Guyatthebeach thanks for the great advice!
My judgements have been paid and have been removed from my reports except Transunion, (still waiting on them to remove).
After I got approved for the goRewards, I took a chance and applied for a $5000 auto loan with Navy and they approved me. It's a 2 year term but I plan on paying it off in a year.
I paid off both secured cards in the hopes they would unsecure them. In the case they don't, how bad does closing these accounts hurt your score?
My student loans will be finished rehab in January and the negative payment history removed. At that point I should be able to pay at least one if not both of them off completely.
I have a few collections I am knocking out slowly but surely so I am definitely seeing a boost across the board.
I really appreciate the great advice I am getting on this board!
@Guyatthebeach wrote:
@sweetcinn wrote:
Hi my fellow FICOers,
I am in a credit rebuild status. The advice I got on this board is amazing!! So in my rebuild, I am rehabbing a defaulted student loan, paying off 2 judgements, having some old things removed. Within the process, I also have 2 secured cards, one with Cap one for $250 and one with NFCU for $600. I had asked for my NFCU secured card to be unsecured a few times but they would not do it. I was reading on the boards last Friday about people being approved for NFCU. I was like oh well, what have I got to lose so I applied for the goRewards card. I was not instantly denied as I had been in the past so I was like okay. I got the app is under review comment and was like okay, here we go. I was preparing to submit a reconsideration once they denied me. GUESS what... they approved me for the card with a $7300 limit (the interest rate is high at 18%, but I will take it). I almost fell out of my chair!!!
My scores are not high at all. TU is my highest at 563 EX is 521 and EQ is 535. I have had my secured card for about a year, I use it and pay it in full every month. I do the same with my Cap One card. I am not sure what their criteria is for approvals but I am so glad to have gotten an unsecured card with them.
For those who are rebuilding there is hope!!
Sweetcinn,
Congratulations on your approval. That is awesome. I've never seen any get approved for a CL that high with scores under 620 before. You did all the right things, direct deposits with NFCU, excellent payment history, and use NFCU for their services in general. If I were you, I would check the preapproval offers regularly for a CLOC, that way you can have an extra trade line on your CR.
I am still rebuilding my credit after my bankruptcy. You should go over to the rebuilding credit forum. In the bankruptcy section there is an excellent method listed on how to get to 700 in 24 months. It was set up mainly for bankruptcy but the you can apply the same principles to your situation and I bet it will raise your scores. I used it and it does work.
Here a couple of suggestions I have for you. Work as hard as you can to get those judgements paid off. It will help your credit in the long run. After your new Navy Federal Visa hits your CR, check CapitalOne for any preapprovals. As soon as you get one, take it. This way you can close those secured cards. I know that you are rehabbing your student loan, but you need to have an installment loan that has a perfect payment history. You ought to close your secured NFCU card and add $400 to it and get a secured loan for a $1000 for a one year term. This will give a positive trade line with perfect payment history and add another loan to the mix.
You're doing a great job so far. Keep it going!
Guyatthebeach
