I am in the process of restoring my credit. I foolishly closed out most of my accounts several years ago and as a result have a difficult time getting credit. My Fico is in the lower 600's and I have a cap one secured- no lates, and a target guest card-no lates as my only open accounts. I believe I am on Citi's blacklist due to a chargeoff and will be getting an installment loan mid 2002. Any ideas of what would be a good card to go after next?
bp, I did the same thing three years ago when I had lost a card and became spooked. I closed almost all my accounts and then was penalized for it and the one account tried to jack my interest rate simply because my score went down. What a system, huh? You try to do something financially responsible and they deck you! Anyway, as to my advice - apply for whatever you want. You will be denied, most likely. When you get the denial letter you will have a name to write to. Tell them that you are being penalized unfairly and explain that you were being financially responsible by closing some accounts and did not know that FICO burns people who do that. Ask them to have your file reviewed by human eyes rather than making their consideration based on a number which in your case is an unfair evaluation of your credit history and is, in essence, defamation of your financial character. If they still deny you, try to find out who their VP of Credit is and write him or her a letter. Now, in asking for your credit to be looked at by a human, they may pull another report. If they do, after you get approved, write them another letter and tell them you only applied once and demand removal of one of the inquiries. Good luck. Mist
I would also consider trying for a CapOne classic and/or KMart card, depending on the length of history with them.
Try DMB (Direct Merchants Bank) They are pretty easy to get. I started with a $99 security deposit and they gave me a $500 titanium mastercard. After one year I called and asked them to unsecure it and they did it. I got my deposit plus interest and a free upgrade to gold and a $250 credit line increase. I have never had any problems with them so my experience with them has been great. I called retention after they unsecured it and asked to have the $30 annual fee waived and they said not a problem.
