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Few reasons. (1) they report as secured cards and during a manual review could show weakness in my credit profile (2) I don't want to have my money tied up, rather use the money for airline tickets for a vacation next summer (3) I have accounts reporting with 24+ years, 10 years from now, I don't think these accounts will have any significant help in AAOA, since I am applying for replacement cards over next 12 months, 10 years from now my AAOA will probably be knocking on 10+ years AND (4) although the limits are not the minium (1k each), next week I plan on asking for a CLI on Best Buy visa, to kickstart larger limits on subsequent card approvals. :-)
@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!
Congratulations on the AmEx approval!
@CreditFun wrote:
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.
Credit Score
approximately 675 FICO 8 (waiting for balances to update)
Credit Active:
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
Closed accounts
thick file 25 years worth
Negative accounts
(TransUnion and Experian)
last late payment - closed account 3 years ago
3 collections 6+ years old
8 chargeoffs 6+ years old
(Equifax)
1 collection 6+ years old
Congratulation you are rebuilding your credit! After years of bad credit went for Capital one and Discover too. After you need to go after Synchrony because they are good for me so far. Try Lowe's credit card, I jump from $1.5k to 35k in less than 6 mths! I applied before buying my house but I appreciated their LUV button.......I used their 24 mths free credit and charge the cc for $2900. I'm paying slowly but regularly. Keep me posted.