Rebuilding Credit

[boosie1979]

My credit score is 529 which is very low can someone please advise of some credit card secured, un secured who will aprove me also any department or catalog vendors. Thanks

[Anonymous]

I am a believer in repair and then rebuild-

I think you may be jumping the gun a bit-

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boosie1979 wrote:

My credit score is 529 which is very low can someone please advise of some credit card secured, un secured who will aprove me also any department or catalog vendors. Thanks

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[boosie1979]

Yes, I know you're right. All of my current accounts which are two a personal loan balance $1,400 and a credit card balance $700 is current  never late all the others are medical collections that are slightly old like 2001-2003 in and all I have about $1400 in collections 4 which I pd prior and haven't checked my credit report in a yr or so which shouldn't be there which I'm disputing. I never knew there were there. I trying to rebuild but I really don't know where to start. I have some good accounts which are pd in full and never later auto, two other credit cards. HELP!!

[Anonymous]

Let the disputes finish-

700 Balance on what CL? UTL is 30% of your score-   

Read the Credit 101 thread- RTC101T

Come back with what does not chack out after the disputes and see where we can help

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boosie1979 wrote:

Yes, I know you're right. All of my current accounts which are two a personal loan balance $1,400 and a credit card balance $700 is current  never late all the others are medical collections that are slightly old like 2001-2003 in and all I have about $1400 in collections 4 which I pd prior and haven't checked my credit report in a yr or so which shouldn't be there which I'm disputing. I never knew there were there. I trying to rebuild but I really don't know where to start. I have some good accounts which are pd in full and never later auto, two other credit cards. HELP!!

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[llecs]

Absolutely start repair. My biggest mistake is I appd for anything and everything for cards like Discover, Amex, Chase, Citi, etc. thinking I might get approved with scores in the mid-500s. I had 20-30 inquiries in last August alone.

You'd be surprised how quick your score could bump up during repair. During my first month, TU and EX bumped over 100 points alone.

Start saving now. Put aside enough for the limit you want. It is also possible to get turned down for a secured. All pull all 3 reports and scores from here. Focus on the bad stuff, ask questions here, and begin the repair process. Even if an account (CA or CO) is paid, it will still have a negative impact on your score.

[Anonymous]

try merchandise cards----ox publishing and usa platinum---anyone get approved --you get a line of credit and pay on time ---they report to credit agencies

[Anonymous]

Maybe you should look into/research Crown Jewelers. It'll give you a $1500 cl, but I think you have to buy something ($60) to get the reporting started, and continue to buy something every 6 mths of inactivity to continue the $1500 cl (otherwise, I think cl decreases to $500)...No credit check, and an easy way to get a positive revolving acct reporting.

[newmom24]

Illecs,

What did you do to get a bump of 100pts in the first month? Did you have collection accounts that you paid that increased your score?????? I am looking to rebuild.

Thanks,

Shana

[Anonymous]

Boosie,  continue to pay everything on time and try to pay that cc bal down. Those med collections will start to fall off after 7 yrs from DOFD I believe. So some may start to fall off this year. Yo could also try sending GoodWill letters to the creditors for those med collections and ask them to remove the negative information. Also if you have any other baddies on your report work on them with either GW or Pay For DEletes as appropriate.

[llecs]

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newmom24 wrote:

Illecs,

What did you do to get a bump of 100pts in the first month? Did you have collection accounts that you paid that increased your score?????? I am looking to rebuild.

Thanks,

Shana

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I had NO CCs at all and only had one good car note. I had a paid repo, two CO CCs, 1 Verizon Wireless CO, up to 5 CAs coming after me, and two other closed accounts with lates listed. All but one of the baddies (repo) were over 5 years old.

In early August I disputed 4 of the 5 CAs due to incorrect balances/excessive "other" charges and 3 of them went away. I GWd the repo (with lates) and some lates were removed and on 2 of the 3 CRAs the repo reference was removed. I also disputed TU on the repo as it listed a balance past due (they took the car and gave it back by paying up 2 months). I did NOT dispute the CC CO but it got deleted when I disputed the CA associated with it. All of this was done within my first week.

I let things shake out and solidify. Since then other baddies have dropped off due to age. I am sending out on Monday morning my Round II of DVs, GWs, and disputes. I still have have some stuff on my reports past 7 years. I still have 6 baddies: 1 Verizon Wireless CO, 1 CA (Arrow) past 7 yrs, a CC CO (assoc. with Arrow and past 7 yrs), Cap One lates (2 from 2002), Bad car loan (GWs), and an old Nextel acct being collected by AFNI. Other than that, 7 new CCs since August is killing my scores so I need to speed up time somehow. Adding the first 2 or 3 CCs helped my score too, but adding more hurt it. Due to repair, DW and I both get CC offers weekly.