Yes, I too am (or was?) "Sub-Prime". Like many of you I have spent 7 plus years "rebuilding" or "restablishing" my credit. Just this month, the last paid collection (a $345 bad debt to a retail store dating from the Spring of 1993) was deleted pursuant to federal law. Right now, all that I have on my Experian, Equifax, and Trans Union credit reports is an 18 month history with Capital One - paid,never late - with a $2,000 limit (partially secured, but not reported as such) - maxed out several times, but currently $0. I also have a year old(sub-prime) car loan that was originally for $24k and is currently at $20k. What I would like to know from any informed or experienced person is how long do I have to wait to expect "pre-approved" offers from prime banks such as MBNA, Citibank, Chase, American Express, etc... I have only TWO inquiries on my report in the past two years - an MBNA inquiry (appearing only on TransUnion last January) and a Progressive Insurance inquiry (appearing only on Experian in October 1998). I still lack the self-esteem to apply for a card myself, preferring that they "offer" me a card. Please tell me if it's too soon to expect such offers, especially now that the Fed has tightened the money supply.
RE: The Scarlet "S", Hester, I am curious as to your employment and income status. I would have thought by now you'd already have been getting pre-approved offers. I am no where near getting cleaned up as you, and have received several pre-approved offers. They are gas and dept. store offers, but they were pre-approved. I imagine if you were to go online and try for a prime card, and if your income/employment status is positive, you ought to be able to get approved. One more inquiry will certainly not hurt. As far as how long will it take before you get offers... within the next 12 months if you don't become bold and apply yourself. Once you get a prime card and it starts reporting activity to the CRA's, competitors will begin vying for your business. Good Luck and keep us posted, Barry
RE: The Scarlet "S", Why not apply to a provider of both sub-prime/prime like Providian. Basically - I'm referring to the Aria card and see what kind of deal they'll offer ya. Kelly
RE: The Scarlet "S", The Aria card may not be the best option for Hester as if you examine the 4 Aria cards you'll find a Platinum (not that impressive compared to other Platinum cards), a Platinum Premium which I suppose is reserved for those with the best credit or those holding name competitors Platinum cards and then a huge dropoff to sub-prime Portrait and sub sub-prime Persona (the card typically sent to most users here). The worst part is one doesn't even know which card he will receive as quoting their own literature How do I know which Aria Visa Card I will get? When you apply, you may qualify for one of four Aria Visa cards: Aria Visa Persona Aria Visa Portrait Aria Visa Platinum Aria Visa Platinum Premium We'll combine the information you provide on your application with information from your credit report to determine if there is an Aria Visa card that's right for you. I suppose one could send in an application with a seperate addendum specifying that you will not accept any card lower than the Platinum but no doubt the result of that will be a discarded application. A better bet would be to attempt a voice application with your recent credit reports in front of you and ask a direct "based on this information will I be approved for a Platinum" if no definate answer is forthcoming you've saved an inquiry as well as the time and effort in sending back the useless Portrait visa or the pathetic Persona visa. I feel the best course of action would be to stop by a local credit union who seeing absolutely no negatives one one's credit file will in all likelyhood will grant the prime card with the typical low credit union rate and while the limit may not be the highest the pre-approved prime offers that soon will follow will surely make up for it.
RE: The Scarlet "S", Also, let's keep in mind that most all those pre-approved offers are about as useless as the tits on a boar hog. Do some research on the web. Barry's site at www.creditmania.com is a good place to get some ideas, and www.bankrate.com is a good place to compare what's out there. It's been my own experience that a positive credit line from Capital One is as good as a positive line from Citibank or MBNA. Just find something that suits your needs and apply for it. Just be careful not to pile up those inquiries. As long as your employment and income are up to par, you shouldn't have any major problems. Your credit sounds good. The best of luck...Remember that Hester Prynne does just fine because she wears her sin on her bossom, so it's not a secret. She is soon trusted as an angel of mercy and is creditworthy for platinum prime products. Dimmesdale, on the other hand has a dark secret in his heart (inquiries out the wazoo), so his credit is screwed, while Chillingworth has violated the sanctity of the human heart (Cross Country Bank), so he's the devil incarnate.
