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How much can a year impact LOC applications?


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  • Law Student

I made a similar post ~10 months ago asking a similar question. I was rejected last year when applying for funding, and have spent the past 14 months paying off my debt and fixing my credit. I'm definitely in a better position now and will be applying (hopefully) with a strong cosigner. 

Basically, these are the main differences: 

  • Last year: mid 600's credit score, >90% utilization on revolving debt, ~20k on public debt. Had to close my credit card due to financial issues. 
  • This year: midish 700's credit score, >5% utilization on revolving debt, ~20k on public debt. Opened a new credit card to rebuild credit. 

What is staying the same: 

  • Delinquent (missed payments) on some accounts with 2 going to collections. Clean slate for over a year. 

As it's been ~14 months since I last applied for my LOC's, I was wondering if anyone could shine some insight into how much better my odds are and whether I've done enough to improve my odds. Is 14 months a sufficient amount of time to build up my credit? One bank has already said they're willing to have me apply with a cosigner (YAY), so I'm already having much more luck this time around (I was given a hard pass last time). From the comments made on my last post, I'm aware that banks may take issue with 1.) my past and 2.) my prior rejections, so I'm ready for that. 

Edited by Constantine
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