Need to raise score... reopen Macys? apply for Walmart CC? or both?

[Dapper_Dan]

I do plan on hitting Discover with a dispute through all three CB when I need to apply for the car loan this November.  I DV'd Discover for years and they failed to respond.  Since SOL applies, there's not much I can do except go with a few claims on FCRA and FDCPA violations.  My main goal right now is to clear 690 by adding revolving trade lines sice I haven't had a CC since 2008.  Beyond that, I have to get my Macys account reopened so that my AAoA will include somthing from 1997 and I could also try to reopen Amex from 2000. The problem with Amex is that I settled with them and I may need to go the Oasis route.

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@youngandcreditwrthy wrote:
You could try to dispute the old Disc. account on all the CBs. An initial dispute is always worth a try, esp. if it's out of the SOL!

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[Dapper_Dan]

Oddly, Macys declined me.  I had an account with them back in 1997 and the deline made no sense to me since I was never late with them.  Anyway, I ended the app spree today with a Capital One Secured MC.  This means my AAoA will be lower, but I finally have 2 revolving trade lines, which is better than 0 since 2008.  Thanks for the immense help!

[iMacDrew]

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@Revelate wrote:

The only way you're going to get that kind of increase is to get those negatives airstruck from your credit report.

While yes, getting a few credit cards would help your FICO some, you're just not going to make 100+ point gains in 3 months without getting that credit report clean.  You're going to have to suck up the higher interest rate auto loan otherwise, but that's temporary as you can refinance later.  Fact is you're just not a pretty consumer right now, so get some credit cards (2-3), try to get your report cleaned up and pull the trigger on the car as late as possible, and plan to refinance six to twelve months out.

There's no real magic cure for this unless you get a massive amount of forgiveness from the lenders.

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+1 dont be too set on this timeline youve set for yourself. paying if you can wait 6 months wait! if not then get it as high as possible and get a refi. Refinances through credit unions in from my experience are a lot more generous.

[LTomBerry]

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@Dapper_Dan wrote:

Oddly, Macys declined me.  I had an account with them back in 1997 and the deline made no sense to me since I was never late with them.  Anyway, I ended the app spree today with a Capital One Secured MC.  This means my AAoA will be lower, but I finally have 2 revolving trade lines, which is better than 0 since 2008.  Thanks for the immense help!

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I was gonna be interested if you actually succeeded in getting Macy's to reopen an old account. The only successful way I've seen to increase AAoA is to get an AmEx backdated. I also have a Macy's card from 1999 that was closed in 07, but continues to update monthly for some odd reason which is good because it just builds AAoA. I've thought about trying to reopen it, since if it is continually reporting I might as well have it open with a CL. But that might be equivalent to poking a sleeping bear.

Has anyone successfully reopened a Macys card?

[Dapper_Dan]

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@LTomBerry wrote:

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@Dapper_Dan wrote:

Oddly, Macys declined me.  I had an account with them back in 1997 and the deline made no sense to me since I was never late with them.  Anyway, I ended the app spree today with a Capital One Secured MC.  This means my AAoA will be lower, but I finally have 2 revolving trade lines, which is better than 0 since 2008.  Thanks for the immense help!

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I was gonna be interested if you actually succeeded in getting Macy's to reopen an old account. The only successful way I've seen to increase AAoA is to get an AmEx backdated. I also have a Macy's card from 1999 that was closed in 07, but continues to update monthly for some odd reason which is good because it just builds AAoA. I've thought about trying to reopen it, since if it is continually reporting I might as well have it open with a CL. But that might be equivalent to poking a sleeping bear.

Has anyone successfully reopened a Macys card?

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Here's my Macys Account:

Opened 2/1997

Closed: 2004

Last Activity: 2008

But it's still currently reporting!!!  I went to Macys today and I was declined when I requested to reopen the account.  I'm not sure... 7 years is the limit for reporting, so if I dispute the account because it's too old to report, will that help or hurt my FICO?

I'm going to leave it alone since there's nothing negative on the account.  I'm hoping it will fall off since I'm unable to utilize it.

[Dapper_Dan]

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@LTomBerry wrote:

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@Dapper_Dan wrote:

Oddly, Macys declined me.  I had an account with them back in 1997 and the deline made no sense to me since I was never late with them.  Anyway, I ended the app spree today with a Capital One Secured MC.  This means my AAoA will be lower, but I finally have 2 revolving trade lines, which is better than 0 since 2008.  Thanks for the immense help!

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I was gonna be interested if you actually succeeded in getting Macy's to reopen an old account. The only successful way I've seen to increase AAoA is to get an AmEx backdated. I also have a Macy's card from 1999 that was closed in 07, but continues to update monthly for some odd reason which is good because it just builds AAoA. I've thought about trying to reopen it, since if it is continually reporting I might as well have it open with a CL. But that might be equivalent to poking a sleeping bear.

Has anyone successfully reopened a Macys card?

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I called Macys today and found out that they did a hard pull via Experian.  I told them that I cannot pull Experian, but the nice woman on the phone told me that they are unable to approva because of my CO with Discover.  I asked if there's a way to recon based on my 1997 and no late histroy with Macys and she told me that if a Macys account is closed for more than 3 years, they do no reopen with the same age... it starts as new.

So in the end, I have a HP with Experian and no way to re-establish a 1997 account because it's been closed since 2008.

On another note, Amex did not do a hard pull.  They denied me because I had a settlement.  They have no claim on the settlement but said that they could only open a new card if I pay off the balance with which they lay no claim.

So I'm blacklisting Amex and Macys!  They will do more harm than good.

[Crashem]

That means you are on Amex blacklist.  I don't know the amount they want but an Amex would get backdated for you which is good thing.  If interested, oasis is probably the way to go for you.

[Dapper_Dan]

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@Crashem wrote:

That means you are on Amex blacklist.  I don't know the amount they want but an Amex would get backdated for you which is good thing.  If interested, oasis is probably the way to go for you.

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I asked about Oasis and they sent me to americanexpress.com/prepaid which is just their blue prepaid card that I was told does not report.  Amex wants full payment post settlement to reopen.  I'm not doing that... it's >$10k.

Is Oasis something different?  I read about it on another site and they explained as something where I must pay in full.

http://www.creditinfocenter.com/forums/credit-repair/302495-american-express-optima-oasis-program.ht...

[Crashem]

It is something different.  Basically you pay off your debt to them.  Its not guaranteed, but at that point, they offer you an Optima card usually around half the amount of the original debt.  If you aren't willing to pay the difference in the amounts, then don't bother.  If interested, I think AMEX calls it their recovery department or something like that.

[Dapper_Dan]

BIG UPDATE:

My score is now 600 as of September 1, 2012!  My auto FICO was 500 on June 11, 2012.

Mercedes and Volkswagen finally updated to report both car loans as paid in full and closed with a $0 balance.

I completed the settlement with Amex on August 8, 2012 and they just updated from a CO to "pays as agreed" with a $0 baance.

I also applied and received CC from WalMart $550 CL.

I also applied and received CC from Capital One $200 CL (secured).

I have few GW letters out there for some 30 day lates from 12+ months ago, but don't expect any traction with those.

I still have two CO's: US Bank and Discover.  I offered a settlement but have not heard back.  I only have 2 open CC's now (WM and Cap1).  The Discover card is putting my debt utilization at 108% right now.

Goal: 690 by November 15, 2012.  Let's do this!