Advice on applying for a card

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GSusser
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Advice on applying for a card

Postby GSusser » Thu Jan 16, 2014 8:53 am

My FICO as per Barclay Bank is 736. It's my understanding, Barclays gives the "real" FICO. From what I can gather, 736 is good but not excellent.

I assume what's keeping me from getting a better score is a bankruptcy from 7 years ago. I've kept my credit profile good... I have 0 balances with 2 cards that have a $6k limit, have other credit which has been handled as agreed and the only debt I presently have is a student loan.

I want to get a different card, a good rewards card that is good for airline miles, something like Capital One's Venture Rewards card. According to Bankrate.com, you need excellent credit to get this card. Would I be wasting my time and possibly doing damage to my credit rating (by getting turned down) by applying for this card. And to take it a step further, should I avoid applying for any of the cards that bankrate says you need excellent credit?

Thanks.


MemberSince99
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Postby MemberSince99 » Thu Jan 16, 2014 9:18 am

Good vs excellent is debatable. Honestly I consider 736 to be excellent. But it's certainly at least very good. And I would agree it's likely only your old BK keeping it from being higher now.


Cap One will pull all three bureaus if you apply. That's just their policy. So you will take an inquiry on all three of them for the card. I've never applied for this card, but from what I've read, yes you will need excellent credit to get it or at least very good. I'd say you have a shot if you want it but please don't take this as me giving you the green light - I have no idea if they would approve you or not. No one does all we can do is guess.


You just never know what can happen until you apply. That's the honest truth. If you want a card apply for it. Research the travel cards to see the one that fits you best, and go for it. Some lenders are not crazy about seeing a BK on your report, some are known to dislike that more than others (Amex for example is known to really not like that. Doesn't mean no one ever gets an Amex with a BK showing, but it doesn't happen often). If you really want Venture, go for it. Nothing ventured nothing gained (lame pun I know).

takeshi
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Postby takeshi » Thu Jan 16, 2014 9:36 am

GSusser wrote:It's my understanding, Barclays gives the "real" FICO.

It's real but it's not "the real" FICO. FICO has many scoring models and you have a FICO score for each of the credit bureaus. Different creditors use different FICO models and different credit bureaus to make their decision. Some may use the score Barclay's provided. Some may not. The score a creditor uses could be lower or higher depending on differences in the models and in your reports.

GSusser wrote:And to take it a step further, should I avoid applying for any of the cards that bankrate says you need excellent credit?

Bankrate doesn't make the decisions for the creditors. Take their assessments with a grain of salt.

GSusser
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Postby GSusser » Thu Jan 16, 2014 11:17 am

Hopefully I can be enlightened. Is there such a thing as one FICO score that is commonly used by lenders? I was under the impression that is the case. I assume there's been talk about it here, but FICO scores have been in the news lately. Specifically, 2 banks were in the news, Barclays and another one whose name I can't remember, who were offering to give out the FICO score that lenders use. Since I have a Barclays card, I was able to get my score. I know all the credit bureaus have a scoring model. However, it was my understanding that these scores were mostly meaningless and not used by lenders.

I notice users post their FICO scores in their profiles here. So maybe I misunderstood.

As for Capital One, I'd hate to have an inquiry posted on all the credit bureaus and then get turned down for the card. How long does an inquiry stay on file?

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Z06Biker
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Postby Z06Biker » Thu Jan 16, 2014 4:47 pm

Exactly. Currently, Barclays is reporting that my TU FICO is 791. Yet my Experian credit score is 762. Go figure.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

MemberSince99
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Postby MemberSince99 » Thu Jan 16, 2014 5:55 pm

I'm not sure why your EX score is that relevant to TU?

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Z06Biker
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Postby Z06Biker » Fri Jan 17, 2014 1:34 am

Just the large discrepancy is all.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard



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