Rebuilding My Credit...

Here's a timeline of my rebuilding process, since my bankruptcy in 2012 to clean up my mess from stupid decisions prior. Any and all input is welcome! Average FICO from CCT 07/20/2015 - 65607/18/2015 - 656 Notable Information Bankruptcy Chapter 7 discharged in 08/2012.Student loans stuck with me. I paid them off in 04/2015.Few other accounts that still show on my CR even though they were discharged, going to work on getting them removed some time...http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Seeking-all-Advice-on-Rebuilding-Credit/m-p/4137995#M432015 Lines of Credit Opened - Limit - Bank/Store info09/2013 - 1500 - Jared10/2014 - 2300 - Capital One Platinum MC12/2014 - 250 - Comenity/Vic Sec03/2015 - 1300 - Barclays07/2015 - 2000 - Synchrony/FFF07/2015 - 600 - Synchrony/WM07/2015 - 6000 - Synchrony/Lowes Total Credit - $13950 as of 07/20/2015 Notes Approved for 3 through SynchronyDenied by Citibank for HD on 07/20/2015 This is a work in progress, if you want to follow me, feel free. If you want to make suggestions, feel free.

Similar Messages

Trying to rebuild my credit

Back in 2009 I went through a terrible divorce. I became a single father and my credit took a huge hit. My exwife walked away from the kids and I. Money was tight raising 2 kids so i let my credit cards go. i had gotten those in 2011-2012. Since then Ive has no other forms of credit except the vehicles i financed.Those credit cards and a couple doctor bills ended up in collection. I have since paid them off reciently. I didnt kow about the PFD thing so i just paid them. It wasnt much 1700ish total.Now im trying to rebuild my credit, within the last month I have gotten 3 CC. I have had no CCsince 2011/12 1 for 300, 1 for 500, and a secured one for 1000 for my credit union. I have also went on as an authorized user on my wife now american epress 10,000 limit and her goodyear CC 2600 ( i dont know if this will help )I have tried to dispute some of the negitive things on my credit report and it pretty much all came back as comfirmed it belonged to me.This was hard on me as before i was able to pretty much get whatever I wanted and now with my credit score its almost impossible unless i put down a huge down payment I,E i put down 20,000 on my truck just to get finaced and still ended up with a 24,99 intrest rate.Ive been really tring to get these removed from my credit. they say they are do to fall off in 2019 but we are looking to hopefully by a home soon as with the combned family this one is a bit small. my fico8 scored ived gotten up to EQ 517 TU 489 EX 589 My advantage scores are EQ 519 TU 556 EX 556. These are coming from a low 400 score a little over a month ago.Ive read alot on the diffrences, am i allowed to ask a finacial instituation what they use as it seems my advantage score would really help me out. It was just a real difficult time in my life, and now im just trying to find a way to fix it. Divorce put a BK on my credit too that falls off in 2017.I know time will fix it but is there anything else i can do? I read about GW letters but I imagine that the CC companies and the CA could really care less about difficult times.I can say its been very humbling coming from someone that had credit that could get anything they wanted to having to pay huge amounts just praying to get finaced.Sorry for the long post.

also i will add i have 2 tax leins that are paid on my credit from 2010, im filling out the form to have those removed.I also have a judgement that i paid in full on my credit from 2012 from wells fargo. Im not exactly sure how to remove those, since 2012 i have had no new credit. everything i have bought has been cash. so my payment history sucks its why i really want to remove those 2 years of bad things.

What to know before rebuilding your credit with secured credit cards

The higher your original CL, the higher they can be raised to new higher CLs. I remember using Open Sky secured card and the $200 CL never went up in a 6 months. I got a CreditOne card with a $300 CL and was increased to $500 within 3 months. Not surprisingly, when I applied for Capital One nonsecured cards, I started at $500 (the highest CL of my two secured cards). Your available credit is a factor in your score so the more money you can put into these cards, the better - bc your score will be higher and will give you a better foundation of starting CL in the future.
Keep in mind, there are of many fees associated with SCCs and make sure to take that into account from the get go. This can range to annual fees to monthly charges to even transactiom costs when you swipe. Read the fine print and find a reasonable card without outrageous fees. I beleive I used CreditOne bc they didn't cost as much as others.
When starting out, an upfront fee may kill your utilization the first month. For instance, if you have a $49 CL and upfront annual fee is $27, you're already at 54% utilization. And if you pay that immediately, it won't matter bc your remaining available credit will still be $22 and your first month reported to the bureaus will show high utilization (or in any lenders eye's - high risk). So find out what upfront fees will hit the first month and depsit enough money to stay under 30% UTIL. Build a healthy habit of not crossing 30% utilization and pay your cards off 10 days before they're due the first time around bc some companies take up to a week post your payment and you never want to be late. This way you know how to time your payments.
The amount of credit accounts also is a factor in your score so if you can afford to, get two or more. The best way to do this is apply for one, make your first payment that will typically include your upfront annual fee. Wait for that payment to clear, then apply for another card. Lenders see payments will often grant you cards with signs you pay your balances. This healthy process of applying for CCs can be used with the regular CCs you will be eligible for, usually in 6 months time.
Keep in mind that your reporting date is usually 3 days after your statement date and timing is key. Let's say you have a $300 card. You've used $75 to stay under 30% and you know your due date is the 20th of the month. You make a payment on the 16th for $75 and it posts on the 19th returning your balance to $0. The next day, your due date, the day closes in good standing. Within a 3-10 days the balance will reflect your credit report. Try to use 1-9% (or 29% max) of your CL in this window bc having 1-9% UTIL reporting is better $0 reporting and you don't have to carry a balance and pay interest. These rebuilder cards prey on those who cannot manage their cards. But that's not you bc you know the game and are here to beat the system.
You want move to $0 annual fee CCs asap so feel free to apply for unsecured CCs within 6 months. Capital One is known grant cards and forgive for past mistakes so apply there after 6 months if you're not aware of bettet options.
It also ould be a good idea to take $500 and deposit as a CD with your bank and use that as collateral for a secured credit card. Its the same concept as a secured card but you get interest back with your original deposit.
Hope this helps someone.
Much love,.
Romulus

Personally, I would keep your utilization down to 10% or less for a few months and lie low, just showing responsible card usage. Keep checking the Capital One prequalification page after that, and once you become prequalified for the unsecured Platinum, take the chance, as the prequals are usually pretty solid.
When you get your unsecured Platinum, use it a whole lot and either pay in full every month, or, like with your secured, keep it at 10%-below. Meanwhile, definitely pay your secured in full every month. At about 5 months, if you displayed heavy (but responsible) usage, they should give you a pretty good CLI--I often see people go from $300 to $1500.
By then you should probably have your charge-off paid for, so, while it won't remove it off of your report, it will help. You'll also have a decent unsecured card, and by then I would feel comfortable applying for another card and maybe closing your secured card after that, since it unfortunately won't graduate.
BoA has a secured card that will graduate, but their prequalification page is utter garbage, so you'll be taking a huge chance by applying, and there will be a chance at denial even with recon. However, if you do get it, it will be great to have an evolving credit card in your hand, as you won't have to close the line (as I'm sure you'll eventually need to do with the Capital One).
I dunno, I'm a pretty conservative person when it comes to this credit game, so my offered plan might be a bit lukewarm, but I think it might be pretty solid for you. Good luck, you can do this!

Rebuilding Credit- Help and Advice needed please

Hello, i'm currently working on rebuilding my credit. There are 2 charge offs and 2 collections ( for those charge offs) on all three credit reports. I would love some adivce on the best course of action. I am in MA and the SOL is 6 years. Thank you! I do have positive TL's, the ones posted below are the only negative items on my report. I also have paper copies of my report just not with me right now. MyFico scores (FICO8) are currently EQ: 654 TU: 643 and EX: 648 This is what it looks like on Experian:Account 1:Account nameCOMENITY BANK/EXPRESSAccount numberXXXXXXRecent balanceNot reportedDate opened12/2006StatusClosed. PO BOX 182789COLUMBUS, OH 43218No phone number availableAddress identification number0000621071TypeCharge CardTermsNACredit limit or original amountNot reportedHigh balance$1,667Monthly payment$0Recent payment amountNot reportedDate of status02/2015First reported01/2013ResponsibilityIndividualCommentPurchased by another lender. Account 2:Account nameCOMENITY BANK/VCTRSSECAccount numberXXXXXXRecent balanceNot reportedDate opened04/2007StatusClosed. $1,171 written off.O BOX 182789COLUMBUS, OH 43218No phone number availableAddress identification number0788274468TypeCharge CardTermsNACredit limit or original amount$370High balance$1,171Monthly payment$0Recent payment amountNot reportedDate of status02/2015First reported04/2007ResponsibilityIndividualCommentPurchased by another lender. COLLECTION 1Account namePORTFOLIO RECOVERY ASSOCIATESAccount numberXXXXXXXRecent balance$1,668 as of 07/08/2015Date opened02/2014StatusCollection account. $1,668 past due as of Jul 2015.20 CORPORATE BLVD STE 100NORFOLK, VA 23502800 772 1413Address identification number0000621071 Original creditorWORLD FINANCIAL NETWORK BANKTypeDebt BuyerTerms1 Months On record untilMay 2019Credit limit or original amount$1,668High balance$0Monthly payment$0Recent payment amount$0Date of status05/2014First reported05/2014ResponsibilityIndividual COLLECTION 2Account namePORTFOLIO RECOVERY ASSOCIATESAccount numberXXXXXXRecent balance$1,172 as of 07/08/2015Date opened08/2014StatusCollection account. $1,172 past due as of Jul 2015. 120 CORPORATE BLVD STE 100NORFOLK, VA 23502800 772 1413Address identification number0000621071 Original creditorWORLD FINANCIAL NETWORK BANKTypeDebt BuyerTerms1 Months On record untilAug 2019Credit limit or original amount$1,172High balance$0Monthly payment$0Recent payment amount$0Date of status11/2014First reported11/2014ResponsibilityIndividual Also under the potentially negative items section is a capital one credit card that I had that was closed and I paid off and this is what it shows:Account nameCAPITAL ONE BANK USA NAAccount numberXXXXXXXXXXXXRecent balance$0 as of 07/17/2015Date opened02/2005StatusOpen. PO BOX 30281SALT LAKE CITY, UT 84130800 955 7070Address identification number0000220565TypeCredit cardTermsNACredit limit or original amount$1,500High balance$1,702Monthly payment$8Recent payment amount$0Date of status02/2013First reported02/2005ResponsibilityIndividual

The subcontractor left the bt socket off the wall, holes in my fresh painted skirting board as he didn't want to get his drill so tried to mount on the skirting, also tried to mount the modem on skirting! . He said do I want to mount it all!? I said yes due to the mess he was making of my new house. I'm field staff for a rival company so the mounting was no problem. But what he did do was use telco wire from x2 terminals from the I plate I think it's called to data socket. When ethernet plugged into socket my bb drops? Hence I had to take it away. When he left I was getting approx 40 meg throughput, this has dropped to 25 ish since. My brass rate is still 56.56 dropped from 58mbps. I have made good his damage so won't raise a claim. But if anyone could offer advice, that would be great. I would also like to communicate with a moderator if poss? Thanks

Need car loan, having difficulty rebuilding credit.

Hi there! 4 years ago, I was unemployed for about a year. This caused me to lapse on quite a few bills which ended up in collections. Since then, I've paid off about half of them, but the other half have been very difficult to pay off (either the CA has not been helpful in even sending me a letter saying that they will mark it as paid, or other reasons). I have a steady job that pays around $80K, and recently my fiancee's car died. So, we applied for a car loan... which was rejected for derogatory marks (it was made clear that even with a good cosigner, I would not be approved). I have been unable to get any forms of credit to rebuild my credit history - the best I have is a secured credit card (which itself has good history) and am on my fiancee's card (which has good history). I'm simply unsure of what to do at this point. A dealership offered a loan at 25% APR, but it raised the price of the car such a ridiculous amount that I simply cannot afford it anymore (and I can't justify paying _double_ on a car in the end after interest). I honestly have no idea what to do here. Paying off all the creditors still won't remove derogatory marks. Nobody is willing to give me credit other than a ridiculously expensive car loan. I really can't wait a few more years for things to drop off. My current FICO scores show up from the low 600's to the upper 500s. I have been unable to get them to change. Help?

You are pretty much stuck in a deep rut. I was in a similar situation and at the bottom, you just have to make a move, and keep good receipts and records. My suggestions:Pick a debt that is updating monthly on your CRs and after verifying that a CA is the owner of the debt, pay one off. You may not get a PFD, I never did, but several did come off after it was settled, especially medical bills. Some CAs will allow you to make a payment plan, but you must be able to complete it. Others require a lump sum. If you can get the OC to recall the debt and cancel the CA, that is the best arrangement. Then you pay the OC and the CA has no authority so has to be removed from your CRs. If you cant get a PFD and you cant do a PIF, then try for a settlement that will at least make it 'legally paid for less than original amount'. Try to get secured cards, they will still count as Revolving accounts. If you can get a secured card that will graduate to unsecured, that is ideal. You need at least 3 revolving accounts. Keep paying off old debts and keep current with new obligations and your scores will improve. I saw good increases after I got each of my first three cards, and they were all small, as in 250 secured and 300 to 500 unsecured with extremely high interest rates.. hth ETA: And go the Rebuilding Credit forum and read everything! Even posts that dont look like they might apply to you will have info that will come in handy at some time in the future.

Helping my Mom rebuild.. Would appreciate advice from the Credit Masters :)

Greetings everybody!  I am posting here to try and get some advice from people who may have been in our shoes, or from those who know a lot about credit and how it works. I am helping my mom rebuild her credit, let me provide some backstory. My mom used to have amazing credit (800+ FICO). Around 2006, my parents divorced. At that time, they had a mortgage through Chase for our old home. IIRC, the mortgage was in my mother's name with my father as secondary (my mom's amazing credit was how they got the mortgage). The court ordered that the mortgage was to become 100% of my father's responsibility, payments and all. My dad was to pay the mortgage, and my mother and I were to list the house for sale and move out. Well, to be blunt - my dad was a jack*** and was purposely 30-90 days late on multiple payments. Even though my dad was legally responsible for payments, my mom's name was attached to the mortage. I'm sure you see where I'm going with this... her amazing credit crumbled down to a 445 FICO. Yikes. My mom knew she needed to rebuild. She desperately needed a car as ours was mysteriously sabotaged... So she purchased a used 2003 Ford in early 2006. The interest rate wasn't pretty.. 24.3% through Americredit (AKA GM Financial). She knew she would get shafted until she rebuilt, so she bit the bulllet and took it. We paid that loan off 2 years or so early sometime around 2008. Around 2010 or so, we fought the credit bureaus and were able to wipe all of the late payment marks my dad did on the mortgage off of her credit reports.  We've slowly been building ever since. We were doing great. Around 2013, her FICO was around 715, with individual bureaus reporting 690-725. Here is where things started to go slightly downhill. In late 2013, my mom became severely injured. She had multiple surgeries and was taken off of work for the remainder of the year.  In October 2013, she applied for a Barclaycard Visa via Apple and was approved for $1,500. My mom wasn't getting disability or anything like that, so we started doing the worst thing possible (but our only option)... living off of CCs. Her balances got sky high... but she consolidated them into a loan through her credit union in 2014. All CCs were paid off, we only had the loan. That was paid off too that year. That spring (2014), Barclaycard gave her an automatic CLI to $3000. Capital One gave her an auto CLI to $1500. Right as she went to go back to work, some post-surgery complications popped up and the doctors have had her off work ever since. We started living off the CCs again... balances got sky high, this time no money to consolidate. I will admit, I have made some very poor decisions in using store credit accounts to buy things. I never should have used them. We asked Barclay for a CLI a few months ago. They bumped us to $5300. Capital One gave us an automatic CLI to $2500. Here are our current stats: Barclaycard (opened 10/2013): Credit limit of $5300 - balance of $5100.Capital One (opened 11/2002): Credit limit of $2500 - balance of $1900Best Buy Store (opened approx. 2011): Credit limit of $1500 - balance of $2050 (over limit)Dell (opened December 2014): Credit limit of $1500 - current balance of $990.Credit Union loan (unsecured): Was originally $3k - now at $910. Will be paid off by December. Total balances: Roughly $10,950 or so. Credit utilization: 87%6 inquiries100% ontime paymentsOldest acct. is 13 1/2 years CreditKarma reports: TU: 659 (as of 8/9)EQ: 673 (as of 8/9)EX: Unknown FICO score via Barclaycard is reported at 687. Capital One reports TransUnion as 688 via their "Credit Tracker." My mom is FINALLY getting disability (don't ask, I can best describe it as beauacracy BS - SSI was reported to be nearly 1M cases behind). She will be getting a lump sum to makeup for the past few years plus around $1.3k monthly. I am still in high school, preparing to graduate next year. However, I am working two jobs. I have $1k a month to throw in and help wrangle debt. My mom has been making typical payments of $100 to Capital One and $250-300 to Barclay, as they are higher interest. Cap. One is 12% interest, Barclay is 18.9%. She plans on paying off and closing Dell by October. It's useless at 30% APR. She is paying off her bank loan too entirely by Ocrtober as well. She will be sending her normal payments to Cap. one and Barclay, with somewhere around $100-200 to Best Buy.  I want to send $1000 to Capital One this month, that will take it to around $800. Afterwards, I want to keep sending my entire $1k/mo. to Barclay and get that paid off ASAP, as it is accrueing 18% interest. In a perfect world, all of her major CCs (Capital One + Barclay) would be both paid off or at under 25% utilization by Turkey Day. After we are paid off, we plan on either locking our cards up or shredding them and only using them via Apple Pay, as they should be for emergencies only. We want to build up a rainy day fund in a savings account that pays interest as well, so we can avoid the CCs altogether. I would like some advice on my plan to pay our cards off. I really want to get my mom out of debt. I was wanting to lease a car before winter hit us in Ohio. Her car does horrible MPG (~10 MPG). I wanted to lease a Subaru Legacy. The lease would be in her name, with me paying for it. However, that ain't going to happen until the credit utilization is WAY down (under 30% in my mind) and credit scores are 700+, as I read somewhere around here 700+ is Tier 1 for Subaru Finance (Chase).
If the two of us can pay as much money as possible, we would hope to be able to have much lower balances by late November. I would appreciate any advice.  Looking forward to a debt-free future for my Mom and I... and staying that way (no friviolous purchases, etc.). Thanks for the help. WH

So pay the Best Buy down under limit. They will likely add the over limit amount to your minimum payment.Then payoff DellThen pay off the 18% Barclay's.Then pay off the lower rate Cap 1. You are so lucky that it's only 11K and that you have never missed any payments. This is a situation where your mom's scores can be 760 or more when these cards are paid down under 10%. That's great. Since "life has happened" twice with your mom with unexpected medical things, and the fact that she will be living off of a small disability benefit, she should reduce her credit cards to the bear minimum. Maybe one Visa/MC with a 2K limit, another card with a 1K limit and a store score like Walmart. You can call and have your credit limits decreased. But do not do this until these accounts are paid off or her scores will plunge further due to higher utilization.  Your mom is so lucky to have you. What a great kid you are to help. You also just got a lesson that many of us take 10 or 20 years to learn and you haven't gotten your own credit card yet. You will likely be a credit whiz.

Help me map out a rebuilding plan

In early 2013 my husband and I decided we wanted to start looking into home ownership so we met with a lender and started working on their plan for us. We paid off a ton of debt and both had credit scores in the mid to high 600s.
Then he got accepted to PA school, and our income was cut in half. We got behind on bills, he paid our cr payment late most of 2014, and of course scores dropped. We actually just went through a divorce too. Now I am a single mom of two kids and I want to rebuild my credit.
I had nothing positive on my report to help me, so I did just apply for an auto loan. Approved at 8.74% with a credit score of 550 with a local bank. I was thrilled with that, but now I need to tackle the rest.
I've been using Lexington Law for about three months. My credit score is about 40 points higher since I started. They charge $100/month. Is it worthwhile to continue with them, or can I go this on my own?
My ultimate goal is to be able to purchase a 3-4 bedroom home within the next two years. Is it doable? What do I need to do? Do you suggest meeting with a lender now to find out what I need to do?
I know I can likely qualify before two years but I am not sure where I want to buy yet. My ex husband still has 5 months until graduation and after that will work here for another year before we all end up moving elsewhere in the country. So I say two years because that is likely when I will know where I am headed.
Plusses: right now 8 years at my job, many past satisfied auto loans and other accounts, "a story for what disturbed my credit", current student loans.
Negatives/baddies: mainly medical collections. The auto loan I was on with him he just closed out and opened a new one. I have more inquiries right now due to my own new auto loan. So new credit. A few chargeoffs from sometime in the fall. A few settled/paid less than full balance accounts.
I currently make $33K. I also get (will get) $2500/month from him for child support & maintenance.
Any advice is appreciated.

Hi there, and welcome to the forum. Firstly, credit repair services are almost never worth it. I'm sure some here may disagree but I don't see any benefit to them at all. There is nothing they can do for you (legally) that you cannot do yourself. That extra $100 a month could be going towards your outstanding debt. The first thing I would recommend is putting together a small emergency fund of at least $1000. Second, I'd recommend getting a secured credit card to help re-establish good payment habits. Keep the limit modest to keep you from going overboard with impulse buys. Take a second look at that credit report to ensure all the baddies are validly yours. Dispute anything that looks weird. If your goal is to pull the trigger on a house in two years, I would recommend putting together a house fund and placing a percentage of your income in there every paycheck. Investing in a mutual fund/index fund or good exchange-traded fund that pays dividends may also be a good idea. The bigger down payment you can place on the home, the better your odds. Two years from now you can easily be in the high 600s or better and your required down payment before lenders will consider you will start to slowly come down. But don't be tempted by that. In your situation, anything less than than a 10% down payment is asking for a world of hurt. Oh, and just out of curiosity, why does your ex-husband's plans matter if you two are divorced? I hope this helped and good luck to you.

Rebuilding Scenario Advice

So I am a recent lurker on this forum and have really enjoyed learning from a lot of your expertise. I am posting this to get some advice and gain more knowledge about my current situation and opportunities/challenges presented. Up front, my questions are:
What time period might it take to achieve my goal of 740?
What steps should I take to get there(what's the best way to build my credit from here)?
I would like to have a better CC than what I have right now. My next card target is the Amex Blue Everyday or the Discover IT. When should I look at applying for a new card, or is there a better card out there?
I have been working myself through rebuild mode for a couple months. My scores are 659 EX 651 TU and 651 EQ. I am a senior in college, but I am graduating late because I dealt with some serious depression/anxiety issues for a couple years from which I have now fully recovered ! Over that period of time, I was irresponsible with my payments, and as a result have a 60 day late payment(most recent, 2 months ago), a 90 day late payment and a couple 30 day late payments. Right now, I am current with all of my payments and have nothing negative on my report aside from the aforementioned late payments. My life goals are another story, but for the purpose of this post my current credit goal is to hit 740.
I have an auto loan at $6800 which I try to pay an extra $200 on each month. I have student loans totaling 40K. I have two CCs. One is a Cap One Platinum with no balance and a $3000 limit, and the other is a Cap One Quicksilver with a $1500 limit and no balance. I recently paid off a 2800 balance that I carried for 2 years on the former card. I use the Quicksilver for the rewards points, and pay it off in full every month. My annual salary for now is about 38k, and will be due for a raise/promotion upon graduation.
So that is my situation, and I ropes my questions stated above. I appreciate any advice and look forward to updating my progress moving forward!

Paola wrote:
Ok so here is my situation I have 6 derogatory accounts on my equifax-- 5 on my exp and 1 on trans. I would like to know if it's possible for me to build my credit score up to the 700s with them on my file as long as I keep my utilization low and make payments on time.I have never have a credit card or loan all the stuff are medical bills I had in college and a few bills from my sons old docs I didn't know about until I checked my credit last month for the first time ever. The most recent collection account is from 2013 oldest is from 2009. I just applied for cap one n discover it both secured and got approved for both, 200 dollar limit. Can someone please help me on what I need to do to recover from this bad credit and if the 700s in a year I even possible. Thank you in advance!Welcome to My fico If they are not updating on a monthly basis you may be able to hit your goal but all bets are most likely off it they are. Medical debts are some of the easiest to get rid of off your reports if you have the funds to pay them. You need at least 3 revolving cards to help drive your Fico scores and its great you got your first 2. For unpaid medical debt that is reporting on your CR:
1. Call the OC and ask that they recall the collection in exchange for full payment
2. Send the reporting CA a PFD offer
3. Google the HIPAA Process and contact its creator for help http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519 http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

Rebuilding with CLI - Capital One Consolidation and PC

Started rebuilding my credit in January after opening a Cap1 Platinum Mastercard (SL $300, now $1300) and Discover It Secured Card ($500, hopefully upgrades to an unsecured card in Jan 2016). Applied and was approved for the Cap1 Quicksilver One Card (SL $500, now $1500) in April. Requested a credit line increase for both Cap1 cards in early July and was approved. Received an additional CLI today for my mastercard as part of credit steps. My QS1 receives an automatic increase in 3 more months. July was a great month! Was also approved for Bloomingdales ($800) and Nordstrom ($300). Feeling great about my rebuilding journey in only 7 months. Can't wait to consolidate both my Cap1 cards after my QS1 hits 6 months. By then, I should have over a $3000 total limit for Cap1. I've read that their Venture One must have at least a limit of $3000. After consolidation, will it possible to PC to their Venture One?

DeeBee78 wrote:
OmarGB9 wrote:
Not sure how true it is that you must have $3k for a venture one. But the PC should be possible.It's absoutely true. VentureOne has a minimum 3k limit, and Venture has a minimum 5k. Read the "How do you determine my credit line?" section on the application. it's under Rates and Disclosures. http://www.capitalone.com/credit-cards/ventureone/I knew about the Venture having $5k minimum as it's a Visa Sig. But I didn't know about the VentureOne having $3k minimum. You learn something new every day.

How long after discharge to apply for a credit card?

I was discharged from chapter 7 on June 2nd and I was wondering how long I should wait before I apply for a credit card to rebuild my credit? I am not in a rush to get one but are you more likely to get approved for one right after discharge ? I am reading alot of comments online of people being approved in the first month.

NC84 wrote:
I was discharged from chapter 7 on June 2nd and I was wondering how long I should wait before I apply for a credit card to rebuild my credit? I am not in a rush to get one but are you more likely to get approved for one right after discharge ? I am reading alot of comments online of people being approved in the first month. It depends on which CC companies you included in your CH7, the ones you included in BK will make you wait longer post discharge before they'll approve you for anything. If you didn't include Capital One they are one of the most BK friendly CCs. Try their pre-qualifier: http://www.capitalone.com/credit-cards/ They use internal records and soft pull review from CRA to pre-screen you without affecting your CS. If they come back to you recommending a specific card and specific interest rate your chances are very good good you will be approved when you apply, but an app with them results in a hard pull inquiry on all 3 CRAs.

Which is a better idea to improve my credit score

I am trying to rebuild my credit from years of neglect and stupidity as of now I have a 521 through equifax but a 601 through trans union (no idea how the big difference is posible but that's a different matter) most of the reson it's so low is a very poor payment history. I am now on track with all my bills that aren't in either charge off status or collection and only have one 1 more collection to take care of. And one care off( thinking of trying to do a debit consolidation loan for that thoughts?) But 2nd and main question is which is better to pay down a current revolving debt, pay off an installment loan or get a secure cc to increase my available ratio/ usage ? Thoughts please this journey is just beginning

Thank you for your responce and recomendation Below I will itemize my credit report, I just pulled m free anual report. I will also list the current actions that I am curently taking on each account and see what you all recommend. Thank you again Good reports Navy fedral auto loan Balance $8394 open Feb 2013 reports monthly total of three 30 day late payments back in jun, sep, and oct of 2013 since then payed on time Personal credit plan instalment loan balance $324 reports only pays as agreed nothing else no monthly payment history Military star card revolving credit balance $1,456/1,775 Reports as pays as agreed but is listed as potentialy negative due to 3 30 day late payment 3 60 day late payment I am disputing 5 of the late payments because after the 1st one it began paying automaticaly our of my paycheck Chase Card-- This one I am confused about I was an authorized user for a while on someone elses account and it went well but this just has date reported 2008 pays as agrees Les schwab revolving reports as open but no credit limit and last reported 6-2007 DSHS support enforcmenttype: open pays as agrees 2 120 day late report back FEB 2009 and DEC 2008 but they only report every other month Closed acounts several installment accounts that were paid and they closed when they were paid offexcept these Pioneer/mac instalment loan Status Charge Off Balance $5 353 CO since Nov of 14 oct 180dl sep 150 DL aug 120 DL jul 90 DL Jun 60 DL may- Jan 2014 30 DL which isnt correct. USA discounters installment account CO since nov of 2012 late since nov of 2011 but NR from the open of the account in jun 2010 untl the late report in nov 2011 --- This one I am fully disputing I payed this off early and the decided that After I payed it off they were still going to charge me the intrest that would have accumulated on the account if paid as planed despite their contract having no early pay off penelties. Midland creditwas a colection account that I paid of jan 2013 Navy fedral revolving" Balance $5642/ closed for change of intrest rate from 17.99% down to 6% several 30 date late payment last one dec of 14 Collections Stellar recover: random $696 from century link. --Disputing this as not my account as i havent had century link. a medical bill for $43 trying to investigate this one CBE group for $903 for a direct tv bill-- Disputing and trying to validate I had D-tv but cancled it correctly and dont know why this exist Credit managment paid collection in 2-2014 OK so that is my god awful report. A few courses of action that I am curnently look at. Debt conslidation loan at least for the pioner loan and try a PTRto improve my score which If I understand correctly is 521 ( reported from a lender)Also 2 other things Im milling aroundoption A - scrape up $300 some how and get a secure CC and use it for something small everymonth but paying it offoption B - taking that same $300 and pay down the military star card to improve my ratioWhat say you all ?? Thanks and sorry for the horible and long winded post

Capio showing up 3 times on my credit history

I am in the process of rebuilding my credit. I had a bankruptcy 9 years ago and a devastating divorce. Many things happened and I have been unable to get ANY type of credit whatsoever. About 7 months ago, I was reading about easy ways to start rebuilding my credit. Once suggestion was getting a Fingerhut card. I thought...what the heck. I applied and it worked! From there, I was able to add Capital One secured and a couple of other cards such as Amazon store card and a Kohl’s charge card. I have not been late at all on any of my payments. However, my score right now is 554. It went down a several points over the last few day because a company called Capio put 3 strikes on it. I am not sure what the items are, but it really made me angry. I do not know much yet about the credit-rebuilding saga, but I am reaching out to all of you in hopes that you can tell me how to get this taken care of. Any ideas on how I can get these what it means and how I can get them removed? Thank you so much in advance for any assistance. SlippedHalo

Thank you DagsKY for the reply. I have already pulled my yearly credit report so I can't do it again (without paying). I would like to dispute them but, like I said in my original post, I really don't know how to go about doing that. I hate to sound inept, but since I have just started on this journey of cleaning up my act (credit) - any direction would be sincerely appreciated. Thank you,SlippedHalo

Need Help and Advice Rebuilding!

Hi All!New here, and in desperate need of advice on rebuilding my credit. My score has now dropped from 550 to 429 based on some medical bills (11) in collections from when i was uninsured, totaling about $9,000. I briefly considered using a credit repair company, but am skeptical of paying so much for something i can mabe do myself. My question is how do i go about getting these items off of my credit report? I obviously do not have $9,000 lying around. A coworker told me she had used Sky Blue, and another said Lexington Law was good, but that i could probably generate my own dispute letters. Is disputing these accounts the best way to go? What should I do?? I'm so confused.

Hi All!New here, and in desperate need of advice on rebuilding my credit. My score has now dropped from 550 to 429 based on some medical bills (11) in collections from when i was uninsured, totaling about $9,000. I briefly considered using a credit repair company, but am skeptical of paying so much for something i can mabe do myself. My question is how do i go about getting these items off of my credit report? I obviously do not have $9,000 lying around. A coworker told me she had used Sky Blue, and another said Lexington Law was good, but that i could probably generate my own dispute letters. Is disputing these accounts the best way to go? What should I do?? I'm so confused.

Getting letters for items that have been removed from my credit report

I have gotten several credit cards in the past month as I have been working on rebuilding my credit. Over the past few weeks I have been receiving letters from collection agencies for items that have been removed from my credit report. Has anyone else had this issue? Should I just throw this stuff away since it's not longer being reported on my credit report and the collections are so old they've been removed from the report? I am freaking out a bit. Any advice is welcome.

wonderwoman1970 wrote:
They were removed because they are over 8 years old.They can still try to collect, they just cannot place it on your reports. If its also beyond SOL in your state, you have to option to sent them a Cease Communications letter, charmingly refferred to as a FOAD letter. (Google it to find the meaning of that acronym).They will just sell it to another JDB, who may send you another collection notice. Keep all correspondence regarding this debt in order to keep track of it. You also have the option to settle it for a small percentage - I would suggest offering no more than 5-10% of the original amount (not some inflated "new balance"), and in your offer letter refer to it as "old, time barred debt, that is not a current financial obligation" but that you are willing to settle only to close out the account.

High credit score increase in one month after discharge

I was shocked to see my score went from a 500 something to a 677 in just one month after my discharge was complete. Everything on my account has been cleared except for two credit cards that I was an authorized user for which I included on my bankruptcy petition. I called Chase and they said they will remove both of the cards for me. My question is .. will my score hang around that level now if I don’t have any means of credit? I have a motorcycle loan that I signed a reaffirmation agreement for but I don’t think they are reporting to the three credit agencies anymore. I would like to keep my score somewhat fair because I will be getting an aprtment soon and possibly will need a used car loan in the near future.

NC84 wrote:
Karma ) :These are Vanage Scores and only a handful of lenders use them. Ficos are the ones that most lenders use and matter. You need to reestablish credit ASAP with 3 new revolving accounts even if you have to go secured. Welcome to My Fico http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

Rebuilding My Credit...

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