Subprime to Prime Credit Cards
Author: hotburnttoast
Posted: Sun Nov 06, 2005 2:25 am
Post subject: When to switch from subprime to prime CC'S HELP
Okay all I am new to these boards and have a simply question. I have 5 Subprime credit cards, Orchard Bank, Household Bank, Total, First Premier, and Merrick, all have limits over 500.00 but under 800.00, also have a Target Guest Card with a limit of 500.00. All my collections on my CR have been paid for over two years with the execption of Cross Country Bank, which is about to fall off completely this next year, as well as all the paid collection. I have paid on all my CC's every month on time, never late and never maxed out, I usally payoff each card every month, I also have 2 automobile leases on my CR which are paid every month on time, those total up to about 60K, I would like to get a few prime CC with good balances, but don't know how to proceed. Any advise!!!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: scarymary
Posted: Sun Nov 06, 2005 10:09 am
Post subject: Subprime to Prime Credit Cards
Two years ago we had no CC's, only used cash and had just gotten out of CC debt he**... The only card we had left open was Sears just so we could buy emergency items for the house if necessary. In April 2004, I did manage to get approved for an account with Cap One sub-prime but we used it sparingly. In November 2004, I got another Cap One account and also used it sparingly. Not one late payment since.
In August 2005, all of a sudden, we started getting CC offers in the mail. I had not yet found this site so I was a little naive on what the best offers were. (So you're one step ahead of me at this point). We applied and got approved for a couple of cards that now I wish we hadn't. Good rates, low balances, no rewards.
We also received a pre-approval for Citi Dividend about a week and a half ago and got approved (though I applied cold the week before and got denied... huh??) at $7700.
So now, we have the Citi Dividend, Chase Flex Rewards, increased line to $8800 on the one Cap One account (with waived annual fees on both accts) so these are now prime accts, Discover at 0% until August and I'm really glad that now feel like I have options.
The offers started coming when I started applying. Up to then, I got hardly anything EXCEPT Capital One offers which came 3-4 times a week. My suggestion, do your homework on what's the best deal for you, how you spend your money, then apply. I have a dispute into Transunion for incorrect reporting on delinquent accounts and hopefully that has cleared up and has helped tremendously.
It sounds like your in pretty good shape to start.
Author: Board Monitor
Posted: Mon Nov 07, 2005 11:05 am
Post subject: Subprime to Prime Credit Cards
Great advice Mary! Also, be sure to comparison shop in our "Card Reports" section here prior to applying for any card:
http://www.cardratings.com/cardrepfr.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Nov 06, 2005 2:25 am
Post subject: When to switch from subprime to prime CC'S HELP
Okay all I am new to these boards and have a simply question. I have 5 Subprime credit cards, Orchard Bank, Household Bank, Total, First Premier, and Merrick, all have limits over 500.00 but under 800.00, also have a Target Guest Card with a limit of 500.00. All my collections on my CR have been paid for over two years with the execption of Cross Country Bank, which is about to fall off completely this next year, as well as all the paid collection. I have paid on all my CC's every month on time, never late and never maxed out, I usally payoff each card every month, I also have 2 automobile leases on my CR which are paid every month on time, those total up to about 60K, I would like to get a few prime CC with good balances, but don't know how to proceed. Any advise!!!!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: scarymary
Posted: Sun Nov 06, 2005 10:09 am
Post subject: Subprime to Prime Credit Cards
Two years ago we had no CC's, only used cash and had just gotten out of CC debt he**... The only card we had left open was Sears just so we could buy emergency items for the house if necessary. In April 2004, I did manage to get approved for an account with Cap One sub-prime but we used it sparingly. In November 2004, I got another Cap One account and also used it sparingly. Not one late payment since.
In August 2005, all of a sudden, we started getting CC offers in the mail. I had not yet found this site so I was a little naive on what the best offers were. (So you're one step ahead of me at this point). We applied and got approved for a couple of cards that now I wish we hadn't. Good rates, low balances, no rewards.
We also received a pre-approval for Citi Dividend about a week and a half ago and got approved (though I applied cold the week before and got denied... huh??) at $7700.
So now, we have the Citi Dividend, Chase Flex Rewards, increased line to $8800 on the one Cap One account (with waived annual fees on both accts) so these are now prime accts, Discover at 0% until August and I'm really glad that now feel like I have options.
The offers started coming when I started applying. Up to then, I got hardly anything EXCEPT Capital One offers which came 3-4 times a week. My suggestion, do your homework on what's the best deal for you, how you spend your money, then apply. I have a dispute into Transunion for incorrect reporting on delinquent accounts and hopefully that has cleared up and has helped tremendously.
It sounds like your in pretty good shape to start.
Author: Board Monitor
Posted: Mon Nov 07, 2005 11:05 am
Post subject: Subprime to Prime Credit Cards
Great advice Mary! Also, be sure to comparison shop in our "Card Reports" section here prior to applying for any card:
http://www.cardratings.com/cardrepfr.html
Good luck and let us know how things turn out...
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:10 PM
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