Road to Credit Recovery & AMEX

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
I agree that in certain situations like business things could be a little different but for out on the town for beers with friends the card doesn't make a difference.

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I can be a pretty self-concious person. 

Growing up (I'm 25), I've always learned that Capital One is for those with bad credit, and who deal with poor customer service all the time; whereas AMEX is for those who have great financial success. I guess my opinion(s) are mostly due to the roots of what I've grown up with, and other people's opinions of course. 

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I can state with certainty that is not the case. I have Amex cards. There was a time, though, that having an Amex card did mean something. When I got my first one, they really were difficult to obtain. But when I got my first one there were only three flavors; Green, Gold, and Platinum. No variations, and no revolvers. Now Amex is no more difficult to obtain than any number of other cards.

[Anonymous]

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@Anonymous wrote:

Your 30-day late will gradually influence your score less as it ages (how old is it?)

Around 2 years old. November of 2014.

maybe see if you could switch the current Barclay to another Barclay card that has better terms/rewards? Or maybe see if, in the future, you could apply for a better Barclay, and have the limits for the cards combined into that better Barclay.

The Barclaycard is permanently closed. The weird part, though, is that it still reports the actual limit, and not 0.

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Ah, sorry I read your original post wrong. The Discover and Citi are a good pair of cards, though, and you can definitely use them to maximize spending rewards once you starting using credit again. Also, if you tend to spend a lot specifically on categories like gas, groceries, restaurants, etc. year round, I have seen cards that give more cash back for those (versus DC's 2% everything or Disc's rotating 5%) - while rebuilding and preparing to app, maybe look at some more cards and compare possible long term returns that would be best for you?

2 years - this likely isn't affecting your score anymore, since it's a one-time event and past the 1/1.5 yr mark. 

Also, when you mentioned Credit Karma in the post, did you mean that you were using them to get your EQ and TU scores? Discover provides free monthly TU FICOs to its cardholders online, and they recently started providing free monthly EX FICOs for everyone who signs up to see it. I don't think you'll get any credit history, but at least you'll have more accurate scores and score trends. Some smart forum members suggested that cardholders sign up for the EX score two weeks after Discover updates the TU one, so then you'll have a FICO score update every two weeks.

[Anonymous]

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@Anonymous wrote:

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@beautifulblaquepearl wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Barclays and Chase have great perks and those didn't work out for you. If and when AMEX does approve you, and hopefully you won't get a manual review and have to explain why Barclays shut you down. As you know it is reported that Barclays reports they closed the account and not you.

AMEX will be a long shot for you in the foreseeable future.

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However I do have Discover, which has great perks. 

Based on what others have said, I don't think it will be as hard as you're making it out to be to get an AMEX. There's been people with BK's on their record get approved for one, especially their charge cards. 

If they do a manual review, it's not a big deal. I would just tell them the agreement I had with Barclays and how my finances were very different back then. Overall a 100% payment history, a AAoA over a few years, and a low credit utilization should be enough to have a decent chance at getting one of their cards---especially now with how AMEX is losing business left and right due to the Costco and Jet Blue failures. 

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There is good advice in this thread. IMHO, I think it's always better to surpass the UW requirements of a creditor in lieu of just getting your foot in the door. I'm sure others would happily chime in that sometimes applying when your credit profile isn't optimal can backfire.

Best of luck!

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It sucks that I was such an idiot a few years back when my credit score was better. 

I was one of those people who would just swipe my debit card and not think about the lack of security of American cards at the time and toss out my AMEX offers I received in the mail. Times have certainly changed for me, but now I'm stuck and have to re-build before I can get what I want. I wish I knew what I did now back then... I wouldn't have even applied for the worthless Barclaycard with 0 rewards and a 23.99% rate. 

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Don't beat yourself up. We all make mistakes. The take away is to learn from your mistakes and do it better the next time.

It's unfotunate but when you're rebuilding sometimes your credit profile doesn't support a rewards card. In time, they will come. I'm not sure if you saw my other post so I will ask again. Is the current debt you're carrying from your previous financial issue(s) or more recent?

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@Anonymous wrote:
So this is all about image for you, what other people think?

That is a very interesting concept and I wish you well.

I guess I should feel like a loser when I make a purchase with my Venture Cards that have very high limits.

WOW!

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I mean obviously it's not meant as a personal attack against those who use Capital One cards. 

But if I'm on a date with a girl, I'm going to feel a little ashamed about plopping down a Capital One card on the table. She probably wouldn't know Capital One has a pair of cards that require excellent credit.

Of course image is nice, but I like the perks that come with the top of the line credit cards, and the extra protection of course. 

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Any girl who would care which kind of credit card you use is not worth being with.

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Ditto!

[Anonymous]

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@Anonymous wrote:

If you're referring to the Amex cards, I think they're ugly. In fact, it's the ugliest card I have.

Really? Do you have a picture of yours? 

I've never seen one in person, just heard they're really cool looking. 

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Go to their website to see pictures of the different cards.

[Anonymous]

Also, when you mentioned Credit Karma in the post, did you mean that you were using them to get your EQ and TU scores? Discover provides free monthly TU FICOs to its cardholders online, and they recently started providing free monthly EX FICOs for everyone who signs up to see it. I don't think you'll get any credit history, but at least you'll have more accurate scores and score trends. Some smart forum members suggested that cardholders sign up for the EX score two weeks after Discover updates the TU one, so then you'll have a FICO score update every two weeks

Excellent post! And I completely forgot about that. 

I should just use CK to see a more detailed credit report, and use Discover (and even Citi since they do it too) to view my credit score. 

Edit: It looks like as of 6/4, my FICO score according to Discover is 628. How do you sign up for the Experian one? 

[Anonymous]

I will ask again. Is the current debt you're carrying from your previous financial issue(s) or more recent?

Most of it is from a couple of years ago. 

[Anonymous]

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@Anonymous wrote:
A few things I've learned over the years. Let's say I'm at the bar with friends having a few Sam Adams. When the bill is ready to be paid the bartender could care less what card I use as long as it works and pays the bill. They won't give me free drinks for using an amex but they might hook me up for being a repeat customer. If my bill gets paid by my capital one card I'm a lot richer than the guy next table over that has his amex declined. Either way one card doesn't matter to the people I pay.

As for disputes amex seems good with that and their credit lines seem to grow better than cap one. I always say use the card that works the best for you. One of my better cards Apr wise is from Merrick bank. 14.9 with 10k limit no annual fee. I've had it close to a decade now so they treat me decent overall even though they normally cater to subprime. It has a lower rate than my amex card and they haven't lowered the limit at all

It all comes down to what works for you

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Agreed! 

[Anonymous]

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@joltdude wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Why do you feel like a loser paying for something with a Cap1 card?

AA: Adverse Action (Example-Closing your accounts down, CLD, Declined when applying for credit).

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First you have the 23.99% APR, which would make me feel bad about purchasing anything, even if I could afford it and it was only a few bucks.

Second, it's Capital One. If people see you paying with that card, they'll probably think you're bad at managing your money, or your credit is shot. Sorta like how when you plop an AMEX Platinum down on the table, people will think you're great at managing your money, you have money, and/or you have a great credit score.  

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These days, nobody cares - or even notices - which card you plop down. Amex gives away cards like candy, and they lost their prestige status years ago.

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I agree *mostly* that folks shouldnt care what card you plunk down....

However... (and yes this is a but).... If this was a buisness situation and someone plunked down a Credit One, First Progress, Surge, Matrix, or similar card.. Id have some worries about having a buisness transaction or relationship with them..... I don't consider Capital One in this category at this time.. But i would be very leery about the integrity of ones finances with that kind of rebuilder card...  and if it were a relationship id have some questions ..... Going into a relationship with some severe credit problems and no plan is a recipe for disaster....... If it were a long term thing id want their financial house in order or on the mend before committing.... 

Hope that doesnt sound harsh but iv been in that relationship where your bailing someone else out of their bad decisions..My answer to that is NOPE..

-J

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Agreed!

[UncleB]

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@Anonymous wrote:

Also, when you mentioned Credit Karma in the post, did you mean that you were using them to get your EQ and TU scores? Discover provides free monthly TU FICOs to its cardholders online, and they recently started providing free monthly EX FICOs for everyone who signs up to see it. I don't think you'll get any credit history, but at least you'll have more accurate scores and score trends. Some smart forum members suggested that cardholders sign up for the EX score two weeks after Discover updates the TU one, so then you'll have a FICO score update every two weeks

Excellent post! And I completely forgot about that. 

I should just use CK to see a more detailed credit report, and use Discover (and even Citi since they do it too) to view my credit score. 

Edit: It looks like as of 6/4, my FICO score according to Discover is 628. How do you sign up for the Experian one? 

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To get the Discover Experian score go to:

http://www.creditscorecard.com/