When to try to for prime cards?

Discussion in 'Credit Talk' started by Lainie5374, Oct 1, 2003.

  1. Lainie5374

    Lainie5374 Well-Known Member

    I have credit scores from 609 - 658, and have 4 sub-prime credit cards with perfect payment histories. Credit limits are all $400 - $500. My oldest subprime account is 20 months, the newest 13 months. I'm sick of the tiny credit limits and am DYING to apply for a "real" card with a "real" limit and better rates. Do I have any hope of applying and if so, where should I try? Should I wait til I've hit a full 2 years on my oldest card? I've read all the threads to death regarding different cards, but don't know what might be best for my situation - has anyone been in a similar situation and if so, what were your results? Thanks!
  2. SoParkDiva

    SoParkDiva Well-Known Member

    I think you can apply after 6 months of good payment history. I would wait if you have any inquiries though. Wait at least 6 months so your inquiriies will not be counted against you.
  3. DanS

    DanS Well-Known Member

    Of course you can apply any time you want, but getting the card...

    Based on my own experience, I'd say wait until you've got one CR above 700. First, you don't know which one they'll pull - although you can look at the online data, it's historical, incomplete and has nothing to do with what they're doing *today*.

    When you get your scores higher, based on what I've read here, sounds like BofA with an appeal on PFB is the best first step.

    I'm in the 650 range and made the mistake of applying for Amex Blue Cash - ok, I had a great day and was feeling lucky. I have a 2 year old BK and some liens, still in dispute over being released. I will try to appeal this but I don't feel good about it. However, I will use this contact in the future to try to apply again when I'm over 700.

    For now, I'd suggest focusing on getting your score higher faster. I may be suggesting things you've already done, so please don't take it the wrong way.

    Obviously you're charging and paying on time, maybe even sooner and more than required. With some cards, like Cap1, your limit is reported as your high balance, so charge close to it (allow for finance charges for that month so you don't go overlimit) and then pay it down or return the merchandise so your "credit limit" gets reported.

    Get on the phone with each of the cards once a month and ask for CL increases, fee waivers, APR drops, etc. I don't get what I want immediately from Cap1 but a few weeks later, a letter comes and tells me I did get it. Weird.

    Think about getting a dept card for "diversity" in your revolving "portfolio". This is actually something FICO has documented as having an effect on your score, something like 10%. I just got a Target card for that reason. You apply for the visa and if you get turned down they give you the guest card.

    And keep a tiny balance on each card, so it's active. If you've got a lot used, try to get that down ASAP and keep it under 30% overall.
  4. Lainie5374

    Lainie5374 Well-Known Member

    Thank you both for your responses - you're the shiznit!

    My usage is just over 50% right now, I'll use this month to pay them all down, and then try in mid or late November for a "real" card.

    Every time I'm eligible for an increase on my cards I've been taking it, and I know I'm eligible for another one on October 14, so hopefully a month from then I'll be ready to rock and roll. I know my scores will jump once I get my balances down, and having another CL increase will make my "available credit" higher.

    And, since my Estoppel letters worked, those 3 pd collections will drop off by then and help even more, I would think!
  5. willgator

    willgator Well-Known Member

    I would pay down utilization to 30% or lower on all cards and wait till you have at least 24 months history with no derogs /////ps hard inquirys hurt your score for a year and your chances for new credit not 6 months try amex delta gold or boa good luck..
  6. Hedwig

    Hedwig Well-Known Member

    I wouldn't wait for a 700 score, but I think I'd wait for the two years history.

    Then try for a Citibank AAdvantage silver card (NOT the World Card). A lot of people have had luck with that without having super high scores.
  7. Brad J

    Brad J Well-Known Member

    WHat kind of baddies do you have on your reports that caused you to open sub-prime cards? Are they all gone?
  8. Lainie5374

    Lainie5374 Well-Known Member

    I had a TON of bad stuff on my credit report 2 years ago - charge offs, collections, you name it. It's almost clean except for a couple of 30 day lates on my car payment (car is now paid in full, though), and one paid charge off/collection that I'm working on to get changed/deleted.

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