Mending my relationship with Amex/Credit Score

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Atahualpa14
 
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Location: Detroit, Michigan

Mending my relationship with Amex/Credit Score

Postby Atahualpa14 » Mon Jan 27, 2014 5:18 pm

Hey CCF folks, long time lurker/first time poster. I finally feel I have the courage to plaster my situation out into the CCF world in order to get some feedback and advice. I'll keep it short and will update as needed. Thanks for your comments!

Basically I'm part of the same old song "young and irresponsible makes my future seem impossible, maxed out all my credit cards which gave me poor credit marks. Yet now I've seen the light and my future looks quite bright, but I need some good advice so I can cure my dog's head lice"

1. Burned my bridge with Amex on my corporate card and after paying 11k 150 days late they cancelled my card but MIRACULOUSLY received a new one from my employer after reapplying. Mind you, my credit score is in the mid 550s, so is it true Amex will not run your credit on corp accounts? If so, there is hope for those out there who think Amex will not give them a corporate card through work.

2. Because of the above, they offered me a Optima card with a 3200 limit as a way of mending the relationship, I put in the email last week so we will see. Question, will they deny even if they said it was guaranteed approved? Or will they cancel the offer in light of the new corp Amex they gave me again?

3. I have an secured CO with a $250 limit, I use up all the money on it every time an pay it off over a 3 month period. If this a bad strategy please tell me now! Is it better to just use a little bit and pay it off in one payment or perhaps pay off the entire amount in one installment? Thanks for the advice!

4. Chase is my current bank and I usually have an available balance of 1500 every month after bills are paid, will they factor this in if I apply for a chase card?

5. I have 7 hard inquiries since jan 2012 and two of them were for rental agreements I had no say in, I was not the prime applicant and it was done without my consent, can I get these pulled?

6. If anyone had a similar score to mine but now has a rock star FICO score, can you tell me how long it took and/or what were some major things that affected your score?

I know this is pretty much all over the place and if anyone has some advice or want clarifications, I'd be thrilled to follow up! Thanks!


MemberSince99
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Postby MemberSince99 » Mon Jan 27, 2014 6:11 pm

I had burned Amex on a couple of personal cards. My job asked me to apply for a corporate card and I was declined because of burning them in the past. It would seem it's a YMMV situation, no matter how or if you get back in with them.


They shouldn't deny you the Optima. I've never heard of them guaranteeing that and then reneging on it.


Not sure why you would want to take 3 months to a pay a 250 limit card.


Chase does take into considering your relationship with them. Again it's always YMMV.


You can try to get the inquiries pulled if you did not approve being pulled but I think you'd be lucky to succeed.


I have no idea what my score was when it was trashed but it was probably lower than yours is. My current scores are in my signature I don't consider them rock star scores they are ok. Basically it took the baddies dropping off, then only my good accounts which were student loans I'd been paying on for years showed and when I checked they were 700s. But it took basically 7 years for the baddies to drop off.

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djrez4
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Postby djrez4 » Mon Jan 27, 2014 6:27 pm

Atahualpa14 wrote:Basically I'm part of the same old song "young and irresponsible makes my future seem impossible, maxed out all my credit cards which gave me poor credit marks. Yet now I've seen the light and my future looks quite bright, but I need some good advice so I can cure my dog's head lice"


I must be out of the loop on popular music. Is this what kids listen to these days?

Atahualpa14 wrote:3. I have an secured CO with a $250 limit, I use up all the money on it every time an pay it off over a 3 month period. If this a bad strategy please tell me now! Is it better to just use a little bit and pay it off in one payment or perhaps pay off the entire amount in one installment? Thanks for the advice!


This is a question about utilization. You do not want a maxed out card to report, ever. Use it as much as you want and then pay it off before the statement closes. You may have to make multiple payments each month. That's ok.

Atahualpa14 wrote:4. Chase is my current bank and I usually have an available balance of 1500 every month after bills are paid, will they factor this in if I apply for a chase card?


Maybe, but at a score of 550, you're wasting your time applying for a Chase card right now. You have a long way to go.

Atahualpa14 wrote:5. I have 7 hard inquiries since jan 2012 and two of them were for rental agreements I had no say in, I was not the prime applicant and it was done without my consent, can I get these pulled?


I'm not sure exactly how this worked. Did you apply to live in the apartment? How do you not have say in a rental agreement?

Atahualpa14 wrote:6. If anyone had a similar score to mine but now has a rock star FICO score, can you tell me how long it took and/or what were some major things that affected your score?


In November of 2010, I had a CreditKarma FAKO of 529. I had multiple lates on credit cards and student loans. They've since been removed or have aged off. Now, I have a 729. CreditSesame has me even higher at a 752.

Use what you have responsibly and work on your derogatory accounts. Time is the only thing on your side.
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Atahualpa14
 
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Joined: Mon Jan 27, 2014 4:57 pm
Location: Detroit, Michigan

Postby Atahualpa14 » Mon Jan 27, 2014 10:46 pm

Thank you very much for the feedback folks. I figured it was worth asking regarding chase. I feel like I wasted a hard inquiry, but we will see. Regarding the CO, I just figured If I payed more than the minimum balance, then I was doing ok. But I'll definitely up the payment to full. On the issue with the inquiry regarding the tenant; I was going in with a buddy of mine and his name was on the lease, not mine, I never signed for anything, he asked me for my social but I just assumed it was for background check. I just noticed that it was a hard pull earlier this month. What can I do? Other than that, if my credit report shows good credit regarding my student loans not being in default, do you know if a deferment status negatively affects my credit? I'm really hoping to kick start my rise in FICO but am beginning with a few pesky collection items that I've been foolishly let stand. Is there anything I can realistically do about those hard inquiries though? Any other words of wisdom will be greatly appreciated!



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