topic Re: App or not in Rebuilding Your Credit

App or not

Nikita2008 — Thu, 22 Apr 2021 12:00:37 GMT

Still rebuilding. Approved for NFCU Cash Rewards 15k this week. I plan to use this as sort of a daily driver for cash back, and pay in full every month.

I still have numerous credit builder cards Capital One Platinum $550 CL- -$0 bal, Credit One Platinum $400 CL -$0 bal- Destiny MC $300 CL- $0 bal, Reflex MC --$1050 CL- $280 bal.

Aspire MC -$1000 CL - $280 Bal First Premier- $700 CL- $350 Bal Fingerhut -$2850 CL- $950 bal. Utilization sitting right around 30% ( Before Navy Reports) Auto Loan IC Federal Credit Union 06/19 no lates.

Credit One is just about a year old, Reflex 7 mos, Destiny 6 months, Aspire 5 months ( my ultimate goal is to get rid of all those cards as well as First Premeir at some point because of the rates and fees. Also no lates on newer cards.

3 accounts closed by Creditor

First Premeir $300- Closed Paid

First Access $300 - Closed Paid

Total $300- Charged off $700 -09/19 trying to settle this, but have not figuyout who has it. Total gave me a number, they said they don't have it.

Scores 661 TU- 676 EQ- 687 EX ( were 597 in December)

Submitted goodwills for several lates will see what happens.

Goal Cards NFCU ( achieved this week), Discover, Amex and JetBlue.

Here is the quandary- I am seeing most data points showing an approval for Discover (CK odds, and pre-approval on their site). This is of course based on current scores, before Navy reports. Simulators show my TU score dropping when Navy reports, but Experian going up a little. With Discover being a goal card not sure if a I should take the hit now, or wait in the garden. Ultimately I want the 4 cards mentioned, and I want to get rid of the subprimes except Capital One, as they are my oldest TL, and no ridiculous fees. The others the fees are really high.

Re: App or not

OmarGB9 — Thu, 22 Apr 2021 12:33:42 GMT

Don't listen to CK preapproval or approval odds - they're paid to show that stuff to you. They're not true preapprovals. Also ignore simulators. They're not very reliable because they don't take all factors into account.

That said, you *may* have a shot at approval with Discover, but those derogs may hold you back. Try going directly to Discover's website and checking their prequal. If it comes back with an offer, you may stand a chance, but even then, it's not guaranteed by any means.

Re: App or not

Nikita2008 — Thu, 22 Apr 2021 13:07:02 GMT

Perphaps, I did not word well. I do take Ck with a grain of salt , kind of . The pre approval I based on was the Discover website, I'm still undecided. I don't "need" credit per se.

Re: App or not

Sandman771 — Thu, 22 Apr 2021 13:18:20 GMT

speaking of pre-qual's try Amex's site as well. Anecdotal evidence on here says that they are pretty solid if you are shown to be pre-qualified.

@Nikita2008 wrote:
Perphaps, I did not word well. I do take Ck with a grain of salt , kind of . The pre approval I based on was the Discover website, I'm still undecided. I don't "need" credit per se.

Re: App or not

Nikita2008 — Thu, 22 Apr 2021 13:24:08 GMT

@Sandman771 wrote:
speaking of pre-qual's try Amex's site as well. Anecdotal evidence on here says that they are pretty solid if you are shown to be pre-qualified.
@Nikita2008 wrote:
Perphaps, I did not word well. I do take Ck with a grain of salt , kind of . The pre approval I based on was the Discover website, I'm still undecided. I don't "need" credit per se.

I did try Amex came up with Delta Gold. I don't want to apply for all of them at once, so still undecided.

Re: App or not

Sandman771 — Thu, 22 Apr 2021 13:38:51 GMT

You may want to search in credit cards for Amex-related posts. Seems to be pretty great to be in with...mostly SPs instead of HPs and you can re-allocate trade lines once you get more than one or you could try to PC.... certainly a insteresting group.

Re: App or not

Nikita2008 — Thu, 22 Apr 2021 13:47:53 GMT

@Sandman771 wrote:
You may want to search in credit cards for Amex-related posts. Seems to be pretty great to be in with...mostly SPs instead of HPs and you can re-allocate trade lines once you get more than one or you could try to PC.... certainly a insteresting group.

I will certainly look into that. I'm just being super cautious right now.

Re: App or not

Sandman771 — Thu, 22 Apr 2021 13:50:08 GMT

I totally understand that. I am now as well. I did something stupid recently, so that is making me mad and cautious. Also I found out my SLs were in collections. I knew they were defaulted but not in collections (which explains my score drop recently). Anyway I spoke to them yesterday about re-habbing those loans, so that is a good thing.

Sorry didn't mean to hijack the thread. Have a great day!

Re: App or not

Nikita2008 — Thu, 22 Apr 2021 14:05:40 GMT

Understand that, I had lates on SL's rehabbed a couple years ago. Nelnet still shows a few lates a while back. All are discharged now.

Re: App or not

Slabenstein — Thu, 22 Apr 2021 14:13:41 GMT

With regards to whether to apply for the Disco now or after the Navy reports, you might get better terms once the Navy card is on there, since I expect it will raise your FICO 8's, but you could go either way, imo. Disco CLI's are SP and they allow consumer-initiated APR redux requests, so you're less stuck with your initial terms that with someone like Chase. But if you wait, I expect the Navy card will increase your score some due to your being on a dirty scorecard and the large increase to TCL. Once you have the Cap1, Navy, and Disco, you'll have what you need for building credit from no-fee cards, so you can start closing your subprime cards as their annual fees come up.

ETA: As far as Amex goes, they like clean files, so I would wait until the charge-off is taken care of and your scores are higher before trying with them. I think if they were to approve you right now it would be a $1k marginal approval.

Re: App or not

OmarGB9 — Fri, 23 Apr 2021 00:32:45 GMT

@Sandman771 wrote:
You may want to search in credit cards for Amex-related posts. Seems to be pretty great to be in with...mostly SPs instead of HPs and you can re-allocate trade lines once you get more than one or you could try to PC.... certainly a insteresting group.

*Usually* SPs for existing cardholders when they apply for a new card, but not guaranteed.

Re: App or not

Nikita2008 — Sun, 25 Apr 2021 17:25:30 GMT

@Slabenstein wrote:
With regards to whether to apply for the Disco now or after the Navy reports, you might get better terms once the Navy card is on there, since I expect it will raise your FICO 8's, but you could go either way, imo. Disco CLI's are SP and they allow consumer-initiated APR redux requests, so you're less stuck with your initial terms that with someone like Chase. But if you wait, I expect the Navy card will increase your score some due to your being on a dirty scorecard and the large increase to TCL. Once you have the Cap1, Navy, and Disco, you'll have what you need for building credit from no-fee cards, so you can start closing your subprime cards as their annual fees come up.

ETA: As far as Amex goes, they like clean files, so I would wait until the charge-off is taken care of and your scores are higher before trying with them. I think if they were to approve you right now it would be a $1k marginal approval.

I'm guessing if it goes the opposite way it won't be that far, and I can probably recover from it in a few months time. I'll hold out. I don't "need" credit by any means. I'm still working on settling the charge off. I can't someone to take my money, imagine that.