From SUBPRIME to PRIME - when?

Discussion in 'Credit Talk' started by Chet, Sep 21, 2000.

  1. Chet

    Chet Well-Known Member

    For those with blemished credit, could you possibly share when you made the transition form subprime to prime credit cards. I have applied for several prime cards only to be rejected, even though I have eight years of strong credit, but that does include a Bankruptcy in 1992.

    And if you have managed to get a prime card, which one was easiest to get?

  2. roni

    roni Well-Known Member

    RE: From SUBPRIME to PRIME - w

    Here's what I think chet. I came up with the idea that my own financial institution would probably help me more than BankOne, FirstUSA etc. So I started a little history with my personal bank. My credit score is pitiful. My inquiries are outrageous. I had no positive credit at all until 5/99 (one little pitiful $200 First National Bank of Marin). Now my personal bank is a big one : Chase Manhattan. But if you read my post 2 days ago, I got a unsecured mastercard classic for 2K in the mail from Chase. This is after I got a secured loan with them in April and paid it back. On the application they asked what accounts I had with them. I was able to say I had checking,savings,and installment loans. Something got me that loan. And I bet it was not my 609 FICO and 4 student loan paid collections. Others may disagree, but I read in a book that this works. It worked for me.
  3. RITA

    RITA Guest

    RE: From SUBPRIME to PRIME - w


    How did you get a secured loan? And how much was it for?
  4. roni

    roni Well-Known Member

    RE: From SUBPRIME to PRIME - w

    In 4/00, I walked into my bank and told the banker that I wanted a secured loan. This is commonly done; however, I like many others never knew of this simple credit building strategy. He handed me the application and I completed it. I only banked at Chase for 1 year and 2 months prior. I keep roughly $2,000 in the bank that year and was never overdrawn. About 3-4 months prior I keep about 7K in my savings account. I then asked for a secured loan using the savings account as collateral. He immediately approved the loan and froze the $1,000 from my savings. They checked my credit a few days later. He then set up automatic payments. I paid the loan back quickly though. Using the loan of course to repay it. The way they (banks) like to do it is, give you a check for $1,000, you then deposit it in your checking account and then they monthly deduct the payments from your checking. After it is repaid, your collateral is then unfrozen.

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