@Aim_High wrote: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.
Actually, it will help tremendously. I opened around 13 new accounts across a span of 9 months with a sub-610 score and there is no doubt the thickness of my file is why. Started my rebuild with 7 collections, 13 lates, and 11 chargeoffs with the newest derogatory at just over a year old. I also acquired an average of 18 inquiries on each bureau. Think I've only received 2 or 3 denials in the last 2 years.
@CreditFun wrote:
At this stage, I don’t care if my score drops 10 points because they are validated. I’m more concerned about getting them removed.
If I was early in my credit rebuilding, had no tradelines then it would be a concern. Right now my denials are not gonna be so much score related but more so related to the amount of negative items I have.
I think 4-5 chargeoffs deleted and a 10 point score drop gives me a better shot at Amex then having all the chargeoffs there. I got about six months to go before it deletes, so I’m gonna swing for the fences on that front.
I'm with you. You are about 6 months ahead of me as I have about a year and two months left. I plan on a figurative carpet bombing campaign. Jack Attack, Nutcase, Why Chat, 609 letters etc. I will make them so sick of me that something good is bound to happen.
In the mean time, I want at least one more card (and to try and get my AFCU card unsecured). Not sure what card(s) to go for. I am checking AMEX for prequals for one avenue. I thought I had a shot at a Chase Marriott card but found that "prequalified" really meant "pre-denied" in Chase-Speak. Sync would be good (Amazon Store) but they got burned on two bigger accounts nearly 6 years ago. I guess I only have a TU HP to spend to find out where I stand.
7 CO's
2 CA's
Few INQ's to date.
Seems a few of us are in the same club. Good luck OP. Tried a Credit Union?
Update- Sync let me back in on 12-20-2019 with a $1k CL on an Amazon Store Card
You could try this. They seem to be an EQ puller. https://apply.us.hsbc.com/apps/servlet/SmartForm.html?formCode=ccoprequal&promoid=RVM&marketingcode=...
@CreditFun wrote:I was searching through the website and saw a bunch of cards that said offer for you, but none said prequalified like the Amex Platinum.
I went ahead and applied for the card and got approved!
Anyway, I am going to try and soften the blow of the annual fee by selling the Delta and sacks gift cards. My wife can downgrade me to gold and save $175 a year right there.
Is it safe to cancel one of my secured cards? Or does FICO model charge and revolving differently? I don't want to lower my score because I don't have the magic number 3.
Why do you want to close your secured cards (Cap1 and Discover)? The Age of the accounts help your profile and score. My 1st card was a Cap 1 Platinum Secured and I still have it, since it's my oldest card.
It's true that it will likely report for 10 years after closing but some have reported it falling off earlier (YMMV). Charge cards do not factor into utilization and are not revolvers.
