My next step?

[Anonymous]

Hi,

I am step-by-step trying to rebuild my credit.  I have an EQ score of 688 and 4 old baddies (2002) which include one active CA.  My credit cards currently are a Target Visa CL 500 and a BOA Platinum Visa CL 800.  I just reopened a closed store card which should give me a good score boost as it will be my oldest revolving TL (8 yrs).  With this card now active and my recent payments, my util should be down to about 6% (can't wait to see my score next month!).

I really want a card with a high CL like most of you seem to have.  My question:  do you think asking for a CLI on my existing cards before applying around would help me secure a card with a higher CL?

Do you think my baddies will hold me back much?  Should I just wait for them to drop off before I apply for anything new?

Thanks.

[jschaffer]

I would definitely be interested in finding an answer to this as well.

[Anonymous]

Bump

[sl]

Correct me if I am wrong, but baddies that old don't carry as much weight when applying for credit. Most companies like a clean record for 24 months. IMO, I would try for the CLI first and ask if they do a soft or hard pull. I applied for a Hooters card and currently waiting to see if I get it and my credit line. My scores across the board are 680, 68, and 682. I should know shortly if I get the card and if so will post the credit line and interest rate.

[Anonymous]

Well, the baddies probably aren't hurting my score much anymore, but some companies won't give credit if you have baddies on your CR.  I've heard AMEX won't give credit to anyone with an open CA.  So I would get denied even though my scores meet their minimum requirements.  Also, if I do the pre-qualify BOA link, they don't offer me anything but the secured card (which I had - and was upgraded to a Platinum Visa)...

[sl]

I am going to call Hooters this afternoon and will post if I got it. If I do, that would be a good card to try for.

[Anonymous]

The higher your existing limits are the higher your chances are for approval for new apps.  Shows that your current creditors ren't afraid to trust you with more.  THat applies as long as you don't outpace your income.  That being said, if you can get CLIs without hard inqs go for it before applying.  The nqs generated by applying for new credit may affect your chances for an increase with your existing creditors.

All that being said, never apply for new credit unles you need it.

[Anonymous]

Your score is already fairly good if it's 688. That should be enough to get you almost any card you want. Hooters seems to pull TU. Amex pulls EX but when I applied for my corp AMEX they pulled EQ. Carnival Sea Miles pulls TU and so does Wamu. CCCU pulls EX. All these cards you should qualify for ASSUMING your TU and EX scores are similar to your EQ.

[Anonymous]

Thanks for the responses.  I'm probably being overly cautious, but I don't want to waste my time applying to the CCCs that won't accept any baddies. 

I had heard AMEX won't take anyone with an open CA...

Thanks for the tip that WaMu pulls TU. 

[sl]

I would stay away from AMEX until you get that collection taken care of and it has been at least a year.