     Frustrated (Lostcredit) | Saturday, December 02, 2000 - 09:41 am 
I have 5 PAID collection accounts, all 1996. I have 2 PAID charge-offs in 1995. All of those happened when I was in college and did realize the value of credit.
In 1999, I got a home mortgage for $160,000. Its amazing to me I can get a home loan for that much, but can't get an unsecured credit card!
Since 1998, I have never been late on anything; student loans, SECURED credit card, car lease, or mortgage.
I make $110,000 a year.
Two weeks ago I applied for credit at Best Buy and got turned down.
Do I have any hope of getting an unsecured credit card or store card soon or do I have to wait until 2002/2003 when those 5 collections & 2 charge-offs drop off?
Is there anything I can do? Any help would be appreciated. Thanks. |
| Shylock (Shylock) | Saturday, December 02, 2000 - 12:04 pm
Best Buy should send you a list of reasons why you got turned down. Several of the reasons might be related to the past delinquencies you had. Focus on the other aspects of your credit such as paying down any outstanding debt you might have. You might want to also consider getting a secured or an unsecured card from Orchard Bank if you really need the credit. |
| Anonymous1 (Anonymous1) | Sunday, December 03, 2000 - 04:23 pm
Be glad you didn't go with Best Buy's card. They use a company called Household Retail Services who have more consumer complaints than I can think of. HRS will offer you 2 years financing (through Best Buy) with no interest. God forbid you buy ANYTHING else between the time of the no finance item and the newer item. HRS will find a way to finance charge you and move the purchase tracking numbers EVERY month. Friendly warning #2-Orchard is underwritten by HRS (who from what I last heard have a pending class action suit happening for deceptive credit practices).
I recommend First Consumers, they will probably give you credit as will Capital One.
Just my 2 cents. |
| David Temkin (Dtemkin) | Sunday, December 03, 2000 - 07:11 pm
Yep, I managed to get a card from FCNB (150% secured) AND Capital One at the same time while IN bankruptcy. They're both pretty good.
Only beef I have is FCNB's lack of a usable website... I'm used to being able to see current charges/statements/etc. online.
-Dave |
| Patricia Holly (Househunting) | Monday, December 04, 2000 - 05:09 am
I am not a huge fan of Orchard at all. If you don't pay online and wait for the bill then mail it you are going to run into trouble. I typically received my bill exactly 7-10 days before it was due. On the bill they clearly state to allow 7-10 days for you bill to post. If it is as much as posted the morning after it was due, the late fee is assessed. Also, the card I had was designed with a 19.8% APR with a $59 annual fee. BUT, if you are late even once (it posts the next morning) they double the annual fee and jack up the APR a couple of percentage points. You don't think they want to make you late, do you? Also, my credit limit was $300 and after one year of managing to make all payments on time and not going over the limit, their idea of a line increase was $50. And I had to ask for it. I canceled the card, needless to say. There are much better offers out there. It sounds like you found some of them already. |
| Anonymous1 (Anonymous1) | Monday, December 04, 2000 - 06:50 am
Exactly! That's HRS for you... |
| Don (Don) | Monday, December 04, 2000 - 09:00 am
My wife's Best Buy card is through GE Capital. And I haven't had a problem with them. And although most people don't like Providian they do give you rapid line increases. |
| Anonymous1 (Anonymous1) | Monday, December 04, 2000 - 11:11 am
Best Buy apparently uses (depends on where you live) GE Capital (good), First USA (bad) and HRS (downright ugly). |
| Shylock (Shylock) | Monday, December 04, 2000 - 05:30 pm
My experience with Orchard bank was all positive. I paid $100 up front and got a $300 credit line. I paid the entire balance every month for 6 months and they doubled my credit limit to $600 without me even asking. At month 11 I asked them to waive their annual fee and they said that I didn't meet their qualifications. Fine -- I cancelled the card. I had already gotten one with a $1,500 limit. |
| Christine Baker (Admin) | Tuesday, December 05, 2000 - 01:50 pm
Was that before or AFTER HRS took over? |
| Shylock (Shylock) | Tuesday, December 05, 2000 - 02:50 pm
It was in 1998. |
| Frustrated (Lostcredit) | Saturday, December 09, 2000 - 08:41 am
While I appreciate the other insight, my main question was never answered:
"Do I have any hope of getting an unsecured credit card or store card soon or do I have to wait until 2002/2003 when those 5 paid collections & 2 charge-offs drop off?"
I just applied to Best Buy and got turned down. Fine. Should I just stop attempting to get an UNSECURED credit card based on the response from Best Buy? |
| P.Rosa (Angryconsumer) | Saturday, December 09, 2000 - 06:09 pm
While I appreciate the other insight, my main question was never answered:
"Do I have any hope of getting an unsecured credit card or store card soon or do I have to wait until 2002/2003 when those 5 paid collections & 2 charge-offs drop off?"
No one here is in a position to answer your question. It's of course true that charge-offs aren't good, even paid ones, but whether that'll keep you from getting credit cards is another matter. Remember that different card issuers have different underwriting standards.
In short, the only way you can be sure of the answer is to make some applications - which, of course, is a somewhat risky matter as each application adds an inquiry. |
| Anonymous1 (Anonymous1) | Saturday, December 09, 2000 - 08:47 pm
JC Penney should extend you credit. I know it's Penneys but it should help the FICO scoring increase. |
| Frustrated (Lostcredit) | Monday, December 11, 2000 - 10:20 am
I just found out my Experian/Fair ISAAC score is 638.
Any additional insight now?
BTW - One of the charge-offs was JCPenny's. |
