At What Point

Discussion in 'Credit Talk' started by mindylou, Jul 5, 2001.

  1. mindylou

    mindylou Well-Known Member

    At what point should I start to apply for the good cards? credit score is 635 and thanks for the advice on the discover card I'll think I'll wait on that one. And by the way THIS BOARD ROCKS. Thanks for all of the information you post here, I feel like I've had a college class in credit. Hey, there you go for some of you teachers how about teaching classes on how not to screw up your credit when your young(LIKE I DID).
  2. nursie

    nursie Well-Known Member

    I'm wondering the same thing.
  3. breeze

    breeze Well-Known Member

    Well, I can tell you what not to do, cause I've gone and done it. Don't get carried away and get too many cards. Then you will be eligible in many respects for prime, but they will turn you down if you have too many cards or too many inquiries, even if your score is good.

    If you haven't opted out, haven't loaded up on inquiries and subprime cards, you will start getting offers from AmEx (I think their among the first to send you an offer), B of A, Chase, Discover, and MBNA also do the preapproval thing from those "PRM" inquiries you see on your reports.

  4. breeze

    breeze Well-Known Member

    Don't listen to me, I don't even know my own name.

  5. nursie

    nursie Well-Known Member

    Nreeze (or is it sneeze)... hee hee
    So... we should just wait until the offers come to us? I don't wanna wait!
  6. mindylou

    mindylou Well-Known Member

    Breeze thanks for the reply does this mean with my credit score I might start seeing these offers? I have one inquiry in last 6 months and a visa and mc.
  7. creditwork

    creditwork Well-Known Member

    You are in great shape. If you want more cards, apply and exercise your existing credit. You will get offers within months.
  8. breeze

    breeze Well-Known Member

    I usually get a bunch of offers a few weeks after I check my own credit report. I first noticed this about 2 yrs ago, and I have kept track of my offers and which report they come from. It's true. I would try that first.

    If you want to go ahead and apply for one, instead of waiting for offers. I would suggest Citibank or B of A. They like people who don't have a lot of cards. If your credit history is short, you might not get their best interest rate at first, but you can always negotiate that after you get the card.

    If you get Citibank, get the standard AA Advantage card and then go for an upgrade. Join AA Advantage first.

    Another route to consider is joining a credit union, and getting a card from them. I recently joined one, and their standard card is 12.99%. If you aren't eligible for a credit union, email me, and I will tell you about one anyone can join. :)

    good luck

    breeze aka nreeze LOL
  9. mindylou

    mindylou Well-Known Member

    Breeze, thanks alot for the 411, do you know what CRA citi or B&A(bank of america?) pull?
  10. breeze

    breeze Well-Known Member

    They both pulled Equifax for me. I am in Virginia. That's no guarantee though - they could pull any report.

    Here everyone at least uses Equifax, sometimes they hit all three.

  11. breeze

    breeze Well-Known Member

    I talked to Citibank's credit department - they turned me down for platinum card (I have AA Advantage), so I called them to ask some questions. They don't like a lot of inquiries (I have 11 in the last year on EFX- they're not all legit, but Citi wouldn't listen to my explanation). They want less than 30% usage, and it should be spread out evenly on your cards - not all on one card. They don't like too many cards, and your availabel credit should be in line with your income. In other words, with a short credit history, they don't want to see $50,000 of credit available to you, with an income of $35,000 (and you trying to get more credit...). But, they like being one of the first cards you get - so short credit history seems to be okay, even a regative or two as long as it's more than 2 yrs old. I don't mean upaid stuff, but paid negative will probably not keep you from getting the card.

    I didn't talk to B of A, but they gave my Mom a card with 9.99 BT for life of the transfer, 20.99% for purchases though. $39 annual fee, $5,000 limit. Mom's credit history (the one they checked) showed credit for less than one year. However, she is retired, which is considered a better risk, I understand. Actually she has some credit history back to 1994, but since that card is inactive, Equifax kindly deleted it when it reached the 7 yr point. Nice, huh?

    Hope this helps.


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