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Knowledge Kick

Which Cards To Apply For? CONFUSED.

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I need some help on a few different things. Specifically I am looking for recommendations on specific cards to apply for and which "backdoor" numbers I should call, if things don't go my way initially.


I will supply as much info as possible, so I can get some good answers and act right away. I have been trying to fix my credit forever. I wrote countless letters for years and was semi-successful. I got some stuff removed and resolved to let some stuff fall off naturally. Should be gone in the next year or so.


I would REALLY appreciate it if a few of you guys would lay a step by step gameplan out for me and tell me what you would do if you were me.


Here is my situation...


A) My score on Credit Karma is only 624. However, almost all of my negative stuff should fall soon. More details on that to follow.


B_) My income has recently increased pretty significantly. I was broke for a while, so my credit decisions were pretty poor when I was young. However, it has gotten much, much better in the last 2 years. For about 1 year, I was working as a financial analyst for one of these big banks. My income improved (still not great) and my overall financial situation got better, so my credit got better because of me being more responsible. NOW, I have recently scaled up my own business and left my analyst position. My income has gotten significantly better and I can provide proof to the lenders of $40k+ booked in business just in the last 3.5 months. About $25k of that has been paid already (with proof) and about $15k of it is booked business that I am waiting for payment on. I don't have a tax return with this higher income yet, but I could provide statements, etc.


C) I keep getting pre-approved offers and then when I apply...I get denied. What is the reason for this? This happened to me twice in the past 2 weeks for First National American Express and Bank of America Cash Rewards Visa Signature. Should I call backdoor numbers for these and ask to be reconsidered? I think the letter for the American Express one even said no limit. (It should be noted that I had a paid charge-off with Amex back in like 2007. I don't think they even included that as one of the reasons for the denial though. Maybe because the denial came from First National and not Amex?


D) What other things should I mention if/when calling? My savings and checking accounts are at Chase. I would like a Chase card. I especially want a Chase card in the Business' name, but I know that's really difficult to get. If you could help with that, I would be ecstatic.


Here is all my relevant info courtesy of Credit Karma...PLEASE HELP AND GIVE ADVICE!


My Current Cards and Limits


I'm really sick of these BS cards with tiny limits that never increase. I was happy to get them a few years ago and very grateful while trying to repair my credit and get a second chance. However, most of them have annual fees, terrible limits and rates, etc.


1) Capital One Visa ($500 limit) I have had this limit FOREVER. They will not increase it.

2) Capital One MasterCard ($500 limit) This card is actually suspended but active. They closed it when I owed money before. I paid the balance to $0, but they still won't reactivate it. It reports $0 balance $500 limit still, which is good.)

3) Orchard (Now Capital One) Visa ($420 limit)

4) Orchard (Now Capital One) Mastercard ($300 limit)

5) Bryant State Bank "Show" Mastercard ($300 limit)

6) First Savings Bank Mastercard ($400 limit)

7) First National Bank "Legacy" Visa ($550 limit)

8) Credit One Bank Visa ($775 limit)

9) First Premier "Aventium" Mastercard ($300 limit)

10) First Premier "Platinum" Mastercard ($300 limit)


Total Credit Card Limit = $3,845


Credit Karma Details


624 Credit Rating: POOR



Open Credit Utilization 6% Grade: A (I always keep this low.)
Payments Made On-Time 97.9% Grade: D (Before it was very bad, now it's very good.)
Avg. Age of Open Credit Lines 2 Yrs 6 Mos: D (I'm 26, so my oldest accounts are a lot older than this, but most of my accounts are newer and bring the average down.)
Total Accounts 37 Grade: A (I'm glad this is an A but it's sort of artificial. A lot of the accounts are the same things broken up or renamed (like school loans in different amounts. Still happy.)
Hard Credit Inquiries 13 Grade: F (Not sure why so high. I don't apply like crazy anymore. It was 15 in May and had 2 fall off since.)
Derogatory Marks 0 Grade: A (Happy, but surprised it's 0. I have a lot of charge-offs that I am waiting to fall off.)
Loans = $40k
About $15k in auto loan and $25k in schools loans. Payment history is perfect on all. I would like to get a mortgage in about a year.
Negative Accounts As per Experian 03-18-13 (can't get a newer one for free yet)
1) American Express Balance = $0 Charge off as of 08/2007 "on record until May 2014"
2) Capital One Balance = $0 Charge off "on record until Sep 2014"
3) HSBC Balance = $0 Charge off "charge off 07/2008 disputed on 10/2010"
4) Home Depot / Citibank Balance = $0 Charge off "on record until Oct 2014"
*I also have a handful of accounts listed as negative accounts that are open credit cards with low or $0 balances. I guess I had them and was late on a payment or two in the past. Can I get these removed? Who should I talk to?
ANYWAY...that's my story. Can I somehow leverage my now higher income and get Credit Limit Increases or BETTER cards? Who should I call? What should I apply for? PLEASE HELP!!!


Edited by Knowledge Kick

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Great info, can you get your real Fico scores?

As Allison said you need to get a real FICO score to see where you REALLY stand. You can get it from myfico.com


You say you keep applying for new CC but get denied A lot of inquiries can REALLY reduce your score. How recent are these inquiries ?


Also you have IMHO too may CC's now. Lenders don't like to see that many CC's especially if they are fairly recent.


How many are Secured Cards ? I think you should stop shopping for CC's and wait until some of your negatives get removed which will improve your score.


Good luck.

Edited by Vettecor

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