Morning Braz! It's great that you received the prequal offer but you don't want to take any chances like being declined or getting a low SL. I agree with the other posters. I think you should wait. While your waiting your accounts will age and the lien will fall off your credit reports. Both of these events should increase your FICO scores.
Again, it's great to get approved, but it's better to get approved with a nice SL and APR. IMHO both of these should be your focus while rebuilding your credit. If you get approved with a low SL and/or high APR, you will spend the next 6 months to a year trying to increase your CL and decrease your APR.
Patience is an important factor in bulding an excellent credit profile. You want all of your hard work and sacrifice to provide a plethora of prime cards to choose from along with fabulous SLs and the lowest APRs your profile supports.
You are doing a good job and I'm glad your focus is on gardening. Stay focused. Stay positive and you will achieve your goals. See you around the forum.
@braznyc wrote:Hi All,
I received an email from Barclays saying I pre-qualified for this card. I believe I signed up for some kind of alert on their pre-qualifications. Either way I know it's just a pre-qual and I haven't applied, because back in June I was denied their NFL rewards card due to no revolving accounts. My report consisted of my student loans (I pay on them but they're still in def and 2 PR on TU and EQ, my Exp report has old paid CC, 1 old collection to fall off next month,and 2 PR). I have 2 cc from Cap One from June and 5 store cards -- all new. My TU is 711 and has 4 inquiries. I don't want to apply because despite my TU score I don't think they'll approve me because my revolving history is still new. What do you think? I can wait but I was excited to get the email. Anything to help me garden. I also have a Lien, which has been vacated but won't fall off until November. Oddly my original denial from Barclays didn't mention the lien or satisfied judgement. Oh and EQ is 698 and Exp is 653 (my lowest).
I would be working on getting the early exclusion from the CRAs on these 2 items. You can look up what it is in the Rebuilding Your Credit forum.
@braznyc wrote:Hi All,
I received an email from Barclays saying I pre-qualified for this card. I believe I signed up for some kind of alert on their pre-qualifications. Either way I know it's just a pre-qual and I haven't applied, because back in June I was denied their NFL rewards card due to no revolving accounts. My report consisted of my student loans (I pay on them but they're still in def and 2 PR on TU and EQ, my Exp report has old paid CC, 1 old collection to fall off next month,and 2 PR). I have 2 cc from Cap One from June and 5 store cards -- all new. My TU is 711 and has 4 inquiries. I don't want to apply because despite my TU score I don't think they'll approve me because my revolving history is still new. What do you think? I can wait but I was excited to get the email. Anything to help me garden. I also have a Lien, which has been vacated but won't fall off until November. Oddly my original denial from Barclays didn't mention the lien or satisfied judgement. Oh and EQ is 698 and Exp is 653 (my lowest).
1. The Ring card is my favorite card, so it's great that they sent you a prequalification letter.
2. Barclays seems to always pull TU, so as long as your TU score hasn't dropped since they researched the score you should be ok on the score front.
3. Another factor which Barclays weighs heavily against you, but which does not necessarily show up in the score, is recent inquiries and recently opened accounts. So in your case since you just opened a bunch of new cards, they might give you a hard time.
4. If I were you I would never open another store card. If your credit score is good enough to prequalify for a high quality card like the Ring, you shouldn't sidetrack yourself with junk.
Ring is a great card if you need carry balance, but reward is next to zero.
Credit requirement is on the high side as the card is basically hand out cash or cash equivalent very cheap.
If you get lucky and CL would be useless $500.
Credit requirement is on the high side as the card is basically hand out cash or cash equivalent very cheap.
If you get lucky and CL would be useless $500.
EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
@beautifulblaquepearl wrote:Morning Braz! It's great that you received the prequal offer but you don't want to take any chances like being declined or getting a low SL. I agree with the other posters. I think you should wait. While your waiting your accounts will age and the lien will fall off your credit reports. Both of these events should increase your FICO scores.
Again, it's great to get approved, but it's better to get approved with a nice SL and APR. IMHO both of these should be your focus while rebuilding your credit. If you get approved with a low SL and/or high APR, you will spend the next 6 months to a year trying to increase your CL and decrease your APR.
Patience is an important factor in bulding an excellent credit profile. You want all of your hard work and sacrifice to provide a plethora of prime cards to choose from along with fabulous SLs and the lowest APRs your profile supports.
You are doing a good job and I'm glad your focus is on gardening. Stay focused. Stay positive and you will achieve your goals. See you around the forum.
Thank you for such a kind message and I couldn't agree more. This is why I love this community. Always spot on and nice!