topic Re: Scared & Confused in Credit Cards

Scared & Confused

Anonymous — Sun, 24 Mar 2013 17:24:14 GMT

Finally got my scores in the 700s, TU 727 and EQ 708, but to be quite honest scared to apply for any cards as barclays denied me and discover did aswell back when I was at a 681. I currently have a boa secured card $400 and capital one $300. Should I just relax for now and not apply? Any advice?

Re: Scared & Confused

SnackTrader — Sun, 24 Mar 2013 17:25:52 GMT

Well what changed in your report to get you to cross 700?

And how long have you had those cards? How long ago did you apply for Barclays and Discover?

Re: Scared & Confused

Guyatthebeach — Sun, 24 Mar 2013 17:28:46 GMT

I would until you have six months of solid payment history with your cards. Once you get a Barclay card, be care with new apps. They are very app and new account sensitive.

Re: Scared & Confused

Anonymous — Sun, 24 Mar 2013 17:30:17 GMT

Brought my utility down, I've had these cards for about a year. Wondering if I should call boa and see if I can get the card unsecured. The capital one limit is really not doing me any justice at 300.

Re: Scared & Confused

Creditaddict — Sun, 24 Mar 2013 17:30:42 GMT

@Anonymous wrote:
Finally got my scores in the 700s, TU 727 and EQ 708, but to be quite honest scared to apply for any cards as barclays denied me and discover did aswell back when I was at a 681. I currently have a boa secured card $400 and capital one $300. Should I just relax for now and not apply? Any advice?

First... (As I chanel my Suze Orman!) Do not do anything while you are scared! You have done a great job so far by the sounds of it, so you don't need to rush forward to do more just yet.

Barclay - Did you call for a recon then? The computer approval seems rare with them and even when instant approved, they always seem to go higher if someone calls but they don't tell you to call, you almost have to be here or tell a friend that you should call.

How long have you had the BofA and Cap1?

These are your ONLY Credit Accounts of any type?

You just have the 4 or so INQ's from the declined and approved apps?

Re: Scared & Confused

Anonymous — Sun, 24 Mar 2013 19:09:52 GMT

I think you have an excellent chance getting approved for a Cap1 Cash Rewards card for average credit. Cap1 secured cards do not unsecure.

Re: Scared & Confused

Creditaddict — Sun, 24 Mar 2013 19:13:52 GMT

@Anonymous wrote:
I think you have an excellent chance getting approved for a Cap1 Cash Rewards card for average credit. Cap1 secured cards do not unsecure.

NO! - Why take a 3 HP to get maybe another $300 card from them, ill say more below...

I would call Bank of America and has for unsecured NOW!

Send e-mail to Capital One President Office (This is SP by the way) saying you have had the card for a year now, you have got your scores into the 700's and you need a Credit Line that is $5000 or you will be forced to find a daily use card from another bank. Not so likely they will give you $5k but they may counter $1500,$2500... let them counter, not give you what you ask for that's less than what you could get.

If you get both of those cards to move a bit... then you are ready for Discover iT and possibly Barclay if you really want, but I would skip them unless you want a laptop or something.

Who do you primarily bank with?

Re: Scared & Confused

LS2982 — Sun, 24 Mar 2013 19:39:38 GMT

@Anonymous wrote:
Brought my utility down That in itself probably played a big role in those denials.

, I've had these cards for about a year. Wondering if I should call boa and see if I can get the card unsecured. Yes this is a good idea. The capital one limit is really not doing me any justice at 300.

If I were you i'd get both cards over the yearmark with solid pay history and hit Discover up one more time. Then head to the Garden.

Re: Scared & Confused

boomhower — Sun, 24 Mar 2013 19:52:18 GMT

With one year of history with no derogs and no recent INQ's Discover, Barclay, and Chase would all be easy wins.

Re: Scared & Confused

Anonymous — Sun, 24 Mar 2013 20:25:20 GMT

My Capital one is not a secure card its just a plain 300 dollar card. As far as who I bank With predominantly chase ot citi. I have bout 6-8 inquiries, mostly for my car lease which is payed on time each month. Going to call boa an see how it goes.

Re: Scared & Confused

Open123 — Sun, 24 Mar 2013 20:55:51 GMT

@Anonymous wrote:
Finally got my scores in the 700s, TU 727 and EQ 708, but to be quite honest scared to apply for any cards as barclays denied me and discover did aswell back when I was at a 681. I currently have a boa secured card $400 and capital one $300. Should I just relax for now and not apply? Any advice?

Depends on how long you've been using and paying your current B of A and Cap One. If it were me, I'd do the following:

1. Use and pay both cards by running all of your bills through them. Pay several times per month if you have to, but show high usage on each card.

2. At 6 months of perfect payment history, apply for the Amex PRG with first year fee waived. Approved, great! Declined, no problem, and a small matter.

3. Unsecure B of A at month 10 - 12 with CLI (hopefully).

4. With 12 months of perfect payment history and high usage, apply for 1. Chase Freedom 2. Discover IT 3. Amex charge (if denied).

You will be approved for at least 2, if not all three.

Then, close any toy limit cards with an annual fee. In another 6 months, CLIs on all your cards. Then, in another 6 months (with 2 years history with Amex, B of A, Chase, and Discover), app for anything you want.

Best of luck!

Re: Scared & Confused

calihlove75 — Sun, 24 Mar 2013 21:59:31 GMT

@Anonymous wrote:
Finally got my scores in the 700s, TU 727 and EQ 708, but to be quite honest scared to apply for any cards as barclays denied me and discover did aswell back when I was at a 681. I currently have a boa secured card $400 and capital one $300. Should I just relax for now and not apply? Any advice?

That was then..this is now! How long ago did you apply with Discover and what was their denial reasons?Did you recon using backdoor number?

You have had your cards 1 year, you have brought your utility down, etc. Your scores are decent.Honestly, If it were me, I would apply for Chase Freedom and Discover it now and RECON both if denied. You bank with Chase so use that as your leverage. Do you have baddies? If so plan to explain those and just really go to bat for yourself.

Re: Scared & Confused

SnackTrader — Sun, 24 Mar 2013 22:05:20 GMT

Getting the BofA unsecured is step #1. You may have to wait a few more months, but that will be helpful for your wallet.

Getting a CLI on the Capital One is step #2. If that happens, wait until the new credit line reports to the bureaus before applying for anything.

Step #3 is identifying a long term plan. Just applying because you want to apply is useless and will slow down your progress. You don't want to get unnecessary cards or inquiries.

So, I would say you have a month or two before applying with all of this going on. It will be hard to wait, but will be very worth it if you can get that CapOne up to a higher limit.

Re: Scared & Confused

calihlove75 — Sun, 24 Mar 2013 22:18:28 GMT

@SnackTrader wrote:
Getting the BofA unsecured is step #1. You may have to wait a few more months, but that will be helpful for your wallet.

Getting a CLI on the Capital One is step #2. If that happens, wait until the new credit line reports to the bureaus before applying for anything.

Step #3 is identifying a long term plan. Just applying because you want to apply is useless and will slow down your progress. You don't want to get unnecessary cards or inquiries.

So, I would say you have a month or two before applying with all of this going on. It will be hard to wait, but will be very worth it if you can get that CapOne up to a higher limit.

This is great advice. You def want to see about unsecuring the BOA and email Cap One Exec about a CLI (people on here have had great luck via soft pull). This could mean a higher limit and better terms.

Re: Scared & Confused

Anonymous — Mon, 25 Mar 2013 04:13:45 GMT

For the 1.5% cash back. I don't think it will be another $300 limit. I was approved for $2000 and received a $500 increase in Feb. I spend about $1500-$2000 per month and I have earned $140 in cash back since July. I think it is a decent card to have.