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Contributor
Posts: 133
Registered: ‎04-07-2008
0

How to get out of Sub Prime Hell.

[ Edited ]

I haven't been here for a while, was trying to give my credit a chance to mature, but now I'm thinking it may be time to try more building and dumb these sub prime cards.

 

I have CAP1 - $300/ limit, 0-bal never late

Orchard $700/ limit, $346 bal never late

Target $200/limit, 0-bal never late

1st Premier $250/limit 0-bal (grrrr...I hate this card) 2 lates 2010 - it doesn't pay to pay your bill early.

Hooters$700/limit  $48 or something bal - 1 late 7/2010 - same with paying early.

SL 1& 2 - $22k/ $21k , never late since rehab 5 years ago

Toyota -0-bal redeemed repo 12/2002 paid in full 2007

Chase Mort 0-bal due to refi in hubby's name only (was never late)

GEMB Auto $32k never late opened 5/2010

PFCU- secured loan $5k opened 9/2009 never late

 

So what should my next steps be?  I want to get rid of 1st premier and this dumb cap1 if I can.  I plan to pay down Orchard ASAP.  I don't know what to app for.  Last time I pulled in 8/2010 my EQ was 631. I'm not sure what's holding my score down, but I want to do want to dump these cards over the next year or so if I can.  Most were opened 2007/2008.  Any suggestions?  I want to plan my next moves.

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Regular Contributor
Posts: 122
Registered: ‎03-01-2009
0

Re: How to get out of Sub Prime Hell.

 

I'm certainly not an expert, but I would say based on your post that the three lates in the last year is probably a major factor keeping your score down.  I would make paying on time the biggest priority. 

 

Contributor
Posts: 133
Registered: ‎04-07-2008
0

Re: How to get out of Sub Prime Hell.

Just to give you some clarification - the lates were not really late:  Sounds crazy but I paid too early and it was not applied to the upcoming bill.  The payments were treated like an "extra" payment rather than being applied to my upcoming due date.  So my payment showed about 2 weeks early and according to the cc's it was not applied to the payment due.  So I thought the payment was applied to the current due statement and it was not.  I hope that makes sense.  These are my only lates in the entire life of these two cards.  I learned a long time ago not to be late.  I haven't been able to get them to take the lates off either.  Hense my plan to make some moves over the next year or so as they age.

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Frequent Contributor
Posts: 284
Registered: ‎05-11-2009
0

Re: How to get out of Sub Prime Hell.


cam006 wrote:

Just to give you some clarification - the lates were not really late:  Sounds crazy but I paid too early and it was not applied to the upcoming bill.  The payments were treated like an "extra" payment rather than being applied to my upcoming due date.  So my payment showed about 2 weeks early and according to the cc's it was not applied to the payment due.  So I thought the payment was applied to the current due statement and it was not.  I hope that makes sense.  These are my only lates in the entire life of these two cards.  I learned a long time ago not to be late.  I haven't been able to get them to take the lates off either.  Hense my plan to make some moves over the next year or so as they age.


I understand what you mean, been there myself where the payment was applied  to or as an extra payment, however bottom line is: you WERE still late. What I do is, for every card that I have (11 total). I only use like maybe 5-6, however, after payment, I ENSURE, I log in again - come on - it doesnt take more than a couple minutes. I have to log in to check the balance going down and check up on the next due date. As a matter of fact, I log in to ever bank account and credit card I have atleast once a week. I have worked hard to get here and I am not going to let "getting lazy" to log in and overlook something take that away from me. I understand where you are coming from, but the fact that you WERE late this year alone 3 times is definately hurting you.

 

Your payment history is a reflection of your credit worthiness of the past, thus you need to keep paying in time and this should be your main priority, just keep working hard and soon enough you will be able to kick these cards to the curb and get better ones. I think you should take some time off every week and really log in to look at the account online and ensure your payment posted how it was supposed to and check when your next due date it - it really helps you keep on top...

 

good luck, again this is just my advice - straight up, no bs, sorry in advance if I offended you - just trying to call it as seen and experienced....

Aim to be fiscally and physically fit...
EQ - 723 FICO as of Aug 2010
TU - 757 FICO as of Sept 2010
EX - 742 FICO as of Oct 2010 (PSECU)
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: How to get out of Sub Prime Hell.

[ Edited ]

Well you can eventually improve cap one but Orchard

will always be sub prime.

 

I pay my cards early all the time and they have

never treated it like extra payment. Is that

Premier or Orchard?  That's a real sub prime

maneuver.  Get rid of Premier asap

 

Contributor
Posts: 133
Registered: ‎04-07-2008
0

Re: How to get out of Sub Prime Hell.

I understand where you are coming from and no, I'm not offended at all.  I do log in frequently and like I said I have a handle on it now.  Those two cards tend to shift the due dates depending on how many days in the month, sometimes the 25th, sometimes the 29th or the 31st. 

 

My question is more so, what should be my next moves over the next year.  Sorry if I confused the issue focusing on the two cards with the 3 lates.  Trust me I was quite steamed about it, especially since they are all 30 day late by 2 days.  It makes me feel like all my hard work was going down the drain.  So I've got to figure out my next steps while I keep things moving with the cards I have.

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Contributor
Posts: 133
Registered: ‎04-07-2008
0

Re: How to get out of Sub Prime Hell.

[ Edited ]

ITA - I personally believe it's a manuever to get more money out of customers through paying excessive fees.  Subprime cc's definately know they have you over a barrel.  You need credit and are trying to build so they just make you pay more for it.  It's just the way it is. 

 

How do you improve Cap1?

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: How to get out of Sub Prime Hell.

Absolutely.  That's how they stay in business.

 

Cards as bad as Premier------Applied Bank

 

I started with 300 Cap One starter card with security

deposit and a/f.  Now 5400, waive a/f and is a rewards

cash back card.  So they will grow with you.

 

Contributor
Posts: 133
Registered: ‎04-07-2008
0

Re: How to get out of Sub Prime Hell.

Did you request CLI for Cap 1 or were they automatic?

7/11/08: EQ: 635, TU: 658, EX: 607
10/10: TU 634, EQ 626, Ex 626
9/14/2012: TU 622, EQ 660
10/16/2012: TU 731, EQ 706 - finally on my way!
Valued Contributor
Posts: 1,986
Registered: ‎08-17-2007
0

Re: How to get out of Sub Prime Hell.

[ Edited ]

They sent me a card out of the blue

with 3500CL.  I combined them.

I used to call the back door number and usually got

some kind of increase.  How long have you had

these cards?

 

Hooters is Merrick Bank another tough

Bank. 

 

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