical) and 2 COL(medical paid) and 4 inqs (2 of which drop off this week and being replaced by 3 inqs due to recent cc appls). I applied for 3 cc in past week (approved for 2, denied 1). Finally was aproved for 2 prime cards with "real" CL. TU still have 2 baddies (1 paid w/ worst delq 60 days late in Feb 07, and 1 charge off (going to try PFD to have removed). EQ have 1 baddie (2002 charge off) and EX have 3 baddies (1 charge off in 02 shows sold/transferred to another office and still reporting 90 days late as of Sep 07), 1 paid acct 60 days late and 1 acct paid for less than full balance (wish I'd had known about PFD then). Scores were EQ -684, TU- 656, EX-652.

Had a Sears card charge off in late 90's...off my credit report but shows that CITI never forgets....the only card I applied for in the past week that I was denied!

So I guess there's still hope!

Message Edited by fiskite on 09-09-2008 08:19 PM

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Wed, 10 Sep 2008 03:31:23 GMT

HSBC or GE Money?

solavi3 wrote:

GE Money gave me a cc with a $500 CL. My scores then were in the low 600's.

I had about 8 updaid collections back in November 2007 both medical and non and only 2 active cc's fully maxed out (500 each) one of which is Cap1 and and the other HSBC (GE Money).

Hope this helps

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Thu, 25 Sep 2008 21:56:40 GMT

sorry, I meant HSBC (GM Flex Card) but I also have Care Credit (GE Money).

Re: Any Collection Friendly Credit Cards From Real Banks?

jbh — Thu, 25 Sep 2008 22:16:30 GMT

Thanks, guys

Do you think the key is to have the 'date opened' of the collection to be 2+ years before any application? I've noticed some denials in searches where ca's are 2 years. I know amex denied me when I had a ca 2 years (I also had 3 listed)

I got Hooters at $500 with (I believe) 3 ca's listed but now TU only has:

1 ca > 2 years
1 ca at 1 year and 10 months

Score was 660 on TU (fico) before 2 inq's from Merrick Bank (less than 5 this year)

Would I have a shot, in 3 months, for Wamu Visa?

Thanks.

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Thu, 25 Sep 2008 22:30:42 GMT

I am beginning to think CCC's just don't like me. I have no unsecured cards, only two CA's both paid in full, one from 2005 and one from 2006... all I have is my freakin Orchard secured card... list of denials is long and half of them listed "recent collections" as a reason, including Crap 1 and Hooters... I have never filed a BK, no public records, no tax liens, nothing else.

I am just bitter thats all.

Re: Any Collection Friendly Credit Cards From Real Banks?

haulingthescoreup — Thu, 25 Sep 2008 22:39:28 GMT

Help me remember --which month in 2006 was the second collection?

Re: Any Collection Friendly Credit Cards From Real Banks?

Anonymous — Thu, 25 Sep 2008 22:48:40 GMT

haulingthescoreup wrote:
Help me remember --which month in 2006 was the second collection?

My 2006 collection is from October, so it turns 2 years old next month.

Re: Any Collection Friendly Credit Cards From Real Banks?

haulingthescoreup — Fri, 26 Sep 2008 01:25:03 GMT

Then hang in there, I think that things will start getting better. Once you can show 2 years of clean records, you get more acceptable.

Re: Any Collection Friendly Credit Cards From Real Banks?

jbh — Fri, 26 Sep 2008 14:23:17 GMT

So if a ca is 2+ years old, and nothing else is negative, the ccc's see that ca as not 'recent' and "2 years of clean history" ?

Maybe that's what was causing my denials.

Still, if any of you have success stories, please post them as it can help many on this board. Had i known Citi would be less strict than I imagined, I would have secured it earlier. Oops