Help with WaMu CC offer

[Anonymous]

My son was sent a pre-approved offer from WaMu.  It says approved up to $7500.00  (at least 500.) if you meet our income and credit requirements or you can be refused if you dont meet the requirements. 

My questions:

     Its at 0% fixed APR on purchases until Jul 2008 then it goes to 19.99% ( too high) is it possible they will lower that rate once he has been in good standing (6mths? 1 yr?) anyone had any luck with lowering APR with WaMu?

     Since this offer is up to $7500.  is it an assumption that this is as high and the CL on this card will ever get?

     Income requirments are what for WaMu, just did '07 taxes his income for '07 was 52,045.00, anyone have an idea what the credit line would be on that income?

     In Nov of '07 his transunion True Fico was 680, (he is 19) has limited credit history, paid a truck off in '07 since we pulled that score, has no derogs, is an AU on two of my CC's. 

     Should he call and ask for a better rate of interest with his score before he applys?

Tks to all for any help Vicki

EDIT:  Should add No AF

Message Edited by greyhound2007 on 01-10-2008 01:06 PM

[Anonymous]

Update:  I just pulled his transunion the Fico is 763,  3 inquiries, (all for a truck) in feb '07.  1% util. 

short credit history is the only thing bad.  But he is only 19.  Tks for any help Vicki

[SmartCookie]

In my experience with WaMu, they give you things when they feel like it.  It is a nice upper sub prime (IMHO folks!!!) but he would get a higher limit (I estimate 8-10k easy) at Hooters (upper sub prime) with better APR and perks!

Get his other FICOs and if they are in line with the TU, he should be app'ing with BoA or Citibank (prime and prime).  He may or may not want to wait for the INQs from last Feb to drop... either way I think he is fine. 

Message Edited by SmartCookie on 01-10-2008 08:43 PM

[Anonymous]

i got the same 7500, at least 500 offer. pulled EX on me. instant decline.

[SmartCookie]

Sorry ducky.... did you have any old Providian issues? 

On a second sidenote... there really should be some regulation with creditors sending out pre-quals if it is clear on their soft INQ or internal records that there was a disqualifier.  Bother...

Message Edited by SmartCookie on 01-10-2008 08:44 PM

[Anonymous]

yeppers, but over 12 years ago. i thought they would pull tu also.

[Anonymous]

With most banks, they promise after a year if you qualify you "may" get a reduction in APR. So do, some don't. It's best to get everything lined up in the beginning, as you are at their mercy w/ the apr once you fully accept it.

As far as the full 7500- I have a gut feeling w/ a as little as credit history as he has it will not  be the full offer. Might only be a couple K. However, he has to start somewhere. Sometimes too, they look at the CL on your other cards, so again, he has to start somewhere.

Agree w/ the other poster, might want to try a different bank and go for full prime.

[Anonymous]

Hi!

That APR seems a tad high. I'd app him for Hooters, a couple of prime cards, and a Discover card with those scores, tho. I had a discover card at 19 and I had an even shorter credit history, because I had no car loan.

Try the student version of discover maybe.

I do agree that he must start somewhere, but I don't see why he wouldn't get at least 1 prime card with those scores and then a good credit line through Hooters.

[Anonymous]

back in Nov his Ex was 730 and his EQ was 660.. I did a preapproval on BoA they gave him three choices all 7500. CL BoA amex or Plat plus or bankamericard..... It said congratulations you're preapproved for these special offers, so he clicked accept and filled in the info and it said will hear something in 10 days.  BoA is the CC i wanted him to have.  interest rate Prime +2.99, will try to lock in 9.9 and change to a rewards card after 30 days, I guess if he gets it.  Anyone have any experience with the ten day thing.  The amex was locked in on 9.9% but not as widely accepted.  Tks All Vicki

EDIT: Got his scores today , 

TransUnion763

1/10/2008

Equifax751

1/10/2008

Experian738

1/10/2008

Message Edited by greyhound2007 on 01-10-2008 08:16 PM

Message Edited by greyhound2007 on 01-10-2008 08:16 PM

[Anonymous]

I got the offer scores were in the 600s got 200K on a Visa & M/C--guess it just all depends these cc companies will give and do what they want..honestly--also I have a history of a BK back in 2003