I went from Low 400's to 600's...

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jrfico
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I went from Low 400's to 600's...

Postby jrfico » Fri Jul 11, 2014 4:00 am

EQ: 656
TU: 668
EX: 616

My EQ report has no trade lines, just one hard pull within the last 12 months (AT&T).

TU has one tradeline (Verizon) and I'm awaiting the results to see if it gets removed.

EX has 4 trade lines that I am disputing and awaiting results.


I have not had a credit card of any form of credit since 2008; I have no BK's or Liens or Judgements, etc. Would it be possible for me to get approved an unsecured credit card? If so, which one?

Thanks


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Postby MemberSince99 » Fri Jul 11, 2014 9:19 am

I would NOT apply for a prime card from a lender that uses EX (Citi, Amex, BofA) for an unsecured card, as 616 is pretty much too low for any of them in all likelihood.


With EQ you have a SHOT at Discover, and TU Barclays might be possible also. Those scores are not great though you've made terrific progress so you are still kind of marginal and with baddies as I'm assuming they are if you are disputing them, then it's going to be tough, but you just never know till you try.

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djrez4
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Postby djrez4 » Fri Jul 11, 2014 9:49 am

Without any credit history since 2008? Not likely. You've done a good job cleaning things up. Get a secured card and start over from scratch.
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jrfico
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Postby jrfico » Fri Jul 11, 2014 1:13 pm

Thanks guys, that's what I figured.

The Barclay's Reward Mastercard is the one that people on creditboard and myfico have been saying have the best shot. People with several derogs and even lower TU score than mine have been getting approved.

jrfico
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Postby jrfico » Fri Jul 11, 2014 1:26 pm

djrez4 wrote:Without any credit history since 2008? Not likely. You've done a good job cleaning things up. Get a secured card and start over from scratch.


Now that I think of it... Since EQ anmd soonm to be TU are virtually blank reports with no TL, it would be as if I never had credit history, correct?

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Postby MemberSince99 » Fri Jul 11, 2014 3:00 pm

Nope. Even if the credit card you had in 2008 defaulted it will report until next year at least, unless of course you get it removed. Good lines report for 10 years bad for 7.


If all are removed or fall off then yes it's as if you had no credit.

jrfico
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Postby jrfico » Fri Jul 11, 2014 7:00 pm

MemberSince99 wrote:Nope. Even if the credit card you had in 2008 defaulted it will report until next year at least, unless of course you get it removed. Good lines report for 10 years bad for 7.


If all are removed or fall off then yes it's as if you had no credit.


Yeah, that's what I was getting at.

Would my chances of getting approved for an unsecured card be better since, according to my credit report (assuming everything is removed), I have a "clean slate"?

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Postby flan » Fri Jul 11, 2014 10:08 pm

MemberSince99 wrote:Nope. Even if the credit card you had in 2008 defaulted it will report until next year at least, unless of course you get it removed. Good lines report for 10 years bad for 7.


If all are removed or fall off then yes it's as if you had no credit.


FICO scores require an open account that's at least six months old. So if you have no open accounts, you have no fico score. As MS99 says, though, the closed accounts report, and lenders who pull the report will see them, and those that deal with customers who don't have a fico score will use that data, along with whatever other data they use.

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Postby jrfico » Fri Jul 11, 2014 11:44 pm

flan wrote:FICO scores require an open account that's at least six months old. So if you have no open accounts, you have no fico score. As MS99 says, though, the closed accounts report, and lenders who pull the report will see them, and those that deal with customers who don't have a fico score will use that data, along with whatever other data they use.


That being the case, are there any unsecured cards that would approve someone who has a fresh credit report and no FICO score? Or is the only absolute way to start is with a secured credit card?

It just seems a bit of a "chicken or the egg" ordeal... Can't get a credit card because I don't have credit history/FICO, but I can't have credit history/FICO unless I have credit...

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Postby PlyrStar93 » Sat Jul 12, 2014 1:12 am

jrfico wrote:That being the case, are there any unsecured cards that would approve someone who has a fresh credit report and no FICO score? Or is the only absolute way to start is with a secured credit card?

It's possible to get an unsecured card with no credit history, just need to find the right issuer and probably the right person who can handle with this.

Discover is known to issue unsecured cards to those with no credit history, one of my friends has done this recently, with $500 limit. He was required to submit several documents to prove his identity.

For Citi, college students can get unsecured student cards without credit history, going to branch is one of the requirements.

Chase may also issue cards to those with no credit history, I have one friend who did this last year. This seems harder, though, could be YMMV.

So it's completely possible to get an unsecured card without any credit information, just not that convenient as those who already have credit, and there is chance of being denied for whatever reasons.

jrfico wrote:Can't get a credit card because I don't have credit history/FICO, but I can't have credit history/FICO unless I have credit...

One solution is beginning with a secured card; or start establishing credit with credit unions, or some banks issue student cards to those with no credit history, of course the rewards may be little to none.
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