Suntrust Credit Card

[webhopper]

Here is what I would do...  If I were in your situation...

Call and talk to a Suntrust Banker... ask them about their pre-selected offers, and what the approval criteria is... Ask them what "pre-approved" really means, and if the pre-approval was based on an actual promotional review of your credit report.  You don't want to do a blind application with your scores being so low.

If their approval criteria for the regular card is strict...   Ask them if their Secured Card will graduate to an Unsecured card later on. Also, ask if it reports as "Secured" on your credit report.   High Limit Secured Cards can help show other lenders that you are responsible enough to handle larger credit limits. Some secured cards can go up to 10k-15k in CL, which can help you be approved for higher limits with other lenders, since they see that you can handle that credit limit responsibly.

https://www.suntrust.com/Static/Documents/Personal_Banking/CardMemberAgreements/2012_PLATS_CardAgree...

Before you apply for anything, pay off your existing card balances and make sure they are reporting either a 0 balance, or a small balance, like $10-$20

Also consider applying for a GE Backed card, such as Amazon Store Card, or Wal Mart Store card.  These have promotional interest on purchases above a certain dollar amount, and can be used to purchase a wide variety of merchandise.  Their Credit Limits also grow well over time, you can ask for an increase every 4 months.  Some users have reported receiving up to 20k limits on GE Backed credit cards such as the PayPal Mastercard.

[gheedorah]

Yes, this is what I was thinking of (re: secured card). I was hoping for something a little more satisfying, but...I made my bed =)

Are secured cards identified any differently on credit reports than unsecured cards?

Also, someone mentioned a "website which shall not be named"- neat site! Why is it such a no-no around here to address it by name?

[navigatethis12]

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@RyVision wrote:

I have to agree with Distant on advice about getting with better known cards. I've read little about Suntrust but Distant's opinion of them sounds familiar. Plus if i remember correctly, they are conservative as well, meaning they may deny you even more readily than AMEX.

One thing you can count on, if they were great to get in with, they'd be talked about on this forum like NFCU or others Distant mentioned.  They're not,  so that's one extra indicator to take into consideration.

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I don't agree with this. They aren't talked about much because they aren't national. PNC isn't talked about a lot but they offer 1.75% cashback which is pretty high. Fort Knox Federal Credit Union gives 5% on gasoline but it never talked about.

American Express is really not difficult to get a card from either. Haven't you noticed people with scores in 600's and multiple derogatory marks getting approved.

I'm not saying Suntrust's cards are the best out there, because they aren't, but it's like they are some fly by night bank that's only branch is in someone's cupboard. They aren't difficult to get because my little brother's college friend has a card from them.

[bs6054]

+1.   And there is also a snowball effect here, the cards that are talked about seem most desirable and people talk about them even more.   Recently there were a few comments (regarding a certain members ~100 inqs) saying things like "Are there even 100 different credit cards?"  Yep, many many times that.   It's harder for a regional bank/CU to get attention.

[webhopper]

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@gheedorah wrote:

Yes, this is what I was thinking of (re: secured card). I was hoping for something a little more satisfying, but...I made my bed =)

Are secured cards identified any differently on credit reports than unsecured cards?

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Are secured cards identified any differently on credit reports than unsecured cards?

This is really something that varies by lender.  Sometimes the banker will be able to find this out for you,

In my opinion, it really doesn't matter whether it reports as "secured" or not.  It will be scored in the exact same way as an unsecured revolving major credit card.

Secured Loans are another great way to build positive payment history on installment accounts.   Installment payment history is looked at more closely and scored more heavily  when you apply for a car loan, so, its important to have both good revolving credit history, and good installment credit history.

I used a secured loan from Chase and a $200 Chase Freedom card  to re-establish positive installment history and revolving credit history back in 2007, as well as some GE Backed cards... namely Lowes and Dillards.   

Also, someone mentioned a "website which shall not be named"- neat site! Why is it such a no-no around here to address it by name?

The website which shall not be named sponsors activities which are considered "credit repair" under federal law.  Credit Repair companies have very strict regulations, therefore, MyFico has very strict terms of service as to which companies can be referenced or linked to on these forums.

That is why this announcement is contained in the Rebuilding Forum:

Fair Isaac and myFICO are not credit repair organizations or similarly regulated organizations governed by the federal Credit Repair Organizations Act or similar state laws. Fair Isaac and myFICO do not provide so-called "credit repair" services or advice or give assistance regarding "cleaning up" or "improving" your credit record, credit history, or credit rating. Before posting, please read FICO Forums Credit Repair Discussion Guidelines. By accessing and using this community you agree to the User Guidelines and Terms of Service.

[distantarray]

one more thing is no matter how good a bank's been to anyone, the true color comes out when something takes a turn for the worst. Kinda like how majority of what people consider "friends" would sell you out for a klondike bar if they had the chance. If a person has 5 really trustworthy friend they're blessed. 

[bradpitt]

Suntrust is more of a conservative lender.  I can't see the op getting approved for the credit card with his profile.  Though like others have said it wouldn't hurt  to go in and talk to his banker and see what he thinks.

[RyVision]

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@distantarray wrote:

one more thing is no matter how good a bank's been to anyone, the true color comes out when something takes a turn for the worst. Kinda like how majority of what people consider "friends" would sell you out for a klondike bar if they had the chance. If a person has 5 really trustworthy friend they're blessed. 

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All too very very true!

I also have to add to my earlier comment, that though SunTrust is not spoke of or sought after on this forum, I have also not noticed a lot of negative posts either, so as far as info here goes, it becomes rather neutral.  So in the end, the relationship the OP has developed with the bank seems the most informative regarding their question and maybe the most influential.

[mousefai]

for some reason, suntrust closed my credit card which i had with them for 2 months. 

i called them, the fraud department said " i dont have a stable relationship with them"

does anyone else have the same problem?