Odds of acceptance with a 661 credit score (Equifax)?

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hwturner
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Odds of acceptance with a 661 credit score (Equifax)?

Postby hwturner » Fri Sep 06, 2013 5:11 pm

Just checked my Equifax and it's at 661. Here's some history

I have three cards as of right now:

Navy Federal Cash Rewards Visa Limit$5,500: Just BT'd $5,500 balance to my wife's card. Not on my report as of the 20th of this upcoming month.

Capital One card $2.5 k limit: about $350.00 on that card. I'd pay it but it's my dad's card that i'm on and it's my oldest card.

Home Depot card$2.5k limit: $130.00 on card.

Two hard pulls in last 12 months. One for a car, one for a CL increase at Home Depot. 8 hard pulls in last 24 months.

My average age of all of my accounts is 3.6 years

I have never been late on a payment. Ever.

I have one collection on my account. It's a medical collection from college for $89.00 and it's about 3 years old. It hasn't been paid yet. Just found out about it.

My questions are;
1. How much would paying that collection affect my approval if it says PIF rather than unpaid?

1a. How hard is it to negotiate a pay-for-erase arrangement with collectors?

2. When my CBR updates on the 20th to reflect my lower balance on my cc, my utilization will be somewhere around 5%. If I don't pay the collection, what do you think my odds of approval are for the AMEX blue cash?

I really want a Discover Card as well but I hear they are stingy with limits and are harder to get an approval. I'm hoping my score goes above 700 after my utilization is adjusted next month but you never know.

I have thought about waiting for my CBR to update and then applying for the amex and the discover to see what happens. Is that a good or bad idea?

As you can see from my post, i'm fairly new. Any advice about anything i've posted is appreciated!
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)


SClay
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Postby SClay » Sun Sep 08, 2013 9:54 pm

Hey there!

Your credit profile sounds good. Keep in note that creditors/lenders don't exclusively look at score. While I believe your score is a bit of a far reach for a Amex Blue cash, It is always worth it to try applying for it. If denied, you can always do a followup 'backdoor' call. There are certain things that a credit report will not tell an approval system ;-). Additionally, you could consider applying for an easier American Express to better your approval odds. The two unofficial easiest cards to get are either the AMEX Green charge card or the Delta Gold Skymiles card. Obviously, there are factors that both these cards have that the Blue Cash do not. For example, both have an annual fee of $95. The first year for the Delta Gold is waived. Also, these cards do not offer Cash Back like the Blue Cash.

As far as Discover goes, I always thought they were easier to get approved for then an AMEX. To answer your questions:

1) - PIF is always better than unpaid. Definitely Pay in Full if you can.

1a) - I would call the creditor to find that information out.

2) - Your approval odds will be lower if you do not pay your collection regardless of utilization.

I believe waiting for your CBR to update next month before applying would be a good idea.

Hope this Helps!
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

hwturner
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Location: southeast

Postby hwturner » Sun Sep 08, 2013 10:23 pm

It does help. A whole lot actually. When I get my report in order I'd like to take advantage of a balance transfer offer but I also want it to be a card that I can grow with. A premier card if you will. I feel like the two mentioned fit that description as well as the Chase Freedom Card.

Another question I have is in regard to limits. I've been reading a lot on the forums and many people have stressed the importance of a higher limit card compared to a smaller limit. Do lenders take into account the limits you already have in a less obvious way? Is there a certain mark you need to hit? I saw someone mention that 5k was the "signature" limit that needed to be crossed.

As always, I appreciate your help!
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)

takeshi
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Location: US

Postby takeshi » Mon Sep 09, 2013 9:04 am

hwturner wrote:How hard is it to negotiate a pay-for-erase arrangement with collectors?

Depends on the collector. You won't know until you give it a shot.

hwturner wrote:When my CBR updates on the 20th to reflect my lower balance on my cc, my utilization will be somewhere around 5%. If I don't pay the collection, what do you think my odds of approval are for the AMEX blue cash?

Look at it from a lender's perspective. Are you willing to loan your money to someone who is on record as not paying back his/her debts?

SClay
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Postby SClay » Tue Sep 10, 2013 12:26 am

hwturner wrote:It does help. A whole lot actually. When I get my report in order I'd like to take advantage of a balance transfer offer but I also want it to be a card that I can grow with. A premier card if you will. I feel like the two mentioned fit that description as well as the Chase Freedom Card.

Another question I have is in regard to limits. I've been reading a lot on the forums and many people have stressed the importance of a higher limit card compared to a smaller limit. Do lenders take into account the limits you already have in a less obvious way? Is there a certain mark you need to hit? I saw someone mention that 5k was the "signature" limit that needed to be crossed.

As always, I appreciate your help!


Yay! Glad to hear :) . Chase Freedom is an excellent card. No Annual Fee, 5% cash back on certain categories (currently Gas Stations, Theme Parks and Kohls. Weird Mix!), and 1% cash back on everything else. Plus, you can get $100 cash back if you spend $500 within the first three months of the card opening. Great deal!

As far as limits, the higher the limit the better. With a high limit across your accounts, this gives you not only a lower credit:debt ratio, but also lower utilization. Utilization is especially important not only to your credit score but also Lenders. Lenders do take into account the limits you have, but it is not going to entirely 'make or break' a decision (in terms of applying for a card) and is primarily used for utilization as mentioned above. As far as a certain mark, I am not aware of one. However, there may be one. I will do more research into that! :)
Capital One Secured AU | $1851 | 10/2013
Capital One Journey | $1000 | 03/03/2016
American Express Delta Gold | Denied | 03/13/2016
Citi Bank Double Cash | $1000 | 03/13/2016
Chase Amazon Visa | Pending | 03/13/2016

Crashem
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Location: San Francisco, CA

Postby Crashem » Thu Sep 12, 2013 1:21 am

Credit score wise, a paid or unpaid collection is basically the same. However specific creditors may look on it more/less favorably. Mortgage lenders will require you to have no unpaid collections on credit report in many circumstances.

However you are in a good situation with a medical collection account. Look up HIPPAA method for credit report. Basically, most medical collections will agree to remove for PIF because of HIPPAA method.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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nismoZtuner
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Postby nismoZtuner » Fri Sep 13, 2013 6:22 pm

Try using the link..

http://creditcardforum.com/offers/cardmatch.php

it will give your credit report a soft pull and it will let you know what cards you have a chance with- I used it for my brother. But me personally I just applied with the creditors and hope to not get denied. Only place that has denied me was sears when I didn't have any cards- but screw them..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

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otter
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Postby otter » Fri Sep 13, 2013 8:21 pm

Crashem wrote:Credit score wise, a paid or unpaid collection is basically the same. However specific creditors may look on it more/less favorably. Mortgage lenders will require you to have no unpaid collections on credit report in many circumstances.

However you are in a good situation with a medical collection account. Look up HIPPAA method for credit report. Basically, most medical collections will agree to remove for PIF because of HIPPAA method.


I've heard a collection under $100 doesn't affect FICO score. I guess it still stays on your report and creditors are free to use that in the decision making process.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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