First of all, thanks to everyone for sharing their experiences on this forum. I started with 0 positive credit references and 5 negatives just 16 months ago. Then I found Creditnet. I have come a long way. Today, I have 3 credit cards with over a year of positive payment history, and 0 negatives. Here is my current situation. I have a 694 FICO score. On Friday, my mortgage packet goes to the title company for my new home, so I can apply for new credit after that without affecting my mortgage. I have a $1300 total balance on 3 subprime cards: Providian, Orchard, and Sterling, and the total credit line on those 3 cards is $4000. I need to make some purchases for my new home, and some of those will be on credit. My credit union offers a 10.9% visa gold, with a 8.9% balance transfer rate. I would think that I would qualify for that. I would like to apply for one new card that would likely provide me with a generous ($5K+) credit line and a favorable rate. I plan on being conservative with my purchases, but I do not want my score to get hammered if I charge $2000 because the card only has a $2,500 limit. I also want to phase out my subprime cards once they hit the two year anniversary. I defaulted on Citibank 12 years ago, so they may not be an option. Any and all advice would be appreciated.
fng, I had a charge-off accounts with Citibank about 13 years ago. Two years ago, I applied for Citibank MC and they got me approved. I think my name is off from the blacklist and now I got three accounts from Citibank. You can try to apply for it and you may have a shot since it has been a long time ago. I think you can qualify for other prime cards like Target Visa,State Farm Bank,Discover Card with your score. Ron.
Hey Ron, I'm just curious if you were going to apply for only one card, which you choose between State Farm and Discover. Thanks
Thanks Ron. That's what I thought you'd say. Any idea what score is needed? I think I remember Love posted awhile back she got the Discover Plat. with a score in the high 500's?
LKH, Two years ago, I applied for Discover Platinum Card and they approved me a Discovewr Classic Card. I think they're pretty tough to approve for their Platinum Card. After a year of account usage, I request a limit increase and they increase my limit from $3500 to $5000. They upgrade my account to Discover Platinum. I didn't know what's my score. I think you cannot have any negative and excessive inquiries (not over 5 inq. within 6 months). Ron.
Discover is going to start offering a new card in March - Titatium. It won't have the cash back feature. But interest rates are lower. I don't have all the details.
I'd give up the CASH BACK for a lower rate...9.99% or lower... ...especially since they put my store (WAL*MART) in the "LOWEST" rate 0.25% (never higher, like SAM'S)...
Thanks for the replies. I have some thinking to do. I might go for try for Discover as I will be running quite a bit of money through the new account over the next 6 months. You know, I am finally to the point where I feel comfortable about my credit profile. Yet, with as screwy as things are with scores and approvals, I do not feel comfortable about applying for a prime card. I sure wish card companies would provide some guidelines that would give the consumer some idea of their approval chances prior to applying. Oh well....
They have really been pushing the Discover plat. hard lately. I have gotten daily emails for the past month or more, to apply. Haven't jumped yet, but I'm seriously thinking about it. But what really bugs me, is that with my scores all very near the 700 mark, I still don't get any decent preapprovals. I did get an offer from First National Credit Card last week. 2 years ago I didn't mind these offers as I couldn't get any card approvals. But now, I'm beginning to become insulted at these offers. lol
STOP! STOP!! STOPPPPPPED!!!!!!! First, I'm a Realtor. The fact that your loan packet is in title has NOTHING to do with your now being allowed to apply for new credit. Let me state emphatically that, anything new credit you apply for now, or even any current credit that you "max out" will absolutely be reviewed by your lender before closing. I can't tell you how many times I personally know of a homebuyer doing exactly what you're suggesting and having their dream home yanked away from them AT THE CLOSING TABLE. Oh, the horror stories of folks walking out of the title company in tears having to go beg their landlord for a new 6-12 month lease and also pay off the moving van that's sitting outside the new home they've just lost! Like the couple who thought it would have no effect on their mortgage if they bought a new car or all new furniture on "deferred billing". Or the buyer whose lender put the breaks on the morning of the closing when they pulled her credit "one last time", (as they typically do whether you know it or not because you've previously given them permission to check, double-check and recheck it up until they close) and saw that new Sears refrigerator account on there. (It was actually the new Sears card, but you get my drift. So, please STOP! I promise you, there is NOTHING you need for your new home that you can't rush out and buy minutes AFTER you close, get funding and the keys to your new home. After you close you can go hog wild and run your credit into the ground. But until then, you only kidding yourself thinking your mortgage packet will survive your lust for more credit right now. Sorry for the bad news and if I've been harsh, I also apologize. But this is one of my pet peeves!
If your buying a house/condo...DON'T buy anything!!! If you need expensive "STUFF" for the house have PARENTS/BROTHER/SISTER/SON/DAUGHTER buy the "STUFF" and then pay them back AFTER escrow closes...you can even do a BT to their account(s)...
Hope is right! The title insurance company insures the bank against claims to title of the property. For example...if so and so died without a will in Kentucky and they had three kids who inherited, and only two signed a deed to sell...there is still a one-third fee simple interest out there that could come back and bite you in the butt. This has NOTHING to do with your financing other than the fact that most banks require title insurance as a requirement for the mortgage. Laura
LKH But what really bugs me, is that with my scores all very near the 700 mark, I still don't get any decent preapprovals. I did get an offer from First National Credit Card last week. 2 years ago I didn't mind these offers as I couldn't get any card approvals. But now, I'm beginning to become insulted at these offers. lol I feel your pain! i think if you have any negative on your report you are not going to get the good offers and even talking right down to inquiries. In about 18 days I am going to have a very clean TU report we will see what happens. Like you I get subprime offers alll day LONG!!!!!!!!!!
