topic Re: What should I do next!? in Credit Cards

What should I do next!?

Anonymous — Thu, 13 Dec 2012 09:39:04 GMT

Hello everybody my name is Alex. Im 20 years old, Im new to this forum and would like your guys' opinions. My current cards are as follows. Citi Forward-4k limit, Capital One secured $400, Firestone card 1k, Express $450, Rogers and Hollands $500, ans Kay Jewelers $300. All of these cards will be 2 years old between March and April. 1 late payment on the firestone card that is over a year old. I would like to add/drop some cards in the near future and would like some advice on which cards to look into and when to apply for them. First, I need to dump my Crapital One secured card before March (thats when the annual fee hits), but I dont like the security of only having one major credit card. I was thinking Chase Freedom, Discover "more/it", Amex Green or Blue Cash. I want to apply for a card that im obviously not going to get denied for, but also that has rewards, low interest, no annual fee, and nice credit limits. Im not going to make this card my everyday card unless it has a competing limit to my Citi Forward (4k) Last but not least, the only scores that im able to supply you guys with is my CreditKarma score which is 689, and my Quizzle score which is 684. The CreditKarma score is up to date but the Quizzle score is over 2 months old when my credit limit on my Forward was still $1800 and my balance was $1200. And before my Express card went from $250 to $450. So the scores should be higher now but I cant update it for another 4 months. Im eager to hear your guys' opinions and suggestions. Thankyou in advance for your feedback!

Re: What should I do next!?

Involus — Thu, 13 Dec 2012 13:55:05 GMT

How long was the late? 30 days?

For my Chase Freedom I was approved at like 680 something I want to say - was inq heavy also. Got 7-10 day message at first but they just needed to confirm address and identity.

For both my Amex cards I apped with a 753 TU and was instant approved on both - again still inq heavy. [16TU/24EQ/16EX]

Whats your util%, AoAA?

Re: What should I do next!?

Anonymous — Thu, 13 Dec 2012 22:29:14 GMT

I think the late was closer to like 60 days.. They never sent me a bill and I even paid it the day it was due, but with my girlfriends account and for some reason it never posted. Anyways, my utilization on my Citi is 12.5%. Total utilization is at about 7%.

Re: What should I do next!?

Anonymous — Mon, 17 Dec 2012 06:30:32 GMT

Any suggestions?....

Re: What should I do next!?

bichonmom — Mon, 17 Dec 2012 06:49:19 GMT

@Anonymous wrote:
Hello everybody my name is Alex. Im 20 years old, Im new to this forum and would like your guys' opinions. My current cards are as follows. Citi Forward-4k limit, Capital One secured $400, Firestone card 1k, Express $450, Rogers and Hollands $500, ans Kay Jewelers $300. All of these cards will be 2 years old between March and April. 1 late payment on the firestone card that is over a year old. I would like to add/drop some cards in the near future and would like some advice on which cards to look into and when to apply for them. First, I need to dump my Crapital One secured card before March (thats when the annual fee hits), but I dont like the security of only having one major credit card. I was thinking Chase Freedom, Discover "more/it", Amex Green or Blue Cash. I want to apply for a card that im obviously not going to get denied for, but also that has rewards, low interest, no annual fee, and nice credit limits. Im not going to make this card my everyday card unless it has a competing limit to my Citi Forward (4k) Last but not least, the only scores that im able to supply you guys with is my CreditKarma score which is 689, and my Quizzle score which is 684. The CreditKarma score is up to date but the Quizzle score is over 2 months old when my credit limit on my Forward was still $1800 and my balance was $1200. And before my Express card went from $250 to $450. So the scores should be higher now but I cant update it for another 4 months. Im eager to hear your guys' opinions and suggestions. Thankyou in advance for your feedback!

First, be sure all CCs are reporting zero bal, except one at under 10%, which I'd make citi since that's your highest CL. I think you'd be approved for freedom and Amex green. I don't know about Amex blue. One possibility is that you app for green and if approved, go ahead and app for blue on same day. That way you should only take one HP.

Chase seems to be reluctant to go above your current CLs. Earlier this year, I got $3k freedom with scores in the mid to high 700s. My highest cl at the time was $2500, i believe. i called to recon, but no go. I'm not sure what CL they'd give. It would help if you had a better idea of your true FICO on EQ. I'd think that they would probably come in around your citi cc. Then in 6-12 mos, you can CLI, even tho it will be a HP.

I would go for both chase and Amex, if I were you. Also, the earlier you get your first Amex, the better for future backdating.

Good luck!

Re: What should I do next!?

Anonymous — Tue, 18 Dec 2012 06:02:50 GMT

Thankyou for your suggestions.. I recently tried out the free trial on this website for the "score watch 10 day trial" thing and my Equifax came in suprisingly low at 660. I thought it would be higher since my Creditkarma is 689 and Quizzle score is 684. I dont understand why its so low. I had a bad understanding about credit about 4-5 months ago and carried a high balance on my Citi card for a few months but since then its been less than 20% and all my other cards have been paid off. I guess it takes longer than a month or two for scores to go back up?

Re: What should I do next!?

Anonymous — Tue, 18 Dec 2012 14:26:22 GMT

It's probably low from the late payment and inquiries.

Re: What should I do next!?

Anonymous — Wed, 19 Dec 2012 06:06:06 GMT

Even though the late payment is about a year and a half old and it was only showing one inquiry? I know that I have more then one inquiry but they arent showing. Is it because they may be on other bureaus?

Re: What should I do next!?

webhopper — Wed, 19 Dec 2012 06:09:52 GMT

First of all; I would suggest that you call and write asking for the firestone to please remove the late payment from your reporting. Tell them I'm the letter exactly what you just posted here.

I would do that first before applying for anything. Most prime cards want you to be two years with clean payment history on all of your accounts.

Re: What should I do next!?

webhopper — Wed, 19 Dec 2012 06:12:57 GMT

At this point the only thing I could recommend would be ge wal mart discover or maybe Barclay's but seriously you should try to GW the firestone before apping. You stand a decent chance of GW success.

Re: What should I do next!?

Anonymous — Wed, 19 Dec 2012 06:45:59 GMT

Look in the rebuilding section for more information on good will letters. Get that baddie off your report before you app for anything.

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 05:53:45 GMT

Is it that easy to get a negative removed from your history? Whats the worst the could happen? I have to wait for another 6 months for it to automatically fall off? So in your guys opinions I will be denied for pretty much anything applied for? If a walmart card is my only hopes right now I might as well just wait a while.

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 05:58:51 GMT

It is not that you will get denied now. You will just get much better terms if you get that baddie off first. IE higher limit lower APR. It shouldn't be too hard for you to GW that baddie.

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 06:55:45 GMT

Contact the creditor requesting verification of the late payment. Do not admit anything and let them provide the facts they have. Then, contact the Credit Bureau and file a dispute. The dispute will be attached to every credit report request thereafter regarding that issue. Financial Institutions often post late payments, even though they are not late, in order to add interest, fines, and penalties. Next, attempt to consolidate the existing cards into one account. Having to many credit cards active in your Credit Report is just as bad as as having no credit history. To Creditors, it apears you are robbing Peter to pay Paul, so to speak. Finally, before you sign another application for a credit card, find out who is actually issuing the card. If you look at the reverse of your credit cards, you may find some issued by the same financial group such as HSBC, CITI, CHASE, ect. The application you are getting ready to sign will probably have this information near the end of the contract. Read it close.

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:05:30 GMT

Ahhhh. I understand more now. I'll get on that tomarro. Btw, What does finding out who issues the card matters? Are you trying to say dont apply for a card issued by the same bank that issues the firestone card?

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:08:50 GMT

Walmart credit cards are actually issued by and granted by Discover Financial Group, LLC. (GE Money Bank) Check your current credit cards to see if you may have others

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:11:25 GMT

Certain financial groups, such as HSBC AND CITI FINANCIAL are owned and operated from other countries who are not required to abide by the Unted States Code

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:12:35 GMT

Oh ok. The cards I dont use are locked up in my safe so il check tomarro. So your point is to apply for cards issued by them as that might be my only option?

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:14:41 GMT

On the back of the Firestone Card, see who issued the card as FIRESTONE is what is known as the merchants card and is not actually the issuer of the card. The issuer of the card is the actual creditor

Re: What should I do next!?

Anonymous — Thu, 20 Dec 2012 07:21:25 GMT

No. My point is to attempt to use a financial group (such as Chase) who is actually governed by the Federal Statutes. You have to be familiar with the financial instituition you are dealing with. HSBC is homed in Shanghai, China and Capitol is homed in india.