What kinda card could I expect to be approved for with my scores? They are close to what I have listed in my profile. Thanks.
You can't always go on just scores. Do you have any negs? If so, what are they, how many and how old?
I have 3 medical collections on 2 of the CRA...the "newest" one is 17 months old. TU has 4. All of them are small medical collections. I am gonna attempt a run at CHOD to have them removed.
You could likely get Target Guest, maybe Target Visa, possibly GM Card, Best Buy and Household. Maybe...or maybe not. Its hard to tell. Cap One...maybe. Good luck! L
I know that a score of 680 or so is considered the magic number for a prime card, but I wanted to try soon. How many points does a hard INQ normally cost? I need to be careful since apparently EQU Bumpage is apparently a thing of the past. Thanks.
I used to think so too. However, even if you have a 680 score, and you have derogs, they may approve you, but they may not give you the best rate. Where you want to be is 680+ with *no* derogs. Only then can you be truly prime. I've got a 710 (ok ok I have 3 items in dispute ) fico and they wouldnt give me a good rate/limit because after actually looking at my report, they saw the derogs. They told me to get back to them once I take care of those, and they'd "gladly" raise my limit. I've got 3 derogs left to go right now (and that's all the way from 15 derogs in june 2002.. woohoo!)
According to my calculations... creditnetters approved for a prime card have an average score of 674 (w/ one major outlyer, removing that the average is 703). You can compare this to the average credinetters credit scores: TU 609, EXP 607 and EQ 661. the average creditnetter approved for a prime card has less than 2 derogs (1.6 average). Those denied had an average of 3 derogs. the average creditnetter approved for a prime card has more than 18 positive TLs (18.6 average). Those denied had 13 positive TLs (12.7 average).
That is some GREAT scientific data that I can really put a handle on. Thanks a million! I think the major compelling data is the number of average trade lines!! Any other good data for us to churn on? Thanks.
I would be fascinated to see this "scientific" data study of creditnetters. Prime territory is 720+. You should be in 680+ before you apply for anything. Naturally it's up to each individual creditor and those criteria change daily, so it's very hard to determine. But the numbers I'm asserting here are from THOUSANDS of posts. If MrMagoo applies for anything right now he runs a high risk of declination. This will result in an inq. without a corresponding account for the next 2 years. Not worth it in MHO. Can you be a little more patient and wait until these derogs are off before you do anything?
I agree with Butch about waiting until derogs fall off. I don't think it only matters that your score is good. You will either get denied or get lousy terms if a prime company looks at your report with derogs. So, if you want Prime, I would wait it out.
i got a citibank illumina with a 9% interest rate $1000 CL, my exp score was 667 at the time. 3 derogs (2 of them set to NO STATUS), 2 positives
Lets say you had NO derogs, don't you think you would have gotten a much higher limit? I am just speaking in terms of what I mentioned before about waiting until derogs are gone. Just a better chance of approval and better terms.
Nothing particularly "scientific" about it... I just added up numbers i got from people on a previous post. Ironically, I am a scientist... but not anywhere near the credit realm!
Heres something a little more stats magoo, but it only takes into account scores and not derogs... Null Hyp: magoo's means credit scores are not statistically different from the scores of those that received a prime card in the last 6 months. Test: t (assuming a normal distribution) Result: The probablity that the null hypothesis is true is 0.031; therefore, we REJECT the null hypothesis that magoos scores = prime scores. OK, so is magoo in the rejection group? Null Hyp: magoo's means credit scores are not statistically different from the scores of those that were rejected for a prime card in the last 6 months. Test: t Result: The probability that the null hypothesis is true is 0.715; therefore, we DO NOT REJECT the null hypothesis that majoos scores= rejected applicant scores. You can take it or leave it Magoo... but, it looks like you are a tad bit out of the prime sector. Again, this is not particular "scientific", just a little fun information for magoo's benefit... I'd definitely need a bigger sample size to make it scientific. If your interested in a "confidence interval" for approval, I can calculate that as well... hey, this is kinda fun!
