Hello everyone, Is it true? I have received 2 offers for platinum cards, unsecured, etc. Which tells me first that they checked my credit report without my authorization, which means I also have 2 more hards on my reports. But I have been reading that you need credit in order to get a higher score. The majority of my credit history is student loans, and some collections from medical bills. Do you think it could help me my score to get these cards and use them seldomly and wisely.
They didn't pull a hard inquiry- they pulled a PRM or "promotional" soft inquiry which doesn't affect your score. These offers by chance wouldn't be from Citibank, would they? They've been sending out "invitations to apply" to almost everyone- my husband and I have rec'd them for their Platinum card and the AT&T Platinum M.C. Knowing there is NO way we would be approved, the apps were filed in the circular bin. Yes, having a positive revolving history CAN increase your score. What is your score right now? You mentioned some collections- are they paid? How old are they?
Thanks for the reply. Yes they were from Citi and it was a platinum also. The collections are all medical and were all placed in my report last year. They are not paid. Last I checked my scores ranged from tu 545 exp 535 equ 550 I recently disputed some lates for my student loans-- b/c they were in forbearance & deferrment to see where it leads. Hubby and I are looking at doing whatever it takes to qualify for mortgage. Spoke with mortgage consultant who states that if I can stick it out until July, that I could qualify for FHA -- construction. last late payment on credit is from July 2002 on student loan. Other than the collections, the ONLY other credit I have are 3 student loan accounts. That is why I was considering the cards, but only if they would help.
Don't send in those Citibank applications- you'd be wasting an inquiry. They have apparently purchased some huge mailing list and are just sending out those "invitations to apply" to everyone. Citibank has pretty strict credit requirements and unfortunatly with those recent collections, you probably would not be approved. You're still on the right track, though, thinking of establishing credit. In the meantime, your best bets would be something like an Orchard Mastercard or some sort of secured card. I recently got a $500 card through Cap One with a $99 security deposit. I also have one of the Orchard cards. To be considered for a Citibank, Chase, Fleet etc one of the "prime" cards- your scores need to be around 680ish. Some people have gotten approved with mid 600 scores but you and I with scores in the 500s don't really have a chance. If you can get those lates off of your student loans and try to get those collections off, your score will increase. Having a good "revolving" history (credit cards) never hurts. Just be sure to keep your balance very low in proportion to your credit limit.
