Is it because u own your home?

[Eric958]

I notice alot of people are getting approved for cc's although they say they have unpaid CO and even BK. I'm wondering is owning a home the reason why the ccc are approving regardless of the unpaid CO and other derogatory info. I rent and I have 2 paid co's, 2 satisfied judgments all of which are over 4 years old. FICO EX 640 TU 625 EQ 636 I could only get Aspen $300 and Orchard $300 both less then 6 mths history. I have car note since 12/04 no problems ever. {knock on wood}Denied for BOFA pre approval. not enough cc history. Just wondering if not owning a home has anything to do with it. Thanks for your input. E!

[ktl55]

I'm wondering the same thing. my scores are tu 674, eq 657 and ex 663 no collections on tu, 1 pd on ex ($29) and 1 pd on eq (126). no lates, no derogs, judgements, no liens or any other negative and I can't get a cc either.

[MidnightVoice]

I don't know the answer, but they are looking for a good mix of credit and a never late mortgage for a few years is part of what I imagine is the best mix

[Tuscani]

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MidnightVoice wrote:

I don't know the answer, but they are looking for a good mix of credit and a never late mortgage for a few years is part of what I imagine is the best mix

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This pretty much sums is up.. the key is a good mix of credit! That does not mean that being a homeowner guarantees that I can get a certain CC that you can't.

Message Edited by Tuscani on 06-03-2007 01:04 PM

[SoulSmilen]

I didn't have a mortgage when I started applying for CCs. I didn't have a score at all before 2/2006 and the scores in 10/2006 (when I started applying for CCs) were high 500s to low 600s. All FICOs now are 660 - 670 range now, climbing regularly.

I had one medical collection showing from 2002 (it's in dispute now as I didn't even live in that state when they claim I incurred the debt..lol)

I had one unsecured (co-signed) installment loan opened in 2/2006, no lates.

I actually played roulette and won, but I wouldn't advise it for everyone; I opened a total of 6 CCs between that first card in 10/2006 and 4/2007. It was deliberate, because I knew I wouldn't keep the first 2 open past the first year (they were intended as starter cards and come with high AFs), but I was pretty surprised I didn't take more of a hit on the new accounts. The scores never dropped with each new account; they only increased between 2-5 points with each of the 4 new accounts opened between 3/2007 and 4/2007, but they're now on a steady rise. The scores were in the low 600s when applying for the last 4 CCs.

Maybe it had to do with income and DTI, too, who knows; my DTI even with the new accounts is 7%. At any rate, it just adds to the well known fact that that there isn't always rhyme or reason to the scoring. I'm often bumfuzzled myself when I see much lower scores with CLs in the 1000s.

[MercyMe]

Not to negate the fact that there are a whole lot of people running around who have never had a mortgage and  yet carry a pocket full of credit cards!  I could be wrong, but I think it has more to do with whether you've had/have a credit card(s) and how well you managed that credit... sort of like they do with automobiles and the auto enhanced credit scores.  I have a mortgage, but it's not reporting, and yet I received a Wamu Platinum....which is a few steps up from the First Premier Bank Card I started with some three years ago, now.  What do you think?  Make sense?

[Eric958]

yes, makes sense. guess I need to ride the sub prime train awhile. Guess I'll try for the amex/wamu cards in a year or so! Thanks, all of you for your time and input. E!

[MercyMe]

Eric, it won't take long.  Within 6 months of opening that First Premier account, with a limit of $200 and an available credit amount of $76 after all of their fees (which I feel were well worth it), I was approved for a $250 Target card, and then a $300 Home Depot card, and when I got the Home Depot, Target raised me to $500, and soon after Home Depot did the same.  First Premier followed suit with a increase, to $300, I think it was -- they've been slow in increasing, but they lowered my interest rate to 9.9%, so they're a whole lot easier to pay off than some.  Having those three cards and paying on time and more than the minimum netted me a BOA Power Rewards Visa with a $1000 limit ... now it's $2500, and I didn't ask that it be raised.  They do that.  So it only took me about a year to move from subprime FP to prime BOA ...so

OOPS, I did it again didn't I!!!  I hit TAB

Message Edited by MercyMe on 06-03-2007 06:33 PM

[MercyMe]

Eric, it won't take long.  Within 6 months of opening that First Premier account, with a limit of $200 and an available credit amount of $76 after all of their fees (which I feel were well worth it), I was approved for a $250 Target card, and then a $300 Home Depot card, and when I got the Home Depot, Target raised me to $500, and soon after Home Depot did the same.  First Premier followed suit with a increase, to $300, I think it was -- they've been slow in increasing, but they lowered my interest rate to 9.9%, so they're a whole lot easier to pay off than some.  Having those three cards and paying on time and more than the minimum netted me a BOA Power Rewards Visa with a $1000 limit ... now it's $2500, and I didn't ask that it be raised.  They do that.  So it only took me about a year to move from subprime FP to prime BOA ...so you just keep hangin' in there!  This board can be a bit discouraging for we who are still struggling, when you see people talk about their five  figure credit lines, and their 800 plus scores, huh?  Not to worry .. in time, and with a measure of patience and twice that much wisdom, we will all obtain the same ...  Well, you maybe.  Not me.  I just can't imagine why anyone would need so much CREDIT!  But then, I've no plans to fly off to Spain. 

Message Edited by MercyMe on 06-03-2007 06:31 PM

[Eric958]

Thanks for the inspiration! I needed it. It's good to know their are ppl out there willing to help out ppl who in the pass made a few mistakes with their finances. Thanks again to all that have posted. Eric