08-18-2012 12:00 PM
Thank You Jlu! That was exactly what I was asking, although indirectly. Sorry. But yes that is what was confusing me. FP $300 limit with $2k limits on other cards seemingly means two things. As you stated, you are farther along with credit rebuilding, obviously based on scores. And that FP doen't give CLIs often, or many don't accept based on high fees. Thanks again. I understand now. For now I will focus on cleaning up baddies, keep my low limits on the 2 FPs, and re-app with other card companies maybe 3-6 months from now assuming all or most of baddies are gone.
Would be awesome if all 7 PFDs and the GW letter are successful! That would mean a huge jump! Lol
08-18-2012 12:28 PM
Ah you're welcome! I was beginning to wonder, haha. I had 6 or 7 baddies too when I started and managed to GW/PFD down to 2 - so it is definitely worth the effort. Once you're firmly in the 600 club I'd get a GECRB backed card (Walmart, Amazon, Old Navy etc). Then when you're in the mid to upper 600's you can test your hand at a Zync or Freedom card. At least that is what I would do.
08-18-2012 12:54 PM
Yes, I will definitely be following that advice!
I wrote everything is negotionable because of the following:
I read somewhere that FP reps give out credits for higher payments, so I stopped paying in full via automated system a couple months ago and started calling in to reps a couple days before due date, and 'asking' what my balance and minimum payment is as if I didn't know, then telling them I will simply pay the minimum through the automated system to avoid their fee. Surprisingly, the rep offered to waive the fee($11) AND add a $50 credit to my payment if it is $125 or more! For both cards! Did it last month and thought that would be it, but just got off phone with rep after doing it again! Balances on both cards are usually $225-$275 monthly, but I usually always PIF. But these past two months I've been paying $50 less on each card saving $100! Its like I've been given $200 over the past two months, which is great because technically my yearly fees just paid for themselves and more! Lol. Don't know how long it will last though..
08-18-2012 01:08 PM
Wow I will have to remember that. On a $200 balance that is like getting 20% cash back!
08-18-2012 01:19 PM
Exactly! Will ride that wave while its high!
Btw, how long can I expect to deal with these collections? Looking to clear ASAP, for new auto loan that will be needed soon.
08-18-2012 01:22 PM
7 years + 180 days from date of first major delinquency unless you can get them to PFD or GW.
08-18-2012 01:34 PM
Oops, rephrasing the question...
How long did it take you to get YOUR accounts PFD and GWed? Ive already started the process.
08-19-2012 01:23 AM
They sent me a offer for $750 and 150 fees and annual fees and monthly service fee add up after a years is 300 fees with 36% ApR and my credir score is 657 . I were like heo to the nooooooooooooo.............rip off card....stay away from them....
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.