topic Re: Applying for new credit card question....advice needed please. in Credit Cards

Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 01:22:32 GMT

Hi everyone. I recently went through bankruptcy which was discharged on Feb. 3, 2012. My Experian score is 600 and Transunion is 608. I think Equifax is around the 600 mark as well. I have a car loan but no credit cards. I know I should open a credit card or two to boost my credit scores but don't want to incur numerous inquiries and may want to apply for a few cards that use different bureau reports. Can anyone recommend credit cards that I would have a higher chance of approval with these credit scores and recent bk? Your advice is greatly appreciated. Thanks so much!

Re: Applying for new credit card question....advice needed please.

laz98 — Sun, 27 May 2012 01:27:50 GMT

Welcome to the forums!

May I ask where you got your scores from? It's best to know if they are real FICO scores or not before we give you any advice.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 01:33:18 GMT

Oh...good question. I'm so new I didn't even now to include that. I got my Experian score from Experian.com monitoring service...I subscribed to the monthly membership. I received my Transunion score from a creditor who pulled my credit this morning and gave me the score directly. I hope this helps.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 02:55:29 GMT

I think Experian will give you a PLUS score. Members on this forum mostly go by FICO score. Your lender may have given you a FICO. The thing is different scoring models have different score and are on different scales.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 03:00:43 GMT

Now back to your original question assuming your lender gave you a FICO score, 600 pretty much excludes you from getting a prime card like one from Chase, Discover, Amex, etc. You best bet is try a secure credit card with your bank if they offer it. Alternatively, start with a store card, they aren't usually picky. Finally, look into joing a credit union, they may be generous with give your a credit card as well. Either way you choose, don't carry balances on your credit card, alway pay it off on time and you should see a significant boost in your credit score in six months.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 03:09:18 GMT

Thank you so much for that advice. I will do that. Any particular stores that are easier to obtain credit? I was denied at Lowes two days ago. Thanks again for the help.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 03:11:40 GMT

Welcome, I would think any credit union would start you out with a card with those scores as long as those scores are legitimate, where did you get the scores? haha my bad I just read where you got them, Credit Union!!!

Re: Applying for new credit card question....advice needed please.

ztnjpv — Sun, 27 May 2012 03:12:49 GMT

I'm gonna go on a hunch and suspect that your EX Fico is a little higher than your Plus Score. While I was rebuilding my credit, my Plus score was always lower than my Fico. When my Plus score was 636, my real Fico was in the 660s. When the Plus was in the 670s, the Fico was in the 690s. 680s was 700ish and now my Plus has been 713 for well over a month and my real EX Fico (PSECU) was 762 on 5/1/12. Yes, that doesn't make for an iron-clad rule but I'd be willing to bet there's a good chance it would be that way for you.

I'm not one to reccomend Capital One but their Platinum unsecured card was instantly approved for me when my Plus score was in the 630s. I had several collections on my report at the time, tax liens and a verizon charge off/collection that was less than a year old. Not good stuff but I was instantly approved. They did a tri-pull though. I also had a longer credit history with positive accounts so that might have helped make a difference. I don't know. I might have been approved anyway with a thinner file. I can only speculate.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 03:18:09 GMT

Oh that's good to know and makes sense. I will try Capital One. Did you have any luck with any store credit cards?

Re: Applying for new credit card question....advice needed please.

ztnjpv — Sun, 27 May 2012 03:27:28 GMT

Tennisgirl,

I don't have store cards. But listen:

Go here and see if you're pre-qualified. It's worth a shot:

https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx

It's a soft pull pre-qualfication service from Capital One. It's not a guarantee for approval or denial but it's worth seeing if you get an answer. Let us know what the results are. It's quick and easy and doesn't affect your credit.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 13:28:12 GMT

Thank you so much for that link. I entered my info and the result was a Capital One Platinum card. I also found out my score obtained through Experian is a PLUS score. I'm going to pull my FICO scores. So glad I posted this question......I LOVE THESE BOARDS! Thanks everyone.

Re: Applying for new credit card question....advice needed please.

ztnjpv — Sun, 27 May 2012 13:53:40 GMT

Did the result on that link actually SAY something to the effect that: "Congrats, you are pre-selected or pre-qualfied"?

Often times, if there are no offers, it will say that they couldn't match you with any offers but they suggest a certain card anyway.

Which was it?

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 14:34:36 GMT

Oh, I just did it again. It says "we couldn't match your records to a card offer." YIKES. I do have a fraud alert on all three of my bureau profiles because I was a victim of identity theft twice. So potential creditors are actually supposed to take further steps to verify my identity. It could be the low score also....

Re: Applying for new credit card question....advice needed please.

ztnjpv — Sun, 27 May 2012 15:35:44 GMT

OK. Just have to be thorough with that.

Now, the fact that you didn't get an offer doesn't mean you won't be approved....just like getting an offer doesn't mean you WILL be approved. But it does help when the system does a soft pull on your credit report and automatically pre qualifies you.

You said you were going to get your actual Ficos. You can get the Equifax and Transunion Ficos with reports right here at myfico.com. You should do that and report back with reports in hand so people can get clearer answers about what your reports look like.

Or, you can call Capital One and apply for the Platinum by phone. They will ask you if you are qualified to apply by asking you several questions about your credit. If you answer honestly and as accurately as possible, the agent on the phone will tell you whether you prequalify and it's worth proceeding. If you feel based on the responses of the agent that you may not be approved, you can always decline to continue and not apply.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 18:41:59 GMT

So my Experian FICO is 623 and Transunion is 609. I will obtain the Equifax FICO on Tuesday. Can you give any advice based on this information? I'm told that obtaining retail credit can boost the credit score. Is that true? Thank you so much for your help.

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 21:24:52 GMT

@Anonymous wrote:
So my Experian FICO is 623 and Transunion is 609. I will obtain the Equifax FICO on Tuesday. Can you give any advice based on this information? I'm told that obtaining retail credit can boost the credit score. Is that true? Thank you so much for your help.

where did you get your experian score from?

Re: Applying for new credit card question....advice needed please.

Anonymous — Sun, 27 May 2012 21:32:51 GMT

My banker. It's definitely a Fico score.

Re: Applying for new credit card question....advice needed please.

ztnjpv — Mon, 28 May 2012 13:20:31 GMT

what can you tell us about what's in the reports? Do you just have scores or reports?

It would be good to know how many derogatory marks on your report and how recent the last one was. Also, how good accounts (no bad marks) open and closed do you have? How many bad...open and closed?

Re: Applying for new credit card question....advice needed please.

Anonymous — Mon, 28 May 2012 13:27:35 GMT

Generally speaking, in the range you are in, you should be able to get Cap 1 Platinum 300-500 CL unsecured, Orchard Bank 300 CL, and a few store cards from my research.

Re: Applying for new credit card question....advice needed please.

Anonymous — Mon, 28 May 2012 13:35:30 GMT

Thank you. I was approved for Orchard Card. I want to apply for 1-2 store cards as well. You don't happen to know which store cards are liberal in approval? Is Target or Macy's? I think I read Victoria's Secret and PacSun but not sure how much I would use those. Thank you.

To answer the other question....on Transunion (609 FICO), I have my bk which was discharged on Feb. 3, 2012 and five derogatory accounts from 2006 and 2007. I have 18 accounts in good standing. On Experian (623 FICO), I have the bk and 23 derogatory accounts from 2006 and 2007 and one from July 2009. I have 24 accounts in good standing. I will obtain the Equifax report tomorrow with accurate FICO score. Thanks.