topic Re: Need Advice in Credit Cards

Need Advice

theNavigator — Mon, 20 Apr 2009 17:14:47 GMT

Say I was going to try for a CLI with Capital One... What do they go by? If I stay close to 1/3 or pay it around that limit or under that, will they most likely do it for me if I've been with them for a couple of years?

Also was looking to try for BOA and if not the 99/500 option. I was actually going to go to one of the banks near me and talk with a consultant and apply there. Would that be better??

Now here is my dilema. I do have one collection that is paid on my credit report. My score is around 660-670.. Will BOA turn me down because of this? Also say I was going to try and do the best thing for myself. Aren't I suppose to call up Capital one before I go to BOA on the same day to get both of these done the same day? So it's nothing conflicting? You know what I mean? This way Cap1 doesn't see I tried for BOA and vice versa, right away?? At least I think that's what I've been reading to try and do it all in one shot. Any advice appreciated.

Re: Need Advice

Anonymous — Mon, 20 Apr 2009 18:06:29 GMT

Find out if asking for a CLI with Capital One will result in a hard pull or a soft pull of your credit. If it's going to be a hard pull then definitely try to do these on the same day, and as close together as possible so that they don't see the first inquiry you have done. BOA has given my SO the 99/500 card with far more than one collection on his report. They pulled Experian. In my recent experience, if you have a mortgage BOA might also pull Transunion once they've seen it on Experian to find out the details of your mortgage (rate, ARM, etc.) I think they are tightening up their guidelines on credit for people with mortgages right now.

Have you tried the preapproval option on BOA's site? If you're preapproved there I would just go ahead and apply online. With your scores you might just get approved for an unsecured card. My SO was approved for the 99/500 card with a score just below 600, and that was online. I have no experience with Cap1, but if you've been with them for a couple years I would think you had a good shot for a CLI.

Re: Need Advice

Anonymous — Mon, 20 Apr 2009 19:39:10 GMT

CAP 1 IS TOUGH. Make sure you use back door number. what's your cl now?

Re: Need Advice

theNavigator — Tue, 21 Apr 2009 00:11:52 GMT

Okay. My CL is only $500.00 With Cap1.. Thanks for the advice. I'm trying to see what I should leave my balance at when I try for it. I was going to go for these in June. By then it should be about 1 year since my last inquiry that I was denied for. Since then, I put up a stand and improved my credit a lot more. I've been a good boy and left it alone. But I really do feel like I should get another regular CC and BOA seems like a good choice.

Re: Need Advice

Lyythine — Tue, 21 Apr 2009 01:52:08 GMT

Oddly enough, I know own three bofA accounts. With the addition of my latest (BofA Amex), they have been periodically softing my TU report as well. Ive had BofA checking/savings/moneymarket/investment/credit card and EVERYTHING was done from Exp. - Not sure why all of a sudden they are softing TU... I dont have any bads on any reports, so im not worried, just odd... No mortgage either.

Re: Need Advice

theNavigator — Fri, 24 Apr 2009 18:58:12 GMT

What about with Cap1? Do I wait until I get a $0 Balance. Or what should I do it with my balance at? Currently at $200 with a $500 limit. I know I'm above 30% but I had to use my card a little unfortunately.Usually keep at between $50-$150 and pay most off. I had it at $0 balance for two months and got - points for not carrying a balance.

Also what's the BOA pre approval link. Should I wait until July after there won't be any inquiries or does it not matter? Should I do BOA first then Cap1 or vice versa?? Come on kind people I need the info!!! LOL

Re: Need Advice

haulingthescoreup — Fri, 24 Apr 2009 19:07:53 GMT

theNavigator wrote:

...Usually keep at between $50-$150 and pay most off. I had it at $0 balance for two months and got - points for not carrying a balance...

It's not losing points for not carrying a balance; it's losing points for not letting a balance report. If you need to improve your util, pay most of your balance before the statement date, let the small balance report, and then pay it off. A bit of a pain, maybe, but it will save you interest expense.

Re: Need Advice

theNavigator — Mon, 27 Apr 2009 14:37:47 GMT

Anyone else have any insight? I'm trying to figure out the best time and way to do these things.. Thank You. Don't mean to sound rude, but I haven't really gotten my question answered.

Re: Need Advice

Anonymous — Mon, 27 Apr 2009 17:29:27 GMT

I'm not sure if anyone really knows what Cap One wants to see as far as balances when you ask for CLI. I do know that it does not result in any hard pull inquiry on your reports. No CCC will "see" that you've asked.

With Cap One a lot depends on which of their cards you have. I know that one of their rebuilder cards never goes over a $500 limit.

IMO you have nothing to lose by calling them and asking for a CLI. This will not hurt your credit report and if you're refused you can at least ask the CSR the reason why and possibly find out if you will ever be eligible for CLI on your card.

Below is a link to BofA's preapproval site. Using this will not be a hard pull on your credit either. Only if you are offered a card and then apply for it will your credit report show an inquiry.

Hope this helps!

https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

Re: Need Advice

theNavigator — Fri, 01 May 2009 23:02:57 GMT

My last inquiry was June 08, last year.. Should I try the pre-approval or should I wait until a year has gone by? I keep getting mixed answers. Someone said the inquiries fall off and don't matter after 90 days, someone else said they do?? What would you do??

I have one paid collection... What are my chances. All scores around 660-680..

Re: Need Advice

laz98 — Sat, 02 May 2009 02:44:35 GMT

I'm not sure who told you that inquiries fall off after 90 days, but I am pretty sure they are wrong.

Re: Need Advice

haulingthescoreup — Sat, 02 May 2009 02:52:45 GMT

laz98 wrote:
I'm not sure who told you that inquiries fall off after 90 days, but I am pretty sure they are wrong.

I'm completely sure they were wrong! Good info from laz98.

Inqs stay on your reports for 2 years (24 months.) They count for FICO scoring for 12 months, so on your FICO score reports, you will only see those within the last 12 months. But on your full reports, and on reports from other credit monitoring services like TrueCredit, Chase ID, CreditSecure, etc., they will display for 24 months.

Now, as to what lenders look at, that is a completely different issue. Remember, lenders do not = FICO. Many here have reported that lenders only look at inqs within the last 6 months, although there is some evidence that some, like PenFed, look at 12 months' worth or longer.

Don't forget that the demands of the FICO scoring formulas are not necessarily the same as those of lenders.

Re: Need Advice

theNavigator — Sat, 02 May 2009 04:12:13 GMT

So you'd wait until there are no inquries showing? So after june of this year, this way I have a better chance??

Re: Need Advice

theNavigator — Wed, 06 May 2009 13:12:08 GMT

Anyone?? I was thinking of trying today or friday, but I'm kind of nervous... What would you do?

Re: Need Advice

MsKiwi — Wed, 06 May 2009 13:50:16 GMT

@theNavigator wrote:
So you'd wait until there are no inquries showing? So after june of this year, this way I have a better chance??

Did you try the preapproval link for BOA yet? It doesn't result in a hard inquiry. If you only have 1 inq on your reports, you should be good. Try the preapproval for BOA and see what offer(s) you get. If no offers come up then it's up to you to decide to app or not.

Also it was suggested that you call the backdoor # for Cap1 for a CLI and ask if it will be a hard or soft pull and then decide if a CLI is worth a pull.

As mentioned before inquiries stay on your reports for 2 years but only count in your FICO score for 1 year. If you only have 1 or 2 inquiries on your reports, you should be good to go as long as your scores and reports are good.

Remember no one can guarantee what any cc company will do in this current market.

Re: Need Advice

theNavigator — Thu, 07 May 2009 22:27:52 GMT

I'm going to try tomorrow I'M kind of nervous, if I get denied I wanted to sort of have a back up plan and try to apply for another card this way I do them both on the same day and might get approved for the other card... Ugh.. So maybe thoughts.

Re: Need Advice

Anonymous — Thu, 07 May 2009 22:38:35 GMT

@theNavigator wrote:
My last inquiry was June 08, last year.. Should I try the pre-approval or should I wait until a year has gone by? I keep getting mixed answers. Someone said the inquiries fall off and don't matter after 90 days, someone else said they do?? What would you do??

I have one paid collection... What are my chances. All scores around 660-680..

There is really no reason at all not to try the pre-approval on the BofA site. The soft inquiry won't hurt you at all, absolutely no one other than yourself will ever see this soft pull on your credit report.

Re: Need Advice

theNavigator — Fri, 08 May 2009 03:31:48 GMT

And say I do get approved for something, I mean offered does that always usually result in getting a card?

Message Edited by theNavigator on 05-07-2009 08:31 PM

Re: Need Advice

theNavigator — Fri, 08 May 2009 16:19:48 GMT

Ugh. I got this message...

Unfortunately, we are unable to provide you with any special online preapproved credit card offers at this time. However, you can still take advantage of other Bank of America offers below.

I hope that I didn't get anything too major on my report. IDK what to do now, I want to try for something else today as well. I need another regular credit card just in case down the road... Should I do the 99/500 thing? And go to the bank and talk with someone to help me get that processed or what?

Re: Need Advice

theNavigator — Fri, 08 May 2009 21:21:12 GMT

Well, I went to the bank and had them do a full credit application... Response was "pending" the lady said that wasn't a bad sign... Cause she can tell when someone has automatically been "denied"...

In 7-10 days if they send something saying I am not approved, then I can go back and she's going to call up for me for the 99/500 card. I guess its worth it, just so I can have two major regular credit cards... I'm not trying for anything else, I don't want to try a second place today and then have it all look negative on me when they do a manual review.. So we'll see what happens. I'm crossing my fingers and hope they approve me. Even if it's just $500-$1000.. It's still a start. So I'll know.. and then try for that 99/500. Cause I know my credit isn't bad to where I wouldn't qualify for that. I'm between 660-680. No lates, maxed out limits now etc... I'm in the good. Only bad thing was a collection for a mesly $150... and I paid that over 6 months ago.