topic Re: Wanna app Spree-with Med Collection in Credit Cards

Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 22:54:07 GMT

have been browsing lately, noticed a lot of people here doing app spree with medical collection accounts.I m tempted. My EQ & TU are on freezing as of July 1, 2014.

My best FICO score is 611 with EX (as of 6/30/2014; before the zero balance on credit cards). I have OpenSky (Capital Bank) $250 Secure Credit Card with one year of on time payments and as of 7/4/2014 balance is $0. the renew date is 7/14/2014 and AF= $50.Is it worth it.

I have a $600 medical collection account whose 4 years SOL ends in Sept 2014. I just got the $300 KOHL's approved last month, paid in full and zero balance. (first month Reported).
I have two Recent inquiries 1) KOHLs (5/25/2014) and 2) Reliant (6/14/14) a utility company along with Cap1(6/2013) and Two Bank of america (10/12).

Given that i want to AppSpree only EX and with the recent score of 611 with med acct, will i be approved for a VISA/MasterCard/Amex or wait till 4 years of medical account is out. ? After reading here, the cards i have come to believe pulls EX only are

Amex BCE/ Delta Gold Skymiles/ Costco True Earnings Card

FNBO Omaha (Platinum Edition Visa)

CitiAdvantage (masterCard)

Sam's Club (MasterCard) not sure if EX is what it pulls

or

Should i end up with another Secure Card with a higher limit than $250 andb wait till that secure card has 6 more months of online payments.

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:03:57 GMT

I'm not an expert but I don't think you will get approved for any of the Amex or the Citi. I don't know much about the other 2.

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:09:29 GMT

Did Cap1 deny you?

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:10:46 GMT

No haven't applied to Cap1 becoz they check all three reports and EQ & TU are on Freeze. (TU denied Walmart/.Discover It) and EQ is lowly 510 score.

The secure card is thru Capital Bank not CapitalOne

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:14:16 GMT

with the understanding that you are not an expert please share your view of why Citi or Amex will not approve?

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:32:46 GMT

Based upon your score and the fact that you have no credit history involving an actual credit card, I would say you would have trouble with them.

Re: Wanna app Spree-with Med Collection

TheFate — Sat, 05 Jul 2014 23:28:28 GMT

@Anonymous wrote:
with the understanding that you are not an expert please share your view of why Citi or Amex will not approve?

Because your scores are very low, you have newly aged accounts and too many derogatories.

If I were you I would just keep building and work on getting those secured cards unsecured and those baddies removed before app spree'ing.. Just my opinion

Amex and Citi both require higher than 650+ to be approved to my understanding.

But if you do decide to app spree I wish you the best of luck and let us know the results!

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:31:48 GMT

Its exactly what i am debating in my head too. Whether to app spree with a 611 EX score. But also something i know, there isn't another card (like KOHLs) or Secure Card thats going to raise my scores anywhere up. I m not so blessed just yet to have someone do an AU for me.

thank you for being honest.

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:34:52 GMT

Time with what you currently have will raise your score. Paying on time and as the baddies age.

Re: Wanna app Spree-with Med Collection

DaveSignal — Sat, 05 Jul 2014 23:39:22 GMT

I think it will be difficult to get approved with any prime lender while having an upaid collection. And hitting the 4 year SOL does not remove the unpaid collection from your credit reports. If you could find a way to get this reporting a $0 balance, maybe even by working out a settlement, these lenders might start to look at it as a past issue that was taken care of and may offer credit.

Re: Wanna app Spree-with Med Collection

Anonymous — Sat, 05 Jul 2014 23:44:49 GMT

On the medical collection the balance is $600. Its not that i cannot pay it off, its more that it will be listed as a "Paid Collection" which doesnt do much good. i m aware of many other boards that help in deletion of paid collections. My medical collection is not exactly a "paid collection" just yet.

On medical collections, the date of service will be Sept 05/ 2010. Sept 2014 makes it four years. just how long will it be before it really starts affecting my scores. I m so brand new to this, i m confused.

Yes KOHL's is pretty new and a revolving account, it sure helps in determining Avg Age of Account. That will indeed be my first ever revolving account. beginning may 2014.

Sounds like TIME is my enemy here. My temptation to AppSpree is forever growing knowing fully well 611 isnt really enough, however, i have very little in ways or raising that score without actually applying for a CC; unless ofcourse i want another secure card and wait.

Re: Wanna app Spree-with Med Collection

B335is — Sun, 06 Jul 2014 00:23:42 GMT

@Anonymous wrote:
have been browsing lately, noticed a lot of people here doing app spree with medical collection accounts.I m tempted. My EQ & TU are on freezing as of July 1, 2014.

My best FICO score is 611 with EX (as of 6/30/2014; before the zero balance on credit cards). I have OpenSky (Capital Bank) $250 Secure Credit Card with one year of on time payments and as of 7/4/2014 balance is $0. the renew date is 7/14/2014 and AF= $50.Is it worth it.
I have a $600 medical collection account whose 4 years SOL ends in Sept 2014. I just got the $300 KOHL's approved last month, paid in full and zero balance. (first month Reported).
I have two Recent inquiries 1) KOHLs (5/25/2014) and 2) Reliant (6/14/14) a utility company along with Cap1(6/2013) and Two Bank of america (10/12).

Given that i want to AppSpree only EX and with the recent score of 611 with med acct, will i be approved for a VISA/MasterCard/Amex or wait till 4 years of medical account is out. ? After reading here, the cards i have come to believe pulls EX only are

Amex BCE/ Delta Gold Skymiles/ Costco True Earnings Card

FNBO Omaha (Platinum Edition Visa)

CitiAdvantage (masterCard)

Sam's Club (MasterCard) not sure if EX is what it pulls

or

Should i end up with another Secure Card with a higher limit than $250 andb wait till that secure card has 6 more months of online payments.

Sam's will pull TU. At the risk of sounding blunt, I don't think you have a good chance on any of those cards and would be burning valuable hard pulls.

Re: Wanna app Spree-with Med Collection

DaveSignal — Sun, 06 Jul 2014 00:25:53 GMT

@Anonymous wrote:
On the medical collection the balance is $600. Its not that i cannot pay it off, its more that it will be listed as a "Paid Collection" which doesnt do much good. i m aware of many other boards that help in deletion of paid collections. My medical collection is not exactly a "paid collection" just yet.
On medical collections, the date of service will be Sept 05/ 2010. Sept 2014 makes it four years. just how long will it be before it really starts affecting my scores. I m so brand new to this, i m confused.
Yes KOHL's is pretty new and a revolving account, it sure helps in determining Avg Age of Account. That will indeed be my first ever revolving account. beginning may 2014.

Sounds like TIME is my enemy here. My temptation to AppSpree is forever growing knowing fully well 611 isnt really enough, however, i have very little in ways or raising that score without actually applying for a CC; unless ofcourse i want another secure card and wait.

The collection will report for 7.5 years from the date of the original missed payment with the OC, unless it is a court judgement (appearing in the Public Records section), in which case it will report for exactly 7 years from the date of the judgement. It will significantly degrade your FICO score for the entire time that it is on your credit reports.

The SOL has nothing to do with credit reporting. This just means that the CA can no longer sue you for the amount owed.

Lenders look at more than your FICO score when issuing new credit. Although paying the collection may not increase your FICO score, it will improve your prospective risk status in the eyes of the lender who will note that you have no unpaid debts. It is also much easier to request goodwill removal of a paid collection.

If you choose to ignore the collection, you could try things like the shopping cart trick to get another store card or even get a secured card. But with an upaid collection and a low FICO score, I don't think that you will be approved for any unsecured cards that you will want to keep for very long. Even with just the Kohls card, however, if you can use this card, pay on time, and keep utilization low, your scores will increase. Unlike removing a baddie, ageing a new account is not instant and may take 6 months to a year of good payment history before you start to see the benefits.

Re: Wanna app Spree-with Med Collection

Anonymous — Sun, 06 Jul 2014 01:40:20 GMT

@DaveSignal

You are absolutely right. 7 and half years of pure hell even if paid but still remaining on credit report. I hope it will not go to a court judgement.

By applying i add insult to injury by adding HardPull Inquires. that can't be any good either.

Paying off the medical collection by deletion is only sure way of seeing better things happen in the near future.

My thing is i see so many with thin files, 2+ derogatory and get approved for $300 in Cap1 or Walmart cards and it burns me up. How am i different? thin file is it?

But with Unpaid Collection & low FICO score, I dont think you will be approved for any unsecured card?

My question to that is " what is the right FICO score to apply for unsecured card? have i been right about freezing EQ & TU. Or is it removal of medical collection account and addition of another secure card will boost FICO score?

So from what you say it looks like

a) Remove the baddie/Get it a Paid collection or Deletion.

b) Add another Secure card with a higher limit (minimum $500; $1000 even better); Should i replace OpenSky $250 limit Secure card with $50 AF or not. I m told that Secure Cards requires ChexSystems approval and i have a baddie from October 2012 for $ 400 on it.

c) Stop applying for any unsecured credit cards for until almost december even if i have only two recent inquiries from 2014.

d)Let KOHL's report six consecutive months on time payment history to boost FICO scores

e) If tempted apply for Amazon/Victoria Secret/Comenity Bank cards and see what happens.

f) Do not apply for Capital One Platinum, Quick Cash Back or Citi/ Amex/FNBO/Discover at this time. Wait until December to apply.

g) Not only pay KOHL's card on time, but keep Utilization very very low for nearly six months.

This is a Journey. Vow. aint gonna happen overnight. I have seen many get approved in the low 600 FICO scores but thats not all that is looked at these days.

dont like this journey at all.

Re: Wanna app Spree-with Med Collection

DaveSignal — Sun, 06 Jul 2014 02:31:32 GMT

A subprime Cap1 is quite possible. So is a Wal-Mart card.

For many of the better prime cards, I would shoot for around 680 range, but higher will get better terms and credit limits.

The plan you outlined will work.

Some quick notes though:

That medical collection will probably not be hard to get removed if paid or even settled. This will also have the greatest possible effect on your credit. It should be a high priority.
Not all secured cards pull chexsystems. In fact, most pull your credit report but have more lenient underwriting criteria since they are secured. Some, such as SDFCU, don't pull your credit at all.
If you want to try for more store cards, try the shopping cart trick (at stores you actually shop at), since you will take no inquiries
It will be a good credit practice to keep utilization low and only purchase what you can pay in full by the due date each month. If you are using the cards often, you may also need to make a payment before the statement date. This will prevent your score from dropping drastically every month due to high balances reporting (it will go right back up the next month if you report low that month, but you don't want to freak out any current creditors by having maxed out cards and a FICO that is dropping in the 500 range).
Rebuilding does take time, but you can do it. There are many members here, including myself, that have had success in getting the credit that they wanted even after charge offs and collections.

Re: Wanna app Spree-with Med Collection

OHWWCB — Sun, 06 Jul 2014 04:43:32 GMT

@Anonymous wrote:
have been browsing lately, noticed a lot of people here doing app spree with medical collection accounts.I m tempted. My EQ & TU are on freezing as of July 1, 2014.

My best FICO score is 611 with EX (as of 6/30/2014; before the zero balance on credit cards). I have OpenSky (Capital Bank) $250 Secure Credit Card with one year of on time payments and as of 7/4/2014 balance is $0. the renew date is 7/14/2014 and AF= $50.Is it worth it.
I have a $600 medical collection account whose 4 years SOL ends in Sept 2014. I just got the $300 KOHL's approved last month, paid in full and zero balance. (first month Reported).
I have two Recent inquiries 1) KOHLs (5/25/2014) and 2) Reliant (6/14/14) a utility company along with Cap1(6/2013) and Two Bank of america (10/12).

Given that i want to AppSpree only EX and with the recent score of 611 with med acct, will i be approved for a VISA/MasterCard/Amex or wait till 4 years of medical account is out. ? After reading here, the cards i have come to believe pulls EX only are

Amex BCE/ Delta Gold Skymiles/ Costco True Earnings Card

FNBO Omaha (Platinum Edition Visa)

CitiAdvantage (masterCard)

Sam's Club (MasterCard) not sure if EX is what it pulls

or

Should i end up with another Secure Card with a higher limit than $250 andb wait till that secure card has 6 more months of online payments.

If you're looking for an unsecured card, might I recommend Credit One. Their whole purpose is to help you rebuild credit and while they have a crappy annual fee, they did just that for me. I've had the card for about 2.5 years now and was just approved for Amex, Discover, Chase, etc the other day with 5k credit limits plus and I'm about to close my Credit One. For me, it served it's purpose in getting me to where I am now and it's just up from here!

Good luck!

Re: Wanna app Spree-with Med Collection

Anonymous — Sun, 06 Jul 2014 14:58:37 GMT

DaveSignal

thanx for the good advice.

About med collection.; i m told that on that med acct the$600 bal arises from the fact that some or most part was paid via charity/financial assistance and that the $600 balance should be writtenoff as " Balanced Billng" which in texas is not allowed if any or most portion of a med acct is paid by insurance/charity/financial assistance/medicaid or the likes. it will be 4 years on sept6, 2014 when the SOL for TX expires so i m going to fight it & have it removed after sept 6, 2014 just sothat a lawsuit wont be filed against me.

Re: Wanna app Spree-with Med Collection

Anonymous — Sun, 06 Jul 2014 15:24:33 GMT

walmart/storecard/discover it was applied for and denied using TU (424 FICO score). its what i meant when i freeze TU & EQ.

Walmart beginning may 30th, is using a new credit approval system over and above TU FICO scores.

which ones are "subprime" capital one cards. not the secured cards is it? QuickSilver, Platinum, are only ones i know.

Re: Wanna app Spree-with Med Collection

manwoot — Sun, 06 Jul 2014 15:38:36 GMT

You may have a shot at the Quicksilver One, but I would not go on an app spree with scores that low (no offense). I'd rather see you not waste a bunch of HPs on cards you really don't have a shot at right now. Try a PFD on that medical collection. People in the rebuilding forum would be a good start.

Re: Wanna app Spree-with Med Collection

Anonymous — Sun, 06 Jul 2014 15:53:42 GMT

well cap1 requires all 3 bureaus open. i need cc to look at only EX (669 Creditsesame; 611 FICO). Barclayscard/Cap1/US bank/Chase/ pre-approval sites said "No" to their sub-prime cards with approval only for secure cards.

my best bets using EX are

AMEX BCE

Bank of America

First national bank of Omaha (FNBO)

US bank (for secure cards) ; harley davison

CreditOne

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