nycplayboy78 wrote:Hey guys I am looking to upgrade my current Capital One Platinum MC and Chase Visa to something more rewarding. The two cards that I have now give me nothing (rewards, cash back, etc) and I have been with both companies since 2006 and 2007 respectively. Here are their limits:
Chase Visa $2k CL (29.99% (v) APR) ($634 Bal)
Capital One MC $2k CL (11.90% P APR) ($934 Bal)
I want to upgrade to Chase Freedom card and how do I go about making that happen? Do I call up Chase and ask for a "product exchange" from my current card to the Chase Freedom? Also, I want a lower APR from Chase because 29.99% is just way too much and IMHO is usury.
You can either call the # on the back of your Chase card or go online and send a message requesting a product change to Freedom. I assume you have Slate right now? Chase really likes to change people to the Freedom so your chances are good. As far as your APR....Usury is exactly why banks have their credit card opperations out of AZ, DE and SD because those states have virtually limitless usury laws. From what I understand about Chase is that they do not accept requests to lower the APR and that "we periodically review accounts for credit line increases and APR reductions."
As for the Capital One MC which one should I get because looking at their website and current credit cards my current APR is lower than the one's listed online. I was looking at their Cash Rewards credit card with no Annual Fee and the APR is 12.90%
Capital One is a strange bird. You may always call them and request the product change; however, they usually only offer the product change at their discretion. Chase Freedom has a better reward structure anyway. Since they are unlikely going to reduce your APR, keep the Capital One as is to maintain your low interest rate.
Also I want to get a credit limit increase on both cards and change them to better cards so guys how do I go about doing that? What should I say? Etc....Last month in February 2012 I opened up a secure USAA AMEX card $2500 CL with an APR of 9.90%...
Chase will review your request for a credit line increase; however, this will be a hard inquiry and they typically like to pull Experian, your lowest score. If you can deal with the hard inquiry, there is no reason to sway you from going for it; however, I would expect $500-$1000 increase at best with your current scores. Capital One....you may certainly try; however, they don't usually take customer initiated credit line increase requests.
My three credit scores are as follows --> EX (644) EP (650) TU (680)
You may want to wait until you get that Experian score up to 675+ to do anything.
I look forward to hearing from yous guys about any suggestions you may have for me
nycplayboy78 wrote:CC Deville thank you so much for all of your insight into my credit problem(s). I spoke to an older co-worker this morning and he said the exact same thing about Capital One and how he HATES them...He was active duty Army and was PCSing overseas and asked Capital One for a credit limit increase and they denied him and he only had a credit card with $1k limit so he just closed them out. Also here is my credit profile and tell me what should I do in order to make it better.
Here is a summary of my complete credit history/profile:
Experian --> 644
Equifax ----> 650
TransUnion --> 680
File for Chapter 7 BK in 2003 (Discharged 2003)
Total Accounts (Open and Closed) --> 16
Oldest Account Age --> 14.5 years
Average Account Age --> 5.6 years
Hard Inquiries --> 6
Total Accounts (Open and Closed) --> 17
Oldest Account Age --> 7.5 years
Average Account Age --> 5.1 years
Hard Inquiries --> 4
Total Accounts (Open and Closed) --> 16
Oldest Account Age --> 9.2 years
Average Account Age --> 5.2 years
Hard Inquiries --> 2
Credit Cards and Limits
Capital One MC --> $2k ($0 Balance)
Wells Fargo Visa --> $3,650 ($1,600 Balance)
Chase Visa --> $2k ($0 Balance)
HSBC MC --> $800 ($0 Balance)
First Premier Bank MC --> $750 ($0 Balance)
Home Depot Consumer Card --> $500 ($0 Balance)
In February 2012 I was applied and approved for a USAA Secure American Express Card ($2,500 with a $0 Balance).
In the past three years I have had mortgage payment lates and in 2011 I was approved for a Mortgage Modification with BofA and I think that is why my credit score is so low...SIGH..
Unfortunately only time will heal this. Credit is very fragile and it takes years to build and only months to destroy. Now, a LOT of people had problems with their mortgages so the fact that you didn't walk away should count for something.
Which American Express Card would be suited for me in order to get my foot in the door and build up a reputation with AMEX?
Like I said before, you really need to take it easy for the next 12 months. Let those baddies from your mortgage age, some of those inquiries need to fall off and allow your bky to fall off your bureau. The best chance for approval from Amex is really any of their charge cards (Zync, Green and Gold). People will tell you Zync over anything else but really, any of the basic charge cards are fairly easy to get. If you are interested in Blue or any of their other "revovler" credit cards, you really need to have a high 600 low 700 score. Best bet is to get a charge card, use it for a year to build history with Amex and then apply for one of their credit cards.
Also, back in 2005 I had a Corporate AMEX Card with my job and I paid that off in full every month but 2 years later I left that job and I haven't had a relationship with AMEX since then? I bank primarily with USAA (veteran here) for all my insurance products, money-market account, CD, and checking and savings. I also have a local in town credit union for checking and savings.
Can yous guys please give me some advice on how to improve my 644 credit score to become reach 700?