Should i apply for a credit card? Update: BCE Approved

[Anonymous]

Hello i am new to myfico. I know my transunion credit score is 642, exquifax is 693 and experian 682. I have 1 homedepot creditcard with a cl of $500 opended since jan. 2014 i had a 60day late payment that ended may 2014 since then all on time. I got a auto loan and have a balance of $10000 on that currently opened march of 2016 all on time payments. I have one collection for $318 since 2014 from brighthouse currently disputing with transuion. "The only bureau that shows it" i have 4 hard inquires that fall off my report in may for transunion and like 10 for exquifax and experian that all fall around same time all mainly from car dealership ran a bunch inquires on me in one day. I have been thinking about wanting to get a actual credit card to help build more credit. Im thinking a capital one platinum card. Im worried about being denied though because of my 1 collection and my late payments in the past. Anyone have suggestions about what i could be approved for? Any help would be greatly appreciated!

Mod note:  I've updated your subject to reflect your approval; feel free to change/edit if you would like.  --UB

[egghead88]

You should qualify for a CapOne QS with no AF, which is a better card. I think that you try the pre-qualify sites for CapOne and AMEX. It will let see if you qualify for an credit card without an credit inquiry. Good luck!!

[Anonymous]

Capital one prequalify says the platinum or they could also suggest the quicksilver card. Amex says amex everyday card, blue cash everyday, and premier rewards gold card. Ive heard your more likely have better approval odds with capital one. I have a hard time believing i would be actually approved for amex even with the prequalify.. i also been told platinum is easier to get then quicksilver. I just would hate to be denied and have another hard inquiry. If I'm disputing a collection should i wait to apply?

[xenon3030]

I guess Cap1 uses HP on all 3 CSRs but AMEX uses only one HP. If this is the case, a recommendation is going for AMEX first to minimize piling up several HPs across all CSRs. If denied, go for Cap1. Also, assuming if denied, you might consider to have a secured card (if available) to rebuild credit. If it would use the same HP, it would be nice...

[AverageJoesCredit]

Your Eq and Ex are respectable enough for Citi backed cards and Amex. I would perdonally go for the Amex as i believe it will be easier to grow your credit lines and relationship with them than Cap One. Just mho of course. You may even get a 2 for 1 hp with Amex, ymmv as always

[Anonymous]

Thank you all for your input greatly appreciated. So it sounds like maybe go for amex card first then maybe try capitalone if i were denied amex, and then if anything a secured card.. should i wait a certain time period between applying for these cards if im denied one? Or would it be better to try all same day if im not approved for first card? I have sent a dispute request for removing my collection. Do i need to wait to see what happens first for that before applying? Ive also read that cc lenders mainly care about the last year of HPs is that true? And if my dispute doesnt work could i still have a chance of being approved without paying that collection? I feel like my credit scores are fair.. and ive seen people with lower scores then myself being approved. Im just not sure if those people have balances still with there collections or if they paid them but still reporting. If my dispute for accuracy doesnt work i will be asking for a pay to delete to see if that works, i just dont know if i should just keep waiting till i figure out this one collection as well as my old HPs fall off or if i should just go for it now? If i have a open dispute for my collection will that affect my approval odds as well?

[egghead88]

Personally, I wouldnt wait. I would also go for the Amex Blue Cash or Everyday and the Premier Rewards Gold. When you apply for the AMEX, apply for them on the same day. Its only one HP.

It looks like that old collection is holding down your transunion score. If all fails and you have to go with with CapOne, removing that collection would help your transunion score... Good Luck and keep us posted!! 

[xenon3030]

I also suggest to go for AMEX BCP (or BCE) and PRG (the same day application). PRG has a good SUB and its AF is waived in the first year. Anyway, once becoming an AMEX customer, the furhter applications should be usually SP.

Sometimes, using the same HP for applications/CLI is allowed within a month, but highly depends on the lenders.

[Anonymous]

I have 2 open collections that will be falling off in September and was recently approved for Amex BCE and their blue Delta. I also have had a Capital one platinum (that just changed over to qs) since 2015...my current scores are 645TU and 642 ex but were much lower when I first got that capital one card. Hope that helps! 

[Anonymous]

Thank you everyone! I built up the courage to just go for it, and thank god i did. I applied this morning for amex bce card and was APPROVED!!! I got a 8000 cl. I probably wouldnt have even thought about this card or even attempted to apply so soon if it wasnt for everyone's input! So greatly appreciated for everyone's suggestions and comments!