Applying for card with a judgment on my credit record?

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elliotiscool
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Applying for card with a judgment on my credit record?

Postby elliotiscool » Fri Sep 09, 2011 12:46 pm

Hey guys, I am 21 years old and new to the concept of building credit. I just received my first cc from capital one and at this point that is the only thing I am using to actually give myself a credit history.

Now there is one other thing showing on my credit...a judgment from January 2011. How does Amex look at people that have a judgment on their history?

Also, I have been doing business with my debit card for the last year and I spend close to $4,000/month on that card. Would using my high income on a new credit card be beneficial in any way? Or should I stick to just spending less than 30% of my max every month? Lastly, presuming I take whatever route is best, when should I be trying to apply for a Zync card?

Thank you

Elliot


ooxs
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Postby ooxs » Fri Sep 09, 2011 10:09 pm

American Express look at folks with judgments very differently and folks with recent judgments are very negatively.
Regardless of what your income is, you will be declined for an American Express card if you apply. I suggest you try applying for HouseHold Bank Card. This card is going to give you something back and more beneficial than a debit card for credit reporting purposes.

elliotiscool
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Joined: Wed Dec 15, 2010 1:28 pm
Location: Los Angeles

Postby elliotiscool » Fri Sep 09, 2011 11:31 pm

Thanks for the advice. I looked into the card and it looks like a pretty good deal. Question though... How large of a maximum would I be able to get on that card? Thanks

Elliot

Edit: I looked more into the Household card and it looks like people are saying the credit limit is quite low. Are there any cards I could get that can give me a large credit limit?

ooxs
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Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Sep 10, 2011 7:52 am

I started low when i applied and i am a little over 3000 now. The issue is no bank will start you off high, if you were get a discover card right now in your situation, they might offer you a maximum of 1000. One thing to remember is when you don't have perfect or almost perfect credit, it is hard to find any bank willing to reward you, and Household Bank is one of the few cards that ever gave me anything back.
Believe me i was in your situation once, i found myself living in the credit card age but with no credit, you have to be patient and trust time. Start low and try to persuade them that you are a better person, as time goes on, you will get increases and you will get offers from more and more banks.



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