Below is a summary of my credit. I am basically looking to replace my 2 secured cards with unsecured cards.
As you can see, Equifax is near perfect. However, Experian is what AMEX looks at. So I am handcuffed until late next year when most of these chargeoffs/collections fall off.
Any suggestions? I am in Florida.
approximately 675 FICO 8 (waiting for balances to update)
Cap1 secured 2 years old
Disco Secured 2 years old
Bestbuy MC unsecured 2 years old
Amex Plat and BlueCash Authorized User
Car Loan 3 years old
Student Loan balance exceeds initial loan amount
thick file 25 years worth
(TransUnion and Experian)
last late payment - closed account 3 years ago
3 collections 6+ years old
8 chargeoffs 6+ years old
1 collection 6+ years old
Welcome to My Fico Forums!
Unfortunately, your "25-year thick" file won't do you much good with secured cards, collections, late payments, and charge-offs. But I might have a few suggestions.
(1) You're "in" with Discover and Capital One, both of which also have unsecured cards and are generally easier to get approvals from with thin or negative files.
(2) Who do you bank with? Credit Unions and banks tend to be little more lenient with applicant's who are existing customers if their account history is good.
(3) BB&T is a major bank that is in the Florida market (Southeast U.S.) It appears they are trying to grow and have been promoting their cards. I believe they have easier underwriting than a lot of banks. Moreover, word on the street is they are doing SOFT PULLS and that they use EQUIFAX, so that might be a great fit for you. They have:
* a "BRIGHT Low APR" card with no AF and 0% introductory APR for 15 months on purchases and balance transfers
* a "SPECTRUM Cash Rewards" card with no AF, 0% introductory Annual Percentage Rate (APR) for 12 months on purchases and balance transfers, and 3% cash back on gas, 2% cash back on utilities and groceries, and 1% cash back on all other qualifying purchases
* a "SPECTRUM Travel Rewards" card with $89 AF waived year one, $200 SUB, Credits for airline fees ($50 annually) and TSA Global Entry/Pre-Check ($85 every 4 years), 2x miles on air/hotel/car rentals and 1x miles on all other qualifying purchases, no FTF, and miles are worth 75% more in value when redeemed for hotel stays.
The alleged debts are so high that I'd rather wait 6-12 months for them to fall off then to pay for delete.
Thanks, I am going to give BB&T a shot! Just gonna wait two weeks for balance to report $0 and a dispute with a collection agency to hopefully delete.
Collection agency keeps deleting only to reappear after the debt collector sells the entire company to another collector.
Thanks, I am going to give BB&T a shot! Just gonna wait two weeks for
balance to report $0 and a dispute with a collection agency to hopefully delete.
Collection agency keeps deleting only to reappear after the debt collector sells
the entire company to another collector. :fingerscrossed:
You're welcome! Let us know how it turns out!
It would be good data points to see if your profile flies with them.
Hopefully, they'll be easy on the derogs.
What are your FICO scores?
What months do your 6+ year derogatories fall off? Look up early exclusions as you may qualify but YMMV.
paid off my credit card debt a couple weeks ago, but still reporting a balance.
according to myfico simulator, early next month my scores will be
EQ 725 TU 665 EX 637
EQ is my cleanest report right now with 1 collection.
TU 3 collection / 6 chargeoffs
EX 3 collection / 10 chargeoffs
I sent in some obsolete/early exclusion dispute just to see what happens, but according to the credit reports and my readings on the forum, I have to wait until 3Q of next year before most will fall off.
My next step would be to do blanket (jack attack) dispute followed by a MOV letter.
With a 725 EQ FICO 8 score with 1 collection showing, any suggestions for apping? I am looking to replace my discover and capital one, since they seem to not graduating anytime soon. (note, CAP1 and DISCO are appearing on my EX and TU as chargeoffs)
I was thinking BB&T, PNC and maybe another CITI card (however, CITI is also a chargeoff reporting on EX and TU, not sure if just because they allow BestBuy visa, they will allow their own branded card).
Any other suggestions?