Which Card for me ?

Discussion in 'Credit Talk' started by Eric2OO2, Aug 4, 2002.

  1. Eric2OO2

    Eric2OO2 Well-Known Member

    I think I need another card for my report, however I am not sure if I'd be able to get approved for any. My equifax fico is 701 however I have 7 inquires on my report (well the ones that show at myfico.com) and my current cap 1 account is in good standing, but its' only 10 months old. Do you know of any cards that would be likely to approve me at this point, or should I just wait ? I really dont want to waste a inquiry to get a denial letter although I know there is always some risk involved. I thought about going to my bank (BB&T) and applying for their card since I've had my account with them for a couple of years, but I really don't know how that would go. Any suggestions for me ? Thanks!

    PS - Thank God 6 of my inquires will be gone by the end of next year. They do only last 2 years, right ? Thanks! :eek:)
     
  2. charlieslex

    charlieslex Well-Known Member

    Inquiries less than 6 months old hurt your score. If you have any that are less than 6 months old call EQ and dispute 2 as not mine. With a 701 EQ score, you should have no problem getting another card if you get a couple of the inquiries off. Charlie
     
  3. Reshod

    Reshod Well-Known Member

    How old is your oldest account?

    I am looking at the possiblity of you being declined because of the 6 inquiries, in which some of those may have led to new accounts.

    If that is the situation, I would wait at least until the Cap 1 account ages to a year, which is only 2 months away, then apply.

    This strategy along with disputing the inquiries can not go wromg.

    Good Luck
     
  4. Eric2OO2

    Eric2OO2 Well-Known Member

    Thanks for the good luck and the advice :) My oldest and only account is capitol one which is 10 months. Only one of my inquires are less than 6 months old. I can't dispute the inquires if their actually legit, can I ? Also someone from chat gave me the retention # for capitol one. I am going to call them next month and see about getting a increase for my limit. I have their secured card, although its reported as unsecured, and the max for a secured is only $500. Heck maybe they'll unsecure it and offer me a regular card, whats the odds of that ? thanks!
     
  5. Dani

    Dani Well-Known Member

    Eric,

    Are these seven hard inquiries or a total of seven (hard/soft)? I agree with Reshod wait another 2 months until the Cap One reaches a year old. At this time, I would probably e-mail a letter to Capital One at www.planetfeedback.com and ask if they would upgrade the card to unsecured. You have shown a good payment history and there should be no reason that they can't do it.

    In the mean time, wait 2 more months and try for a store card - Macy's, Radio Shack, and Target are all pretty easy to get (don't apply all at once though, apply for one and see if you have been accepted). Or you can try your bank (BB&T) they may be more leinent because you already have an account with them.

    The important thing is to establish (and maintain) credit. Apply only for cards that you actually need and will use. Keep balances and inquiries low and payments on time..by the time you're 20...you will probably be able to get almost any card you want.

    Good luck. :)

    Dani
     
  6. Eric2OO2

    Eric2OO2 Well-Known Member

    Thanks! Well usually you can only get a credit limit increase once every 6 months, and my last one was in march, so should I wait 'til next month ? Also should I use PFB , or call the retention line ? I applied for a walmart card about a month ago or so and they denied me. "average age of accounts, age of oldest account, revolving bank obligations in relation to bank revolving lines." I have since paid the Cap 1 card off and havnt been appying for anything. The next thing im going to apply for is the target guest card, but im going to wait til my cap 1 account ages a year........ :O)
     
  7. azur24

    azur24 Well-Known Member

    I have ths cap1 secured. There is no max that I know of on cl increases. As of now, my cl is $550, and I can receive another increase at the end of this month.
     
  8. Eric2OO2

    Eric2OO2 Well-Known Member

    Really ? I know I read somewhere the max on the secured card was $500...hmmmmmmm
     

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