topic Re: Should I continue to app for CCs? in Credit Cards

Should I continue to app for CCs?

Marvelousone — Sat, 21 Aug 2010 16:50:42 GMT

I have a chapter 7 bankruptcy from one year ago and a fico from of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00, does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ? I guess I'm a little surprised I was turned down with a Fico over 700?

Re: Should I continue to app for CCs?

llecs — Sat, 21 Aug 2010 16:51:53 GMT

Hi OP, I split your post to form a new thread here. I edited the subject line. If you'd like to change it to something else, feel free to click "Options" and then "Edit Message" to make that change.

Re: Should I continue to app for CCs?

MarineVietVet — Sat, 21 Aug 2010 16:57:36 GMT

@Marvelousone wrote:
I have a chapter 7 bankruptcy from one year ago and a fico from of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00, does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ? I guess I'm a little surprised I was turned down with a Fico over 700?

Welcome to the forums.

Lenders look at more than just your score when you apply. I've been though BK and I know that's one thing they are aware of. If it were me I'd stop applying for about a year and let those recent inquiries stop being counted in scoring.

Do you have any other negatives besides the BK? Late payments or such? Derogatories will also factor into a decision.

You say your score is 705. May I ask where you got that score? There are lots of what we call FAKO scores that are for sale but they don't use the same scoring formulas as a FICO score and therefore can't be relied on for accuracy.

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: Should I continue to app for CCs?

llecs — Sat, 21 Aug 2010 17:12:43 GMT

To add, assuming it is a FICO score, and speaking from personal experience (and no, no BK), I have been denied for CCs like Chase, Citi, GEMB-related cards, etc. despite having FICO scores in the low-700s at that time. I would see others with scores even dipping into the low 600s and they'd get approved without issue and I'd get denied...frustrating. Consider a CU if you want another card. If not, then maybe a secured to get the mix of credit in and to improve your scores before applying for another.

Re: Should I continue to app for CCs?

Anonymous — Sat, 21 Aug 2010 17:58:02 GMT

@Marvelousone wrote:
I have a chapter 7 bankruptcy from one year ago and a fico from of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00, does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ? I guess I'm a little surprised I was turned down with a Fico over 700?

Consider yourself lucky that you still have a large limit on the Nordstrom card. If they review your account they may lower it.

I think it is very important to get 1 or 2 major credit cards (Visa, MC) to start a positive history and to have something to use. With a recent BK, I suggest you get secured CC. They are generally better deals that the subprimes with huge fees.

Getting the first card is the most difficult and many good secured cards will not approve recent BK. I recommend you look at 2 cards that have decent terms and you are likely to get approved on. Public Savings Bank, and Orchard. Check them out and post if want to discuss more.

Re: Should I continue to app for CCs?

Creditaddict — Sat, 21 Aug 2010 22:02:10 GMT

I would look into Capital One

Re: Should I continue to app for CCs?

Anonymous — Sat, 06 Aug 2011 03:55:00 GMT

Cap One can be BK friendly and they have a preapproval site - which is a soft pull. However, if you hit the app button, Cap One will then pull all 3 credit reports.

Also, HSBC Orchard is BK friendly. I like Orchard for a rebuilding card. They pulled Experian for me.

Re: Should I continue to app for CCs?

Anonymous — Sat, 06 Aug 2011 04:39:12 GMT

I can't believe you have a FICO over 700! No offense, but I have nothing negative on my credit and I can't break over 660.

Re: Should I continue to app for CCs?

score_building — Sat, 06 Aug 2011 11:35:18 GMT

@Anonymous wrote:
I can't believe you have a FICO over 700! No offense, but I have nothing negative on my credit and I can't break over 660.

If you have nothing negative with a <660 you likely need to make a drastic reduction in UTI or have some other issue that can be addressed which is holding back your scores.

Re: Should I continue to app for CCs?

Anonymous — Sat, 06 Aug 2011 15:32:09 GMT

I'm sure it's my utilization! I'm working on that!

Re: Should I continue to app for CCs?

Marvelousone — Sun, 14 Aug 2011 21:57:36 GMT

Hi I can't believe it either but today I pulled my Fico with myfico Suze Orman and TU was 722, Equifax is still 702 there are 4 real negatives late so I'm still getting turned down and afraid to appy again. The curious thing is that they were included in BK and on my report it says each card had no lates but negative is 4 delinquencys. Anyone have any idea if I can get those taken off? With a chapter 7 BK I'm not going great no matter what the numbers say...but I am looking to the future, we had a business go under which I had borrowed against my 100k credit limits with 3 majors. Boy, those days are over and I'm actully relieved now paying cash for everything but I will need a car soon so need to start paying attention again.