topic Re: Seeking a new credit card.... in Credit Cards

Seeking a new credit card....

tamdugg1980 — Sat, 16 Jul 2011 01:56:19 GMT

Hi All!

First off...these forums have given me nothing but great advice on rebuilding my credit. I have had so much sucess in the last three months it is incredible!!!! Now on to my question.....

I have one credit card, with a CL of $250. I try to PIF monthly, but I am never over 30% util. I am in the market for a new credit card. I am actually ONLY interested in an AMEX. From reading the boards, I am desperately in need of some mix in credit. I only have student loans, my auto loan, and my credit card.

I have never had a bankruptcy, no forclosure (no mortgage), and a few lates (2009) on my current CC, my auto loan and my student loan due to unemployment, but nothing over 60 days.

My current scores are below, what are my chances, if any of being approved for an AMEX? Should I apply for another type of card though I'm really not interested in anything else?

Re: Seeking a new credit card....

Anonymous — Sat, 16 Jul 2011 02:52:21 GMT

@tamdugg1980 wrote:
Hi All!

First off...these forums have given me nothing but great advice on rebuilding my credit. I have had so much sucess in the last three months it is incredible!!!! Now on to my question.....

I have one credit card, with a CL of $250. I try to PIF monthly, but I am never over 30% util. I am in the market for a new credit card. I am actually ONLY interested in an AMEX. From reading the boards, I am desperately in need of some mix in credit. I only have student loans, my auto loan, and my credit card.

I have never had a bankruptcy, no forclosure (no mortgage), and a few lates (2009) on my current CC, my auto loan and my student loan due to unemployment, but nothing over 60 days.

My current scores are below, what are my chances, if any of being approved for an AMEX? Should I apply for another type of card though I'm really not interested in anything else?

I would say...chances are slim. From what you noted above you have only 1 revolving line. Amex charge cards are "easier" to get than revolving lines. But, I think you'd want to shoot for the revolvers to improve your amount of available credit, history, and util.

Re: Seeking a new credit card....

trumpet-205 — Sat, 16 Jul 2011 03:28:33 GMT

Very slim. AMEX is looking for mid 600s for ZYNC. I say send some GW letters to your creditors to see if they can delete few lates for you.

Re: Seeking a new credit card....

MarineVietVet — Sat, 16 Jul 2011 04:05:02 GMT

@tamdugg1980 wrote:
Hi All!

First off...these forums have given me nothing but great advice on rebuilding my credit. I have had so much sucess in the last three months it is incredible!!!! Now on to my question.....

I have one credit card, with a CL of $250. I try to PIF monthly, but I am never over 30% util. I am in the market for a new credit card. I am actually ONLY interested in an AMEX. From reading the boards, I am desperately in need of some mix in credit. I only have student loans, my auto loan, and my credit card.

I have never had a bankruptcy, no forclosure (no mortgage), and a few lates (2009) on my current CC, my auto loan and my student loan due to unemployment, but nothing over 60 days.

My current scores are below, what are my chances, if any of being approved for an AMEX? Should I apply for another type of card though I'm really not interested in anything else?

Hi there.

I'm a bit confused. In this thread from 7/4/2011: http://ficoforums.myfico.com/t5/Bankruptcy/Bankruptcy-and-the-IRS/m-p/965378 you stated:

In 2009 my bankruptcy was discharged, in 2010, my home was forclosed.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Seeking a new credit card....

tamdugg1980 — Sat, 16 Jul 2011 04:08:13 GMT

That was not for me. That is for a friend that I am assisting on his credit repair journey. I have never had a mortgage, no bankruptcy, no forclosures....nothing, just collections that I've PFD, etc.

There is no getting by you guys huh?! LOL

Re: Seeking a new credit card....

MarineVietVet — Sat, 16 Jul 2011 04:14:11 GMT

@tamdugg1980 wrote:
That was not for me. That is for a friend that I am assisting on his credit repair journey. I have never had a mortgage, no bankruptcy, no forclosures....nothing, just collections that I've PFD, etc.

There is no getting by you guys huh?! LOL

Can you see why though if you use the words "my bankruptcy" and "my home was foreclosed" that it might confuse people? I appreciate you trying to help a friend but please it would help everyone if next time you explained in more detail whose credit you are working on.

Re: Seeking a new credit card....

tamdugg1980 — Sat, 16 Jul 2011 04:18:27 GMT

Understand completely.

I didn't want the posters and commenters to think I was ashamed of my situation by saying "I have a friend". Next time, I post a question for him I will make sure to add that it is on behlaf of another person and not me.

Re: Seeking a new credit card....

Anonymous — Sat, 16 Jul 2011 13:45:36 GMT

@tamdugg1980 wrote:
Hi All!

First off...these forums have given me nothing but great advice on rebuilding my credit. I have had so much sucess in the last three months it is incredible!!!! Now on to my question.....

I have one credit card, with a CL of $250. I try to PIF monthly, but I am never over 30% util. I am in the market for a new credit card. I am actually ONLY interested in an AMEX. From reading the boards, I am desperately in need of some mix in credit. I only have student loans, my auto loan, and my credit card. Your mix is actually pretty decent, depending on what type of credit card you have. With one open CC and your revolving accounts open, your score can be much higher. The real issue with your report is the lates. It's always wise to rebuild before app'ing; and in this case taking care of the lates will be very helpful. You may want to post on the Rebuilding Your Credit forum. There's lots of helpful folks that will help you know how to deal appropriately with the lates on your file. If you're willing to do a little work, you likely can get your scores up before you app for a second card, you'll have more options for long term cards with decent CL's and APR's. If you don't mind sharing, who is your current CC with? That matters to some extent.

I have never had a bankruptcy, no forclosure (no mortgage), and a few lates (2009) on my current CC, my auto loan and my student loan due to unemployment, but nothing over 60 days.

My current scores are below, what are my chances, if any of being approved for an AMEX? Should I apply for another type of card though I'm really not interested in anything else?

Re: Seeking a new credit card....

tamdugg1980 — Sun, 17 Jul 2011 19:24:06 GMT

beamMEup,

My current CC is with First Premier. I have been GW'ing them constantly regarding removing the two lates from earlier this year with no luck. I also have two late payments with my auto loan, but those are about 3 years old. I have been all over the rebuilding boards...I guess, I'm getting a littly "antsy" that's all!!!!

I am also dealing with two collection accounts that I KNOW if I can have them removed it would mean close to 100 point jump, but the back an forth I have been going through is starting to wear on me heavily!!! But that is a question/vent for the rebuilding boards!!!

Thanks for the reply!

Re: Seeking a new credit card....

Anonymous — Sun, 17 Jul 2011 21:15:58 GMT

I suggest you try add 2 good cards from (Visa, MC, Discover) first. Dump the FIrst Premiere. Wait another year for AMEX application.

Re: Seeking a new credit card....

tntexans72 — Sun, 17 Jul 2011 22:21:29 GMT

Looking at your score...the reality is, you are going to have to be patience. Maybe app for a HSBC, Orchard, or Cap one. Have 2 revolving cards and PIF each month and never be late or negs again. Over time, your lates, derogs etc...will aged and your score will rise. How long? I would say at least 2 more yrs before you start to see your score climb toward mid 600s. Than you can think about apping for Amex, CITI, Chase, Discover, etc.....in the meantime, have a lot of patience. Also, try not to app for too many cards, stick with the hsbc, orchard, cap one lenders for now. If they don't approved you, you might have to get a secured card. Good luck.