topic Re: When To Apply For Unsecure Credit? in Credit Cards

When To Apply For Unsecure Credit?

Anonymous — Thu, 11 Feb 2010 23:49:38 GMT

When is it a good time to apply for unsecure credit cards? have been using secure credit card for about 6 months now, Feb. Equifax score 573

bankruptcy august 2009

Re: When To Apply For Unsecure Credit?

MarineVietVet — Fri, 12 Feb 2010 00:10:29 GMT

@Anonymous wrote:
When is it a good time to apply for unsecure credit cards? have been using secure credit card for about 6 months now, Feb. Equifax score 573

bankruptcy august 2009

Hello and welcome to the forums.

I'd wait another 6 months but that's just my opinion. Let everything settle down and age a bit.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

Re: When To Apply For Unsecure Credit?

Cotton_Britches — Fri, 12 Feb 2010 00:18:40 GMT

You should allow your score to improve some more. You won't get a good interest rate with a 573.

Re: When To Apply For Unsecure Credit?

Anonymous — Fri, 12 Feb 2010 03:06:03 GMT

@Anonymous wrote:
When is it a good time to apply for unsecure credit cards? have been using secure credit card for about 6 months now, Feb. Equifax score 573

bankruptcy august 2009

I agree with the other responses - give it at least six more months and offer up a higher score.

Chapter 13 or Chapter 7? Filed, discharged or dismissed in 8/09?

Re: When To Apply For Unsecure Credit?

Anonymous — Fri, 12 Feb 2010 19:31:04 GMT

You can apply for a HSBC or Orchard Bank credit card. You should be able to get approved for their card especially if they're going to charge you an AF.

What bank is your secured card issued through?

Re: When To Apply For Unsecure Credit?

Pushto700 — Sat, 13 Feb 2010 18:33:37 GMT

I would definitely wait, unless maybe you are considering another card that will grow with you like a Macy's or Bloomingdales with a 573 FICO. I have been repairing for approximately 9-10 months and went from 16positive TL's (very little credit "mix") with 17-18 negative TL's (out of SOL's, reages, and just erroneous information) to 25 positive TL (decent "mix"), and 2 negative TL's (both in litigation, 1 settlement pending).

My scores were around the 540-560 FICO mark, hec back in 2005 (had I known then what I knew now) I would have easily been a homeowner....my fiancees mom had a property she could have pre-qualified me for and closed on with a 600 FICO.

Now, after 9-10 mos of repair (and continuing) I am at a 653 FICO (EQ), 630 (Experian - Lender pull), and TU 640 (FICO).

I have a secured CU card which is one year old (keep getting denied for regular cards because of the existing baddies), and I add cash to it to increase the balance, and the CU performed no hard pull. Repaired fiancees credit as well, and her baddies are closed, and more than 3 years old...so she has a 715 FICO (EQ), and a 686 (TU).....

I apped her the Orchard rebuilder card while in the midst of repair, and the pull EQ (her highest score 660 at the time) and when they approved her card, (because she is not credit savvy, etc) I simply had her request an app to add me as a joint (Orchard denied me, when I was around a 600 with high util and 2 baddies). No CR pull (soft or hard) to add me...and more points & low utilization as we PIF each month.

She was in the 480 FICO approx 1/2006, 550 when I started to repair her credit in April/May of 2009. Those baddies have aged, and new revolving accts (while having false baddies removed, negotiated off) have jumped her score from the 550 range to the 713 (EQ) FICO while the others are about 650 with a 2 year old baddie.

Wait a bit...I am PIF each month, keeping the util low and watching my score go up. I may not reach my peak until the 2 baddies are removed. For now, I like the 650 FICO range and will work with this.

BTW- Macys and Bloomingdales (both DSNB) approved me with FICO's in the 590 range. If you do app, start there....you do well, then seem to grow with you...and keep the utilization low (below 9%).

Re: When To Apply For Unsecure Credit?

Anonymous — Sun, 04 Apr 2010 15:38:34 GMT

@Anonymous wrote:
You can apply for a HSBC or Orchard Bank credit card. You should be able to get approved for their card especially if they're going to charge you an AF.

What bank is your secured card issued through?

secure card- associated bank

unsecure- orchard

Re: When To Apply For Unsecure Credit?

Anonymous — Sun, 04 Apr 2010 15:47:02 GMT

@Pushto700 wrote:
I would definitely wait, unless maybe you are considering another card that will grow with you like a Macy's or Bloomingdales with a 573 FICO. I have been repairing for approximately 9-10 months and went from 16positive TL's (very little credit "mix") with 17-18 negative TL's (out of SOL's, reages, and just erroneous information) to 25 positive TL (decent "mix"), and 2 negative TL's (both in litigation, 1 settlement pending).

My scores were around the 540-560 FICO mark, hec back in 2005 (had I known then what I knew now) I would have easily been a homeowner....my fiancees mom had a property she could have pre-qualified me for and closed on with a 600 FICO.

Now, after 9-10 mos of repair (and continuing) I am at a 653 FICO (EQ), 630 (Experian - Lender pull), and TU 640 (FICO).

I have a secured CU card which is one year old (keep getting denied for regular cards because of the existing baddies), and I add cash to it to increase the balance, and the CU performed no hard pull. Repaired fiancees credit as well, and her baddies are closed, and more than 3 years old...so she has a 715 FICO (EQ), and a 686 (TU).....

I apped her the Orchard rebuilder card while in the midst of repair, and the pull EQ (her highest score 660 at the time) and when they approved her card, (because she is not credit savvy, etc) I simply had her request an app to add me as a joint (Orchard denied me, when I was around a 600 with high util and 2 baddies). No CR pull (soft or hard) to add me...and more points & low utilization as we PIF each month.

She was in the 480 FICO approx 1/2006, 550 when I started to repair her credit in April/May of 2009. Those baddies have aged, and new revolving accts (while having false baddies removed, negotiated off) have jumped her score from the 550 range to the 713 (EQ) FICO while the others are about 650 with a 2 year old baddie.

Wait a bit...I am PIF each month, keeping the util low and watching my score go up. I may not reach my peak until the 2 baddies are removed. For now, I like the 650 FICO range and will work with this.

BTW- Macys and Bloomingdales (both DSNB) approved me with FICO's in the 590 range. If you do app, start there....you do well, then seem to grow with you...and keep the utilization low (below 9%).

i guess my best chances are to continue with the PFD, if only they accept. other than that. just gotta have patience for it to fall off and pay em right away. but speaking as of Macy's was denied that a few weeks back. should i give it a try? my eq score now is 591. or should i avoid in inquiry? i already have 35 for the year. heard it all falls off in two years. my BK is a year old in 4 months.

Re: When To Apply For Unsecure Credit?

Pushto700 — Mon, 05 Apr 2010 01:53:07 GMT

@Anonymous wrote:

@Pushto700 wrote:
I would definitely wait, unless maybe you are considering another card that will grow with you like a Macy's or Bloomingdales with a 573 FICO. I have been repairing for approximately 9-10 months and went from 16positive TL's (very little credit "mix") with 17-18 negative TL's (out of SOL's, reages, and just erroneous information) to 25 positive TL (decent "mix"), and 2 negative TL's (both in litigation, 1 settlement pending).

My scores were around the 540-560 FICO mark, hec back in 2005 (had I known then what I knew now) I would have easily been a homeowner....my fiancees mom had a property she could have pre-qualified me for and closed on with a 600 FICO.

Now, after 9-10 mos of repair (and continuing) I am at a 653 FICO (EQ), 630 (Experian - Lender pull), and TU 640 (FICO).

I have a secured CU card which is one year old (keep getting denied for regular cards because of the existing baddies), and I add cash to it to increase the balance, and the CU performed no hard pull. Repaired fiancees credit as well, and her baddies are closed, and more than 3 years old...so she has a 715 FICO (EQ), and a 686 (TU).....

I apped her the Orchard rebuilder card while in the midst of repair, and the pull EQ (her highest score 660 at the time) and when they approved her card, (because she is not credit savvy, etc) I simply had her request an app to add me as a joint (Orchard denied me, when I was around a 600 with high util and 2 baddies). No CR pull (soft or hard) to add me...and more points & low utilization as we PIF each month.

She was in the 480 FICO approx 1/2006, 550 when I started to repair her credit in April/May of 2009. Those baddies have aged, and new revolving accts (while having false baddies removed, negotiated off) have jumped her score from the 550 range to the 713 (EQ) FICO while the others are about 650 with a 2 year old baddie.

Wait a bit...I am PIF each month, keeping the util low and watching my score go up. I may not reach my peak until the 2 baddies are removed. For now, I like the 650 FICO range and will work with this.

BTW- Macys and Bloomingdales (both DSNB) approved me with FICO's in the 590 range. If you do app, start there....you do well, then seem to grow with you...and keep the utilization low (below 9%).

i guess my best chances are to continue with the PFD, if only they accept. other than that. just gotta have patience for it to fall off and pay em right away. but speaking as of Macy's was denied that a few weeks back. should i give it a try? my eq score now is 591. or should i avoid in inquiry? i already have 35 for the year. heard it all falls off in two years. my BK is a year old in 4 months.

Look to a secured CC (maybe a local Credit Union in your area). 35 Hard inqs is a lot. I would simply have the secured card (ensure they report to all three CRA's) and use that to build your score. Many people on this board have rebounded tremendously from bankruptcy. I would not recommend app'ing again with Macy's in the near future (wait at least 6 mos or so after good performance on a secured CC).

Re: When To Apply For Unsecure Credit?

Anonymous — Mon, 05 Apr 2010 12:57:07 GMT

i guess its that time to deposit more funds into the secure accounts.

Re: When To Apply For Unsecure Credit?

Anonymous — Mon, 05 Apr 2010 20:00:32 GMT

pretty long pushto700, but very informative, enjoyed reading and learning from it.

Striving For Success: just take your time. having a secured card is still pretty good, since it reports, as long as you keep it in good standings, and you work on getting your baddies deleted or removed, then you will defintely see a increase in your score. it just takes time. Good luck!

Re: When To Apply For Unsecure Credit?

Pushto700 — Tue, 06 Apr 2010 21:25:05 GMT

@Anonymous wrote:
pretty long pushto700, but very informative, enjoyed reading and learning from it.

Striving For Success: just take your time. having a secured card is still pretty good, since it reports, as long as you keep it in good standings, and you work on getting your baddies deleted or removed, then you will defintely see a increase in your score. it just takes time. Good luck!

Definitely. We all learn from one another and my scores have improved greatly from advice right here. Yours will too....