topic What credit cards am I qualified for? in Credit Cards

What credit cards am I qualified for?

Anonymous — Tue, 19 Jan 2016 21:36:31 GMT

My credit score is 640. I have a Capital One Platnium with a $1,300 credit line, Capital One QuicksilverOne with a $500 credit line, and a Discover It with a $1,500 credit line. I have one blemish on my report which it says is out for collections even though I made a payment agreement with hospital. My oldest credit card I got in April 2015. What unsecured cards am I more than likely to get accepted for? I travel a lot so I like to have different cards on me

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 01:09:46 GMT

If you have Credit Karma, they have suggestions for CC's that you qualify for. Or got to creditcards.com and see what is available that fits your credit profile.

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 01:57:36 GMT

It only suggest First Premier, Credit One and some others. Also suggest Capital One, but I have 2 Cap1's

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 01:57:41 GMT

Where did you obtain the 640 score? Is that a FICO, or a FAKO? If it's a TU FICO, possibly a Barclay Rewards MC or a few different Synchrony store cards like Walmart, Amazon.com, JCPenny. I'll also toss in some friendly advice. Don't run out and start app'ing for the sake of, "you might qualify". I'll give you my own personal short story. I was sent a mailer from Walmart. Applied and got a store card, a day later, Cap 1 came calling with a Quicksilver 1. Then Discover sent a pre qualified mailer. I got the approval bug and wound up 4 or 5 cards with toy limits and 3 store cards. Sounds good so far. But, my goal was to get in with Chase since I already bank there. Chase has a rule that you can't get one of their cards if you have 5 new accounts or more in the past 24 months. You may not even give a rats hootie about Chase, but it's still a good reminder to set goals and have a plan. Research and think about the card or type of card that you want, that firs your needs. Learn the typical data points required to get it. In the meantime, just cultivate the cards you have. Use them, pay them off on time, every time and in time you'll get credit limit increases. Work on the derogatory items on your report and try to get your reports clean. Before you know it, your scores improve, your limits increase and your ultimate goal is in reach. If I could do it all over again, I'd follow the sage advice of sticking with 3 starter cards and just build a solid base..

@Anonymous wrote:
My credit score is 640. I have a Capital One Platnium with a $1,300 credit line, Capital One QuicksilverOne with a $500 credit line, and a Discover It with a $1,500 credit line. I have one blemish on my report which it says is out for collections even though I made a payment agreement with hospital. My oldest credit card I got in April 2015. What unsecured cards am I more than likely to get accepted for? I travel a lot so I like to have different cards on me

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 02:10:11 GMT

Transunion, FICO says 577

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 02:30:08 GMT

@Anonymous wrote:
Transunion, FICO says 577

Where did you obtain that? Your Discover account should list a TU score and that is a true FICO score. If your TU FICO is 577, there's not many cards you'll qualify for outside of Credit One or First P. As much as getting approved is a good feeling, you don't want either of those.

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 02:33:24 GMT

@Anonymous wrote:
Transunion, FICO says 577

If that is your current score, your best course of action is getting secured cards for at least 6 months and then proceeding to unsecured cards. I'd stay away from the likes of First Premier, Credit One etc.. as those are predatory lenders with fees. Something you don't need at this stage of your credit journey.

For secured cards, BOA and Capital One are good cards to start with...

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 04:02:29 GMT

I already have 3 unsecured cards. My Cap1 Platnium has $1,300, Discover IT $1,500 and Cap1 QuicksilverOne has $500

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 04:05:23 GMT

My oldest credit card is 10 months old

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 04:20:45 GMT

@Anonymous wrote:
I already have 3 unsecured cards. My Cap1 Platnium has $1,300, Discover IT $1,500 and Cap1 QuicksilverOne has $500

If you have those cards since April of 2015, why is your TU score 577? What are your current FICOs now? Can you list them? Also a curious question, why do you want another card?

Is it for a specific need? For example, are you looking for a card that gives you miles? Be very forthcoming with your response for best answers as the community does not have access to your file and are just going by your responses..

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 04:23:55 GMT

I travel a lot to other states, buy stuff online a lot. I also buy airline tickets to visit family in California. It's because I have one derogatory account which I've been paying for, the hospital was supposed to take it off and has yet to

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 04:25:15 GMT

My Transunion is 640 and my FICO is 577

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 06:47:11 GMT

Are you carrying balances on the cards that you currently have? If so, what's your utilization?
Also is the derogatory account a collection and if so, how old is it? These two factors may be the reasons your score is lower than it should be and will hold you back from getting the cards you want.

Re: What credit cards am I qualified for?

Anonymous — Wed, 20 Jan 2016 13:18:48 GMT

@Anonymous wrote:
My Transunion is 640 and my FICO is 577

Let's try this again. What are your FICO scores for Transunion, Equifax and Experian? If you pulled your FICOs through here, you should be able to see all three...

Re: What credit cards am I qualified for?

takeshi74 — Wed, 20 Jan 2016 13:31:01 GMT

@Anonymous wrote:
I have one blemish on my report which it says is out for collections even though I made a payment agreement with hospital.

Paying won't help much. You need to aim for removal. Carefully research in the Rebuilding subforum. Apply when your reports are clean and in good shape.

We can't tell you what you do or do not qualify for. We are not underwritiers for the creditors. It's never just about score but you can refer to the Credit Pulls Database is desired. Again, I suggest getting your reports in shape and applying for products that suit your needs/wants versus hoping to get an approval for a card that you think is easy to qualify for.

@Anonymous wrote:
My oldest credit card I got in April 2015.

You're also just starting out and have 3 new credit cards which is a lot of credit seeking activity for your young and thin credit profile. You don't need to be applying at this point -- especially with the collection on your reports. Focus you efforts on getting your reports clean and educating yourself on how credit is assessed. These things should be red flags to you indicating that you should not be applying at this point.

@Anonymous wrote:
Transunion, FICO says 577

The scores TransUnion provides are VantageScores and are only relevant to creditors that use VantageScores. You cannot use a score generated by one model to determine a score generated by a different model.

You don't have just one score and you need to always consider the specific scoring model as well as the CRA and the relevance of a given model/CRA combo to a given creditor. If, for example, a creditor/product uses a TU FICO 8 then that is the only score that will matter. Other models and scores based on other CRA data will not be relevant to that creditor/product.

For most scoring models you have a score with each of the 3 major CRA's.

@Anonymous wrote:
If you have Credit Karma, they have suggestions for CC's that you qualify for. Or got to creditcards.com and see what is available that fits your credit profile.

Neither of these sites can determine what one can qualify for. They do not have the details of the underwriting criteria for different creditors/products. At best they rely on correlation but remember that correlation and causation are two entirely different things and you don't want to rely on correlation. Additionally, these sites get referral fees. It's in their best interest to get you to click on a link for a card. Always consider your sources. Do not rely on these sites.

Re: What credit cards am I qualified for?

Anonymous — Thu, 21 Jan 2016 20:59:08 GMT

I'm just gonna be brutally honest with you

With a 640 score, you really arent qualified for **bleep** with any real benefits.

I'd advise you to get a secured card, build your card up to unsecured and in 6 months or so when you have a better score, go nuts.

Re: What credit cards am I qualified for?

Anonymous — Thu, 21 Jan 2016 21:35:22 GMT

Just use your current cards judiciously. Capone cards grow with credit steps every 6 months, so does discover. Try to use your existing limits by making multiple payments a month to keep util low. Credit lines will grow with time. As others said, no point in applying unless your scores improve. Quicksilver is pretty much the best you can do at the moment.

Re: What credit cards am I qualified for?

Anonymous — Mon, 25 Jan 2016 16:39:25 GMT

I make multiple payments a month, and I don't like secured cards. My parents were utilizing all of my available credit on my oldest card but it's gonna be paid PIF before my TU and EQ update again.

Re: What credit cards am I qualified for?

Anonymous — Mon, 25 Jan 2016 19:03:31 GMT

Time is your friend. You are looking for higher limit cards to assist in daily life and possible rewards, right? The challenge is with your current score (still need a bit more clarity) in the 500's, you will not be able to do better than the cards you currently have. The tested protocol is to work the cards you have - pay, use, pay use and ask for CLI.

Do not app for any new credit - this will only cause your score to dig a bit deeper and extend the time it will take for you to rebuild. I wish I could tell you there is a $10K card ready and waiting for you now but the truth is, it will take some time. The first thing I would do is address the collection. If there was an agreement, call and write the company and ask them to remove as agreed. If it is your only derog, removing it will have huge effect on your score. Paying down Util is also going to help but as long as the negative is on your report it will make higher limit cards that much more challenging.

Spend some time on here, especially in rebuilding. It would be a great idea to get a 3B Fico score as well. The scores from CK and sites like it are Vantage. They are used by some creditors but 90% use Fico and it will give you a great understanding of where you are starting

Best of Luck!

Re: What credit cards am I qualified for?

CYBERSAM — Mon, 25 Jan 2016 21:13:21 GMT

@Anonymous wrote:
It only suggest First Premier, Credit One and some others. Also suggest Capital One, but I have 2 Cap1's

I would NOT suggest First Premier and Credit One to my enemy!

@Anonymous wrote:
My credit score is 640. I have a Capital One Platnium with a $1,300 credit line, Capital One QuicksilverOne with a $500 credit line, and a Discover It with a $1,500 credit line. I have one blemish on my report which it says is out for collections even though I made a payment agreement with hospital. My oldest credit card I got in April 2015. What unsecured cards am I more than likely to get accepted for? I travel a lot so I like to have different cards on me

You already have 2 of the best cards out there in QS and Discover. Any better cards most likely going to want AF.

Just use these 2 cards heavy and they should give you nice CLI till your score goes over 700+