Is LOC different from the Credit line you get when opening a new CC?

[Anonymous]

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@Anonymous wrote:

I think he could get approved with Amex with the collection.  We need for him to get his EX score up

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Maybe.. But I'd hate for him to apply and then get declined for it.  So getting it removed and have a squeaky clean report is safer?  Thoughts?

[EdwardMH]

The 7-10 years is the worst case senario in case Stellar Recovery does not remove their collections report since I paid Comcast instead of them, I am hoping it will be removed come my next Credit Check. I have had old bills drop off my report that I was contesting that I am afraid a Collections office will buy and have it show up again I hope not.

Smokey is a ISSR Shiloh Shepherd for PTSD, Panic attack alert.

[EdwardMH]

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@Anonymous wrote:

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EdwardMH,

You have come to the right forum and won't wait that long.  The collection seems to weigh your score done although it is not the only thing lenders look at. But it will be safer to have that removed from the reports.  Since you have paid it in full, what is comcast saying?  Also, is your NFCU reporting yet?  Because I don't see it on the profile..

Outside of the Collection the worst thing effecting my credit report is no long term revolving credit. Oldest is 4 years old. Comcast promised to mail me a paid receipt and have Stellar remove the collections BUT I have nothing in writing. No I only got the NFCU Card in the mail yesterday.

[Anonymous]

Certainly I didn't mean wait 7 years. I apologize, that must have sounded very discouraging. But there are things that you can do to help clean your reports. You don't have to wait for everything to drop off. You can write some goodwill letters etc. maybe it won't be spotless, but every little bit helps getting better credit lines or loans in the future. Have you gotten your credit reports pulled? If you haven't already it might be benificial to check some prequal pages on some different cards carriers? They only SP so it won't ding your reports. Some positives are golden like chase, but if one doesn't show up it doesn't mean it couldn't be an approval. Other prequal sites I never had any offers until I had my secured loan reporting from alliant credit union. You already have a car loan with perfect payment history so you don't really need secured loan. 

[EdwardMH]

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@Anonymous wrote:

Certainly I didn't mean wait 7 years. I apologize, that must have sounded very discouraging. But there are things that you can do to help clean your reports. You don't have to wait for everything to drop off. You can write some goodwill letters etc. maybe it won't be spotless, but every little bit helps getting better credit lines or loans in the future. Have you gotten your credit reports pulled? If you haven't already it might be benificial to check some prequal pages on some different cards carriers? They only SP so it won't ding your reports. Some positives are golden like chase, but if one doesn't show up it doesn't mean it couldn't be an approval. Other prequal sites I never had any offers until I had my secured loan reporting from alliant credit union. You already have a car loan with perfect payment history so you don't really need secured loan. 

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Ok. Well the only Baddie is the paid Comcast bill. I will know on the 16th if it has been removed, I have my Credit reports checked/monitored on Myfico, USAA, and Credit Karma none of which have matching scores. I do not expect the NFCU Credit Card to show up till Next Months Credit Update.

[Anonymous]

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@EdwardMH wrote:

The 7-10 years is the worst cas senario incase Stellar Recovery does not remove their collections report since I paid Comcast instead of them, I am hoping it will be removed come my next Credit Check. I have had old bills drop off my report that I was contesting that I am afraid a Collections office will buy and have it show up again I hope not.

Smokey is a ISSR Shiloh Shepherd for PTSD, Panic attack alert.

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@EdwardMH,

That is a good companion to have.  They understand the meaning of loyalty and thank you for your services to this great nation.

[EdwardMH]

Smokey makes life a lot more enjoyable, Thank you I wish I was able to stay in and serve longer than I did but fate has other plans I guess.

[Anonymous]

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@EdwardMH wrote:

Smokey makes life a lot more enjoyable, Thank you I wish I was able to stay in and serve longer than I did but fate has other plans I guess.

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Well thank you very much for your service and I hope that before too long down the road you'll get your own home.  You're not that far away now.

[Anonymous]

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@EdwardMH wrote:

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@Anonymous wrote:

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EdwardMH,

You have come to the right forum and won't wait that long.  The collection seems to weigh your score done although it is not the only thing lenders look at. But it will be safer to have that removed from the reports.  Since you have paid it in full, what is comcast saying?  Also, is your NFCU reporting yet?  Because I don't see it on the profile..

Outside of the Collection the worst thing effecting my credit report is no long term revolving credit. Oldest is 4 years old. Comcast promised to mail me a paid receipt and have Stellar remove the collections BUT I have nothing in writing. No I only got the NFCU Card in the mail yesterday.

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Ok.. So here is the plan.  Since you got into NFCU and was approved for the Line of Credit (LOC) and the credit card for $8,500, lets wait for it to report.  Also, keep hammering comcast about the removal of that bill since you have paid.  Becuase that keeps your score down.  Once the collection is removed and the NFCU reports, your score if I am not wrong should be in the 700s if not close to it.

Then we can work on you getting some cash back cards you said you use for groceries and a card for your astronomy needs.  No crazy apping but something you will actually use daily.

You asked a question earlier about the difference betweent Chase, Amex, Discover and a normal visa from a bank?  But correct me if I am wrong.  When you go in a bank and open a checking account, the VISA or MC card given to you a is debit card so anything you buy, will come directly out of your account.  All these banks are the same except the credits cards which are VISA , MC  and so forth are credit cards - money given to you and you can get rewards for grocery shopping for example.  These companies are the giants in the credit card game.

For someone like you, you seem very conservative and 1-2 cards should be fine.  The reason why we also encourage Amex is because if you get approved for say $3,000, in 61 days, you can get an increase $9,000 in a matter of minutes.  Cool right?  Not every company does this.

@Anonymous.. I am off to bed.  Have a good evening and will be back at it in "morrow if you have questions but I am sure @Anonymous and others will chime in also.

[EdwardMH]

If I ever make up my mind where I want to buy, I am a amature Astrophotographer looking for Dark skies and no snow or freezing weather not too hot  in Summer so far looking in Texas and Arizona or New Mexico.