topic Re: When to start apping? in Credit Cards

When to start apping?

Anonymous — Tue, 22 Apr 2008 20:52:08 GMT

I have a 30-60-90 day late on an old CC that's just now hitting two years old (Apr-June '06). Besides GW'ing it, which is going to take a while because this CCC is stubborn and mysterious, my only other option is to start apping for new CCs.

Should I wait a couple of months for my 90-day to hit two years old to start apping? It will give me time to GW the CCC to death, but my scores are stagnating. Or are my scores good enough now that I can get a few cards? (Look below for scores.)

Re: When to start apping?

fused — Tue, 22 Apr 2008 23:16:28 GMT

Though your EX score alone is good enough to get a good card or two, I would still wait until the

90-day late hits two years. Any cards interest you?

Re: When to start apping?

haulingthescoreup — Wed, 23 Apr 2008 01:20:55 GMT

Agree with the 24 months on the 90. That's how long I waited, and I got every card and loan I app'd for.

Re: When to start apping?

Anonymous — Wed, 23 Apr 2008 01:38:00 GMT

Ummm, stagnating???

Typogrammer wrote:
I have a 30-60-90 day late on an old CC that's just now hitting two years old (Apr-June '06). Besides GW'ing it, which is going to take a while because this CCC is stubborn and mysterious, my only other option is to start apping for new CCs.

Should I wait a couple of months for my 90-day to hit two years old to start apping? It will give me time to GW the CCC to death, but my scores are stagnating. Or are my scores good enough now that I can get a few cards? (Look below for scores.)

Re: When to start apping?

Anonymous — Wed, 23 Apr 2008 08:05:39 GMT

@Anonymous wrote:
Ummm, stagnating???

Reading my post again, I used the wrong tense. I meant "my scores will just stagnate." The only reason that my scores changed at all in the last two months was because I paid off my only open credit card. Now that I've exhausted my only option, I get to watch them just sit there and do nothing. (Can you tell I'm impatient? )

I need to learn to just relax and give it time.

Re: When to start apping?

Anonymous — Wed, 23 Apr 2008 09:56:35 GMT

hHAhhaha

>I need to learn to just relax and give it time.

This forum is full of T-type personalities. Not famous for "...relax and give it time."That's some of why I like it here. Anyway, I've had it on my calender for a month the exact date I am going to pull my FICO scores again.

Re: When to start apping?

tri3nity — Fri, 25 Apr 2008 00:07:09 GMT

So waiting 24 months after being reported late is a good thing? I thought it depended on your state. Tx contractual laws is 4 years

Re: When to start apping?

haulingthescoreup — Fri, 25 Apr 2008 00:35:31 GMT

@tri3nity wrote:
So waiting 24 months after being reported late is a good thing? I thought it depended on your state. Tx contractual laws is 4 years

No, this is because 24 months of timely payments will increase your chances of CC approval. You might well be approved sooner, but your terms will probably be much better if you hold off.

Credit card companies, like other lenders, generally look at more than just your credit score. They want to know why it is what it is. A 700 resulting from two years of timely payments after a messy past is much different from a 700 score that used to be 800, but a collection and a 90-day late just hit.

edit to add:

@boot6698 wrote:
tri3nity, I think The 24 months passing the late will mean it will not be affected in the fico score anymore.
Every 6 monhs a late begins to decrease effect on your fico score and at 24 months it won't count anymore in the OP fico score.

lates are still counting after 2 years, especially a 60, and especially especially a 90 and above. But it's true that its score damage does start to fade over time. So we're both right! The scores will be better if you hold off for 2 years after a significant baddie, and the lenders are more likely to approve you.

Message Edited by haulingthescoreup on 04-24-2008 05:35 PM

Re: When to start apping?

RobertEG — Fri, 25 Apr 2008 02:30:29 GMT

My experience with GW letters has been less than stellar. If the late was legitimate, then they are inclined not to wipe it out as just good will. I recently received a letter from BOA stating that they are "precluded by law" (BS) from rremoving a prior legitimate late, no matter how heart-rendering the sob story might be. Cancer, divorce, etc., makes no difference. Look at it from their perspective. If you were late, you were late. Easy response. Over and done.

Re: When to start apping?

Anonymous — Fri, 25 Apr 2008 05:27:00 GMT

@fused wrote:
Though your EX score alone is good enough to get a good card or two, I would still wait until the 90-day late hits two years. Any cards interest you?

It's no secret that I'm dying for a real Discover card. And to think that I may actually get one makes me giddy.

@RobertEG wrote:
My experience with GW letters has been less than stellar. If the late was legitimate, then they are inclined not to wipe it out as just good will. I recently received a letter from BOA stating that they are "precluded by law" (BS) from rremoving a prior legitimate late, no matter how heart-rendering the sob story might be. Cancer, divorce, etc., makes no difference. Look at it from their perspective. If you were late, you were late. Easy response. Over and done.

Yep. My OC is very stubborn. What's making matters worse is that I can't seem to find one smidgeon of information on names or addresses that I can send more GW letters to.

Re: When to start apping?

RobertEG — Fri, 25 Apr 2008 07:21:40 GMT

Hey, they are not Jesus. If you admit to the sin, and ask for absolution, then your chances of getting relief are just slightly above your chances of having breakfast with Jesus this morning. IMHO.

Re: When to start apping?

Anonymous — Fri, 25 Apr 2008 07:34:19 GMT

@RobertEG wrote:
Hey, they are not Jesus. If you admit to the sin, and ask for absolution, then your chances of getting relief are just slightly above your chances of having breakfast with Jesus this morning. IMHO.

Yeah, but that's what miracles are for.

Re: When to start apping?

tri3nity — Sat, 26 Apr 2008 01:41:49 GMT

I would like to apply for a Macy's charge card and work my way up to the visa.