Credit Card and Personal Loan Approvals w/ Bad Credit

[Anonymous]

So as of 2015 I have been deligently trying to repair my credit in hopes of purchasing a home mid 2016. As of Dec 2014, my scores were all mid500s. So I signed up for ScoreWatch, learned about credit utilization and began the long road ahead. A little over a month later my utilization is down to 13%. Score Alerts have my rising bi-weekly. But I still have student loans in default (currently rehabilitating) and need to have a CLI and add an installment account to mix it up. So with a score today of 589 EQ I decided to swing for the fences. I only had 1 inquiry on reports so not much to lose if I got denied. First CC approved was the Capital One QUICKSILVEROne.... $300 CL. A basic card, but I already had a CC and LOC with NFCU for about 7 years now. So I will simply use it as more utilization as it slowly grows. 

So I was feeling lucky and decided to also consider a higher CC or apply for a loan. Well, since Capital One pulls all 3 bureaus I didnt want more inquiries across the board. So since Ive been reading how to RECON loan denials I decided to give good ole NFCU a chance. I had a few small personal loans from them before, so there was some history there, and all accounts have always been POT. Not 1 late payment in 7 years. So i applied for 1k.Lol waiting on the process application phase gave me an anxiety attacK!! I just expected the wait 3-7 days.... But i got APPROVED!!! So excited. So I deposited the money into 1 of my savings account. And then immediately set up auto withdrawals from that same account. I will not be touching this money, but instead using it to simply pay back the exact same loan. 17% interest btw. 

My credit score may temporaily drop a few points. But the gain I will get from more credit available and the mix of revolving and installment credit will surely BOOST MY SCORE!! And once the student loans rehabilitate, Im looking at some great progress. MY first post here on the forums but just thought Id share for anyone else in the same situation!

[AzaleaB]

Amazing! Congratulations on the CC and the loan!

[uswala]

Congrats!

[Anonymous]

Thanks for the postitive feedback. I will be watching my scores over the next few months. Will update as progression happens.

[b_diddy]

Good work ... sounds like you have plan ... congrats!

[ScoreOrBeScored]

Congrats, nice work bye the way. Just keep reading all you can here and you will be back on track in a year or 2 . It will take time but

defini worth the hard work and wait . 

[gdale6]

Grats to both new accounts

[Anonymous]

Complimenti...

[Anonymous]

Congratulations!

[Anonymous]

A quick update. I have been added as an AU on 2 cards(Barclays and Best Buy). I have also added an Amazon Store Card(my own). Loan is already halfway paid, and all balances are kept below 10%. So far my scores have risen quite a bit. As you can see from my SIG. As of Nov 2015, 5 loans will be rehabbed and taken out of default status. This is when im expecting my most significant score rise. Which I plan on applying for a CHASE card at this time. Wanna get in good with the big banks!!