topic Re: What would be my best move at this point? in Credit Cards

What would be my best move at this point?

Anonymous — Sat, 25 Feb 2012 09:26:40 GMT

Hello, just found out about this place a couple of days ago, and finally decided to sign up.

I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.

BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.

Cap 1 is 18 months old, they automatically CI to $1750 3 months after opening.

CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.

I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.

What should I do???

Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply?

BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).

Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

Re: What would be my best move at this point?

improvingmycredit — Sat, 25 Feb 2012 10:28:28 GMT

TONY-VAZ - Welcome to the Forums! I know you will learn so very much here about anything credit.

I always recommend only applying for credit when you need to.. ei... building credit, large purchases etc.. Unfortunately, when you need it most... it's hardest to get.

With this in mind, it might not help you to be applying for credit when you are trying to secure a business venture loan.

If you don't have any baddies on your reports and you are preapproved for the Amex Gold and Amex Green then you are probably a good bet for the Amex Zync NPSL. It's designed with a thin credit file in mind. No pre-approvals are guaranteed but you have a better chance at approval with them then any of Amex's revolvers.

With regards to the CLI request. It's a no go with Citi till after the 6 month statement cut. After that, you can ask for a CLI usually with a SP. Best if you call and ask the CSR to increase your limit but "with out" affecting your credit profile.

Cap One - pretty much terrible at increasing limits but you can try. Which card do you have? If it's a rebuilder, then probably no go with the increase.

You can always recon with them and explain the inquiries if that's the reason for the denial.

I hope this helps.

If you feel the need for the Amex, then any of the pre-approvals would be the best bet and Zync being the best for a probable approval with what I know about your credit profile.

Re: What would be my best move at this point?

bichonmom — Sat, 25 Feb 2012 10:33:23 GMT

@Anonymous wrote:
Hello, just found out about this place a couple of days ago, and finally decided to sign up.
I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.
BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.
Cap 1 is 18 months old, they automatically CI to $1750 3 months after opening.
CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.
I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.
What should I do???
Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply?
BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).
Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

Your util is really high to be approved for any CCs right now. I would pay all your CCs to zero and leave a bal of under 10% (or 20% MAX) on ONLY one CC. Your score should also improve with that.

Do NOT ask for a CLI w/Cap One, as it will be a HP on your CR. Also, depending on what type of Cap One CC it is, you probably wouldn't get a CLI anyway. They only do customer-initiated CLIs on their prime CCs.

I think your best bet is to wait a few months, so your util will be lower and your inq will age a bit. Then you should be able to get approved for an Amex Zync or Green.

I just did 2 Amex apps and the Zync app did ask about savings accts. I think it gave a choice of ranges of amounts. Amex can always FR you, so I would in no way inflate that number if I were you! You could always go to the website and click on "apply" for whichever card you want and just look at the app without submitting it.

Re: What would be my best move at this point?

improvingmycredit — Sat, 25 Feb 2012 10:42:05 GMT

@bichonmom wrote:
@Anonymous wrote:
Hello, just found out about this place a couple of days ago, and finally decided to sign up.
I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.
BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.
Cap 1 is 18 months old, they automatically CI to $1750 3 months after opening.
CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.
I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.
What should I do???
Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply?
BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).
Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

Your util is really high to be approved for any CCs right now. I would pay all your CCs to zero and leave a bal of under 10% (or 20% MAX) on ONLY one CC. Your score should also improve with that.

Do NOT ask for a CLI w/Cap One, as it will be a HP on your CR. Also, depending on what type of Cap One CC it is, you probably wouldn't get a CLI anyway. They only do customer-initiated CLIs on their prime CCs.

Thanks Bich - I forgot to add that. Your utility is high for an Amex. I'd also focus on this before applying. Also - please note the HP statement regarding Cap One.

Re: What would be my best move at this point?

LS2982 — Sat, 25 Feb 2012 10:58:55 GMT

@Anonymous wrote:
Hello, just found out about this place a couple of days ago, and finally decided to sign up.
I have done a lot of reading today and yesterday about Credit cards and credit scores yet I still dont know whats a good move at this time for me.

I have 3 CC's. Cap1, BOFA and CITI. Total credit is 4750. Usage is at 40% due to chistmas overspending.
BOFA was my starting CC (after years of bad credit) got it for 1k 3 years ago, graduated but still at 1000 limit , I requested an CI but got denied about a year ago.
Cap 1 is 18 months old, they automatically CI to $1750 3 months after opening.
CITI is 5 months old. started at 2k.

I have recently asked for a big $$ business loan from CHASE (that was declined), but since then, I received offers for AMEX gold and AMEX green. i dont know why but I WANT at least one AMEX card sometime soon, but Im afraid to apply and then get denied... so I am trying to raise my score a bit (currently around 670) in order to have better chances.
I would pay off my CC's but I cant afford it right now, the money in my Money market account is waiting for a large business venture im about to get into.
What should I do???
Request Credit Increases on CAP1 and CITI? Is it time? or do I really need to wait another 3-6 months when my util ratio drops below 20% for my FICO to go higher, then apply?
BTW, I have about 9 inquiries on my CR, all evenly spread in the last 18 months, almost all are mortgage related, (didnt buy after all).
Also, the AMEX apps have a space to write down approx how much cash is in my savings/checking accounts, can they really confirm this? Since I do have a small fortune there, It makes me think I have a better chance...

I would pay the balances down to get the overall util. around 5% and garden for 6 months before going to AMEX.

Re: What would be my best move at this point?

Anonymous — Sat, 25 Feb 2012 19:33:07 GMT

Thanks to all for the replies, my Cap1 is platinum, with rewards, not a secured CC. I dont know much about AMEX zinc zpsl? whats that about? And, yeah, sounds like I wil need to wait and let the flowers grow huh...

Re: What would be my best move at this point?

percy81 — Sat, 25 Feb 2012 22:27:27 GMT

From my own experience, capital one DOESN'T give requested cli. I opened with them in dec 2010 and started at 300 cl they bumped me to 500cl and around dec of 2011 bumped me to 1,000.00 I've tried asking for an increase with the same "you're due for a review resonse" request denied even though when i opened with them my credit was poor and now in the mid 700's they wont budge even with the " i have a chase freedom 3000k limit threat". Good luck! Cap one is soon to be stuck in the drawer where all the socks with holes in them go!!!

Re: What would be my best move at this point?

Anonymous — Sat, 25 Feb 2012 22:34:06 GMT

actually I would want them.to see my accounts, my savings balance is almost equal to.a.year of my salary. So I would think that would help..right?

Re: What would be my best move at this point?

laboi_22 — Sat, 25 Feb 2012 23:07:49 GMT

You can check to see if you are prequalified for AMEX on their website. Although prequalification does not mean automatic approval, it can help you decide if it is time to try for an AMEX product. I would start with a charge charge since the revolvers are hard to get. Also regarding the amount of money you have access to: AMEX only takes into consideration, during the inital application, your total household income. Good credit card income sources to make sure you understand what qualifies as income. This is the only time AMEX will require you to disclose. This may or may not help you get any of their products. You do not want AMEX having free range with your income sources. There exists a little thing called financial review(FR). This will have you allow AMEX the opportunity to see your last year filed taxed returns while placing your accounts on hold. This would allow them to see the money you have saved and how much you paid in taxes last year including income. Again this usually happens after approval and is random. No one knows why they must submit to a FR with AMEX. This is something you do not want. So just answer income questions and if you are approved use the account like normal.

I would start with a prequal since this is only a SP. Only my thoughts/suggestions

Re: What would be my best move at this point?

Anonymous — Sat, 25 Feb 2012 23:16:55 GMT

@Anonymous wrote:
actually I would want them.to see my accounts, my savings balance is almost equal to.a.year of my salary. So I would think that would help..right?

Idk how much a years worth of salary is for you. But, if you have a hefty savings 5k should be nominal. Get rid of the balances, wait a month, let them report to the bureaus, pull your CRs see where your score is then give amex a try. They will then see 0% UTIL plus your savings (if it matters). My two cents is your chances will be signicantly better..and off course the longer you wait with a clean report the better your chances are because age my help your file.

I've had the zync before I'd just look to see if it fits your lifestyle before your apply.

Re: What would be my best move at this point?

Anonymous — Sat, 25 Feb 2012 23:35:03 GMT

Let me preface this my saying I say this out of care and concern. If you cannot afford to pay off your current cards, you have no business getting another. What's the rush? Use what you have, pay down your balances, then consider Amex. If you stay on track, the per approval won't stop. It's really easy to get caught in the hype, but let time and clear heads prevail. You won't be sorry.

Re: What would be my best move at this point?

ztnjpv — Sun, 26 Feb 2012 00:25:47 GMT

TONY_VAZ,

If you have a small fortune...as you say...in liquid savings, JUST PAY DOWN YOUR DARN CARDS! Sheesh.

You have 4750 in CC limits and claim to be at about 40% usage. About $1900 in balances, right? I fail to see how keeping a year's salary's worth of money stuck in a money market is so important that you can't part with a mere fraction of it to pay off CC balances....which cost a lot more in interest than whatever your earning in the money market. Knock your cards down to zero and take a few months putting the money you would have sent for CC payments back into your money market. PATIENCE.

Besides, you haven't really explained why your score is around 670. What other factors are involved? Do you have collections or liens? If you do, you could give your score a real boost by making pay-for-deletion arrangements.

Re: What would be my best move at this point?

RyVision — Sun, 26 Feb 2012 01:21:02 GMT

TONY_VAZ;

I have to say I agree with all the responses in a sense.

If you have a years salary set aside, and your current cards aren't carrying at 0% you'd be best to pay them off (under 3k shouldn't be a problem and your score would go up, in reality it's transferring the debt from those cards to paying yourself back, which is easier).

Like others mentioned, we have no idea of your entire credit history or issues (hardly anyone puts all that info when asking a question so that's not a criticism).

Asking Cap 1 for a CLI would most likely add to your INQ's for nothing (most of us would advise against it). You might get an AMEX ZYNC at this point but if not, you've added at least 1 more INQ, again, possibly with nothing to show for it.

When you tell AMEX what you have in savings, it gives them the opportunity to see if you were being honest if and when they do an FR (you're putting a fact down "on paper" and it can be called into question later with any lender if they like, it allows them to take that information into account when deciding on approving you and for what).

"A small fortune" is relative, to some people that's $1000, to others it's a million. A years pay when talking AMEX is usually well over the average, so that somewhat suggests to us you're talking over the 30k mark.

If you're going into business or a business venture, the main thing when it comes to money is allocation and getting it to work for you and help attain a goal. You mentioned the goal of raising your scores in order to better position yourself for other goals, the answers were mostly focused on that goal. As was this one of mine.

Hope we helped somewhat

Re: What would be my best move at this point?

Anonymous — Sun, 26 Feb 2012 01:28:35 GMT

I cant use the cash, Im buying a small business in the next couple of months and need the cash. When I first got credit 10 years ago, the first thing I did was screw it completely... I had one CC and one jewelery loan in collection for years. The 2 vehicles I bought from the dealer went on 30, 60.and up to 90.days late, several.times. In 2009, I called all my collectors and arranged for payments, I had about 3 or 4 bills taken care of that way, some I didnt pay the full amount, they took a smaller amount.. I realize now I wasnt very effective, as the history is still.in my credit. Perhaps I should take a look at my report later today and expose that here so people can help me better?

Re: What would be my best move at this point?

RyVision — Sun, 26 Feb 2012 01:45:36 GMT

@Anonymous wrote:
I cant use the cash, Im buying a small business in the next couple of months and need the cash. When I first got credit 10 years ago, the first thing I did was screw it completely... I had one CC and one jewelery loan in collection for years. The 2 vehicles I bought from the dealer went on 30, 60.and up to 90.days late, several.times. In 2009, I called all my collectors and arranged for payments, I had about 3 or 4 bills taken care of that way, some I didnt pay the full amount, they took a smaller amount.. I realize now I wasnt very effective, as the history is still.in my credit. Perhaps I should take a look at my report later today and expose that here so people can help me better?

That info helps, if you post more remember not to include any identifying information.

I hope you're really sure and knowledgeable about the business you're getting into, any business can be very overwhelming when you're in charge and not just working there (even if you're the only person working in it, often, that's even harder). If you've turned the mistakes of the past that you mentioned into learning experiences it will help a lot. Knowing about "being a business" first hand always makes me worry for people that are going to get into their own. This is kind of my "please go in well informed about it" disclaimer about going into business for oneself (it often takes over a persons life more so than any full time job, or 2, could ever do). Again, not a criticism, just a statement.

Both credit and business take a lot of patients really, as well as planning. I'm very glad you're looking for information, a lot of people don't.

Re: What would be my best move at this point?

Anonymous — Sun, 26 Feb 2012 02:35:28 GMT

I will just say your not that bad at calculating small.fortunes going back to my ctedit. I have one car loan mentioned above dating from 2004 that was paid but shows late payments and is.still on my report. and there.is other similar stuff there but again, I have to pull my report to be.exact.

Re: What would be my best move at this point?

Anonymous — Sun, 26 Feb 2012 02:48:45 GMT

@Anonymous wrote:
I will just say your not that bad at calculating small.fortunes going back to my ctedit. I have one car loan mentioned above dating from 2004 that was paid but shows late payments and is.still on my report. and there.is other similar stuff there but again, I have to pull my report to be.exact.

If im not mistaken, most lates drop off in 7 years. So you should pull your reports to be more accurate. Other collections take up to 10 years.

Re: What would be my best move at this point?

RyVision — Sun, 26 Feb 2012 04:05:23 GMT

@Anonymous wrote:
I will just say your not that bad at calculating small.fortunes going back to my ctedit. I have one car loan mentioned above dating from 2004 that was paid but shows late payments and is.still on my report. and there.is other similar stuff there but again, I have to pull my report to be.exact.

Thank you

I grew up in a small business family, surrounded by 3 at birth and involved\exposed to it all around age 8 (little jobs etc, seeing what business is about from very early) and into adulthood to today so I have a bit of insight LOL At least I'm told I have decent insight and am a bit savvy lol.

I really hope you're able to get the business and make it work out well (if it's the right move for you etc, just another disclaimer lol).

As far as your credit goes, you have some work there too. Involving research (laws, statutes, good will letters, all that etc, most of which you can find here or least where to find more info). That old auto loan might consider removing the lates if you've paid it satisfactorily for example (that is very much a long shot however, just a thought). Time will really be your best friend when it comes to your score improving, sometimes things can't be rushed, only helped along a bit.

Re: What would be my best move at this point?

Anonymous — Sun, 26 Feb 2012 05:14:02 GMT

@RyVision wrote:
@Anonymous wrote:
I cant use the cash, Im buying a small business in the next couple of months and need the cash. When I first got credit 10 years ago, the first thing I did was screw it completely... I had one CC and one jewelery loan in collection for years. The 2 vehicles I bought from the dealer went on 30, 60.and up to 90.days late, several.times. In 2009, I called all my collectors and arranged for payments, I had about 3 or 4 bills taken care of that way, some I didnt pay the full amount, they took a smaller amount.. I realize now I wasnt very effective, as the history is still.in my credit. Perhaps I should take a look at my report later today and expose that here so people can help me better?

That info helps, if you post more remember not to include any identifying information.

I hope you're really sure and knowledgeable about the business you're getting into, any business can be very overwhelming when you're in charge and not just working there (even if you're the only person working in it, often, that's even harder). If you've turned the mistakes of the past that you mentioned into learning experiences it will help a lot. Knowing about "being a business" first hand always makes me worry for people that are going to get into their own. This is kind of my "please go in well informed about it" disclaimer about going into business for oneself (it often takes over a persons life more so than any full time job, or 2, could ever do). Again, not a criticism, just a statement.

Both credit and business take a lot of patients really, as well as planning. I'm very glad you're looking for information, a lot of people don't.

I will be fine, i will be doing what I do now, just not for someone else, thanks

Re: What would be my best move at this point?

Anonymous — Sun, 26 Feb 2012 05:23:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I will just say your not that bad at calculating small.fortunes going back to my ctedit. I have one car loan mentioned above dating from 2004 that was paid but shows late payments and is.still on my report. and there.is other similar stuff there but again, I have to pull my report to be.exact.
If im not mistaken, most lates drop off in 7 years. So you should pull your reports to be more accurate. Other collections take up to 10 years.

FRANKLIN CAPITAL

Current Closed

801-238-6770

Mailing Address: 47 W 200 S STE 500 SALT LAKE CITY, UT 84101

Account Name

FRANKLIN CAPITAL

Account #

106XXXX

Account Type

Auto Loan

Balance

Date Opened

8/1/2003


	Account Status	Closed
	Mo. Payment
Close Account Details	Past Due
	Payment Status	Paid, was past due 120 days
	High Balance
	Limit
	Terms	63 Months
	Comments

24-Month Payment History

2006

2007

2008

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

Month

Experian

Equifax

TransUnion

Yo are right, the other car loan isn't on my report anymore, just this one.