Credit Cards

[mamato2kids]

That is our biggest problem...we spent the last month paying all the collection accounts and paying off all credit cards...unfortunately I didn't realize I shouldn't close the credit cards and did.  I have a student loans but are deferred until next month (while we worked on paying off all the debt).  Our debt to income is phenominal but no one will give us new credit! URGHH! It is really frustrating when you work so hard to fix the mess you put yourself into to still not be "credit worthy"

[haulingthescoreup]

You sound like great credit union material to me!

You obviously cared about paying all your creditors, you scrambled and sacrificed to do so, and you got burned by the peculiarities of credit risk evaluation.

I'd pull out your Yellow Pages and start checking out credit unions in your area, where you can actually meet face-to-face with a loan officer. If there are lots in your area, ask around at work for opinions and recommendations.

We're very fortunate that in our area, there seems to be a CU every block or so. And there's remarkable little penetration here by the national banks! Funny how that is...

[creditwherecreditisdue]

It is conceivable that you may have really boxed yourself in.

If that's the case you have several choices:

1) Wait.

2) Seek secured credit with a party that will extend it to you.

3) Shop for a local CU, print out your CBR and take it with you. Discuss the situation in light of your CBR and ask if they might be able to assist you. Don't allow a hard INQ until you have a very good idea of what they can do and are interested. CU's are about the only place left where you can get any type of individual consideration. Having a good story to offer up won't hurt either. Be prepared to write an appeal.

[LilMirth]

Hi mamato2kids!

According to some reports, the BankAmericard is for "Excellent" credit (whatever constitutes "excellent" in this day and age, by BoA standards). At the very least, I'd wait until you were well over 700 to app for this card, just in case.

Having read ahead, I just wanted to note about the BoA pre-approval site that if you're by chance opted-out, it won't (and shouldn't) return results for you, even if you're a BoA customer.

[creditwherecreditisdue]

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LilMirth wrote:

Hi mamato2kids!

According to some reports, the BankAmericard is for "Excellent" credit (whatever constitutes "excellent" in this day and age, by BoA standards). At the very least, I'd wait until you were well over 700 to app for this card, just in case.

Having read ahead, I just wanted to note about the BoA pre-approval site that if you're by chance opted-out, it won't (and shouldn't) return results for you, even if you're a BoA customer.

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Very good point!