Applied for my first CC since 2003...I've got a few questions?

[Chickenpotpie]

Tonight I applied for my first credit card since I declared bankrupcy in 2003.    Scores are decent.  TransUnion 672  Equifax  668.

Just recently employed, salary is decent ...76800.  I do have a charge off that happened in 2004, I paid it and have nothing bad since.    Right now all I have is my car payment and student loan on my CR, both are up to date. 

The card I applied for is Citi Platinum as I had no defaults with them.   Did I make a booboo here?  Did the instant online, I got a message that said they were evaluating and I'll know in 10 days.  This is a bad sign right?

-cp

[smc733]

Citi isn't listed as BK friendly, but they're also not the most unfriendly (see Amex, Discover, and BofA).

The 10 day message isn't necessarily a denial, I got that with my Forward Card, I later got a letter requesting more information, and then I was approved.  Especially if you are keeping up on your other payments, it definitely helps to have a solid credit payment history SINCE your BK.

You didn't make a mistake, you have to re apply some time, if you get denied, call Citi and ask for a reconsideration, and explain your situation.  Citi is very easy to work with.

Good luck and let us know how it works out.

[Chickenpotpie]

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@smc733 wrote:

Citi isn't listed as BK friendly, but they're also not the most unfriendly (see Amex, Discover, and BofA).

The 10 day message isn't necessarily a denial, I got that with my Forward Card, I later got a letter requesting more information, and then I was approved.  Especially if you are keeping up on your other payments, it definitely helps to have a solid credit payment history SINCE your BK.

You didn't make a mistake, you have to re apply some time, if you get denied, call Citi and ask for a reconsideration, and explain your situation.  Citi is very easy to work with.

Good luck and let us know how it works out.

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Thanks. The whole credit card thing has me in knots.  I can't say I really want to do it but I need to in order to get better scores. 

What type of information did they ask you for?  My new job has decent salary, old job does as well though I was  on unemployment in between.  I've paid everything in cash since 2003  as no one else I use reports to the CA's. (except verizon...grrr...)

-cp

[Anonymous]

Instant denial is a bad sign!   I would not expect any instant approvals for awhile. 

If you get denied, I suggest you consider a decent secured card with CU or Bank (Citi has a good one).

Getting the first card is big step and after you have some time using it (6 months +), you need to plan to get a few more, for better FICO scores.

[Chickenpotpie]

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@Anonymous wrote:

Instant denial is a bad sign!   I would not expect any instant approvals for awhile. 

If you get denied, I suggest you consider a decent secured card with CU or Bank (Citi has a good one).

Getting the first card is big step and after you have some time using it (6 months +), you need to plan to get a few more, for better FICO scores.

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Ok but how would I know I got an instant denial?  wouldn't it say on the screen?

-cp

[smc733]

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@Chickenpotpie wrote:

Thanks. The whole credit card thing has me in knots.  I can't say I really want to do it but I need to in order to get better scores. 

What type of information did they ask you for?  My new job has decent salary, old job does as well though I was  on unemployment in between.  I've paid everything in cash since 2003  as no one else I use reports to the CA's. (except verizon...grrr...)

-cp

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I feel your pain, I just started building credit in college, and it was very hard post-credit crunch.  It can all be very stressful.  In my case, my student loans were tied to an old address, so my Expirian had me reporting on an old address, I needed to send in a copy of my Dad's utility bill, along with a bank statement having my name listed at that address.  

Verizon should only report to the CRs if you miss a payment, since it costs them money, they don't report people who pay on time.

Irregardless, if you do get denied, all hope is not lost, you still have 3 options to continue to build credit. 

1.  Call and explain your situation for reconsideration, Citi is a good place to do this, remember, Citi are the best to work with

2.  You DO have established history, and some decent things in the past, as you've been making payments on auto and SLs, so a Credit Union might give you the benefit of the doubt if you go in and explain your situation, they're easy to work with.  Also try going in and offering to put a portion of your savings there, or open a checking account and keep a relationship with them.

3.  If you don't need the credit, and you're just looking to rebuild your credit, then go for a secured credit card, either through a CU or a Bank.  If you can part with around $1k, this is probably the safest bet going forward.  Since you again do have scores and a sizable income, consider going into BofA and asking about their 99/500 card, where you put down $99 for every $500 of credit you get on the secured card.

Keep us updated in this thread and we will try to help you out the best we can.  It shouldn't be impossible to get credit.

PS.  Try taking a look at "First Premier Bank", they're known to be VERY bad-credit friendly, and besides your baddies, your credit scores don't seem too bad.  I've heard of people with MUCH worse credit getting (albeit small) unsecured credit lines with them, which would help build up the credit.

[Chickenpotpie]

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@smc733 wrote:

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@Chickenpotpie wrote:

Thanks. The whole credit card thing has me in knots.  I can't say I really want to do it but I need to in order to get better scores. 

What type of information did they ask you for?  My new job has decent salary, old job does as well though I was  on unemployment in between.  I've paid everything in cash since 2003  as no one else I use reports to the CA's. (except verizon...grrr...)

-cp

---

I feel your pain, I just started building credit in college, and it was very hard post-credit crunch.  It can all be very stressful.  In my case, my student loans were tied to an old address, so my Expirian had me reporting on an old address, I needed to send in a copy of my Dad's utility bill, along with a bank statement having my name listed at that address.  

Verizon should only report to the CRs if you miss a payment, since it costs them money, they don't report people who pay on time.

Irregardless, if you do get denied, all hope is not lost, you still have 3 options to continue to build credit. 

1.  Call and explain your situation for reconsideration, Citi is a good place to do this, remember, Citi are the best to work with

2.  You DO have established history, and some decent things in the past, as you've been making payments on auto and SLs, so a Credit Union might give you the benefit of the doubt if you go in and explain your situation, they're easy to work with.  Also try going in and offering to put a portion of your savings there, or open a checking account and keep a relationship with them.

3.  If you don't need the credit, and you're just looking to rebuild your credit, then go for a secured credit card, either through a CU or a Bank.  If you can part with around $1k, this is probably the safest bet going forward.  Since you again do have scores and a sizable income, consider going into BofA and asking about their 99/500 card, where you put down $99 for every $500 of credit you get on the secured card.

Keep us updated in this thread and we will try to help you out the best we can.  It shouldn't be impossible to get credit.

PS.  Try taking a look at "First Premier Bank", they're known to be VERY bad-credit friendly, and besides your baddies, your credit scores don't seem too bad.  I've heard of people with MUCH worse credit getting (albeit small) unsecured credit lines with them, which would help build up the credit.

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Thanks for this.  Getting a card is two fold.  My new job will have me traveling quite a bit.  It is what it is.    While they have given me a corporate card, I will probably also need my own for certain expenditures.    My credit history is acutally 11 years total, so not too bad. 

I'm wondering how long I should give them to respond, if it will take the entire 10 days or if I should call and inquire with a backdoor number?  I did have to redo the application twice, so it could be worth it (maybe? )

If moving one of my savings accounts will help, I'll certainly look into it. 

I had heard that first premeir had some really outlandish fees.  Would they be about the same as Orchard as a credit builder card?

Will certainly keep this thread updated. 

-cp

[smc733]

You can certainly call them, I believe there's a few numbers listed in the Backdoor thread.  They most likely should be able to tell you upfront your ultimate decision, and possibly work with you for a reconsideration.  

And if this doesn't work out, there are still plenty of options (and inquiries) to exhaust before turning to a secured card.  I cannot speak for FirstPremier as I've only had 3 cards, Banana Republic, BankAmericard Secured, and Citi Forward, but I do know a lot of people have gotten them here for rebuilding (most rebuild cards will have outrageous fees and APRs), as well as Orchard.

I would say if you prefer the terms of Orchard Bank, try there first, as your credit is not terrible, so you might fair better with a card that's catered toward a little bit better credit.  You can also try their prequalify site (which still only wants to give me a Secured MasterCard) for the hell of it.  If these cards work out, there's always the Credit Unions.

But firstly, even though Citi says they never sleep, I believe it would behoove you to give them a call in the morning.  Let us know what they say and we can go from there.

[Anonymous]

Don't forget the value of a good secured card.

When I rebuilt back in 2004/05  I went with a Gold MC with $15k from Amalgamated Bank of Chicago.

Many CU's have good secured cards too....and they grow with you.

I personally believe that secured cards are a great way to rebuild if you go with good banks/CU's.  Savings should be a part of your financial plan anyway, so why not let savings help your credit efforts?

txjohn

[Chickenpotpie]

Called this morning and was told I was declined.

They said because of the BK was still showing.

I called the credit backdoor number.  Any other number I should try for reconsideration?

-cp