After much work using some of the things I learned here (yay!) I think my credit ratings have improved from atrocious to reasonable. I say "think" because I don't really know what reasonable is. Anyway, my experion score is 698 now, the other two are somewhat lower. This is a huge improvement from the upper 500s/low 600s from not much more than six months ago. The biggest problem is that I do not have much credit right now. I only have a $500 card with Capital One that they gave me out of the kindness of their heart (ha) a couple of years ago. I tried once to increase the limit but was denied. This was about six months ago too. What I'd like to know is, any suggestions on credit cards to apply for with decent limits (just for reporting/etc purposes, to put groceries on 'em and build "history") that checks Experion since that is my highest score? Is 698 enough to get a decent card these days, assuming I have a very strong income, and employment history, cash reserve and positive net worth? I've worked hard over the last few years to build a successful career and pay everything on time; the money was never the issue, just my own laziness, but I've been scarred by applying for cards in department stores, etc., and being denied right in front of everyone. I guess I just need someone to tell me "yes it's time to apply for a couple of cards and use 'em for groceries and gas" or "no, you need to wait another six months, pay your bills on time, and let those scores continue to rise." Any input would be appreciated... a LOT! And thanks to everyone for the posts over the months, and to creditnet for providing the forum & a search engine
Well I applied for a Nordstrom Platinum (2nd card I've applied for in the last, uh, seven years!) - wish me luck! I got the 'you will hear from us by mail in 7-10 days' message which probably is bad, but at least I tried.
Try applying for Citi, they will approve you as long as you are two years without any lates. They gave my DH the ole 7-10 days and sent the cards.
I called Nordstrom to find out; rejected. Frustrated. Angry. sigh I just want to give up. I've worked my heart out and I can't seem to get past a single $500 card. I hate this system, I just despise it. I can't imagine there are many 20-somethings who sacrificed just about everything to get a six figure income, but still can't get any credit anywhere, and all for the offense of being late on student loan payments five years ago when I was young and stupid. Is it really this bad? Should I simply stop caring, earn, save and spend cash, and live without credit? It's not hard, my ATM card doubles as a Mastercard and works for anything (rentals, etc.) that I'd use a credit card for. I guess I'm starting to wonder why exactly I'd want (so bad) to give my business to an industry that apparently doesn't want it. Sorry for venting, this really broke my heart.
Like Annie said, try for Citi. The AAdvantage cards have been easy for some--but not the World card. Another place to try is your credit union, if you belong to one. You can usually sit down and talk to someone to plead your case. Are your student loans current now? If not, you might want to try to rehabilitate them. After a year of on-time payments, they're supposed to remove the negative history. But I don't think you can do this if you're current now. If someone knows better, please speak up.
Thanks for the suggestion - I will take a look at the Citi card now. I paid off my student loans two or three years ago.
Well, I applied per the suggestion, "Thank you for requesting a Citi® Gold / AAdvantage® World MasterCard®. We will contact you at the address you provided as soon as your request is processed." I have a bad feeling about what this means. So I figured I'd call Capital One and see if it'd be possible to increase my limit from $500 to $1000 on the card I've had and not missed a payment on, ever. I tried the phone request and was denied by an automated answering service. I was just thinking of the irony of how these companies won't give a $1000 card to an employed professional with the means to easily afford using it, but they'll happily give a $3000 card to a 18 year old with no job, no income and big tuition bills for the next five years. I give up.
Before you waste any more ings, pfb capital one and citibank. I am sure that if anyone could help it would be Mr. Cooke for C.one and I got reconsideration from pfb with citibank last month.
Sphinx99, You will need credit (or more accurately, a credit history) in the future when you want to get a mortgage. Almost every professional goes through that phase sooner or later. As far as cards go, you may not want any more inquiries for a while. But you will need more tradelines. Not necessarily large tradelines, but just active, positive, inexpensive (no annual fees), and eventually well-established tradelines. MBNA may be a good bank to try after a while. They pull Experian for me every time. Chevron pulls Equifax Exxon Mobil pulls Experian Shell often pulls Experian Macy's often pulls Experian JCPenney pulls Experian You may need to go through the "middle-class kid, just starting out" stage before you get to the "well-paid professional, school's finally paying off" stage. Of course you deserve Nordstrom and other cards, but you may need to build your credit for a while before it all comes rushing in. In the meantime, Exxon Mobil may not seem like a reward, but it is a tradeline, meaning it's a step in the right direction. And my dad, an engineer who has been making $100 per hour lately, has had Shell and Chevron cards for 30 years. And people on this board brag all the time about getting Target and Kmart cards. I like the credit union suggestion too. It could help you get a decent credit card now, and it's probably the best way to finance a car whenever you want or need one. Wishing you the best in credit,
