i want an amex blue ....beeen turned down 3X. I do have many inq. and my oldest history dates back to only 9/2000 with a sub prime lender...I have 15 open trades in good standing......my FICO was 650 in october...owe and the biggie I have only one collection account which reads opened 1995...reported 1996....verified after i diputed it in begining of 2000........If they continue to deny me what other prime lender would bite....any suggestions? what am i dooing wrong thanks isn advance.
the impression i've gathered is that most lenders won't touch you if you have a collection account. i'd work on getting that off your report.
You have 15 credit accounts opened in the last year and two months? I assume most of these cards are less than a year old. If they are then the best thing you could do is wait and let these accounts age. New accounts look fairly risky to lenders. Also, this many accounts doesn't look good. Also, since they are subprime I'm guessing a lot of these cards are 300-500 limits, so it's real easy to have your debt-to-limit ratio be high on these cards. Also, just a fyi, the collection account in 1995 is your oldest account and may actually be increasing your score because of it's age. Disputing it could actually be a double edged sword.
You could always apply for the Delta SkyMiles card.....then if you get it, switch it and HOPEFULLY they'll offer you Blue. I did this and the first time (I called just to check if it could be done) I was offered Blue. When I called back a couple of days later to do the actual switch, I wasn't offered Blue but Optima Platinum (which I wanted) instead.
ouch, thanks forth info and the fyi! not all sub prime mostly retail and whats crazy is i dont even have anywhere near 50% charged on the cards and one of my numbers were : credit/balance ratio too high ...how....oops also forgot to mention i have a neww car loan its nearly a year old trade.....i was thing i could prob try to wait 4 another prime card to approve me with a high enough limit to do a BT then just sit on my report 4 about 6 mo with no acctivity then strategically eliminate the retail cards theat i dont use any more....but i will remem to keep at least my oldest two for the history reason being that collection is due to fall off next year.......any other suggestions .....does any one agree that this is good for me to do? thanks in advanced
You need to close at least 10 of your open accounts. The only people who can get a Prime lender to approve them for a 16th account are those whose credit is otherwise PERFECT. Saar
