cc conundrum- rebuilding credit after deactivated card.

[HalfandHalf]

Sorry for the wall of text.. TLDR: Credit card got deactivated 2 years ago, never noticed because I don't use it, average fico of 586 with highest being 609 of equifax.  Need suggestions of where to apply..

Good evening everyone! 

So i recently found out that my Chase Mastercard of 11 years was closed due to inactivity.  I almost never use a CC--by almost never I mean it was closed in 2011 and I never noticed--so i decided to do some research tonight. 

It seems that being late on my mortage and auto loan from time to time has really hurt me.  As well as not having a credit card for almost 2 years.  I am down to an average of 586 with the scores as follows - Experian 568  Equifax 609 and TransUnion 581 pulled from MyFico tonight.  I also pulled my annualcreditreport tonight and noted that nothing was messed up, i indeed was unemployed this past year up until about six months ago and there were times that some things had to go 60 days.

My question is, where do I start now?  I have an 11 year credit history with Chase Mastercard.  I have had my mortgage for six years and my current auto loan for a year.  Any suggestions on what credit cards i should apply for?  I talked with capital one tonight and I fall under their "average" rating from a brief discussion with them via box chat.

Any help would be appreciated!

-Half and Half

[myjourney]

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@HalfandHalf wrote:

Sorry for the wall of text.. TLDR: Credit card got deactivated 2 years ago, never noticed because I don't use it, average fico of 586 with highest being 609 of equifax.  Need suggestions of where to apply..

Good evening everyone! 

So i recently found out that my Chase Mastercard of 11 years was closed due to inactivity.  I almost never use a CC--by almost never I mean it was closed in 2011 and I never noticed--so i decided to do some research tonight. 

It seems that being late on my mortage and auto loan from time to time has really hurt me.  As well as not having a credit card for almost 2 years.  I am down to an average of 586 with the scores as follows - Experian 568  Equifax 609 and TransUnion 581 pulled from MyFico tonight.  I also pulled my annualcreditreport tonight and noted that nothing was messed up, i indeed was unemployed this past year up until about six months ago and there were times that some things had to go 60 days.

My question is, where do I start now?  I have an 11 year credit history with Chase Mastercard.  I have had my mortgage for six years and my current auto loan for a year.  Any suggestions on what credit cards i should apply for?  I talked with capital one tonight and I fall under their "average" rating from a brief discussion with them via box chat.

Any help would be appreciated!

-Half and Half

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Welcome to the forum

First visit the rebuilding forum and read up on GW=good will letters maybe if you have shown improvement on the mortgage and car this may help.

Since you have no baddies other than the lates I would suggest a secured card for 6 months and then apply after your scores climb some more. What's hurting now are the late payments.

CAP1 may approve you now but it will be a low limit and 3 HP's = hard pulls

one from each CB=credit bureau and if you haven't applied for any credit recently this may be an option vs the secured card

[HalfandHalf]

Thanks for the reply and sorry for posting in the wrong forum!   I have gotten pre-approval letters from cap1 last month for their plat card.  I appreciate your input!

Thanks for the help

[myjourney]

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@HalfandHalf wrote:

Thanks for the reply and sorry for posting in the wrong forum!   I have gotten pre-approval letters from cap1 last month for their plat card.  I appreciate your input!

Thanks for the help

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No your in the right forum for CC"S but I want you to get the best of all worlds that MyFico offers...

[HalfandHalf]

I appreciate it!  I think my game plan is to apply for the cap1 card, if I get denied I will just work on paying my auto/mortage off on time.  I alsp am in a financial situation where I can apply a significant amount of money monthly towards my principle balance, which i will most likely use to pay off the auto loan since my student loans are a tax write off. 

do you think chase would take into account I had 11 years with only 2 late payments with them?  I also always paid off my entire balance with them each month other than 2 months.  Should i take a risk and apply for a chase card?

[myjourney]

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@HalfandHalf wrote:

I appreciate it!  I think my game plan is to apply for the cap1 card, if I get denied I will just work on paying my auto/mortage off on time.  I alsp am in a financial situation where I can apply a significant amount of money monthly towards my principle balance, which i will most likely use to pay off the auto loan since my student loans are a tax write off. 

do you think chase would take into account I had 11 years with only 2 late payments with them?  I also always paid off my entire balance with them each month other than 2 months.  Should i take a risk and apply for a chase card?

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Chase is picky and by your account being closed for 2 years and lates afterwards its hard to say weather they will take your past experience into account....They are recon friendly tho

[HalfandHalf]

Ok!  Sounds good to me.  I am going to talk to my buddy that works for Cap1 in the morning about it as well. I think regardless I am in a decent position to build my credit score up, I will have to do research to see how long I should wait to apply again if I am denied from Cap1, with just paying on my three current loans, house, auto and student.

[myjourney]

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@HalfandHalf wrote:

Ok!  Sounds good to me.  I am going to talk to my buddy that works for Cap1 in the morning about it as well. I think regardless I am in a decent position to build my credit score up, I will have to do research to see how long I should wait to apply again if I am denied from Cap1, with just paying on my three current loans, house, auto and student.

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Try the GW's sometimes they can bring scores up in a hurry if successful. It can't hurt...... really This may be all you need to open all the doors to prime lenders again

Chase Discover Amex Barclay Citi

[HalfandHalf]

I should have taken screen shots of the dates of whent he late payments were so I could give them dates.  Do you think I should attempt a GW with my old chase mastercard even though it was closed by them?

[myjourney]

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@HalfandHalf wrote:

I should have taken screen shots of the dates of whent he late payments were so I could give them dates.  Do you think I should attempt a GW with my old chase mastercard even though it was closed by them?

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The lates should be listed on the annualcredit report you got if you saved a copy.

GW won't help in opening an old account it may help if you apply are denied ...recon denied again...recon denied again ...then I would try a GW to EO=executive offices