My actions show repentance but has anyone noticed?

[Anonymous]

Let me first say that this is immediately my favorite forum. I live for the topics discussed herein. I have no idea why I didn't search for this forum sooner but I'm happy to be here now. I'd like input and advice on my situation and how you think I ought to proceed.

As a young person I was ignorant about credit and did quite a bit of damage, bringing my credit score down to the mid 500's. In the last 5-6 years I've come a long way in restoring order to my financial life- clearing up all negligent/outstanding/derogatory lines. My scores now are in the upper 600's (670-680).

A year ago I financed the purchase of my first home and am on time always. In addition, I have paid off all student loans and pay off all credit lines every month. I personally have the following cards:

Cap 1 - 2k limit - no rewards

HSBC, now Cap 1 - 1100 limit - no rewards

Credit One bank - 800 limit - no rewards - monthly fee of $8.95

Citi Diamond - 2k limit - 

Business Amex - I'm told there is no limit but they froze usage once I hit 3k last month. 

I'm also an authorized user on the following cards under my wife's name:

Citi -1k limit

Chase Freedom - 2k limit

Amex - 3k limit

Local credit union - 500 limit

As you can see, these limits are pretty small across the board but whatever is used is paid off in full, monthly. My household has zero debt outside of my mortgage. I earn over 100k/year. All cars are paid for. My wife does not work and her credit score is well over 700 (740-750). I am now getting CC offers from mainstream banks including BofA and just today, Chase Slate.

Personally, I want two things: 1. To get rid of these off brand cards and their offers (HSBC/Credit One/etc). 2. To have one or two cards with higher CL. These low limits makes keep utilization levels difficult as I have to use multiple cards so as to not exceed 30% on each. 3. I'd like to have "name brand" card i.e. Sapphire, AMEX, or any card that offers rewards.

I'm pretty sure if I applied for a Sapphire card I would be declined, however based on my current habits (going back a few years), plus my income I'd like to think I'm worthy. Is there a way around this? Honestly, I've worked hard to right my wrongs but it feels like I'm getting nowhere of substance. These rinky dink CL's don't help me on a day to day basis. It's frustrating to have to carry 9 cards to spread utilization around. Advice?

[09Lexie]

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@Anonymous wrote:

Let me first say that this is immediately my favorite forum. I live for the topics discussed herein. I have no idea why I didn't search for this forum sooner but I'm happy to be here now. I'd like input and advice on my situation and how you think I ought to proceed.

As a young person I was ignorant about credit and did quite a bit of damage, bringing my credit score down to the mid 500's. In the last 5-6 years I've come a long way in restoring order to my financial life- clearing up all negligent/outstanding/derogatory lines. My scores now are in the upper 600's (670-680).

A year ago I financed the purchase of my first home and am on time always. In addition, I have paid off all student loans and pay off all credit lines every month. I personally have the following cards:

Cap 1 - 2k limit - no rewards

HSBC, now Cap 1 - 1100 limit - no rewards

Credit One bank - 800 limit - no rewards - monthly fee of $8.95

Citi Diamond - 2k limit - 

Business Amex - I'm told there is no limit but they froze usage once I hit 3k last month. 

I'm also an authorized user on the following cards under my wife's name:

Citi -1k limit

Chase Freedom - 2k limit

Amex - 3k limit

Local credit union - 500 limit

As you can see, these limits are pretty small across the board but whatever is used is paid off in full, monthly. My household has zero debt outside of my mortgage. I earn over 100k/year. All cars are paid for. My wife does not work and her credit score is well over 700 (740-750). I am now getting CC offers from mainstream banks including BofA and just today, Chase Slate.

Personally, I want two things: 1. To get rid of these off brand cards and their offers (HSBC/Credit One/etc). 2. To have one or two cards with higher CL. These low limits makes keep utilization levels difficult as I have to use multiple cards so as to not exceed 30% on each. 3. I'd like to have "name brand" card i.e. Sapphire, AMEX, or any card that offers rewards.

I'm pretty sure if I applied for a Sapphire card I would be declined, however based on my current habits (going back a few years), plus my income I'd like to think I'm worthy. Is there a way around this? Honestly, I've worked hard to right my wrongs but it feels like I'm getting nowhere of substance. These rinky dink CL's don't help me on a day to day basis. It's frustrating to have to carry 9 cards to spread utilization around. Advice?

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Congratulations on getting your credit back on track and welcome to the forum!

it appears that you are being noticed for all your hard work and It sounds like you deserve it.  You indicate your scores are in the mid-high 600's; are these FICO's or FAKO's? I assume you have no baddies now on your report but to make sure if you haven't already done so pull all 3 of  your CRs. 

Now, assuming your reports are clean- once you get your util down I think you should be succesful in obtaining approvals.   How long have you had your cards? Do you bank with a CU? Are you eligible to join NFCU?   Discover has been very good to a lot of us recently with generous CL.  Not so sure about the Sapphire because of your low limits but stranger things have happened. Amex is also excellent and the opportunity to request a 3-x CLI at 61days is great!  Also, have you requested any CLIs from your current cc? 

Finally, Credit One needs to go. 

Edit: Just caught the AU on a credit union card.  Have you thought about applying there?

[Anonymous]

Thanks for the encouraging words Lexie, not to mention the advice. Here are a few answers to the questions below:

The scores are FICO. I purchase my scores through Equifax about 3 times/year - most recently last month.

Unfortunately, I'm not NFCU eligible

LOL @ "Credit One needs to go". I'm happy to ditch it but why do you say that? I'll ditch it by the end of the month but curious as to your rationale.

It's 12:25 AM and I was bored so I went on bankrate and looked up cards/features, etc and decided to apply:

Chase Sapphire - approved

Discover - Declined

AMEX - Declined, although I was jsut approved last month for a biz card. Not sure why a personal card was declined now...

Citi Thank You - Declined. I already have a Citi Diamond card but the limit is kinda useless when you consider keeping utilization levels low.

BankAmericard - Approved - 2k limit :-/

I'd otherwise be depressed but the CSP approval is pretty cool @ 7500.

Should I call any of the declines or should I just be happy with these two victories and move on?

Should I entertain department store cards? I highly doubt I'd ever use them for myself but if I go school shopping for my son, they offer a 15% discount for applying sometimes.

In addition to the Credit One bank, should I keep the HSBC or Cap 1 even if they don't offer rewards?

And finally, should I keep my name on my wife's cards as AU or get off?

[Anonymous]

with regards to Cap1, if you email the executive office, you'll be able to add rewards and up your credit limit. a tedious process, but it has proved effective around here. just worked for me recently.

[Anonymous]

thanks for the advice NJT!

I searched for the email address but it looks like most threads omit it in the body. I PM'd someone who started a thread, requesting the email addy. If you have it available and are willing to share it, I'd appreciate a PM with the addy. Otherwise, thanks for the info. I'll attempt that route!

[09Lexie]

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@Anonymous wrote:

Thanks for the encouraging words Lexie, not to mention the advice. Here are a few answers to the questions below:

The scores are FICO. I purchase my scores through Equifax about 3 times/year - most recently last month.

Unfortunately, I'm not NFCU eligible

@Anonymous @ "Credit One needs to go". I'm happy to ditch it but why do you say that? I'll ditch it by the end of the month but curious as to your rationale.

It's 12:25 AM and I was bored so I went on bankrate and looked up cards/features, etc and decided to apply:

Chase Sapphire - approved

Discover - Declined

AMEX - Declined, although I was jsut approved last month for a biz card. Not sure why a personal card was declined now...

Citi Thank You - Declined. I already have a Citi Diamond card but the limit is kinda useless when you consider keeping utilization levels low.

BankAmericard - Approved - 2k limit :-/

@I'd otherwise be depressed but the CSP approval is pretty cool @ 7500.

Should I call any of the declines or should I just be happy with these two victories and move on?

Should I entertain department store cards? I highly doubt I'd ever use them for myself but if I go school shopping for my son, they offer a 15% discount for applying sometimes.

In addition to the Credit One bank, should I keep the HSBC or Cap 1 even if they don't offer rewards?

And finally, should I keep my name on my wife's cards as AU or get off?

---

Congrats on your approvals! That's awesome. Definitely call Discover in the morning for a recon. Which Amex did you try for? Charge or a revolver? Citi can be kinda weird with their approvals and as far as I know getting an overturn on a denial from them is rare but YMMV. 

If you want a store card - and you mentioned school supplies, I would say Walmart. Their free TU Fico, generous CL and the possibility of you being approved for the Wal/Disc is worth a try. 

Credit One? Really, you have to ask? What are they giving you? You are in Prime Land now! I am sure they have served their purpose- you are being approved for nice cards with nice limits. IMO -If they won't waive their fee- which Im sure they won't - time to move on. I usually do not suggest closing TLs but I think this one has served it's purpose. 

Keep us posted on your recons and again -CONGRATS!

[dddewdrop]

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@Anonymous wrote:

with regards to Cap1, if you email the executive office, you'll be able to add rewards and up your credit limit. a tedious process, but it has proved effective around here. just worked for me recently.

---

   Mr Turnpike, Can you please describe the process that you undertook to successfully get a CLI from Capital One? Thank you. Mr Artvanderlay, I bet you were approved for the prime cards because you have a promising career as an architect (lame Seinfeld joke). Applying for all those cards is going to ding ur score a leittle cause of the inquiries but it is worth it since you were approved for some good cards. Btw, what were your scores?

[LS2982]

CONGRATS on your Sapphire approval!!! Nice limit too!!

I'd try to recon the Discover denial tho.

[Anonymous]

dddewdrop, I emailed the CEO, as suggested on this board stating very plainly that I had two capital one cards for x number of years with no CLI's since my frist step CLI 6 months after opening. I went on to say in my letter than my salary had grown significantly since then, I have been in good standing with CapitalOne since then and my scores have grown nicely since then. I simply wanted a card that grew with me. Following that fluff I stated what I wanted, no AF, lower APR, rewards, and a CLI in line with other cards I currently have. I suggested a PC might be in order, if that were an option, but I did not want to open a new account.

3 days later a very nice CSR from the EO called me to discus what I was looking for more specifically. a couple days later she called me again to tell me what was possible and what was not. next day rewards were added to my cards. 3 days later she called again to discuss my CLI and the same day I saw reasonable CLI's on both my accounts. Not sure if the APR has been adjusted yet.

Each time she called, she was courteous, polite and promised to call me back to continue to resolve open issues. She has kept to her word. While I did not get he max CLI I was looking for, I am happy enough with the CLI I got to no longer be considering closing the account. The CLI's were done with SP's in case you were wondering.

All in all, my assessment of the situation at Cap1 is that they are growing too fast and their systems can't keep up with customer needs, so the EO is manually fielding tons of customer requests that would/should be handled automatically.

In closing I would say to anyone looking for some reasonable change on their Cap1 account, your CR and scores should be decent and/or better than they were when you first got your account. You should know what you want based on the structures of their other cards and understand that they are trying to servce their customers reasonably well while maintaining prudent risk management. CreditOne they are not. Good luck with your Cap1 EO expereince.

[randeman]

I absolutely agree that you should recon Discover.  That got me a card and I have been in love with them since.  I see on these boards that they are a YMMV creditor, but they love me as well and it's worth a shot.