New Laws – Credit Card with No Credit
My girlfriend (who is over 21) has been trying to get a credit card. She has no credit at all (and nothing negative either) and was declined from a Citi Student Visa as well as a Visa through her bank (which she has a 5 year history). She has a good amount of income. I'm imagining it's these new laws that are making it so hard (I had no problem getting a Citi Student Visa with no credit or income). What is the next thing to try? I know she doesn't want to keep applying and getting denied because that looks bad on your report.
Categories: credit-cards Tags: Bank, denied-because, negative-either, problem-getting, report, student, student-visa, visa-as-well, year-history
700 CLUB YES!
Hello, I have made it to the 700 CLUB! My lender pulled my report and stated my score was @ 711......Could this be true? Omg, it has to be right? W hat card could I qualify for?? on experian only in california if my utilization is @ 13%, average length of credit 2.2 years, open card only open for 1.2 years. I think citi stated I needed a card to be opened at least 2 years, is this true? Thank you
Categories: credit-cards Tags: average-length, hat-card, lender-pulled, only-open, open-card, report, the-700, think-citi, true, utilization
Buying a new home?
I'm looking to pay off two small balances and and a $5,000 chunk off of a another credit card balance in preparation to get pre-approved for a first-time home mortgage. My question is, how quick do those types of payments roll to the credit reports? Is it pretty instantaneous? Monthly billing cycles? Because I'm looking to wait to seek preapproval until after these few things have hit my report, but at the same time I don't want to wait too long for fear of losing my pick. Thanks for any help.
Categories: credit-cards Tags: another-credit, billing-cycles, card-balance, credit, first-time-home, how-quick, payments-roll, pick, report, the-credit, these-few, wait-too
Discover not reporting limit?
My new Discover and AmEx cards finally show up on my report, but neither of them report limits. I know the AmEx doesn't since it's a Green, but why not the Discover? I have a $4,050 limit that I basically NEED to have showing if I want to get a car soon. Will this change over time, or does Discover not report for some weird reason?
Categories: credit-cards Tags: 050-limit, amex, change, discover, green, know-the-amex, not-report, over-time, report, weird-reason
Closing a credit card with weak AAoA
Please offer any advice you can on my situation. In 2006 I started opening accounts. Two accounts went south, a HSBC Bowflex CO and Cap One CO. Oddly the OC's are no longer on my credit report, both went deliq. in 2007. The two CA's that now own the accounts are on the reports and have been since 2007. One reports paid, settled. The other is unpaid. After that brief period of time of stupidity, I decided to not app for anything, and I was clueless on how to even fix it. I also acquired a collection that began reporting May 2008 for Sprint/ERC, no communication and no updates. I also got two medical collections that reported in the fall 2008 and spring 2009 that are paid. The old positives I have are auto loan opened 09-06, paid, and auto loan opened 05-07, paid. In 2009 I decided to start cleaning up my reports. I've paid the HSBC collection, and also paid two medical collections that reported in 2009. My recent accounts I opened was a First Premier $200 limit July 2009. First Premier $300 limit Dec. 2009. Orchard Bank $300 limit March 2009. AU Navy Fed. $3500 limit March 2009. New Auto loan, hasn't hit my reports yet. Having heard everything about First Premier now, I really want to get away from them. So far I have not had issues, aside from the fact they raised the interest rate that was to be locked in at 9.9% for one year, to 20.15%, and never notified me. I had to call them, and the rep was rude, for the first time ever. Told me they sent me something in the mail (they didn't), and that account fell in their category to raise. My $300 limit went untouched and is still at 9.9%. I have never had a huge balance. Usually sit at $0-$7., depending on when I get over there to pay the monthly fee. I've used it a few times for lunches and vonage, but have since transferred everything to Navy Fed. I just don't need it. One of my questions was if they moved me to a higher interest rate bracket, would that make other lenders reconsider me in the future? I don't really carry a balance, and the limits are too small to do anything with, really. When I pulled my CreditKarma report card (TU FAKO 547), they said my AAoA is 0yrs 4mo. My oldest account they say is 2yrs 8mo. Equifax had pretty much the same thing on my report last month. If I were to close out the $200 First Premier from July 2009, all in $0 balance and readjusted my payments to prepare for not having that in my utilization, would that be unwise? I am still very shaky with my report history, as after accruing the nasty marks, I just left it alone. I didn't add anything new, and the only new things were collections that had slipped through the cracks -Sprint, medical. Before my credit was sitting between 540-550. Now getting the credit cards my score is sitting between 565-579. It bounces back and forth in that bracket throughout the month. Getting rid of the old stuff will get me out of the rut. But will knocking out one of the things that got me to this new bracket be a step back? I've read the stickies on Closing Credit Cards. I was just wondering if I'd still be okay even with this poor AAoA, new better accounts being added, and the poor history in the back. Any suggestions would help. I can keep it open, but if I do, when should I get rid of it? I can't keep it forever. Thank you!!
Categories: credit-cards Tags: closing-credit, clueless-on-how, credit, creditkarma, first-premier, higher-interest, keep-it-forever, orchard-bank, report, sitting-between, slipped-through, utilization
Store cards
Hello, I'm looking to apply to some store and wanted to know who is easy to get and what credit place they pull? I shop at sams, walmart, target, macys, dillards that's about it. I have one credit card which I open in march of this year, no other credit. I'm a 21 yr old college student. I'm trying to add to my report so I can get more credit cards in the future. Please give advice!
Categories: credit-cards Tags: credit, credit-card, future, more-credit, old-college, report, shop-at-sams, some-store, year
what are my options (if any) for fixing a payoff mistake?
When I was a bit younger I made what i'm sure is an incredibly common mistake amongst 18 year olds: I got all the credit cards I could and quickly spent more money than I could afford to pay back. My saving grace was that I only had two cards, a capitol one and a chase, and the limits were low (300 and 500 respectively). Later I had to have family cosign for me to get a car and I got that reposessed. My reason for joining this forum is to attempt to repair my now 574 credit score. My reason for this thread is somehwat simpler. The mistake I referred to in the subject line is likely another common misfortune to credit newbies like myself. I came into a bit of money and paid my credit cards... just like that. "Here, please take my money". I paid 50% with no agreement to delete on the capital one to the orignal creditor, and i paid $900 on a $500 card with no validation of debt, and only a verbal agreement to delete. Needless to say: Three deragatory accounts remain on my report. Both original creditors AND the collection agency I paid the $900 to. Is there anything I can do to remove/improve these? Someone suggested a goodwill letter, but that seems flimsy at best.
Categories: credit-cards Tags: capital, credit, credit-newbies, goodwill-letter, money, orignal, quickly-spent, report, the-collection
HELP!!!! Amex report chage off/bad debt on report (mistake)
Hello FICO family, I was checking my report today on EQ and discovered AMEX reported me as CHARGE OFF/ BAD DEBT status on my report. The problem is after AMEX closed my accounts last year they offered me an agreement to pay of the $1,000 I owed on the bill. I was never late when the card was open and have never been late on the agreement either. The agreement was $70 a month which I met and sometimes paid twice in one month. I NEVER received anything stating that "if the bill is not paid in full that it will be considered a charge off" all they stated was if the bill wasn't paid in full by the May 2010 I will start accruing interest on the payments. I talked to a representative today and he stated if I pay the bill in full they could change the status to PIF. But I want the account to state "PAID AS AGREED". WHAT SHOULD I DO? I can pay the bill in full today, but I'm scared they won't report me as Paid as agreed. Has anybody encountered this and what is my best course of action? I don't want to settle for just a PIF status on my report. HELP IS NEEDED:smileymad:
Categories: credit-cards Tags: account, Accounts, accounts-last, agreement, paid-as-agreed, payments, report, sometimes-paid, the-agreement
Was approved for an Amex TrueEarnings Card
So, I was recently approved for an Amex TrueEarnings Card with a credit line of $2000. I was suprised that I was approved for this much since my only credit card before this had a credit limit of $750 from cap1. My oldest account is 2.5 years with an AAoA less than 2.5 years. My FAKO from Experian was 720 and Fico from EQ was 750. Now, when should I pull my report to check to see the effect of opening this new credit card? I already wasted money by pulling my report and score 2 times before I was approved for the card. I pulled the report to see if the hard inquiry was on there but they didn't approved me until after I pulled the report a second time. I don't want to waste money on another report now and then later to see how the new credit card effects me. So, how long should I wait to pull the report again to see how much my score drop? I'll then report it here.
Categories: credit-cards Tags: another-report, credit-card, credit-limit, earnings-card, effect, oldest-account, pull-the-report, report, times-before
FIFTY TWO!! 90+ late payments from one card!
So I settled with Wells Fargo a few years ago (with them, not a CA) and I noticed it was reporting as "unknown status" on my experian report. So I called them, they said they would update it. I signed up for Score watch, and I noticed on my report it says over (50) 90+ days late! I look a little closer, and sure enough it seems Wells reports my old account every month as Key Derogatory every month on experian, and 90+day late/RPFC (Reposession Foreclosure) to Equifax. I don't even want to check Transunion. Am I in a huff over nothing? Is this legit? I'm thinking maybe they have the right to do this until the credit reporting time is up. Does it make it look like recent derogs to teh CRAs?
Categories: credit-cards Tags: does-it-make, enough-it-seems, experian, foreclosure, little-closer, month-as-key, report, reporting-time, thinking-maybe, unknown-status, wells-fargo