My First CC Recon Success & Advice

[yudeology101]

First off, I wanted to thank everyone on this most awesome forum for credit noobs like me who was in serious credit trouble for the past 6 years, I have learned so much and gained useful information in regards to learning anything to everything about credit.

My short background:

- School Loan defaulted in 09,  24 neg TLs (current) rehabbed & currently on normal repayment status

- 4 Collections until this year-  disputed, PFDs, currently none

I started w/ the FICO score of 444 back in early 2010, and I thought my life was over.  But managed to go in for student loan debt consolidation & succesfully rehabbed in 2012.  4 TLs under collections I didn't even bother doing anything for until this year when i found this forum.  Attacked hard, disputed, asked PFD, all successful. 

As I was getting more comfortably settled w/ my finances in 2012 (in the process of finishing off student loan rehab),  I've decided to open a number of CCs-  3 secured cards (FP, C.One, & OB) in February.  My FICO scores back then was 505 (EQ).  Up until July of 2012, I've managed to apply for unsecured cards (C.One Journey, Credit One, Matrix). Other than that,  I got an auto loan in August of 2012,  and I've been in the garden since then.  This month, I've paid all my CCs off, down to 2% UTIL.  My FICO scores started going crazy since then,  I have jumped from 564 to 620 (FICO EQ). 

Anyways,  I've been giving some thoughts...I really wanted to get rid of all my unwanted cards w/ small CL (Orchard, Matrix, FP), due to annual fees & monthly service charges.  So even w/ my low scores, I went on a app'ing spree.  Here's my list:

6-18:  DISCOVER IT- DENIED (EQ/EX) --- Tried recon, and they said they don't do recons...but encouraged to reapply very soon (**w t f ** is that mean?)

6-18:  WALMART-  DENIED (TU) --- Tried recon,  they said they don't do recons

6-18:  SONY CARD- DENIED (EQ/EX/TU) ---  called the recon number provided-- they said wait until the letter comes in the mail, then call them back (um...okay?.)

6-18:  BARCLAYS MC(TU)- DENIED ---- Tried recon, but they said keep doing what i am doing right now, they just want to see my credit history a bit longer

6-19:  Best Buy (EQ)-  Approved $300 (EQ)

6-19:  Apple Barclays (EQ/EX/TU)-  DENIED--  didn't recon

6-19:  Bloomingdales (EX)-  Approved $300 (talked to CSR during activation so see if i can convert from reg. store card to AMEX version, they said i should get an answer within 1 billing cycle)

6-19:  UNC Alumni BOFA CashRewards VISA SIGNATURE (EQ/EX)-  DENIED-  Recon....and this is where I felt like someone actually took their time asking me questions, letting me explain my situation, which led up to like an hr of talking about why I was in such a mess financially.  He was very patient in listening to everything I was saying, but ultimately said, "im sorry I cannot approve you at this time because one of your CCs has a balance of $$$, which is $$ exceeding your limit".  I politely asked him which credit was he looking at and he said only EX.  I asked to see if he could pull EQ too, because i know that one is the most updated one out of all three.  He pulled it, and said "I was able to see the updated info on EQ, I thank you for that..otherwise I would've have to denied you again, but Congratulations! You've been approved for $1000 to start, no AF, great rewards program with us!"     I was in shock.  Not only it is my highest CL out of 10 (in total, my next highest cl is $750 w/ Cap One), but it felt like this is how a recon should feel like?  Others-  Discover, Barclays, walmart wouldn't even want to hear my story...they kept saying "We don't do recons, or keep doing what i'm doing, etc.).  At most like 5mins, they kept saying reapply.   OK I know I still have long ways to go, but everyone has to start somewhere right?  At least treat me like a human, not a record w/ numbers.....just the way I felt afterwards.

My current scores are still low:  EQ 618 (after the pulls),  EX (623), TU (627)... my inquiries i'm not too worried about: 19 on EQ (but 10 will fall off in Sept.)  14 on EX (9 should fall off in Sept), and 17 on TU (11 should fall off in August).

I'm very excited!  So, my next plan is-

-I want to get rid of FP secured ($400 limit- I put $95 to open the card, so i'm assuming that's what I should get back) which has $7 monthly fees and AF of $100 i think. **Longest card I had (dated Feb 2012)

-Matrix Card Unsecured ($300 limit,  monthly & AF coming up next month)

-OB Secured ($320 CL) they won't CLI *** 2nd longest card I had (Feb 2012).

-Credit One? ($500 limit)-  I really want an AMEX as an ultimate goal, and I heard that AMEX doesnt like Credit One on Credit File?

What you guys think?   Since BoFA is my first prime? card, I would like to build a healthy credit lines from now on, avoiding the AFs & Monthly charges from my subprime cards. 

My scores are expected to go up to high 600s at the end of this month, so I'm thinking that I am done w/ app'ing and start gardening again until next year. 

[TiggerDat]

Oh my, you sure must be paying a lot with those choices.  I bit the bullet about 6 years ago and simply plopped down $1000 for a secured card with Merrick and am happy I did.  If I could have done things differently I might have chosen a local bank instead is all.  A local bank might have released my security funds and given me interest on my deposit.

[vpae]

There are others on here that can give you much better advice so I just wanted to say congrats!

I've been in similiar situations with scores in the 4xx but through persistence and determination, I've been able to recover much like you have.

Keep up the great work, I really enjoyed your story. Thank you for sharing.

[NewtoCredit80]

Garden for 6 months with good payment history might land you a good limit on discover. Congrats on getting the BOFA unsecured.

[enharu]

Grats on the approval. Garden for 6-12 months and try to get the remaining derogs removed if possible. Even if you don't, they will age anyways and your scores and report will look a lot better over time