topic Re: Prime Credit Cards? in Credit Cards

Prime Credit Cards?

BobbyJ — Wed, 30 Apr 2008 19:29:30 GMT

Hello,

I want to get a Prime Credit Card and I wanted to know if Capital One is considered Prime? Any other good cards to consider right after Ch 13 BK? I have 2 NFCU credit cards with $4000 limits on each and now want a prime card to complete the cycle.

Re: Prime Credit Cards?

Creditaddict — Wed, 30 Apr 2008 19:32:25 GMT

half of Capital One's cards are prime, you can do there pre-approval thing to see if you can get one.

I don't know if your scores are quite there for BofA, Amex, Chase etc. right out of bk

Re: Prime Credit Cards?

Anonymous — Wed, 30 Apr 2008 19:42:55 GMT

I would consider the NFCU cards pretty prime.

Capital One has some prime cards, but not sure if they'll approve with a BK.

Were any prime lenders included in the BK? I know several of them blacklist like Amex, Discover, and Citi.

Re: Prime Credit Cards?

Anonymous — Wed, 30 Apr 2008 19:45:14 GMT

Bobby J,

Did you get those $4000 CL cards after your April 17th discharge?

Re: Prime Credit Cards?

BobbyJ — Wed, 30 Apr 2008 19:51:25 GMT

Hello Mshamika,

I got the cards a few weeks before my discharge along with a NavCheck LOC of $2500.

I have a few other cards that I have had like Juniper MC (600), Credit One Visa (600), Orchard MC (300) and never been late on any since opening them. Orchard was opened back on 4/2004 and is my oldest card. Credit one was opened on 3/2006. Juni, Macys, Target and NFCUs were opened within the last few months of 2008.

Bobby

Re: Prime Credit Cards?

BobbyJ — Wed, 30 Apr 2008 19:53:18 GMT

Hey Fret,

The only cards listed in my BK were a Providian account and a Capital One account which they closed in 2003 once they saw my BK on my credit file. :-( That card was never late and was always paid on time.

Re: Prime Credit Cards?

BobbyJ — Wed, 30 Apr 2008 19:53:59 GMT

Thanks Credit,

I will keep that in mind about BOA.... I tried Amex and got shot down so I wont ever apply there again....

Re: Prime Credit Cards?

Anonymous — Wed, 30 Apr 2008 23:00:54 GMT

are all of the cards from BOA considered prime?? or, apply for the secured...or apply for one, get denied and accept possible counter offer of 99/500 and worked towards unsecured.

when my 99 is unsecured, will it be considered prime?? sorry...im new at this!!!

Re: Prime Credit Cards?

Anonymous — Wed, 30 Apr 2008 23:22:31 GMT

BoA is considered a prime bank.

Re: Prime Credit Cards?

Anonymous — Wed, 30 Apr 2008 23:25:42 GMT

Hi Cinderella,

The answer to your question is yes.

Anything unsecured from BofA is considered prime.

Their tradeline carries a lot of weight and will attract

other prime cards to you as long as you take care of

that full secured/partially secured BofA card.

Just get in the door with BofA. Once you're in and you

pay on time, the sky's the limit for you. Hope this helps.

CanDo

"The right attitude is everything"

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 02:18:24 GMT

@Anonymous wrote:
Hi Cinderella,

The answer to your question is yes.

Anything unsecured from BofA is considered prime.
Their tradeline carries a lot of weight and will attract
other prime cards to you as long as you take care of
that full secured/partially secured BofA card.

Just get in the door with BofA. Once you're in and you
pay on time, the sky's the limit for you. Hope this helps.

CanDo

"The right attitude is everything"

This is an interesting comment. What other issuers carry a lot of weight?

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 04:58:00 GMT

Hi watchnerd,

Off the top of my head, besides Bank of America I'd say JPMorganChase,

Barclays and American Express. Once you have one of these tradelines

on your credit report, it's just a matter of time before the other banks start knocking

at your door.

Same idea for credit unions: Navy Federal and Pentagon Federal are the creme of

the crop. They're bigger than some banks and they both have a global footprint since

their membership is mostly military and government civilians all over the world.

Likewise for auto loans: Captive lenders (factory financing) are the best. It doesn't matter

if it's Ford Motor Credit. You take good care of that account, and before you know it you'll

have no problem getting financing from BMW, Mercedes, Toyota, etc. You get the idea.

The point is that quality lenders tend to attract each other. As a matter of fact,

when I first started getting credit my Dad told me to get American Express first.

They're mostly charge cards and require you to pay in full monthly. So the idea was

that if you can take care of charge cards responsibly, all the major banks issuing Visa

and MasterCard would fall over themselves to give you credit. In my case, that's exactly

what happened.

So from a FICO perspective, they score the same as local banks. But their added value

is who they attract when it comes to people receiving other offers for credit.

Hope this helps, watchnerd. It's after midnight here on the east coast and I'm going to bed.

Enjoy the evening!

CanDo

"The right attitude is everything"

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 05:29:54 GMT

CanDo, that's an interesting theory and not illogical, but do you have any data to back it up?

Or is it just supposition?

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 12:54:59 GMT

Hi watchnerd,

It's a mix, actually.

Bank of America is one of the largest banks in the world and one of the most respected.

Banks in that same category that Americans have access to are the ones I mentioned

earlier.

As far as the credit unions go, most people don't realize that Navy Federal is the largest

credit union in the world. They have over $30 billion in assets and have absolutely no

subprime mortgage exposure. Their biggest competition is Pentagon Federal.

Factory financing for cars is among the most difficult to get because of the rates they

offer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% from

a local bank or credit union. Qualifying FICO scores are much higher for factory financing

as well (some as high as 750). For example, Mercedes Benz qualifying scores are

normally 700 or better. I know because I checked. Ford Motor Credit is very BK friendly

and their qualifying scores are about 600 or better to get into their tiered rates.

Once again, I checked myself.

And part of it is personal experience and the experiences of those here in the room. Once you

get in the loop for prime lenders, people tend to stay there (as long as they're responsible).

So if you're asking me for a computer printout of hard data, sorry, I can't do that. But you can

do your own checking and compare it to my posts. Maybe you'll agree, maybe you won't.

That's what this forum is all about.

Enjoy the day!

CanDo

"The right attitude is everything"

Re: Prime Credit Cards?

MidnightVoice — Thu, 01 May 2008 13:03:41 GMT

CanDoAttitude wrote:

Factory financing for cars is among the most difficult to get because of the rates they
offer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% from
a local bank or credit union. Qualifying FICO scores are much higher for factory financing
as well (some as high as 750).

When I got my Toyota in December they said their top tier for non-Scion financing had just gone up to 730 (EQ, pulled by the dealer AND Toyota Credit). Once they saw my EQ score they treated me real well.

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 13:17:05 GMT

@Anonymous wrote:
Hi watchnerd,
It's a mix, actually.
Bank of America is one of the largest banks in the world and one of the most respected.
Banks in that same category that Americans have access to are the ones I mentioned
earlier.
As far as the credit unions go, most people don't realize that Navy Federal is the largest
credit union in the world. They have over $30 billion in assets and have absolutely no
subprime mortgage exposure. Their biggest competition is Pentagon Federal.
Factory financing for cars is among the most difficult to get because of the rates they
offer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% from
a local bank or credit union. Qualifying FICO scores are much higher for factory financing
as well (some as high as 750). For example, Mercedes Benz qualifying scores are
normally 700 or better. I know because I checked. Ford Motor Credit is very BK friendly
and their qualifying scores are about 600 or better to get into their tiered rates.
Once again, I checked myself.
And part of it is personal experience and the experiences of those here in the room. Once you
get in the loop for prime lenders, people tend to stay there (as long as they're responsible).
So if you're asking me for a computer printout of hard data, sorry, I can't do that. But you can
do your own checking and compare it to my posts. Maybe you'll agree, maybe you won't.
That's what this forum is all about.
Enjoy the day!
CanDo
"The right attitude is everything"

Very interesting indeed. I had literally no idea that Navy Federal was the big. I thought they were a local thing to Virginia, since Virginia, particularly in Hampton Roads where I live, is a huge military area.

When I bought my Infiniti last February, they pulled a 678 EQ. I financed through BOA at 7 percent, however they did tell me I qualified for financing through Infiniti at 10.99 percent (ew).

I'm glad I financed through BOA however, since it led to them offering my 2 cards now with no other hard pulls.

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 13:17:39 GMT

@MidnightVoice wrote:

@Anonymous wrote:
Factory financing for cars is among the most difficult to get because of the rates they
offer. It's much more difficult to get 0.9% financing directly from Toyota than 6.5% from
a local bank or credit union. Qualifying FICO scores are much higher for factory financing
as well (some as high as 750).

When I got my Toyota in December they said their top tier for non-Scion financing had just gone up to 730 (EQ, pulled by the dealer AND Toyota Credit). Once they saw my EQ score they treated me real well.

Are these the numbers they use to determine "well qualified buyers" like on tv that get the 0.2 percent APR and such?

Re: Prime Credit Cards?

MidnightVoice — Thu, 01 May 2008 13:21:02 GMT

FretlessMayhem wrote:

Are these the numbers they use to determine "well qualified buyers" like on tv that get the 0.2 percent APR and such?

Yes, exactly that. It was 720, but they said they had nudges it up.

With the exception of Scion - that is a special case and everything is out on the web for all to see.

http://dickpoescion.com/DealerPrice.asp?DepartmentID=4

Re: Prime Credit Cards?

BobbyJ — Thu, 01 May 2008 20:33:53 GMT

Hi CanDo,

I have a Juniper Plat MC with a low cl of $600. Are they considered prime? They are a division of Barclays.

Bobby

Re: Prime Credit Cards?

Anonymous — Thu, 01 May 2008 21:00:49 GMT

Hi BobbyJ,

I must confess that I'm not that familiar with Juniper.

I did go back and look at some of the Juniper threads

and they seem to be lumped in with the subprime

cards. A good card to start with, but it lacks the Barclays

name even though it's under the Barclays umbrella.

Beyond that, I'll have to yield to someone else more familiar

with Juniper.

Sorry I couldn't be more helpful.

CanDo

"The right attitude is everything"