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Ive been thinking about apping for both USAA Visa (I'm a partial member) and Chase Freedom once my balances on my current cards report as $0 and a few of my Inqs fall off (any time now). My question is I am in a DMP (Debt management program), due to some financial mishaps about 2 years ago. and should be done by January. My question is, will I get denied because one of my cards is in DMP (old BofA card)?
I dont want to burn an inquiry if I have no chance of getting approved
Chase is pretty strict about baddies. You might want to just go for USAA, but on the other hand the worst that can happen is you get denied and a HP.
Ok, what are my chances with USAA? My updated score is in my sig. Hoping to see a small jump when I get my util to 0%.
Also, any other places I can try? Looking for a slightly higher limit and a card that will grow with me, unlike the cards I have now (see sig).
USAA pulls EQUIFAX with your score of 606 EQ might get denied just my opinoin Chase i wont even waste an inquiry
@alexak wrote:Ok, what are my chances with USAA? My updated score is in my sig. Hoping to see a small jump when I get my util to 0%.
Also, any other places I can try? Looking for a slightly higher limit and a card that will grow with me, unlike the cards I have now (see sig).
USAA is a more conservative lender. And they offer better CCs, terms, rewards, etc. to full members than partial ones. I wouldn't waste my time with them until your credit is really good, if you really want an USAA card.
I don't think Chase would approve you. They are a prime lender and may balk at your DMP, plus your FICO is pretty low. Your OP says that you have other CCs. What are they? Maybe you can just CLI what you have now. Otherwise, you may need to let them age a bit so your FICO improves before apping for prime CCs.
Maybe when your DMP is done in Jan, your scores will jump.
@alexak wrote:
Not sure why my EQ from USAA CMS is so much lower than my FICO...
dont pay any attention to a score that isnt a FICO cause it doesnt mean anything. I wouldnt do USAA anytime soon cause they are known for high APR especially for partial members plus right now you would get denied anyways. How long have you had your orchard and cap one? Id wait till your eq fico is higher than 680ish plus one year of solid history and low util reporting before app with freedom. If you app now and a miracle happens where you are approved it would only be for around 500 cl with a high apr as well.
I've had Orchard since Jan 2012 and Cap1 since June, both with a $300 limit.
I will say I just go approved for the freedom with a 2k limit with 2 collection a little under 1k balance both being paid on, I was initially denied a reconed 4 times before finally getting approved they pulled an transunion 619 on me no late payments though on my report