topic Re: Best Chance to Get Another Card in Credit Cards

Best Chance to Get Another Card

BuffaloBill — Fri, 09 Nov 2012 00:45:57 GMT

I'm looking at applying for a few cards but I'm not sure what I can get.

If I shoot high and don't get approved can I call and have them reconsider me for a lower tier card without another credit pull? I don't want to go on a spree and have too many inquiries. I'd like to keep it to 2-3 total and I want to get two decent limit cards right away.

I'd love to get some of the great prime credit cards but I'm afraid that I probably won't be able to until the 3 baddies drop off in a year. In the mean time I'd like to do what I can to get my credit in the best shape possible and graduate to the higher limit cards with no fees and good rewards (e.g. cash back or airlines).

If I can get a good cash rewards or points card then I'd be willing to take on a fee but otherwise I want a no fee card.

I currently have the following:
- 3 baddies (Charge Offs) - 6+ years old (I can't wait til they fall off!). 9 Months left to go.
- 1 low limit Orchard Bank account (now Cap One)
- Student loans in good standings
- 1 Auto Loan (Paid 2 years ago)

- FAKO 700 - 730 across all 3

- Average age of accounts is 8 years

Goals in the next 1 - 1.5 years:
- Mortgage
- 2-3 high limit credit cards

Things to avoid:
- Anything that will negatively affect my credit for more than 1-3 months
- Chase, Wells Fargo

Thanks.

Re: Best Chance to Get Another Card

bettercreditguy1 — Wed, 07 Nov 2012 07:46:16 GMT

If you haven't pulled A True Fico Score lately then you are probably somewhere in the six hundreds.(I would do that to see truly where you stand.) Marginal for most prime credit cards. My sugesstion would be to garden. That is wait until you have more payment history with your current line up and until all of your baddies fall off. It will be almost impossible to get a prime card if you show any collections or charge offs. AS always, YMMV, best wishes on your improvements.

Re: Best Chance to Get Another Card

BuffaloBill — Thu, 08 Nov 2012 14:51:58 GMT

I did pull a true Fico score from here 3 months ago. It came in at 685 but I pulled one baddy off since then that helped.

I don't want to garden anymore. I've been gardening **bleep** CC and I'm tired of the monthly fee and low $550 limit.

I want at least one (preferrably two) cards with at least $2500 and the possibility to grow so that I can kick this Orchard Bank card to the curb. I'd consider a less than ideal prime card so long as it can grow to a descent limit and doesn't have a fee attached.

Re: Best Chance to Get Another Card

Anonymous — Thu, 08 Nov 2012 15:04:35 GMT

If Orchard is charging you a Monthly Fee with that low CL, then I would cancel right now.

You don't need an active CC in order to get another CC -- prime or otherwise.

If you don't need the credit (i.e. if you don't need to float your purchases) with Orchard, then why keep them any longer?

Re: Best Chance to Get Another Card

Anonymous — Thu, 08 Nov 2012 15:13:39 GMT

Good day to all

I am in the process of re-building and it's been a long journey. I started with a score at around 543 and I am now up to 664(EQ), 665 (EX), and 650(TU). I recently received an offer **bleep** form them. MY question is anyone got any insight as to what my chances are for getting approved for the AMEX PFG. I have one Capitol one card with a 700 CL and 0 balance (which has been paid on time for the past year), no other debt whatsoever, and a very high annual income, 150,000+. If I do not get approved for the AMEX PFG would it be wise to take the USAA offer and will they approve me even since they sent me the offer. As I stated earlier I have a few late payments on my report plus the paid collections and closed account still showing a balance.

Re: Best Chance to Get Another Card

Anonymous — Thu, 08 Nov 2012 15:52:49 GMT

You can find an AMEX to app for.

Also, the US Bank Cash+ card. They will likely give you a basic cash rewards card instead.

Re: Best Chance to Get Another Card

BuffaloBill — Fri, 09 Nov 2012 00:29:29 GMT

@Anonymous wrote:
If Orchard is charging you a Monthly Fee with that low CL, then I would cancel right now.

You don't need an active CC in order to get another CC -- prime or otherwise.

If you don't need the credit (i.e. if you don't need to float your purchases) with Orchard, then why keep them any longer?

I do actually have a need for a credit card. I do lots of shopping online. I occasionally need it for things like car rentals and hotel reservations, among other things. This stuff is hard to impossible with my current crappy Orchard card.

I'd like one card that I could put all my monthly bills through but I'd need at least a $3,000 card for that. Right now I'm using my debit card for most things.

Re: Best Chance to Get Another Card

BuffaloBill — Fri, 09 Nov 2012 00:28:48 GMT

Also, I didn't get an answer to my original question. Can someone provide a good answer?

If I shoot high and don't get approved can I call and have them reconsider me for a lower tier card without another credit pull?

I don't want to go on a spree and have too many inquiries.

Re: Best Chance to Get Another Card

webhopper — Fri, 09 Nov 2012 00:36:48 GMT

I suggest an amex charge card... its a great tool to have: and amex considers your income... the fact that you have old baddies shouldn't hurt you; as I had some old baddies and I was approved.

If you are approved for amex I then suggest you go for discover... BOA 123 isn't a bad card either.

Re: Best Chance to Get Another Card

BuffaloBill — Fri, 09 Nov 2012 00:59:10 GMT

@webhopper wrote:
I suggest an amex charge card... its a great tool to have: and amex considers your income... the fact that you have old baddies shouldn't hurt you; as I had some old baddies and I was approved.

If you are approved for amex I then suggest you go for discover... BOA 123 isn't a bad card either.

I checked out NerdWallet.com for recommendations and they thought that I could get either of the following:

Capital One® Cash Rewards - $100 Cash Back Bonus - No annual fee

Citi® Dividend Platinum Select® Visa® Card - $100 Cash Back- No annual fee

American Express Clear - No annual fee

Do these sounds like possibilites?

Re: Best Chance to Get Another Card

BuffaloBill — Sat, 10 Nov 2012 00:41:06 GMT

I checked out NerdWallet.com for recommendations and they thought that I could get either of the following:

Capital One® Cash Rewards - $100 Cash Back Bonus - No annual fee

Citi® Dividend Platinum Select® Visa® Card - $100 Cash Back- No annual fee

American Express Clear - No annual fee

Do these sounds like possibilites?

Re: Best Chance to Get Another Card

Anonymous — Sat, 10 Nov 2012 00:57:41 GMT

@BuffaloBill wrote:
I checked out NerdWallet.com for recommendations and they thought that I could get either of the following:

Capital One® Cash Rewards - $100 Cash Back Bonus - No annual fee
Citi® Dividend Platinum Select® Visa® Card - $100 Cash Back- No annual fee
American Express Clear - No annual fee

Do these sounds like possibilites?

Well out of those 3 I would go for the Citi. I don't know what their score requirements are so not sure on your sucess rate on that or the other two.

Might I suggest to wait? Lol.

In 9 months your baddies are gone. But as early as 12 months you are shoping for mortgage rates. Your app inqs are still going to be on your CR. Granted they will have aged and will be less of a factor (it at all to your lender). But big picture? CC or house? lol

For all things you mentioned, hotel car, etc, you can do that now with both your debit and Orchard.

hotels will take debit, no fuss. Car rentals you can reserved your car with your CC, but pay with your debit card if you choose, and no HP for doing so. Online shopping, again debit card works.

I know it sucks. But i rather make sure i am standing in my new house than worring about how crappy why CC is and how low the CL is. lol

Re: Best Chance to Get Another Card

BuffaloBill — Sat, 10 Nov 2012 01:47:40 GMT

ccnewcc thanks for the advice.

I thought that most mortgage places don't look at anything beyond 12 months, unless you had like 20 inquires or something.

My only active line of credit is with my Orchard Bank CC. The only other current lines are with my student loans ($4,500). Everything else has been closed for 3+ years.

I do want the absolute best mortgage rate when I go to apply but I figured part of that would be by showing I actually had some credit and used it well. I figured by having only a few inquires (2-3) that were 12 months+ and showing that I had some descent credit lines this would help my mortgage application. I figured that I would need these lines of credit to actually have a rating above 760. Is this not true?

Re: Best Chance to Get Another Card

Anonymous — Sat, 10 Nov 2012 01:45:07 GMT

I'm not sure what underwriters and lenders look at and whatnot.

A friend of mine got decline (but ultimatley approved through recon and pleading lol) for a mortgage and one of the reason was too many inquiries. He only had two that were 12 months old and both for a car.

I do think that too much emphasis is put on the FICO score itself -- both from our persective and from the lender's perspective. I saw in another thread that the OP didn't have any revoling CC for over 6 months and so didn't have a FICO when he tried to get a mortgage. The lender told him to go and apply for a CC and then come back to him so he could generate a FICO.

I think that is non sense. Had that been me, I would have said, "either you're gonna lend to me or you're not. But I am not getting a CC. If I wanted one, I'd have one by now."

You got an AAoA of 8+ yrs and sitting in the 680-730 range now. I think you have proven yourself that you actually had credit and used it well. (That is once those baddies fall off

My only words of advice would be dump that AF Orchard ASAP (but use it for now cuz you need it) and to maybe not rush into getting another CC if it is going to interfer with your house dreams.