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I can not get an Amex, CITI, Chase or BofA Credit Card

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I have been working on my credit for 2 years to re-establish after a BK which is 8 years old. I have been following your suggestions as of joining the board but I have made some mistakes before by getting toy limits. All 3 of the cc reports are clean with the exception of the BK.

 

Income: $110K

 

Credit Utilization under 30%

 

Scores: Equifax: 652, Experian: 703 TransUnion: 705 (from myFico as of 06/14/2014)

 

Cards/Limits:

 

Barclay's: $1,800

 

Capital One: $5,750

 

Chrysler Capital: $ 14,840 Balance Lease

 

Credit First: $1,400

 

Fingerhut: 1,300

 

First Premier: $700

 

Jared: $400

 

Milestone MC: $250

 

Macy's: $600

 

SooperCU: 1,000

 

Amazon: $900

 

Banana Republic: $400

 

Care Credit: $3,200

 

Dillards: $300

 

Lowes: $300

 

SamsClub: $500

 

PayPal: $600

 

WalMart: $700

 

Denver CommunityCU: $1,000

 

AppliedBank: $850

 

 

Help.....................

 

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Those prime cards are hard to get with a BK no matter how old.

 

Also depends on if you IIB'd them.

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Most of the compiles have approved applications with BKs especially after the 5 year mark. I think the key is how much progress you have made since your BK. Utilization is also a factor as well.

 

Did you recon them and if so what was their response. What were your scores and utilization at the time you applied?

 

 

Sent from my iPad using Tapatalk HD

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Most of the compiles have approved applications with BKs especially after the 5 year mark. I think the key is how much progress you have made since your BK. Utilization is also a factor as well.

 

Did you recon them and if so what was their response. What were your scores and utilization at the time you applied?

 

 

Sent from my iPad using Tapatalk HD

+1

 

I think part of it may be that you have a lot of store cards and only a few major CCs, and you also have subprime accounts like Fingerhut, First Premier and Milestone.

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what strikes me is twenty credit cards...maybe start to weed them out...Even if low utilization, the potential for use is very high...increasing their exposure.

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20 cards means nothing.

 

Lots of people have more than that with 800+ FICO and able to get any card they want.

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20 cards means nothing.

Lots of people have more than that with 800+ FICO and able to get any card they want.

 

It may mean nothing in terms of your FICO scoring but it may be an issue with a recon or an internal scoring system.

Edited by dvd

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I see a chocolate ton of junk cards...

 

I would jump on a few CU's and get some limits and history with them.. then try for prime lenders.

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Holy batcards, sh*tman.

 

I was in a similar situation a while back. Didn't know how to manage my credit even after BK and was stuck in credit hell for 3 yrs and then slowly crept up to 3K limits.

 

At the 8 yr mark, I was able to get the BK off EQ. Then I targeted lenders that pull mainly EQ for my state (refer to creditpulls database) and the flood gates opened. With my high income, I was then able to get 10-15K limits.

 

Try as hard as possible to dispute the BK. Read up! http://creditboards.com/forums/index.php?showtopic=497777

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I have been working on my credit for 2 years to re-establish after a BK which is 8 years old. I have been following your suggestions as of joining the board but I have made some mistakes before by getting toy limits. All 3 of the cc reports are clean with the exception of the BK.

 

Income: $110K

 

Credit Utilization under 30%

 

Scores: Equifax: 652, Experian: 703 TransUnion: 705 (from myFico as of 06/14/2014)

 

If your reports are clean otherwise, your scores ought to be way higher than that even with a BK showing.

 

There has to be a problem with your utilization.

 

Ideally you should have exactly one revolving account reporting a balance, and $0 on all the others. Since you have 20 open accounts (that is good!), you could get away with 2-3 reporting balances, but any more will hurt you.

 

Overall utilization is not the whole story. How is that 30% spread?

- If you had 20 cards and $100,000 worth of limits, a $2 balance on 19 of those would trash your scores.

- If you have a couple of $300 cards maxed out, that will trash your scores even if overall util is only 1%.

 

Having 20 open accounts paid on time is very much in your favor. Don't close anything unless it's costing you money. Work on minimizing the number of accounts showing balances. That might be as simple as paying the day before the statements cut instead of the day after. Or paying off all the lowest limit cards, which would cost you very little.

 

Then make sure no individual revolving account is showing a high util. Can you spread that 30% among your 2-3 highest limit accounts? Better yet, pay it down some because 30% is still sort of high (1% is ideal) and those balances are costing you a fortune in interest.

 

Your goal is to PIF all but one revolver just before the statements close so they will report $0 balances, and have the last one show a very small balance. $2 on that one is enough, but anything under 10% would probably get your scores near 750 even with an old BK showing.

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Thanks for the responses. Some of you have conflicting opinions.

 

Amex app was on June 3rd and they didn't like all the cards, public record and score was: 661 Experian

 

Should I close the sub-prime accounts? Fingerhut, First Premier and Milestone

 

I can work on building up the two CU accounts and then try again.

 

By the way I have been disputing the BK with all three CB for two years nothing is budging, will continue...

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why are your GECRB limits so low? Have you not hit the luv button every 4 months? As others have stated I would ditch the really crappy cards. good luck

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Thanks for the responses. Some of you have conflicting opinions.

 

Amex app was on June 3rd and they didn't like all the cards, public record and score was: 661 Experian

 

Should I close the sub-prime accounts? Fingerhut, First Premier and Milestone

 

I can work on building up the two CU accounts and then try again.

 

By the way I have been disputing the BK with all three CB for two years nothing is budging, will continue...

You should re-read Occam's post about utilization. That could be your main problem.

 

Amex will probably not give you a card with a BK, so you might as well wait. There are plenty pf prime cards out there that you can get with a BK though.

 

I would recommend closing the 3 cards you mentioned and working on CLIs on your other cards before applying for new cards.

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I have an 8 year old BK on all of my reports and have Amex and Citi cards, so it is definitely possible. Chase is on my personal blacklist so I haven't tried with them!!

 

The first higher limit cards I received were CU cards (JFCU back when it was "hot" on CB) and also Barclays.

 

When my utilization was higher on some of my cards I could not get the prime approvals-- so I agree that is a good place to start. :)

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I didn't BK'd any of them

 

Honestly - I did not get approved for any of those cards until the BK7 fell off of my credit report...and I did not IIB any of those creditors. I go with others that say to get your total combined utilization down to around 10% or less.

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I never IIB Citi but they didn't approve me until I got the BK deleted. They had declined me on multiple occasions, citing the BK as the sole reason.

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Chrysler Capital: $ 14,840 Balance Lease



I'd work on building these up:


Barclay's: $1,800


Capital One: $5,750


Denver CommunityCU: $1,000


SooperCU: $1,000



I'd call GECRB today and ask for CLIs, don't use the 'luv button'. Ask for $25k, let them counter.

Amazon: $900


Banana Republic: $400


Care Credit: $3,200


Dillards: $300


Lowes: $300


Macy's: $600


PayPal: $600


SamsClub: $500


WalMart: $700



Close these; GECRB CLIs should make up for them:


AppliedBank: $850


Credit First: $1,400


Fingerhut: 1,300


First Premier: $700


Jared: $400


Milestone MC: $250


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Chrysler Capital: $ 14,840 Balance Lease

I'd work on building these up:

Barclay's: $1,800

Capital One: $5,750

Denver CommunityCU: $1,000

SooperCU: $1,000

I'd call GECRB today and ask for CLIs, don't use the 'luv button'. Ask for $25k, let them counter.

Amazon: $900

Banana Republic: $400

Care Credit: $3,200

Dillards: $300

Lowes: $300

Macy's: $600

PayPal: $600

SamsClub: $500

WalMart: $700

Close these; GECRB CLIs should make up for them:

AppliedBank: $850

Credit First: $1,400

Fingerhut: 1,300

First Premier: $700

Jared: $400

Milestone MC: $250

+1

With one caveat Re: GE, initially target just a handful of fav GE accounts, for sure aim high (5-10K or more even) but something within the realm of reason, showcasing even just an iota that -as a card holder with a large number of accounts- you have some clue about current overall profile and ballpark what it can sustain, as opposed to appearing like are gearing up for bust-out, which may not be a good look on internal profile.

Edited by virtualtreasure

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I wouldn't necessarily close Jared

 

esp if you've had it for a few years.

 

they're good for auto-CLIs over time.

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Chrysler Capital: $ 14,840 Balance Lease

I'd work on building these up:

Barclay's: $1,800

Capital One: $5,750

Denver CommunityCU: $1,000

SooperCU: $1,000

I'd call GECRB today and ask for CLIs, don't use the 'luv button'. Ask for $25k, let them counter.

Amazon: $900

Banana Republic: $400

Care Credit: $3,200

Dillards: $300

Lowes: $300

Macy's: $600

PayPal: $600

SamsClub: $500

WalMart: $700

Close these; GECRB CLIs should make up for them:

AppliedBank: $850

Credit First: $1,400

Fingerhut: 1,300

First Premier: $700

Jared: $400

Milestone MC: $250

 

Before you close anything ask for a CLI.

 

Don't close anything until the next fee comes due.

 

Why would you want to close Jared? Is there a fee?

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