topic Re: Looking for a major CC with a high balance in Credit Cards

Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 01:56:42 GMT

My FICOS are 630, 630 and 645. I'm looking to get a major card with a balance of somewhere around $4000-$5000 as I'm going on a honeymoon out of the country in the next couple months. Is what I'm looking for out of the question? Any ideas on where I'd have the best chance for success? Any other information you need from me to answer my question?

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:01:15 GMT

@Anonymous wrote:
My FICOS are 630, 630 and 645. I'm looking to get a major card with a balance of somewhere around $4000-$5000 as I'm going on a honeymoon out of the country in the next couple months. Is what I'm looking for out of the question? Any ideas on where I'd have the best chance for success? Any other information you need from me to answer my question?

It could be. We could help you better if you post some more details of your credit situation.

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:12:05 GMT

Let's see...

$10000 / 60 months auto loan taken out in 5/09 with about $9500 left.
$2500 / 24 months personal loan taken out in 12/09 with about $1900 left.
Orchand Bank MasterCard - $700 CL and carry a 1% balance.
JCPenney store card - $1700 CL and carry a 1% balance.

I do have some charge offs and negative marks on my CR's. No bankruptcy/foreclosure/judgements/etc. The worst mark would be a charge off. I have had late payments but have had no late payments for over a year.

Please let me know if that's not enough and I'll be happy to post more.

Edit was for formatting and added more information.

Message Edited by bigdguy on 07-07-2009 07:10 PM

Message Edited by bigdguy on 07-07-2009 07:12 PM

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:25:19 GMT

Your income is? And do you have any assets, either money in the bank or real estate?

You have a baddie reporting. (The CO - which I am assuming is paid.) If it is paid it is going to be a very large problem. If unpaid it will be a show stopper.

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:28:01 GMT

I make $45,000 / year and approx $8,000 in the bank. I own no real estate. All of my negative marks have been paid off.

On a side note, I'm posting a pretty good financial picture of myself on here!

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:33:44 GMT

You are. Are you leaving anything out? Your scores are crippled and I suspect that is the CO at work. Do you need the CL because you are planning on carrying a balance or just for float during your trip?

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 02:39:52 GMT

I don't plan to carry a balance on the card. I mainly want it to pay for the trip and then pay it off and also for in the event of an emergency.

Message Edited by bigdguy on 07-07-2009 07:39 PM

Re: Looking for a major CC with a high balance

FocusOnFICO — Wed, 08 Jul 2009 03:19:54 GMT

To improve your scores, it may be wise to use some of the cash in the bank to pay down the loans. Other posters have recommended 50% or less balance remaining as helping their scores. Please check other threads for more clarity, though.

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 03:38:21 GMT

@FocusOnFICO wrote:
To improve your scores, it may be wise to use some of the cash in the bank to pay down the loans. Other posters have recommended 50% or less balance remaining as helping their scores. Please check other threads for more clarity, though.

Unless I have it wrong OP states that he is carrying 1% of his CL's in revolving debt.

The rest is installment debt. Best not to touch that,

Re: Looking for a major CC with a high balance

Underh20 — Wed, 08 Jul 2009 03:44:31 GMT

@Anonymous wrote:
@FocusOnFICO wrote:
To improve your scores, it may be wise to use some of the cash in the bank to pay down the loans. Other posters have recommended 50% or less balance remaining as helping their scores. Please check other threads for more clarity, though.

Unless I have it wrong OP states that he is carrying 1% of his CL's in revolving debt.

The rest is installment debt. Best not to touch that,

Actually banks like to see low balances in relation to original loan amount on installment debt, too -- especially when credit scores aren't very high.

Re: Looking for a major CC with a high balance

Scamp — Wed, 08 Jul 2009 04:01:25 GMT

bigdguy wrote:
Let's see...

$10000 / 60 months auto loan taken out in 5/09 with about $9500 left.
$2500 / 24 months personal loan taken out in 12/09 with about $1900 left.
Orchand Bank MasterCard - $700 CL and carry a 1% balance.
JCPenney store card - $1700 CL and carry a 1% balance.
I do have some charge offs and negative marks on my CR's. No bankruptcy/foreclosure/judgements/etc. The worst mark would be a charge off. I have had late payments but have had no late payments for over a year.
Please let me know if that's not enough and I'll be happy to post more.
Edit was for formatting and added more information.
Message Edited by bigdguy on 07-07-2009 07:10 PM
Message Edited by bigdguy on 07-07-2009 07:12 PM

bigdguy, you likely would get at least something of a score boost simply by getting one or both of your cc's reporting zero balances. You might also consider getting the personal loan paid way down or even off, as that also should help your scores a bit. Whether or not these actions would help enough to get a card with the limit you're seeking is iffy, however, as lenders are more skittish right now and pretty tight with credit. A CU might be your best bet, though.

In your shoes, I'd leave the auto loan alone in this situation, as using savings to pay that down just to get a new cc doesn't make sense to me.

Good luck.

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 09:41:56 GMT

Are your revolving accounts new (less than 12 months) old? Have you recently (less than 2 years ago) paid your baddies?

In the current credit climate, baddies & your current credit lines might be a barrier to for getting the credit line that you're seeking right now.

I'm going to +1 Scamp's post. Pay one of your cards off completely. Pay down, or off your personal loan. And then talk to a credit union. One thing that you might consider doing is going after a fully secured card with a bank or credit union that will pay interest on the deposit account that secures it, and that will unsecure (with creditworthy behavior) within 12-18 months.

Good luck! And, Congrats on your marriage!

Message Edited by LilMirth on 07-08-2009 05:41 AM

Re: Looking for a major CC with a high balance

Anonymous — Wed, 08 Jul 2009 19:57:51 GMT

Orchard Bank is 7 months old and JCPenney is several years old. I paid three CO's a couple months ago and then I also have CO's that are a couple years old and have been paid off for over a year.

Re: Looking for a major CC with a high balance

Anonymous — Thu, 09 Jul 2009 00:10:50 GMT

@Anonymous wrote:
Orchard Bank is 7 months old and JCPenney is several years old. I paid three CO's a couple months ago and then I also have CO's that are a couple years old and have been paid off for over a year.

Exactly how many CO's are reporting on your CBR's??

What I am seeing here is low mid-600 scores, a new sub-prime CC and a retail card with a CO (possibly more that one CO) reporting. CO's and CA's be they paid or unpaid will continue to report for 7.5 years from DOFD unless something causes them to be removed from your credit reports. Unfortunately I do not believe you are a candidate for a prime card with a $5K+ CL. Best bet is to get established with a local CU and try to do something through them.

Re: Looking for a major CC with a high balance

Anonymous — Thu, 09 Jul 2009 02:21:37 GMT

Off the top of my head I would say 4-6 CO's. I'm probably beating a dead horse with a stick or whatever the saying is but what about $2000 - $3000?

Re: Looking for a major CC with a high balance

mt2va — Thu, 09 Jul 2009 02:43:57 GMT

@Anonymous wrote:
I make $45,000 / year and approx $8,000 in the bank. I own no real estate. All of my negative marks have been paid off.

I'm really surprised since original poster states he has $8,000 in the bank that no one suggested a secured card??

Re: Looking for a major CC with a high balance

Anonymous — Thu, 09 Jul 2009 03:00:03 GMT

LilMirth above did suggest a secured credit card. I'm going to call my CU tomorrow and see what they can do. Can having the same lender for different accounts be hurtful? My CU will have my auto loan, my personal loan and possibly a secured credit card. Does lender diversification have any impact on my scores?

Message Edited by bigdguy on 07-08-2009 08:00 PM

Re: Looking for a major CC with a high balance

Anonymous — Thu, 09 Jul 2009 03:06:06 GMT

It's not good business, but it won't hurt your scores at all. You might be surprised at the outcome. If you have been good in your transactions with a CU they can really help you out!

Re: Looking for a major CC with a high balance

Anonymous — Thu, 09 Jul 2009 18:22:13 GMT

I talked with the CU and they said they cannot get me an unsecured close to what I'm looking for. She said they could do a secured card @ 9.5% for whatever amount I choose and that it would remain secured for 9-12 months. Not sure what I'm going to do - still need to think about if I want to tie up $3000+ for the next year. However, if I decide to do it I'm sure in a year I will not regret the decision.