Should I continue to app for CCs?

[Marvelousone]

I have a chapter 7 bankruptcy from one year ago and a fico from  of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00,  does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ?  I guess I'm a little surprised I was turned down with a Fico over 700? 

[llecs]

Hi OP, I split your post to form a new thread here. I edited the subject line. If you'd like to change it to something else, feel free to click "Options" and then "Edit Message" to make that change.

[MarineVietVet]

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@Marvelousone wrote:

I have a chapter 7 bankruptcy from one year ago and a fico from  of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00,  does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ?  I guess I'm a little surprised I was turned down with a Fico over 700? 

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Welcome to the forums.

Lenders look at more than just your score when you apply. I've been though BK and I know that's one thing they are aware of. If it were me I'd stop applying for about a year and let those recent inquiries stop being counted in scoring.

Do you have any other negatives besides the BK? Late payments or such? Derogatories will also factor into a decision.

You say your score is 705. May I ask where you got that score? There are lots of what we call FAKO scores that are for sale but they don't use the same scoring formulas as a FICO score and therefore can't be relied on for accuracy.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[llecs]

To add, assuming it is a FICO score, and speaking from personal experience (and no, no BK), I have been denied for CCs like Chase, Citi, GEMB-related cards, etc. despite having FICO scores in the low-700s at that time. I would see others with scores even dipping into the low 600s and they'd get approved without issue and I'd get denied...frustrating. Consider a CU if you want another card. If not, then maybe a secured to get the mix of credit in and to improve your scores before applying for another.

[Wolf3]

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@Marvelousone wrote:

I have a chapter 7 bankruptcy from one year ago and a fico from  of 705, I continue to get turned down for a cc card, I have a store card at Nordstom's with a $4,000 limit of which I owe $162.00,  does anyone think I should continue to apply for a cc card or just stay where I am for a few years and wait ?  I guess I'm a little surprised I was turned down with a Fico over 700? 

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Consider yourself lucky that you still have a large limit on the Nordstrom card.  If they review your account they may lower it.

I think it is very important to get 1 or 2 major credit cards (Visa, MC) to start a positive history and to have something to use.  With a recent BK, I suggest you get secured CC.   They are generally better deals that the subprimes with huge fees.  

Getting the first card is the most difficult and many good secured cards will not approve recent BK.  I recommend you look at 2 cards that have decent terms and you are likely to get approved on.   Public Savings Bank, and Orchard.   Check them out and post if want to discuss more.

[Creditaddict]

I would look into Capital One

[Anonymous]

Cap One can be BK friendly and they have a preapproval site - which is a soft pull.  However, if you hit the app button, Cap One will then pull all 3 credit reports.

Also, HSBC Orchard is BK friendly.  I like Orchard for a rebuilding card.  They pulled Experian for me.

[Prettylady1]

I can't believe you have a FICO over 700! No offense, but I have nothing negative on my credit and I can't break over 660.

[score_building]

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@Prettylady1 wrote:

I can't believe you have a FICO over 700! No offense, but I have nothing negative on my credit and I can't break over 660.

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If you have nothing negative with a <660 you likely need to make a drastic reduction in UTI or have some other issue that can be addressed which is holding back your scores.

[Prettylady1]

I'm sure it's my utilization! I'm working on that!