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Denied for secured Captial one and many others :Last resort:

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Anonymous
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Denied for secured Captial one and many others :Last resort:

Hello all I have no other place to turn this is my last resort I'll make a long story simple and short. I'm 25 at the age of 10-14 I had credit fraud on my accounts after the 7 years around age "18" All of this dropped off. I then got sick and had medical bills like crazy during this time I tried to get a few credit cards and no one would approve me so I then waited till 24 and Hired Lexington Law Firm I started with around 19 bad reports and now have 9 left. I got desperate during the repair and now have around 10 inquires on my report and I know that looks desperate I was. So now Hear I sit being denied for secured cards,regular cards no one wants me! And at the end of the day all I have is medical "out of my hands" Lost my job had no insurance. How do I get my life started? Establish credit? HELP PLEASE!

What I've done.

Pulled credit reports - 9 items left

Hired Lexington law firm

Sent in inquire letters no removals for inquires

Got put on a card as authorized user it's not reporting

pulled my score it  was 470 FICO "7/25/2011 before 10 removals

 

 

Message 1 of 7
6 REPLIES 6
trumpet-205
Valued Contributor

Re: Denied for secured Captial one and many others :Last resort:

Woah slowdown friend.

 

First, may I ask where you get that score from? Is it from myFICO? Regardless, 470 is a VERY low score. What's your FICO score now for all 3 reports?

 

Second, what bad reports are you refering to? Is it those frauds you had back then? Did you file a police report back then?

 

Third, until you get your report clean, no lender will ever approve you for a secured card.

Message 2 of 7
luvsandyshores
Regular Contributor

Re: Denied for secured Captial one and many others :Last resort:

Before I could even get approved for a secured card, I got approved for credit at a local furniture store that reported regularly to the credit bureaus.  I bought something cheap, made my regular $20 payments on time every month, and by the time I applied for a secured card again I had a year of good credit showing on my reports, and all the bad stuff was from years ago.  Got approved for the secured card.

 

It will take time, but you will have to start small.  Look for a local store that advertises "easy in-house financing" and ask them if they report to the credit bureaus.  And while you're making payments with them, work on paying off whatever old outstanding debt you can.

CH13 confirmed 1/2016
Message 3 of 7
Anonymous
Not applicable

Re: Denied for secured Capital one and many others :Last resort:

All that is left is medical that's all I never filed a police report by time I found out what was going it was all gone and never recurred again. Ill just let my credit sit for awhile I guess.

Message 4 of 7
Wolf3
Senior Contributor

Re: Denied for secured Captial one and many others :Last resort:


@trumpet-205 wrote:

 

Third, until you get your report clean, no lender will ever approve you for a secured card.


Absolutely false.    Secured cards are generally the way to go with negatives on your report.   I have gotten 3 with large CO on my report.

 

I think you need some income to be approved for any type of card, secured or not.   I would worry about that first.

 

Also, some are for rebuilding and others for new credit only.   We can help with that, which secured cards have you been declined for?

 

.  

Message 5 of 7
missji
Regular Contributor

Re: Denied for secured Captial one and many others :Last resort:

First, don't be discouraged. It will take time, patience, discipline, and diligence, but you CAN increase your score and establish a good credit history. My score was below 400 in 2008 but is now in the mid 600s and increasing.

You should probably just continue to have the fraudulent and negative accounts removed rather than applying for additional credit right now. In a year or two, once inquiries start falling off and you have managed to remove accounts from your report, and your employment & income situation is better, I'm sure you will be able to get a secured card. Right now, it probably isn't happening not just because of your score but because it doesn't look like you will be able to repay. Give it some time.

Again, don't be discouraged but encouraged - you have an opportunity to see tremendous change!


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Message 6 of 7
SevenNEW
Established Contributor

Re: Denied for secured Captial one and many others :Last resort:


@missji wrote:
First, don't be discouraged. It will take time, patience, discipline, and diligence, but you CAN increase your score and establish a good credit history. My score was below 400 in 2008 but is now in the mid 600s and increasing.

You should probably just continue to have the fraudulent and negative accounts removed rather than applying for additional credit right now. In a year or two, once inquiries start falling off and you have managed to remove accounts from your report, and your employment & income situation is better, I'm sure you will be able to get a secured card. Right now, it probably isn't happening not just because of your score but because it doesn't look like you will be able to repay. Give it some time.

Again, don't be discouraged but encouraged - you have an opportunity to see tremendous change!



Also, my Credit Union offered to give me a very small secured loan, which would report to the three agencies. In the end I did not need it, but that may be another short-term solution...

In general, you should definitely take a deep breath and let things settle. Stay away for CCs for a while.

SevenNEW, Garden Nerd - In the Garden until 2015!
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Message 7 of 7
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