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creditcrunch1

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Will I qualify for a new card from a company with whom I have an old public record on report?
I have no open credit cards on my report, only have student loans (in good standing.) However my score is in the FAIR range because I have an old public record from a credit card company years ago. The record will expire in 5-6 months, but I was recently denied a new credit line from a major bank due to that public record. My first question: is it worth applying for a new card with the same bank for which that public record exists? And would it matter if I applied now vs after the record is removed from my report? This bank offers lower limit cards with lower credit scores- so I'm sure I would qualify if I didn't have the record from them. And follow up question- would any major Bank issue a card to me (after public record is removed) while I have no open credit cards? Any one else experienced this scenario? Thanks for any advice....

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Wait...

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You say that record will expire in 5 or 6 months, Let it fall off, If it is the only negitive then you will be in a great place to open new credit once it is gone.  Applying now will only generate Hard Inquiries and Denials  that will lower your score and stay on your CR for 2 more years,   making it improbable that you would get approved even after the derog is gone.  

Waiting 6 months, Greatly improves your chances of getting approved with a clean report and nothing negitive on it.  

Also, Why would you want to even apply to the bank that has a Derog on your report.  That is an instant denial as long as that public record is on your report and that would only hurt your score  even more.  

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Thanks EddyTX-

You're right, I should wait until the record is removed.  I wonder if I will still have a hard time after that- since I have no open credit cards (although overall score will be in the GOOD range, I think.)  I was previously thinking of getting a low-end card in the meantime just to have something current when applying for better credit line, but probably better to just wait...Thanks!

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