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Member
Posts: 6
Registered: ‎04-19-2012
0

Advice Please

Advice Please.  Eight years ago both of my parents died within 8 months of each other.  They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance.  I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially.  I have just recently started to rebuild.

 

My current accounts:

Care Credit    $100/$500 opened  May 2011

Orchard/Cap 1 Mastercard   $0/$400  opened Nov 2011

Kohl’s   $0/$400   opened Feb 2012

Personal loan from One Main Financial   $1000/$1500  opened June 2012

PayPal Smart Connect     $0/$500    opened Aug 2012

Amex Green   NPSL   opened Aug 2012

 

Current Scores:

MyFico  EQ  674            MyFico  TU 691       EX Fico 653 (Amex BCE denial)

 

One CO from 2006 on EX not on EQ or TU

One Judgment from 2008 that I just recently became aware of.  Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.

No lates on any of my current accounts. 

3 INQ TU     4 INQ EQ    6 INQ EX

 

Thinking of waiting until Jan and apping for Barclays Rewards, Discover More, BofA 123 rewards, and maybe BCE again.

 

Does this sound like a reasonable plan or should I try sooner or wait longer?  Are there any other good cards to consider?  I would rather have cash rewards or maybe points, don’t fly don’t need miles.  I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

 

Thanks in advance.

New Member
Posts: 18
Registered: ‎09-23-2012
0

Re: Advice Please

AMEX is considered a pretty strict lender for their revolvers. You should be fine for Discover  with that credit score given you have stable employment history. Your score isn't TOO bad, I say find one of the credit unions and start building relationship with them before jumping over to big banks.

 

Thats just me.

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Valued Contributor
Posts: 1,607
Registered: ‎09-15-2012
0

Re: Advice Please

[ Edited ]

I think the most important step you can take in the near term is getting that judgment (if it really is innacurate) removed.  Your scores will likely increase, and therefore the likelihood of approval from any lender.  Given that you had credit issues in the past that show up on your report, that judgement looks all the more dangerous to a potential lender.

 

Good luck in getting that taken care of.

 


In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Citi Forward (12/12) $14,600, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: Advice Please

I agree with the previous posters, get that judgment vacated and get in with a good CU before going to big banks.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator
Posts: 13,897
Registered: ‎04-15-2011
0

Re: Advice Please

+1  Get that judgement vacated.  Then start cleaning up your reports.   This will greatly improve your odds.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
Posts: 214
Registered: ‎08-02-2012
0

Re: Advice Please

Absolutely agree. Vacate and clean the report. The cleaner your reports, the more likely you can apply anywhere with confidence. Personally, I have no use for the "big boy banks" because the credit unions fulfill all my needs with a human touch. While your cleaning, start credit union shopping and don't be scared to try. Step out and take some risks once you get your report looking good. YOU are ultimately in control. Best of luck to you! Smiley Wink

started mid 500's. Disputed incorrect items and within a month or two my scores have skyrocketed and continue to do so
EQ: 755 as of 8/2013
TU: 700
Experian(or as I call them, the devil) I have no clue, they haven't released my report
Goal=801 across the board!!! Not too far from this, hoping to garden until Christmas 2013
Established Member
Posts: 54
Registered: ‎08-10-2012
0

Re: Advice Please


snowytimber wrote:

Advice Please.  Eight years ago both of my parents died within 8 months of each other.  They had bought life insurance when they got married in 1946 and never updated it so there was about $3500 in insurance.  I am an only child so I ended up with all of the hospital, nursing home and funeral bills, it killed me financially.  I have just recently started to rebuild.

 

My current accounts:

Care Credit    $100/$500 opened  May 2011

Orchard/Cap 1 Mastercard   $0/$400  opened Nov 2011

Kohl’s   $0/$400   opened Feb 2012

Personal loan from One Main Financial   $1000/$1500  opened June 2012

PayPal Smart Connect     $0/$500    opened Aug 2012

Amex Green   NPSL   opened Aug 2012

 

Current Scores:

MyFico  EQ  674            MyFico  TU 691       EX Fico 653 (Amex BCE denial)

 

One CO from 2006 on EX not on EQ or TU

One Judgment from 2008 that I just recently became aware of.  Trying to get information from the court so I can try to get this vacated this because this is in a different state (NY) that I do not live in, the address listed for me in the lawsuit is someplace I have never lived (in NY) and I was never served.

No lates on any of my current accounts. 

3 INQ TU     4 INQ EQ    6 INQ EX

 

Thinking of waiting until Jan and apping for Barclays Rewards, Discover More, BofA 123 rewards, and maybe BCE again.

 

Does this sound like a reasonable plan or should I try sooner or wait longer?  Are there any other good cards to consider?  I would rather have cash rewards or maybe points, don’t fly don’t need miles.  I have a small fine art photography business and travel by car and would like to get a high enough CL at some point to upgrade some of my equipment.

 

Thanks in advance.


My sympathies go out to you.  That was a tough situation and good for you for pulling yourself out of it.

 

+1 on attacking that judgement and getting it vacated. You were not properly notified.

 

Try a goodwill or pay for delete on the CO (but I would spend some time reading about these options on the board.  There is great info from folks who have a much better idea than I of how to go about it)

 

Barclays is really inquiry sensitive-I apped with about the same amount and got turned down for inquiries.  Stupid me didn't recon, but thats another story.

 

The idea of a CU is a great one....are you USAA/Navy eligible? 

 

One last bit, that one Main Loan.  The interest rates on those SUCK (ask me how I know).  If you can, throw a little extra at it every month and get rid of it.  Save yourself some money in the long run.

 

In the wallet: USAA MC $4k, Citi Expedia MC $2k, Discover More $1k, Zync $500, American Eagle $1.9k, Amazon Store $1.5k, Lowes $1k, Belk $1.4k, Macy's $500, Abercrombie $350, VS $350
Score: 702 (Discover approval 08/03)
Goal: 800 Club
Picking up my intro spade and stepping in the garden. Let's grow some pretty roses!
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