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Hi,
On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.
Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card. So far I haven't heard back yet..but I'm optimistic.
What do you think my chances are?
I currently have a 620 score.
I have 5 baddies on my Credit Report.
4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.
1 is from Sprint in 2010 for $60. This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.
I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.
So that's where I'm starting from.
I have 5 Hard Inquiries.
I'm hoping that BOA will be able to approve me.
If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?
Cash isn't really a problem now...for the first time in my adult life. So I don't anticipate any lates. I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up. I also added my $20/month gym membership which I'll let print on a bill. That should show a utilization of 7%/monthly.
@peripheral wrote:Hi,
On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.
Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card. So far I haven't heard back yet..but I'm optimistic.
What do you think my chances are?
I currently have a 620 score.
I have 5 baddies on my Credit Report.
4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.
1 is from Sprint in 2010 for $60. This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.
I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.
So that's where I'm starting from.
I have 5 Hard Inquiries.
I'm hoping that BOA will be able to approve me.
If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?
Cash isn't really a problem now...for the first time in my adult life. So I don't anticipate any lates. I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up. I also added my $20/month gym membership which I'll let print on a bill. That should show a utilization of 7%/monthly.
It would be very good to increase the deposit. A high limit card is very useful for future applications. If BofA, try another secured card and build the deposit. You could use Cap1, they have a decent secured card.
Update:
Just found out this afternoon that I was approved for the BoA secured card backed by my $500 deposit.
Here's the particulars of my situation at the time:
myfico score: 620
USAA plus credit score: 604 ex, 626 eq, 628 tu
credit karma score: 614
I have 5 charge-off/collections from several years back that were paid and due to fall off 9/2013-11/2013
I also have a chapter 7 bankruptcy scheduled to drop off the report in 9/2013.
Quite happy that I was approved considering my awful history and the bankruptcy.
So now I'm gonna "garden" for the next 5-6 months and then deposit more money into my BoA secured card for an increase $500 to $2500.
Feels good to finally start on the path to getting my act together.