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Besides having a credit report without any blemishes, I really want an American Express Charge and Blue Card, Citi Card Thank You and Chase Freedom. I need some help on what I need to do, so that I increase my chances of approval. For what I have read, Amex and Citi typically pull Experian. With that being said, here is a look of what's on my report as of today:
Federal Tax Lien (hoping to have this removed with the Fresh Start Program)
1 - 30 Day Late on Ford Expedition (my sister's truck I co-signed for back in 2005. Due to drop off 2/2014)
1 - 30 Day Late on Vystar Credit Card (due to drop off 7/2014)
Verizon CO - Paid (trying to gw, with no luck)
I also have 14 inq (most of them in June 2014)
I currently have about $7600 in credit debt, with 68% debt to credit (half of it is due to my purchase of an engagement ring). I know I need to get my utilization down.
What should I do next to get approved for the cards above? What kind of scores do I need?
@Anonymous wrote:Besides having a credit report without any blemishes, I really want an American Express Charge and Blue Card, Citi Card Thank You and Chase Freedom. I need some help on what I need to do, so that I increase my chances of approval. For what I have read, Amex and Citi typically pull Experian. With that being said, here is a look of what's on my report as of today:
Federal Tax Lien (hoping to have this removed with the Fresh Start Program)
1 - 30 Day Late on Ford Expedition (my sister's truck I co-signed for back in 2005. Due to drop off 2/2014)
1 - 30 Day Late on Vystar Credit Card (due to drop off 7/2014)
Verizon CO - Paid (trying to gw, with no luck)
I also have 14 inq (most of them in June 2014)
I currently have about $7600 in credit debt, with 68% debt to credit (half of it is due to my purchase of an engagement ring). I know I need to get my utilization down.
What should I do next to get approved for the cards above? What kind of scores do I need?
AMEX and Citi can sometimes be sticklers when it comes to things like inquiries and baddies. For one, I would try to get a PFD on your Verizon CO if possible. That way it is off your CR way before the time it is meant to fall off. Also, I would wait for your other baddies to fall off as well, at least wait until Feb of 2014 for the car baddie to fall off. Also, get your util down to below 30%, but around 10% is optimum (IMHO). Score wise, you are going to want to try and get at least a 700. How does your AAoA look? Your INQs shouldn't matter anymore as they are over 1 year old and are no longer affecting you score wise.
Honestly, I don't think you have any chance at this point for Amex or Citi. You should focus on getting your federal lien removed. I was able to do so successfully. Of the 3 you are closest to the Chase Freedom. You can see a link in my sig to my story. I was able to get a Freedom and get a federal lien successfully removed from my credit reports. If I were you I would focus on paying down my debt before I applied for more credit. Get more hours at work, get a second job, find ways to spend less of what you earn. Whatever it takes focus on becoming debt free. It should be more important to you and more of a priority than being approved for more credit cards. Having someone extend to you the "privilege" of making money off you by loaning you money is not really a good thing. Pay your debts and get out off owing others money. You will feel better and be in a better position in life....
Thanks for all the advice everyone. I sent in the paperwork to have the Tax Lien removed. Again, I just got an engagement ring and half of what I owe is from that. I plan on having everything paidoff by the end of the year. My credit scores were a higher by almost 20-30 points about a month ago until I purchased the ring. I guess I will wait and allow my tradelines to age and wait for the baddies to fall off or should I say, turn into an account in good standing. How can get a pfd for verizon, if I already paid them?
@Anonymous wrote:What should I do next to get approved for the cards above? What kind of scores do I need?
It seems like you know what you need to do. As always, it's not just a matter of scores. You need to clean up the derogs as much as possible and wait for the ones that will fall off if they can't be removed (i.e. check your reports after 7/2014 and apply after confirming that they're gone). You also need to drastically drop your utilization.
Inquiries are also high but they're not as much of an issue after a year so you can figure out when you'll be in better shape in that regard.
@Anonymous wrote:How can get a pfd for verizon, if I already paid them?
Too late for PFD as you have no leverage. All you can do is a goodwill request.
@dddewdrop wrote:Honestly, I don't think you have any chance at this point for Amex or Citi. You should focus on getting your federal lien removed. I was able to do so successfully. Of the 3 you are closest to the Chase Freedom. You can see a link in my sig to my story. I was able to get a Freedom and get a federal lien successfully removed from my credit reports. If I were you I would focus on paying down my debt before I applied for more credit. Get more hours at work, get a second job, find ways to spend less of what you earn. Whatever it takes focus on becoming debt free. It should be more important to you and more of a priority than being approved for more credit cards. Having someone extend to you the "privilege" of making money off you by loaning you money is not really a good thing. Pay your debts and get out off owing others money. You will feel better and be in a better position in life....
+1 Great post.
It seems like you've already decided on what to do, but I was approved for a CIti TY for $3500 with this profile:
Double pull on EX and EQ
EX: around 668
EQ: around 698
Util: around 15%
AAoA: 6 years
4 SL tradelines with lates up until 120 days on both EX and EQ. Last late nearly 3 years ago.
Unpaid judgment from 2007 on EX
I never would have thought I'd be approved because of the judgment and I knew they'd likely pull EX. The only reason I even did apply is because they sent me a bonus offer that I was willing to take a gamble for. I will however wait until the judgment is gone to app for Amex.
Best of luck to you.