topic Re: Apple Financial Credit Union secured credit card denied in Rebuilding Your Credit

My credit rebuild journal

Unique620 — Mon, 03 Dec 2012 22:02:22 GMT

I decided to start a journal of recovery since I filed bankruptcy and have started to rebuild my credit. Here is a little history. In the process learn my student loan was transferred to another lenders with no knowledge and one went into default. The other student loans are in forbearance. I moved and original lender got my address change, but NEVER told me they no longer have my accounts. New lender stated they got my new address from credit report.

Filed bankruptcy 4/2011
Discharged 10/2011
Entered Rehabilitation for student loan February 2012
Checked credit score (myFICO Equifax 523) March 2012
Finance a car 04/2012 (Capital One Auto 8%)
Read I needed revolving accounts 6/2012
Applied for Capitol One unsecured and approved $500 limit June 2012
Applied for Barclay and was denied (do not remember denial reason) Requested another letter to see why so I can work on it.
Applied for a secured Capitol One Card deposited $1000.00 June 2012
Pulled all three credit reports and clean up all items that were not IIB. Equifax score was 562 August 2012
After fixing all accounts Equifax is now 643 Transunions 628 (myFICO score)
still waiting on HSBC to correct on Transunion & Experian report (is showing as a collection and not IIB)
finished rehabilitation for HESC on October 27, 2012. Called and was told loan was picked up November 19, 2012. No changes to credit reports as of yet.
Sent GW letter to VP office Fed loans. Late removals denied. Received response November 2012

Right now my credit report has the following negative factors

Student loans lates (last late April 2012) in-school forbearance now

Student loan collections (waiting for rehabilitation completion to report)

Inquires: Last hard pull June 7, 2012

Tranunion: 0

Equifax: 10 (8 from car loan pulls)

Experian: 8 ( 3 from car loan pulls) (collection pulls. 2 fall off March 2013)

I wanted to try to apply for Barclay Apple since I am 6 months out with revolving credit, but think I should wait until student loan collections is removed. That can take up to 60 days according to HESC.

The BK "friendly" list doesn't work for me since Walmart, Lane Bryant, JCPenny, Orchard Bank, Credit One, Old Navy, and Macys were all IIB. So Comenity, GE, & HSBC are out of the question for me.

Also for thoose who don't like Capitol One. They have shown me much love! I have checking, savings, money market, two credit cards, and my car loan at 8% with my 523 credit score at the time of getting car! I love them :) Oh and I had three Capitol One cards IIB.

Any input will be greatly appreciated :)

Re: My credit rebuild journal

Unique620 — Tue, 04 Dec 2012 16:11:04 GMT

Capitol One raised my unsecured credit card to $750.00 today :)

Re: My credit rebuild journal

Shogun — Tue, 04 Dec 2012 18:25:29 GMT

Congrats!

Re: My credit rebuild journal

Unique620 — Tue, 04 Dec 2012 18:30:35 GMT

Thanks Shogun,

I was wondering should I apply for Barclay Apple Card. Since I am hearing you need 3 revolving credit cards to maximize your score. What do you think? Only thing holding me back is the collection student loan is still on report and was told it take 30-60 days to update.

Re: My credit rebuild journal

Shogun — Tue, 04 Dec 2012 18:34:27 GMT

I was also thinking of adding a Barclay Apple card, I even have a post on it in the CC thread.

Re: My credit rebuild journal

Unique620 — Tue, 04 Dec 2012 21:31:37 GMT

Got my letter fron HESC today!

Stated "The NYSHESC is providing this letter as confirmation of payment in full on the educational loan account listed. This notification is also sent if your account was purchased by a lender through rehabiliation, as the debt owed to BYSHESC is paid in full. Defaulted student loans are reported to all national credit bureaus. NYSHESC will notify these credit bureaus to update your credit file to indicate that your loan is paid in full. If the debt has been rehabilitated, the loan is deleted from your credit history.

I am so happy to get the letter! It's dated November 25th. I wonder how long it's going to update with credit bureaus?

When it update the only baddies will be my lates on Fedloans and of course the bankruptcy.

Re: My credit rebuild journal

Tay09 — Tue, 04 Dec 2012 21:49:39 GMT

Great news!!

I am also rehabilitating with NYSHESC, my 9th payment will be in February I can't wait to get them off my report. They already told me which company will have my loans after February. Glad to hear that they really remove the tradeline once rehab is over.

Re: My credit rebuild journal

Unique620 — Tue, 04 Dec 2012 22:11:42 GMT

Thanks so much.

So far everything went very smooth. Just make sure you have completed all the forms they send you BEFORE 9th payment. They told me in October who picked up my loan as well. Haven't heard from new lender yet. Was shocked the letter was so detailed. I am still wondering if anything will happen with original lender besides it changing from "Collection Account" to "Paid in full". Was wondering if lates will be deleted? Either way, the collection noted is more important than lates. Will keep you posted on my status. Hope all goes well with you too!

Re: My credit rebuild journal

Unique620 — Wed, 05 Dec 2012 15:42:55 GMT

Got approved for Barclay Apple. Got the pending application message. Called Recon number and a extremely nice lady went over my information and I was approved for $2000 :) Highest credit card now. I am going to enter gardening now until June 2013. I should be able to grow with 3 revolving credit limits :)

Re: My credit rebuild journal

Unique620 — Fri, 07 Dec 2012 22:06:51 GMT

Just got a scorewatch alert!

Eq score went up 10 points :) 653 now

Re: My credit rebuild journal

Goal850 — Sat, 08 Dec 2012 04:51:08 GMT

Congrats! Great progress!!

Re: My credit rebuild journal

Unique620 — Sat, 08 Dec 2012 15:50:35 GMT

Thanks :smileyvery-happy:

Re: My credit rebuild journal

Unique620 — Sun, 09 Dec 2012 02:14:05 GMT

Just got alert that Barclay has added acount to all my credit reports. They are no joke! Whatever happen to when the first statement cuts? Thank goodness it didn't affect my score.

Re: My credit rebuild journal

Unique620 — Sat, 05 Jan 2013 01:31:04 GMT

Got a Credit Alert that new student loans are reporting. Didn't affect my score :)

Unique December 2012 update

Unique620 — Mon, 07 Jan 2013 22:08:23 GMT

Decided to do updates monthly without editing original post. Edited to add accomplishments for December 2012 and Apple Credit Union Denial

The only baddie I have besides IIB accounts that is hurting my score is rehabilitated student loan. This is effecting my 700 goal post 2 year filing.

Still have not updated my credit scores. Will be contacting to see the update.

Filed bankruptcy 4/2011
Discharged 10/2011
Entered Rehabilitation for student loan February 2012
Checked credit score (myFICO Equifax 523) March 2012
Finance a car 04/2012 (Capital One Auto 8%)
Read I needed revolving accounts 6/2012
Applied for Capitol One unsecured and approved $500 limit June 2012
Applied for Barclay and was denied (no revolving credit cards)
Applied for a secured Capitol One Card deposited $1000.00 June 2012
Pulled all three credit reports and clean up all items that were not IIB. Equifax score was 562 August 2012
After fixing all accounts Equifax is now 643 Transunions 628 (myFICO score)
HSBC/Capital One was hard to IIB, finally updated in December 2012 on all reports after filing BBB complaint.
finished rehabilitation for HESC on October 27, 2012. Called and was told loan was picked up November 19, 2012. No changes to credit reports as of yet.
Sent GW letter to VP office Fed loans. Late removals denied. Received response November 2012
Capital One unsecured card received $250 auto increase :) December 2012
Applied and approved for Apple Barclay card December 2012
Applied for Apple Financial Credit union secured visa and denied due to BK December 2012

Right now my credit report has the following negative factors

Student loans lates (last late April 2012) in-school forbearance now

Student loan collections (waiting for rehabilitation completion to report) Still waiting......

Inquires: Last hard pull December 5, 2012

Inquires less than 12 months old:

Tranunion: 2 ( both a year old in December 2013)

Equifax: 9 (7 will be a year in April 2013. 2 will be a year old in June 2013

Experian: 6 (3 will be a year in April 2013. 3 will be a year old in June 2013

Re: Unique December 2012 update

Guyatthebeach — Thu, 03 Jan 2013 14:48:13 GMT

Grest job! What was FICO score when you got your Apple Visa?

Re: Unique December 2012 update

Unique620 — Sat, 05 Jan 2013 01:26:02 GMT

Guyatthebeach wrote:
Grest job! What was FICO score when you got your Apple Visa?

According to myfico it was 628. On the letter from Barclay it was 632.

edited to state they pulled TU

Re: Unique December 2012 update

Guyatthebeach — Sat, 05 Jan 2013 02:16:44 GMT

Great job! Just be careful about getting new accounts for the next year, as Barclays will check your CRs.

Re: Unique December 2012 update

Unique620 — Sat, 05 Jan 2013 02:25:40 GMT

Yeah I have read tons of threads on it. I was planning on letting it grow for a few months. Would like just one more card to keep three revolving credit cards and close my secured card.

Re: Unique December 2012 update

Unique620 — Sun, 06 Jan 2013 03:11:50 GMT

Just got a Equifax alert that one of my student loan accounts now show "paid as agreed", but the other one is still reporting collection. I guess I am going to have to contact Nelnet to let them know they are missing an account.