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14k charge off and new credit?


maverick9
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On 9/13/2022 at 7:37 AM, RehabbingANDBlabbing said:

I don’t think you need to remove her as an AU. It’s going to report anyway, so there’s no reason to do it now.

 

What you might want to do is wait for that new Navy card of hers to report the $25k trade line, then see what happens with her score and apply for other products. The other poster is right: her credit is still subprime with that score and any charge offs showing. So Chase and Citibank are a hell no. But she maybe should try the prequalify tool at AmEx and Discover to see what they offer. I have an unpaid charge off and I have several AmEx and Discover cards. They aren’t insanely picky,  and they also allow you to check without pulling an inquiry. But I think adding this new account to her report will help get approvals as opposed to just applying with not much on there now.

Cool. I'll leave her on as an AU

 

Amex - She didn't get any preapprovals. 

 

Disco - She only qualifed for a secured card.

 

Wells Fargo - mailed her a preapproval but we didn't apply because really don't care for this one. 

 

I guess we should wait for this one to report then apply for something else, right? 

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2 minutes ago, maverick9 said:

Cool. I'll leave her on as an AU

 

Amex - She didn't get any preapprovals. 

 

Disco - She only qualifed for a secured card.

 

Wells Fargo - mailed her a preapproval but we didn't apply because really don't care for this one. 

 

I guess we should wait for this one to report then apply for something else, right? 

 

An AmEx pre-approval is no bog deal.  I have 1/2 a dozen AmEx cards and all were instant approvals without ever getting a pre-approval.

 

A disco secured card is a good move.

 

WTF would anybody turn down a pre-approval?  WF has a 2% card which is probably better than anything she has already.

 

Do not wait to apply for another.  Once it hits her credit reports then she might get declined for others because of newly opened accounts.

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On 9/14/2022 at 5:12 AM, PotO said:

 

IIRC, you already have an earlier Navy card in addition to your second with the $3k limit, right?  

 

Navy doesn't know she is unemployed.  She had to tell them her income when she applied.  She used your income as family income. 

 

If your goal is three cards for her, I'd go with Disco.  Chase will not approve her.  AmEx might.  She can try a couple of the pre-approval links on CB.  FNBO has one that is pretty accurate.  

 

Another good secured card is B of A and also US Bank.  Problem is they might not approve her.

Navy had me at 4.5k but yesterday I requested a CLI and they maxed me out to 12.5k. I had them do a recon but they told me, "you received the max we could at the moment". Many others told me that 8k is the max CLI at the moment with NAVY. 

 

Disco offers her a secured card via a preapproval. 

 

Chase I will not have her do. 

 

Amex didn't have her prequal for anything. 

 

BofA and USBank? I could consider. 

 

Disco is the card that has a 3k limit. 

 

 

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1 minute ago, PotO said:

 

An AmEx pre-approval is no bog deal.  I have 1/2 a dozen AmEx cards and all were instant approvals without ever getting a pre-approval.

 

A disco secured card is a good move.

 

WTF would anybody turn down a pre-approval?  WF has a 2% card which is probably better than anything she has already.

 

Do not wait to apply for another.  Once it hits her credit reports then she might get declined for others because of newly opened accounts.

So your saying though she didn't get any offers via a preapproval, have her actually apply for Amex

 

Disco, I think I'll have her do. 

 

WF was a mail offer she received. Should she try and app this? 

 

When you say don't wait to apply for others, are you saying she should try and app whatever cards she is doing now? Don't wait for the 25k NAVY card she did get to report?

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15 minutes ago, maverick9 said:

Navy had me at 4.5k but yesterday I requested a CLI and they maxed me out to 12.5k. I had them do a recon but they told me, "you received the max we could at the moment". Many others told me that 8k is the max CLI at the moment with NAVY. 

 

Disco offers her a secured card via a preapproval. 

 

Chase I will not have her do. 

 

Amex didn't have her prequal for anything. 

 

BofA and USBank? I could consider. 

 

Disco is the card that has a 3k limit. 

 

 

 

I am not sure whether Navy has a max CLI policy of $8k or not.  That said, most of us here know that you can get more $ on a new account than on a CLI usually.

 

Disco secured card is ok.  They un-secure rather quickly and she will get a CLI when it does.

 

Many, many people don't get an AmEx pre-qual but still get approved when they apply.  

 

B of A and US Bank are pretty good, but they often do decline even for secured cards if they see derogatory data on the credit report.

 

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15 minutes ago, maverick9 said:

So your saying though she didn't get any offers via a preapproval, have her actually apply for Amex

 

Disco, I think I'll have her do. 

 

WF was a mail offer she received. Should she try and app this? 

 

When you say don't wait to apply for others, are you saying she should try and app whatever cards she is doing now? Don't wait for the 25k NAVY card she did get to report?

 

I would check Credit Pulls and other posts where people have gotten approved for AmEx with dirty credit reports.

 

If the WF offer has not expired, it seems like a good shot.

 

Many people can get declined for too many new accounts, especially if they still have derogatory data on their reports.  I would not worry about new creditors seeing the Navy tradeline.  The goal now isn't to get her high limits, even though that would be nice.  The goal is to get her credit in her own name and then let her build from there.

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5 hours ago, PotO said:

 

I would check Credit Pulls and other posts where people have gotten approved for AmEx with dirty credit reports.

 

If the WF offer has not expired, it seems like a good shot.

 

Many people can get declined for too many new accounts, especially if they still have derogatory data on their reports.  I would not worry about new creditors seeing the Navy tradeline.  The goal now isn't to get her high limits, even though that would be nice.  The goal is to get her credit in her own name and then let her build from there.

Appreciate your input and advice @PotO. Thanks!

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On 9/16/2022 at 12:36 AM, PotO said:

The goal now isn't to get her high limits, even though that would be nice.  The goal is to get her credit in her own name and then let her build from there.

@PotO.......need your advice, please. 

As you may recall, she just got approved for her first card with NAVY with a 25k limit and as you said above, the goal is to build her credit. That said, I'm not crazy about Cap 1 but she just got preapproved for Quicksilver Rewards, SavorOne Rewards, and Platinum Masterd (all Cap 1). With the goal of getting her 3 revolving lines of credit, would you say this is a good move to app with Cap 1? 

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8 hours ago, maverick9 said:

@PotO.......need your advice, please. 

As you may recall, she just got approved for her first card with NAVY with a 25k limit and as you said above, the goal is to build her credit. That said, I'm not crazy about Cap 1 but she just got preapproved for Quicksilver Rewards, SavorOne Rewards, and Platinum Masterd (all Cap 1). With the goal of getting her 3 revolving lines of credit, would you say this is a good move to app with Cap 1? 

 

Yes, I'd say it is a good move.  

 

There are those here who hate Al Capone with a passion, but not I.  I think Al Capone's 💩 doesn't stink.  I have never had issues with them and they have treated me very well.  Same for my wife and kids.  

 

Al Capone's pre-approvals are pretty solid so she shouldn't have any issue getting approved.  That they pre-approved her for the SavorOne shows they aren't going to bucket her since that card is for those with good to excellent credit.  Still, don't expect a starting limit of $25k.  They aren't know for high starting limits.  Instead, expect maybe $5k or so, but don't worry ... it can grow.  

 

Regarding Al Capone's limits, they are ok with CLIs.  Still, for limits about approximately $15k or higher they like to see you are using the card.  Also, Al Capone doesn't play the regarded games that Stinkrony plays.  Stinkrony will go on nuking sprees every time their CEO's Maxipad gets flooded.  While Al Capone has been known for limit decreases, their floor is around $15k and then they only decrease limits for those who never use the card.  

 

Another advantage I find with Al Capone is that when you deal with their CSRs you'll find they aren't from the slums of Mumbai and you don't have to ask yourself WTF "Udmooorn, Sir, ow coon elfoo I toodee?" means.

 

Be advised that Al Capone will pull all three credit bureaus when you apply for a new card.  There is -- or at least used to be -- a way to freeze one and limit the pulls to only two bureaus, but I'm not sure f the trick still works.  I'd research that because here is just one specific bureau you can freeze and I don't remember which it is.  I'd just let them have all three and get it done with.

 

By the way, Al Capone is also really good for banking accounts.  😉

 

Good luck and keep us posted on her success story!

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10 hours ago, PotO said:

 

Yes, I'd say it is a good move.  

 

There are those here who hate Al Capone with a passion, but not I.  I think Al Capone's 💩 doesn't stink.  I have never had issues with them and they have treated me very well.  Same for my wife and kids.  

 

Al Capone's pre-approvals are pretty solid so she shouldn't have any issue getting approved.  That they pre-approved her for the SavorOne shows they aren't going to bucket her since that card is for those with good to excellent credit.  Still, don't expect a starting limit of $25k.  They aren't know for high starting limits.  Instead, expect maybe $5k or so, but don't worry ... it can grow.  

 

Regarding Al Capone's limits, they are ok with CLIs.  Still, for limits about approximately $15k or higher they like to see you are using the card.  Also, Al Capone doesn't play the regarded games that Stinkrony plays.  Stinkrony will go on nuking sprees every time their CEO's Maxipad gets flooded.  While Al Capone has been known for limit decreases, their floor is around $15k and then they only decrease limits for those who never use the card.  

 

Another advantage I find with Al Capone is that when you deal with their CSRs you'll find they aren't from the slums of Mumbai and you don't have to ask yourself WTF "Udmooorn, Sir, ow coon elfoo I toodee?" means.

 

Be advised that Al Capone will pull all three credit bureaus when you apply for a new card.  There is -- or at least used to be -- a way to freeze one and limit the pulls to only two bureaus, but I'm not sure f the trick still works.  I'd research that because here is just one specific bureau you can freeze and I don't remember which it is.  I'd just let them have all three and get it done with.

 

By the way, Al Capone is also really good for banking accounts.  😉

 

Good luck and keep us posted on her success story!

Ah good stuff. Thanks so much for you input and advise. We app with Al Capone today. Cheers!

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7 hours ago, maverick9 said:

@PotO

 

Wife was preapproved with an unsecured card from Disco and also recieved numerous offers for a 0% APR Wells Fargo CC which we do bank with. 

 

Which would do you think she has a better chance of getting? 

 

IMO, she might be able to get both.  I'd go with Disco, first, since that is an active pre-approval.  

 

Is the pre-approval from Wells Fargo still active?  Even if it isn't, she might have a decent chance getting approved.  

 

Check out what credit bureau WF pulls and add up all your INQs in the past year and past 6 months.  Do the same for her new accounts.  And on each of the three CRAs.  Post the results.

 

You need to get these applications done very soon.  Once new accounts start reporting there is a very good chance she will start getting rejected for too many new accounts.  Even pre-approvals can get declined, you know.

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4 hours ago, maverick9 said:

Wife received a CC offer from Fidelity. Never even knew they had one. This a good card to take and grow?

it is issued by Elan. Limits are so-so but it does grow with time as long as you take a hard on TU. My spouse's is t 45k and mine is 30k. If you have Fidelity account to credit the 2 to 3 % cash back to it is a decent card.

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10 hours ago, hegemony said:

it is issued by Elan. Limits are so-so but it does grow with time as long as you take a hard on TU. My spouse's is t 45k and mine is 30k. If you have Fidelity account to credit the 2 to 3 % cash back to it is a decent card.

 

Elan is US Bank, right?

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