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It's been a long 10 years. I allowed my father (when I was 20) to put credit cards in my name to support his failing business. Racked up almost $50,000 in credit cards and failed several utilities bills also. So it was a struggle all the way up to 2012 when I decided enter a chapter 7 with a 380 CS. I learned an important lesson. At any rate, after the BR I haven't missed a single payment on anything and took on a car loan with a ridiculous APR to help build my credit. I figured I'd get raped for the time being until my credit rises. So today I'm at a Fico 620 and got a pre approval for the Capital One Platinum. After doing some searching around I figured I'd have a good shot at being approved. The Capital One Quicksilver One looked appealing and required the same credit as the Capital One Platinum (average) so I figured "what the hell" and applied. I got instantly approved (which was exciting) but had no idea my limit. My other 3 cards I got a $300 starting limit so I figured I'd be around that. So when the CSR got on the phone he looked it up and said 3....THOUSAND DOLLARS! I was stoked! Finally a reputable card with a reputable CL with the lowest APR to date. Things are looking good. I'm thinking about applying for the Platinum card (CSR said it'd be wise to wait a month) and then dump the other 3 cards with the minimal limits. However, I'm still researching on here figuring out if that's the best thing I should do.
Congrats on your success! I had to deal with some credit issues for similar reasons to yours - it's all the more difficult when the initial credit problems weren't yours, but as you're starting to see you can absolutely bounce back.
Just FYI I also took a similar approach to you, taking out an auto loan with an obscene interest rate to rebuild (and also to meet a pressing family need). When you're ready to refinance, take a look at DCU. I just refi'd with them, and took my rate from 19.9% down to 4.24% (reduced monthly payment by 100/mo without adding any time to the overall life of the loan). They only require about a 660 or so on EQ to get the 4.24%, and if you can get up to 675 on EQ you can get as low as 1.24% (I was at 673 when I applied - just a touch too soon!) And I still had a nasty C/O showing from 2010, so they are willing to work with folks who still have baddies.
Anyway, just wanted to say congrats and share a bit of what I've learned from a similar journey. Best of luck and keep up the good work!
CONGRATS on your rebuilding progress and your Quicksilver One approval!!!
Congrats! Thanks for sharing.
@Jamex wrote:Congrats on your success! I had to deal with some credit issues for similar reasons to yours - it's all the more difficult when the initial credit problems weren't yours, but as you're starting to see you can absolutely bounce back.
Just FYI I also took a similar approach to you, taking out an auto loan with an obscene interest rate to rebuild (and also to meet a pressing family need). When you're ready to refinance, take a look at DCU. I just refi'd with them, and took my rate from 19.9% down to 4.24% (reduced monthly payment by 100/mo without adding any time to the overall life of the loan). They only require about a 660 or so on EQ to get the 4.24%, and if you can get up to 675 on EQ you can get as low as 1.24% (I was at 673 when I applied - just a touch too soon!) And I still had a nasty C/O showing from 2010, so they are willing to work with folks who still have baddies.
Anyway, just wanted to say congrats and share a bit of what I've learned from a similar journey. Best of luck and keep up the good work!
Congrats! That's a nice comeback! I also wanted to chime in on refinancing your car loan when your score is a little higher. You can really drop the interest rate and save some serious $$ by doing it...not just the payments but the whole loan amount. Banks and CUs are advertising like crazy now for people to get auto loans thru them.
Keep up the good work!
Thanks for much for the kind words guys! I know the rate is ridiculous. Right now I'm at 24% and it sucks because when the statement comes in after I pay the monthly bill I see just about half of it is going to interest. Last months statement is as follows:
Amount Paid: $355
Amount Applied: $355
Applied Principal: $178.21
Applied Interest: $176.79
^^ That really pisses me off. I have around 30 more payments left, at this rate, until the car is paid off. The more frustrating thing is It was an $18,000 car (used Infiniti) and I put $8,000 down on the car.
Congrats on your rebuilding success and you new CL. I really like the QS!
Congrats!!!
@Broke_Triathlete wrote:Thanks for much for the kind words guys! I know the rate is ridiculous. Right now I'm at 24% and it sucks because when the statement comes in after I pay the monthly bill I see just about half of it is going to interest. Last months statement is as follows:
Amount Paid: $355
Amount Applied: $355
Applied Principal: $178.21
Applied Interest: $176.79
^^ That really pisses me off. I have around 30 more payments left, at this rate, until the car is paid off. The more frustrating thing is It was an $18,000 car (used Infiniti) and I put $8,000 down on the car.
It's one of the pains of rebuilding but in the long run it will benefit you tremendously. The important this to remember is that "TIME" can help your credit score increase. Just keep making the payments on time EVERY TIME and you will see your score increase. After a few months, see where you are at and if you are at 650 or so, hit up a Credit Union. They will give you the best rates and save you some money.
Thanks for the info Jeff. Another question (tried searching). Are those credit builder loans worth looking into?