Searching for Credit Card Approval
Author: Parmstrong
Guest
Posted: Thu Oct 30, 2003 10:34 pm
Post subject: Judging which CC companies will give me a CC with my score
Dont know how to best ask this but here it goes. I currently have a credit score of 671. Last week i applied for the AMEX Blue online and was denied. i need to get a CC but i dont want to keep applying for cards and get declined. i know that too many inquires can affect your credit score greatly. I know I can go with a secured CC but id rather get a regular CC with a good limit. is there any way to judge which companies will give me a regular credit card with my current credit score?
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Author: Guest
Posted: Thu Oct 30, 2003 10:37 pm
Oh, just to note. I dont have any current credit cards. I messed up with 2 in the past and closed them. I currently use my Citibank ATM card as my mastercard. i constantly buy things with this card and I know its not helping my credit. i am not currently in debt. i paid my car loan and student loan off earlier this year. The only thing I pay off are monthly bills such as cable, internet, cellphone & house phone, etc.
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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Thu Oct 30, 2003 11:47 pm
My advise to you would be to learn as much from the AmEx rejection as possible. Look at the reasons why they rejected you in the letter that they will send you. Order the credit reports and make sure they are correct. Call the AmEx credit department and ask them some questions. You don't just need the score above a certain level to get a card, you also normally need to meet a list of requirements (income above $X, no delinquencies in the latest Y years, Z open credit card accounts in good standing etc.) Talk to them about those requirements, get them to tell you what exactly in your report ticked them off. Judging by what you told us, it would be difficult for you to get a good credit card. So, you might have to get a "bad" one. I recommend secured that reports regularly to all three credit bureaus, as opposed to an unsecured with outrageous fees.
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Author: Parmstrong
Guest
Posted: Thu Oct 30, 2003 11:55 pm
Thx for the Info. What do you suggest for an unsecred CC. On this site, they recommend the Orchand Bank one and also a AMEX Green (I thinkit was green or yellow) card. The Orchard one looks good, $35 annual fee, no monthly fee, etc. Is there anything else i should look at. The purchases I make are usually above $500, should I put $500 or more, like $1000. I guess I could start with $500 and work my way up. How long does this take to help my credit out? Lastly, I read that I should pay the balance off in full, that I should keep a small balance (below 30% of credit limit) and just pay on time. Does this sound right to you. Thx again!
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Author: Guest
Posted: Fri Oct 31, 2003 4:02 am
I started with Washington Mutual unsecured card with $500 credit limit and 21% APR but no annual fee. If you have banking relationship with Washington Mutual, ask them for credit card application. When I got my WaMu card, I had no credit history, no credit cards, nothing. Anyway, Washington Mutual helps beginners. For AMEX card, it is hard to get one with your credit score under 700( Equifax Score). Being an executive member at Costco, I was offered AMEX Costco Cash Rebate card with no annual fee. AMEX is second to none in customer service and online account management. I love AMEX. But AMEX is not welcome everywhere like Visa and Master. When my FICO score was 711, I applied AMEX gold charge card and they approved me instantly. Try to apply AMEX again when your FICO score reach 700 or above.
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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Fri Oct 31, 2003 4:12 am
So, are you looking for a secured or an unsecured card? Orchard is more likely to approve you than AmEx, I think, as they issue cards for people with bad credit. You can ask AmEx credit department if you can be approved for the Green card when you talk to them, and if they can do that without pulling your credit report again. I personally don't like AmEx Green because of no flexibility to carry a balance (although it may be a good thing if you need this discipline) and because of their high annual fee. If you are interested in a secured card and your monthly purchases are about $500, then keep in mind that in order to charge all these purchases on the card without pre-payments, you need the credit line of at least twice the size. This is because of the grace period - you don't normally pay off the card immediately after the bill is generated. Plus, you should not come too close to the limit anyway. So, either request a credit line of at least a couple thousand (if you can keep that money in their collateral account), or just don't change the whole $500 to the card - keep using the debit card in addition to the credit card. The second option is not that bad, as (1) it seems like you don't like secured cards, possibly because you have to come up with the deposit, so here is the way to lower this deposit to whatever you CAN come up with, and (2) because you build credit history, no matter what your credit limit is. You should expect to use this new card for at least a year, I would say, before you can qualify for a good unsecured card.
Quote:
"Lastly, I read that I should pay the balance off in full, that I should keep a small balance (below 30% of credit limit) and just pay on time."Absolutely. And one more thing - don't jump from card to card. Choose the one you can live with, do your due diligence on their terms, then STAY PUT for as long as it takes to qualify for something better. The more actions you take, the more nervous creditors will feel about you. And of course, choose only the card that regularly reports your account to all three of the the credit bureaus.
View our latest credit card ratings!
Author: Guest
Posted: Fri Oct 31, 2003 11:11 am
I've been researching secured cards as well and a couple good ones I found were US Bank, they require a minimum $300 deposit, $35 ann. fee and 14.49% interest. Their number is 1-800-285-8585. Another one is Bank of America, minimum $250 deposit, $29 ann. fee and 15.24% interest. Their number is 1-800-678-2632. Good luck!
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Author: Aisha
Joined: 09 May 2003
Posts: 55
Posted: Fri Oct 31, 2003 9:36 pm
Post subject: Bank of America
B of A is very good to go with. They are one of my personal favorites.
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Author: Guest
Posted: Sat Nov 01, 2003 2:01 am
Try fool cards. They offer very low APR cards. Go to fool.com/landing/card/landing.htm?source=istcclnk020111
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Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Sat Nov 01, 2003 11:36 am
Fool card is not for people with bad credit.
View our latest credit card ratings!
Author: Guest
Posted: Sat Nov 01, 2003 4:04 pm
Post subject: Re: Judging which CC companies will give me a CC with my sco
Parmstrong wrote:
Dont know how to best ask this but here it goes. I currently have a credit score of 671. Last week i applied for the AMEX Blue online and was denied. i need to get a CC but i dont want to keep applying for cards and get declined. i know that too many inquires can affect your credit score greatly. I know I can go with a secured CC but id rather get a regular CC with a good limit. is there any way to judge which companies will give me a regular credit card with my current credit score?
Score is not the only thing that is looked at.. What is your age, how long have you had credit ?, any Delinquency, Are you gainfully employed, Own a Home.. Do you have positive REvolving accounts with major Credit cards that match your maturity.. You can have a score of 750, and can be declined if you do not have ability , willingness and stability.. What was the reason for denial? It most likely was because of ability, stability , and payment history..
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Author: parrothead86
Joined: 22 Apr 2004
Posts: 55
Posted: Tue May 11, 2004 5:28 pm
Post subject: judging which cc companies will give me cc with my score.
Is 671 considered "bad credit"?
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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:52 pm
No, 671 is not a bad score, there are levels here on the scoring and each creditor has a different cut off level for given types of loans. Some cater to prime rate loans, while others to sub-prime rate loans. Credit scoring generally ranges 300 - 900 (though I have never seen any one over 830) on the creditor scoring. 300 to 600 is considered bad, this means someone has either filed bankruptcy, or has a lot of collections, tax liens, judgments, or charge offs making up the credit report. 600 to 650 range - means that there are likely some collections, or they need to work in other areas to build new credit. 650 to 680 - this is an average range, think this is where I see most credit scores to be. 680 to 720 this is good, for low interest rates and likely get pre-approvals on loans. 720 and up is prime, but like earlier poster said a person with a score up over this range can still be declined, if they are over extended, or some other reasons, if they have not been employeed long enough.
View our latest credit card ratings!
Guest
Posted: Thu Oct 30, 2003 10:34 pm
Post subject: Judging which CC companies will give me a CC with my score
Dont know how to best ask this but here it goes. I currently have a credit score of 671. Last week i applied for the AMEX Blue online and was denied. i need to get a CC but i dont want to keep applying for cards and get declined. i know that too many inquires can affect your credit score greatly. I know I can go with a secured CC but id rather get a regular CC with a good limit. is there any way to judge which companies will give me a regular credit card with my current credit score?
View our latest credit card ratings!
Author: Guest
Posted: Thu Oct 30, 2003 10:37 pm
Oh, just to note. I dont have any current credit cards. I messed up with 2 in the past and closed them. I currently use my Citibank ATM card as my mastercard. i constantly buy things with this card and I know its not helping my credit. i am not currently in debt. i paid my car loan and student loan off earlier this year. The only thing I pay off are monthly bills such as cable, internet, cellphone & house phone, etc.
View our latest credit card ratings!
Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Thu Oct 30, 2003 11:47 pm
My advise to you would be to learn as much from the AmEx rejection as possible. Look at the reasons why they rejected you in the letter that they will send you. Order the credit reports and make sure they are correct. Call the AmEx credit department and ask them some questions. You don't just need the score above a certain level to get a card, you also normally need to meet a list of requirements (income above $X, no delinquencies in the latest Y years, Z open credit card accounts in good standing etc.) Talk to them about those requirements, get them to tell you what exactly in your report ticked them off. Judging by what you told us, it would be difficult for you to get a good credit card. So, you might have to get a "bad" one. I recommend secured that reports regularly to all three credit bureaus, as opposed to an unsecured with outrageous fees.
View our latest credit card ratings!
Author: Parmstrong
Guest
Posted: Thu Oct 30, 2003 11:55 pm
Thx for the Info. What do you suggest for an unsecred CC. On this site, they recommend the Orchand Bank one and also a AMEX Green (I thinkit was green or yellow) card. The Orchard one looks good, $35 annual fee, no monthly fee, etc. Is there anything else i should look at. The purchases I make are usually above $500, should I put $500 or more, like $1000. I guess I could start with $500 and work my way up. How long does this take to help my credit out? Lastly, I read that I should pay the balance off in full, that I should keep a small balance (below 30% of credit limit) and just pay on time. Does this sound right to you. Thx again!
View our latest credit card ratings!
Author: Guest
Posted: Fri Oct 31, 2003 4:02 am
I started with Washington Mutual unsecured card with $500 credit limit and 21% APR but no annual fee. If you have banking relationship with Washington Mutual, ask them for credit card application. When I got my WaMu card, I had no credit history, no credit cards, nothing. Anyway, Washington Mutual helps beginners. For AMEX card, it is hard to get one with your credit score under 700( Equifax Score). Being an executive member at Costco, I was offered AMEX Costco Cash Rebate card with no annual fee. AMEX is second to none in customer service and online account management. I love AMEX. But AMEX is not welcome everywhere like Visa and Master. When my FICO score was 711, I applied AMEX gold charge card and they approved me instantly. Try to apply AMEX again when your FICO score reach 700 or above.
View our latest credit card ratings!
Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Fri Oct 31, 2003 4:12 am
So, are you looking for a secured or an unsecured card? Orchard is more likely to approve you than AmEx, I think, as they issue cards for people with bad credit. You can ask AmEx credit department if you can be approved for the Green card when you talk to them, and if they can do that without pulling your credit report again. I personally don't like AmEx Green because of no flexibility to carry a balance (although it may be a good thing if you need this discipline) and because of their high annual fee. If you are interested in a secured card and your monthly purchases are about $500, then keep in mind that in order to charge all these purchases on the card without pre-payments, you need the credit line of at least twice the size. This is because of the grace period - you don't normally pay off the card immediately after the bill is generated. Plus, you should not come too close to the limit anyway. So, either request a credit line of at least a couple thousand (if you can keep that money in their collateral account), or just don't change the whole $500 to the card - keep using the debit card in addition to the credit card. The second option is not that bad, as (1) it seems like you don't like secured cards, possibly because you have to come up with the deposit, so here is the way to lower this deposit to whatever you CAN come up with, and (2) because you build credit history, no matter what your credit limit is. You should expect to use this new card for at least a year, I would say, before you can qualify for a good unsecured card.
Quote:
"Lastly, I read that I should pay the balance off in full, that I should keep a small balance (below 30% of credit limit) and just pay on time."Absolutely. And one more thing - don't jump from card to card. Choose the one you can live with, do your due diligence on their terms, then STAY PUT for as long as it takes to qualify for something better. The more actions you take, the more nervous creditors will feel about you. And of course, choose only the card that regularly reports your account to all three of the the credit bureaus.
View our latest credit card ratings!
Author: Guest
Posted: Fri Oct 31, 2003 11:11 am
I've been researching secured cards as well and a couple good ones I found were US Bank, they require a minimum $300 deposit, $35 ann. fee and 14.49% interest. Their number is 1-800-285-8585. Another one is Bank of America, minimum $250 deposit, $29 ann. fee and 15.24% interest. Their number is 1-800-678-2632. Good luck!
View our latest credit card ratings!
Author: Aisha
Joined: 09 May 2003
Posts: 55
Posted: Fri Oct 31, 2003 9:36 pm
Post subject: Bank of America
B of A is very good to go with. They are one of my personal favorites.
View our latest credit card ratings!
Author: Guest
Posted: Sat Nov 01, 2003 2:01 am
Try fool cards. They offer very low APR cards. Go to fool.com/landing/card/landing.htm?source=istcclnk020111
View our latest credit card ratings!
Author: Eugene
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 14 May 2003
Posts: 265
Location: Brooklyn, NY
Posted: Sat Nov 01, 2003 11:36 am
Fool card is not for people with bad credit.
View our latest credit card ratings!
Author: Guest
Posted: Sat Nov 01, 2003 4:04 pm
Post subject: Re: Judging which CC companies will give me a CC with my sco
Parmstrong wrote:
Dont know how to best ask this but here it goes. I currently have a credit score of 671. Last week i applied for the AMEX Blue online and was denied. i need to get a CC but i dont want to keep applying for cards and get declined. i know that too many inquires can affect your credit score greatly. I know I can go with a secured CC but id rather get a regular CC with a good limit. is there any way to judge which companies will give me a regular credit card with my current credit score?
Score is not the only thing that is looked at.. What is your age, how long have you had credit ?, any Delinquency, Are you gainfully employed, Own a Home.. Do you have positive REvolving accounts with major Credit cards that match your maturity.. You can have a score of 750, and can be declined if you do not have ability , willingness and stability.. What was the reason for denial? It most likely was because of ability, stability , and payment history..
View our latest credit card ratings!
Author: parrothead86
Joined: 22 Apr 2004
Posts: 55
Posted: Tue May 11, 2004 5:28 pm
Post subject: judging which cc companies will give me cc with my score.
Is 671 considered "bad credit"?
View our latest credit card ratings!
Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Tue May 11, 2004 5:52 pm
No, 671 is not a bad score, there are levels here on the scoring and each creditor has a different cut off level for given types of loans. Some cater to prime rate loans, while others to sub-prime rate loans. Credit scoring generally ranges 300 - 900 (though I have never seen any one over 830) on the creditor scoring. 300 to 600 is considered bad, this means someone has either filed bankruptcy, or has a lot of collections, tax liens, judgments, or charge offs making up the credit report. 600 to 650 range - means that there are likely some collections, or they need to work in other areas to build new credit. 650 to 680 - this is an average range, think this is where I see most credit scores to be. 680 to 720 this is good, for low interest rates and likely get pre-approvals on loans. 720 and up is prime, but like earlier poster said a person with a score up over this range can still be declined, if they are over extended, or some other reasons, if they have not been employeed long enough.
View our latest credit card ratings!
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