Got FICO from 617 to 747 in 4 mths

Discussion in 'Credit Talk' started by Rain, Jul 30, 2001.

  1. Rain

    Rain Member

    But now what?!

    On March 29th, my FICO score was 617.

    At that time:
    -Had only 1 8mth. old tradeline - Cap1 sec. 200 limit
    -Had 2 collections that were due to med. ins. snafus
    (1 was a bill an Emergency Room co-pay which I paid at the time of the visit, but wasn't reported to my insurance. The other was a $10 co-pay which I also paid at the time of visit, but somehow ended up being sent to Collections.)

    Over the past 4 months I:
    -Added a tradeline - Orchard unsecured 300 limit
    -Disputed the 2 collections and they were removed
    -Had my Cap1 unsecured and the limit raised to 500
    (Also got my APR lowered from 19.9 to 15.9. All this via PlanetFeedback and Mr. Miller.)
    -Let the Cap1 card age to the 12 mth. mark
    -Kept my balance ratios very low. 7% as of today.

    So, today, July 30th, my FICO is 747 at Equifax. My Experian report is the same as my Equifax, but I haven't checked Experian score. My TU still has the $10 collection on it, currently in dispute.

    My question is, now what? I want to apply for a prime card, but I'm not sure which one to go for. I don't want Citi cause they don't report limits, which is already a pain I'm dealing with thanks to Cap1. I was thinking of Juniper, but even with a 747 score, I'm wondering if my oldest card only being 12 mths. old is a hinderence with them??? Dunno. Maybe Nextcard? But they have a lot of horror stories I've read on them. Are they really as bad as I've heard? Also, how much will the 1 collection I still have on TU matter to them. 'Cause I read they pull Experian AND TU. Chase isn't doable cause they pull TU, also.

    Anyway, sorry to ramble...I really would appreciate any advice on where to go from here. I'm sitting here with this 747 FICO and I'm not sure what move to make next. I know I should try for some sort of installment loan. Maybe a small one through my bank, but I don't need one, so that bites to have to take out a loan just to improvemy credit portfolio when I don't need it. Which Credit cards pull Equifax or Experian mostly (In the SouthEastern US)?

    I really will appreciate any input or advice given.

  2. sam

    sam Well-Known Member

    citibank! of course. My score is much lower and i got a $4000 limit now at prime+0.9%
  3. marci

    marci Well-Known Member

    Citibank reports limits to all three of the CRAs for me. They always have, since I opened my first account in March 2001.

    I recommend Citibank.
  4. MikeB

    MikeB Banned

    I think you are confusing CapOne which does not report limits with Citibank that does. Try for Citi Plat.
  5. the other

    the other Well-Known Member

    Citibank reports the limit on my old account, but not the new one. Alot of people have complained about Citibank not reporting the limit.
  6. Momof3

    Momof3 Well-Known Member

    The other, what new account limits aren't they reporting and is this to all three agencies??

  7. Rain

    Rain Member

    Ok, well, I went and applied for Juniper and Citibank Platinum -- DENIED BOTH!

    I guess maybe I was aiming too high. I just figured with a 747 I should qualify for SOMETHING of Citibanks. I've never had a Citi card, so I'm not on any sort of blacklist of theirs.

    I've gotta admit, I'm so frustrated by this. I sweated it out for months trying to get my score up to prime level, and now I'm sitting here with this 747 score that's sweet to look at, but seemingly USELESS!

    So, that's 2 wasted inquiries that have lowered my score some. aarrgghh!

    Any ideas on where I should go from here? I'm calling Juniper and Citibank tomorrow to see if I can get my curiosity satisfied as to why I was turned down specifically. Maybe I can negotiate my way into a card. Heck, I dunno. Like I said, any ideas anybody?

    Thanks you guys,
  8. FooBar

    FooBar Member

    747 is high enough to get Citibank; I'm not sure what my score was when I got my Citibank card, but it was lower than that. But they don't necessarily just look at your score. Creditors usually have other criteria as well.
  9. sam

    sam Well-Known Member

    very important criteria, is the your income, how long you've stayed at your address, how long on the job, etc etc.

    Those questions in themselves can sink you.

    a 747 is definitely enough to get either of those cards. Either your score is wrong, or something.
  10. judyputy

    judyputy Well-Known Member

    Call both places and ask why you were denied. Make them explain it to you and ask them to reconsider your application.

    Do you belong to a bank or a credit union? Maybe try and get a credit card through the credit union if you belong to one.

    Oh, and some on here have a problem with Nextcard, but I have had mine for 18 ,pmths now and have had NO problems what so ever. They are very strict, and demand that they be paid on time and that you remain responsible with your account. But they have been great to deal my experience. Before you apply for any more cards you might want to personally call and get the rep to discuss the qualifications before you apply. That way you might be able to save the inquiry if you know you can't qualify.

    Good luck.
  11. tom65432

    tom65432 Well-Known Member

    I applied for a Juniper a Nextcard on the same day. I was immediately denied on Juniper and got an instant approval on Nextcard. I do not know what my score is but I have very high limits and had maxxed out my cards at the time.
  12. RichGuy

    RichGuy Well-Known Member

    That may have been one of the subprime NextCards. Considering how many different levels of credit they now target, I think it's very unlikely that Rain would get turned down by them. Unless, of course, the two recent inquiries sink the application.

    I think it just takes patience. Up to a year of waiting, and maybe a few more declines by prime banks, and then everything will fall into place.
  13. Andrew

    Andrew Well-Known Member

    Back to your score increse...

    How did you do it?
  14. Rain

    Rain Member

    I just got off the phone with Citibank, and spoke with Juniper earlier. I was told that my application hadn't been denied, it was recieving further review. The gentleman I spoke with at Citibank said that it didn't mean I would be denied, it just meant they had to give it further consideration. Unfortunately, he said it could be up to 30 days before I get a final answer. Ugh.

    My income is $56K, at current job for 3 years, and current residence for 3 1/2 years, so I think I should be alright on that. I think the problem must be from my credit history being so short. Like I mentioned in my opening post, my oldest account is only 12 months old. That must have raised a flag with their automated approval system.

  15. Momof3

    Momof3 Well-Known Member

    Rain what number did you call for Citibank, they can usually tell you yes or no days after applying?? Was it with the area code 301 number???
  16. Rain

    Rain Member

    It was a number I got off their site. I clicked "Contact Us" at the top of the homepage. I called the number it had listed by "Credit Cards".

    I had thought that they would be able to tell me something. The gentleman I spoke with just said it would be 30 days, and I'd recieve the answer in the mail. Surely, they should be able to pull something up from their system to let a person know sooner than 30 days. Is there perhaps a different number I should call that might get me more info? Anyone know of one?

    I really appreciate all the help,
    Thanks again,
  17. Momof3

    Momof3 Well-Known Member

    Yes here's the number, they will tell you yes or no on the spot. There is an option that askes if it has been more than 3 weeks since you applied, hit that option even if it hasn't been that long ( i did only after a few days).

    1 301-733-5501 This isn't toll free

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