Before I Apply... Help

[Anonymous]

In order to reduce my chances of denial, I have a couple of quick questions before I start applying for credit cards:

1. I primarily use my PO Box for everything. So this is the address listed on my credit reports. When it comes to applying for credit cards, can I apply using my PO Box? Or should I go ahead and change everything to my physical address?

2. I recently moved to another state and need to update my PO Box address with the bureaus (or give them my physical address based on responses to #1). Can I do this over the phone?

3. I recently paid an AU credit card down from 90% utilization to 3%. But it still hasn’t hit my credit reports yet even though my statement closed 4 days ago. This is my only card (and I’m an AU on it).

So I’m ready to apply for new cards to start rebuilding my credit ASAP. I’m trying to wait until this payment is updated on my credit report but I’m tired of waiting. Think I’ll be ok to apply as long as CK is giving me “outstanding” chance of approval?

Thanks!!

[Yasselife]

@Anonymous 

The way I see it, I would prefer to wait one week or until your new balance is reported, than having to wait 24mo for a wasted hard inquiry to fall off. 

There is no ASAP in building credit. I wish it was.

[Anonymous]

So true... thanks. Imma wait that part out. In the meantime I need to make sure my address situation is set and approval-ready.

[Ilinferno]

I don't have the data on your address questions but you definitely want to wait for the utilization to be updated before you apply. CK is not a great indicator as they use the vantage system which almost no lender uses. You want to know your FICO score. You can get a free trial with Experian which will show you what your scores actually are and you will have a better idea of what you can get approved for.

Is the only thing reporting on your credit reports the AU card? Because you may want to look into cards for people with little credit history as a lot of lenders usually disregard AU accounts when reviewing credit applications. Good luck!

[OmarGB9]

Also ignore CK's approval odds. They mean nothing. They're just marketing. 

[Total80sKid]

CK has been dead on for me 3 out if 3 times, but I'm sure it varies person to person.

[FireMedic1]

Dont go by what CK says your chances are. Its marketing. They get paid when you click on the link. Whenever the statement cuts is when it will report the next day or 2. No rush. Getting credit is a marathon and not a race. Check Cap1's pre-qual once it clears and shows the new balance. You'll get a score rise from going from maxed out 90% to 3%. Higher score better approval odds. Chill for a bit more.

[Trini88]

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@Total80sKid wrote:

CK has been dead on for me 3 out if 3 times, but I'm sure it varies person to person.

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Yup CK recommended both my Amex and Apple at a time with so many credit cards and inquiries so I thought they were wrong but nope, got both. Varies.

[SUPERSQUID]

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@Total80sKid wrote:

CK has been dead on for me 3 out if 3 times, but I'm sure it varies person to person.

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Would you share?

Which 3 cards?

Thanks

[K-in-Boston]

1.) This differs by lender.  Some allow PO Boxes, others do not.  Most will allow a PO Box for a mailing address, but some will require your physical address to be on file as your primary address.

2.) The credit bureaus do not allow updates directly from consumers.  If information is incorrect, that can be disputed or corrected, but this information is compiled from information pushed to them from creditors.  Once a creditor supplies address, employment, phone, etc. info it would appear.

3.) Absolutely I would wait until that has been updated.  While many creditors will completely discard AU information, you are likely receiving a fairly substantial credit scoring penalty for that account.

Unnumbered 4.) As mentioned already, Credit Karma is purely marketing.  There was a running gag for a while that I had 800-840 FICO 8 scores with a long, spotless credit history and was receiving poor or fair approval odds for Credit One cards, other fee harvester cards, and even secured cards.  I've also had excellent odds for cards like Chase Sapphire Preferred in the past while being far past their 5/24 rule.  Others have received excellent or outstanding approval odds for American Express cards with fairly low Experian scores, and Amex almost exclusively uses Experian data which CK does not have access to.

Edit: @Anonymous I have merged your thread from Rebuilding Your Credit into this one.  Please refrain from creating duplicate threads.