topic Re: Looking for a card with a better CL.. in Credit Cards

Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 14:00:35 GMT

No negative reports since BK. I have a 14k car loan from FMC I got after the BK (with help from a co-signer) that has always been in good standing. I recently paid off in full both my cards and I'm keeping them paid off or at 9% or lower. Trouble is the CL on both cards is $300.

Anyone know of a pre-approval site that will do a soft pull with the possibility of a better CL?

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 15:01:38 GMT

Hi rebuilding,

What cc's do you currently have? What type of BK did you file and when?

We'll try to give you some good ideas.

Also, what is your AAofA? How old are the two cards you have?

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 15:50:41 GMT

Both cards I currently have are from HSBC, an Orchard one and a Best Buy one. The Orchard one is the oldest, opened in November 2009.

I filed a chapter 7 on 02/04/2009 and it resolved on 05/26/2009. I've had no negative remarks after the BK.

Sorry but not sure what AAofA is.. I googled it but keeps pointing at Fico forums that just use the abberviation and some division of the army.

I'm working hard to rebuild my credit so, hopefully, my wife and I can purchase a house in the fall of 2011. Her credit is pretty good but we're polishing it up a bit too.

Re: Looking for a card with a better CL..

MarineVietVet — Wed, 15 Sep 2010 15:52:10 GMT

@Anonymous wrote:
Both cards I currently have are from HSBC, an Orchard one and a Best Buy one. The Orchard one is the oldest, opened in November 2009.

I filed a chapter 7 on 02/04/2009 and it resolved on 05/26/2009. I've had no negative remarks after the BK.

Sorry but not sure what AAofA is.. I googled it but keeps pointing at Fico forums that just use the abberviation and some division of the army.

I'm working hard to rebuild my credit so, hopefully, my wife and I can purchase a house in the fall of 2011. Her credit is pretty good but we're polishing it up a bit too.

Your AAoA is the sum of the ages of every account (except CA collections) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 16:14:44 GMT

Include the accounts included in the BK?

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 16:18:30 GMT

You may need to get a secured card to get a larger CL. That way, you pick the CL.

Re: Looking for a card with a better CL..

Creditaddict — Wed, 15 Sep 2010 16:18:38 GMT

I would suggest Macys, Walmart, and Barclays card

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 16:29:47 GMT

Using the formula given to me below my AAofA is a whopping 1.809. That is not including accounts in the BK.

@MarineVietVet wrote:

Your AAoA is the sum of the ages of every account (except CA collections) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: Looking for a card with a better CL..

MarineVietVet — Wed, 15 Sep 2010 16:50:19 GMT

@Anonymous wrote:
Include the accounts included in the BK?

I don't believe I've ever been asked that before. Good question.

I'll get back to you.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: Looking for a card with a better CL..

MarineVietVet — Wed, 15 Sep 2010 20:34:42 GMT

@Anonymous wrote:
Include the accounts included in the BK?

I finally found out an answer for you.

The TLs showing included in BK are included, as are all TLs, regardless of their status. 3rd party collections, public records and (as you might imagine) inquiries are never included in AAoA, though.

Also the AAoA is rounded down so your AAoA is 1 year.

ETA: Forget what I said about your AAoA. I had forgotten you had not included accounts in BK in your calculation.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 20:50:13 GMT

@MarineVietVet wrote:

@Anonymous wrote:
Include the accounts included in the BK?

I finally found out an answer for you.

The TLs showing included in BK are included, as are all TLs, regardless of their status. 3rd party collections, public records and (as you might imagine) inquiries are never included in AAoA, though.

Also the AAoA is rounded down so your AAoA is 1 year.

ETA: Forget what I said about your AAoA. I had forgotten you had not included accounts in BK in your calculation.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

Thanks for clarifying that. I had assumed that negative accounts were not included. I suspect many of us had.

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 22:03:06 GMT

@Anonymous wrote:

@MarineVietVet wrote:

@Anonymous wrote:
Include the accounts included in the BK?

I finally found out an answer for you.

The TLs showing included in BK are included, as are all TLs, regardless of their status. 3rd party collections, public records and (as you might imagine) inquiries are never included in AAoA, though.

Also the AAoA is rounded down so your AAoA is 1 year.

ETA: Forget what I said about your AAoA. I had forgotten you had not included accounts in BK in your calculation.

Thanks for clarifying that. I had assumed that negative accounts were not included. I suspect many of us had.

who cares you want those things removed regardless even if they add a few years to your average they can only do more harm than good. With the exception of 30, 60s, 90's from years back on a current tradeline the negative TL's are useless.

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 22:36:37 GMT

@Anonymous wrote:
@Anonymous wrote:

@MarineVietVet wrote:

@Anonymous wrote:
Include the accounts included in the BK?

I finally found out an answer for you.

The TLs showing included in BK are included, as are all TLs, regardless of their status. 3rd party collections, public records and (as you might imagine) inquiries are never included in AAoA, though.

Also the AAoA is rounded down so your AAoA is 1 year.

ETA: Forget what I said about your AAoA. I had forgotten you had not included accounts in BK in your calculation.

Thanks for clarifying that. I had assumed that negative accounts were not included. I suspect many of us had.

who cares you want those things removed regardless even if they add a few years to your average they can only do more harm than good. With the exception of 30, 60s, 90's from years back on a current tradeline the negative TL's are useless.

If you are close to the 7.5 year, you should leave them. The negatives are removed, but the TL remains as a positive account until 10 years is elapsed.

Re: Looking for a card with a better CL..

Anonymous — Wed, 15 Sep 2010 23:00:39 GMT

Rebuilding_76 wrote: Using the formula given to me below my AAofA is a whopping 1.809. That is not including accounts in the BK.

Okay. Now when you add all your accounts, what do you get for AAofA? (Or did I miss that somewhere). That will help you determine if you should be app'ing or waiting for a bit.

Re: Looking for a card with a better CL..

Anonymous — Thu, 16 Sep 2010 20:29:13 GMT

With closed BK accounts on there I'm up to 2.3.. which if I under stand correctly = 2. I'm thinking I should just suck it up and wait for my rating to improve a bit?