Ideas For Secured CC/Moving Forward?

[creditreformer]

Background- Past mistakes in my youth= nasty credit reports for the past 5-7 yrs.  Last baddie= 2003 tax lien (trying to resolve but that’s a nightmare).  Current ficos (EQ anyway) are mid 600s.  Would like to move up CL wise, but feel ‘stuck’.  Would also like to position myself to move out of subprime/3 digit CC land.  Plus, I travel A LOT for biz (no biz ccs b/c personal credit is still mucked up) and REALLY need a CC w/a 4 digit CL.  Just got denied for a Penfed SECURED cc due to my PAST baddies (Penfed said they’re VERY conservative, even for secured ccs).

Current ccs and dates opened-

1/07- 1st premier- 250

3/07- orchard- 300

3/07- orchard- 300

8/07- 1st premier- 350

4/08- cap 1- 300 (got the credit steps/says increase is coming on statement #4..hoping to use the backdoor # right before then for another CLI)

5/08- BA 99/500- 500

5/08- target red- 200

All ccs but the BA 99/500 are unsecured.  Current utilization is 1% and I usually PIF b/c I can’t stand paying orchard/first premier any more fees than they already gouge me for.

Any ideas (other than time) on how to improve my scores?  Baddies (chargeoffs, lates, tax lien) are set to drop from reports in 2-4 yrs.  Have NEVER been late on any of the above CCs.  No other ‘current/open’ TLs (though I do have 1 old auto loan in ‘good’ standing that’s still reporting).  Is it too early to 'dump' any of my current ccs (like the 1/07 first premier)?  Suspect the 'subprime' ccs on my reports are hurting me in lenders' eyes.

Can't get a Wells Fargo secured as they're public record unfriendly.  Thinking of Citibank, but not fond of their 18 mo. 'lockdown' for secured CCs.  Thinking of US Bank or WAMU, but not really fond of WAMU as they've sent me 'preapprovals' 2x and denied me both times.

[Anonymous]

Combine the Orchards...and ask for a CLI...what about Crown Jewelers????...what's you TU score...try Hooters...

[creditreformer]

Already tried hooters- denied.  Tu is my worst report.  Crown jewelers- eh, I do not really shop there and so do not want the acct closed for inactivity.

[Anonymous]

No one really shops there...they have limited stores...mostly works online...and you would have to buy something small...every 6 months...talking $30-$50 dollars..you don't think it's worth it..for a $1500 CL...and NO CREDIT CHECK..until you can do better...

[creditreformer]

I am thinking about crown jewelers, but that’s kind of a last resort as I’m leery of them due to problems reported w/online payments.  Plus, outside of their overpriced fossil watches, really, they don’t have anything I want (or would want to give anyone).  Plus, CJ from my understanding doesn’t report to all 3 bureaus.  @ this point, I’d rather get a visa/mc that I can actually use.  Kind of frustrating to try to ‘rebuild’ when I have to use my debit card for most of my purchases b/c my 3 digit CL ccs won’t allow me (limit wise) to use them as I’d like.  Going to call orchard now and see if they’ll bless me w/a CLI on 1 or both ccs.  Hopefully it will be for more than $100 LOL

[smallfry]

Tough row to hoe. You just got 3 cards probably a few more inquiries than that. Seems like the low limits are what you are likely to get currently. Any more inquiries and you muck up the reports. Mid 600's aren't that bad. Might just have to wait it out. If your most recent baddie is 2003 why would you have to wait 4 years for all the neggies to drop?

[Anonymous]

Maybe you should post in the Rebuilding my Credit forum...maybe you need to work on you past credit problems...list some of the baddies...maybe you can send them GW letters...asking for removal...looks like you want progress soon...waiting for them to fall off in 2-4 years...is not going to help...depend on the baddies...you can get some of that cleared up..and you scores may increase...resulting in CC'd with higher CL...have you asked for CLI on all you other cards already???...most are over a year old...

[Anonymous]

If you have the money then you can always go the secured cc route, but if you do... check on does it graduate or not... how long it takes.

This what I have:

Wells Fargo: Secured CC and does graduates.. allows deposit to increase CC, generally seen it graduates 12 months and said you need to be atleast 600 to qual graduate (what it say on paper work I recieved)

and the well known BoA 99/500....

You also may want to check with your local credit union on secured cc or even unsecured cc.

I dont like Crown Jeweler either but hey... $29 ring purchase is worth a credit line report of $1500. I have recently applied Kay Jeweler and got $3000 limit and atleast they sell better stuff and at the mall near me.

[creditreformer]

Some baddies won’t drop for 4 yrs b/c SOL (reporting wise) for tax lien is longer than for cc.  it is not that I want progress so fast, but rather, I’d like to give $1k for a secured cc so I can ‘show’ that I can handle credit.  Can’t do the wells fargo secured as they say no unpaid public records (tax lien).  I don’t really feel that my 300 CL ccs let me ‘show’ that I can handle credit b/c really, I can’t charge all that much on them and even though I PIF, I think lenders see ‘first premier’ and think ‘sucks.’

1st premier makes you pay $25 for CLIs and even then, they’re usually $100.  not really worth it.  Going to try to get a CLI w/orchard now and will report back.

Old baddies are pretty much run of the mill- late pays and chargeoffs on ccs (2), late pays on auto loan (though they drop off in 2-6 mos.), collection agencies up the wazoo, tax lien.  most old baddies drop off @ various points in 2009-2010.  All old baddies (but the tax lien) are SOL for collection purposes.  Have BA 99/500 and BA indicated that if I handle it right, based on my current reports (even w/their old blemishes), I should graduate @ 9 mos. and get @ least a 500 CLI, so 9 mos. from now, I should be @ 1k CL w/BA and possibly 1K w/Cap 1 if they show me some love.

Message Edited by creditreformer on 05-28-2008 04:12 PM

[smallfry]

Paid state tax liens drop 7 years after the date of satisfaction. I think going forward BOA is your best shot with the current crop. I've been in Cap One subprime and even though the CL was 5K that was it for life. You should do much better than $500 on an unsecured BOA. Good luck. History is history. FICO doesn't care if the cards have 300 or 40000 dollar limits.