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New Member
owlbcnu
Posts: 11
Registered: ‎07-30-2012
0

The long road back

I posted this in another forum but was directed here to hoping to get better answers. I recently completed my 7 years in credit purgatory due to charges off, collections, 30/60/90 days late, ect. During those 7 years I ditched the plastic and went cash only. Probably a huge mistake but something I had to do. Now I am debt free with only rent being the major bill.

 

When I pulled my CR in March it was clear with no account history. In May I was able to get a GE Capital Retail Bank card via Discount Tire Store with a limit of $700. I have since purchased some tires and paid the account in full.

 

I am not sure where to go from here. My partner was able to add me as an authorized user for the Target card over a year ago. However I don’t think I am benefiting from it as it doesn’t show on my CR. They did send me a card with my name on it. =o)

 

I have read that getting a Cap 1 secured card should be my next step. I am a little hesitant because they are one of the cards that got me into this mess. Although reading more post they seem to be favorable to those with low scores.

 

Should I try and get a CC from the CU I currently bank with?

 

Should I apply with a premium bank?

 

Thank you for the time and any advice you can give.

Senior Contributor
john398
Posts: 3,521
Registered: ‎01-19-2009
0

Re: The long road back

Since your already with GE why not try for a Discover WM card or a Old Navy Visa, if they dont approve you, yoiu probably get the score version but you may want to wait until you have 6 months history with them or maybe its 4

New Member
owlbcnu
Posts: 11
Registered: ‎07-30-2012
0

Re: The long road back


john398 wrote:

Since your already with GE why not try for a Discover WM card or a Old Navy Visa, if they dont approve you, yoiu probably get the score version but you may want to wait until you have 6 months history with them or maybe its 4



I thought about that, but I thought I read you'd need to have a score of 640 or higher to be approved. Didn't want to waste a inquiry.

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: The long road back


owlbcnu wrote:

john398 wrote:

Since your already with GE why not try for a Discover WM card or a Old Navy Visa, if they dont approve you, yoiu probably get the score version but you may want to wait until you have 6 months history with them or maybe its 4



I thought about that, but I thought I read you'd need to have a score of 640 or higher to be approved. Didn't want to waste a inquiry.



You should check with your CU, they know your spending pattern and income better than anyone and they can likely see that you manage your account with them well and would feel more comfortable extending you credit.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: The long road back


owlbcnu wrote:

I posted this in another forum but was directed here to hoping to get better answers. I recently completed my 7 years in credit purgatory due to charges off, collections, 30/60/90 days late, ect. During those 7 years I ditched the plastic and went cash only. Probably a huge mistake but something I had to do. Now I am debt free with only rent being the major bill.

 

When I pulled my CR in March it was clear with no account history. In May I was able to get a GE Capital Retail Bank card via Discount Tire Store with a limit of $700. I have since purchased some tires and paid the account in full.

 

I am not sure where to go from here. My partner was able to add me as an authorized user for the Target card over a year ago. However I don’t think I am benefiting from it as it doesn’t show on my CR. They did send me a card with my name on it. =o)

 

I have read that getting a Cap 1 secured card should be my next step. I am a little hesitant because they are one of the cards that got me into this mess. Although reading more post they seem to be favorable to those with low scores.

 

Should I try and get a CC from the CU I currently bank with?

 

Should I apply with a premium bank?

 

Thank you for the time and any advice you can give.


IMO, the next best step is to get major CC in your name.    And hopefully one with a good CL (credit limit)

 

I would start with the CU.   Take Unsecured if they offer.   If not take Secured if available.   Best to put down a good sized deposit.   Larger CL can help get a bigger CL with other cards.

 

Capital One would be my 2nd choice.   Prior problems with Capital One usually does stop you from getting approval.    Best to try the online, pre qualification and apply for what they offer if your like.   Capital One Secured card is very good option as well, terms are good, AF is low.    I had one and big deposit helped get a good CL with my next card with them.  

 

Adding a store card is another good option, if you get one where you shop regularly,  CC need to be used to build credit history. .

 


 

Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: The long road back


Wolf3 wrote:

owlbcnu wrote:

I posted this in another forum but was directed here to hoping to get better answers. I recently completed my 7 years in credit purgatory due to charges off, collections, 30/60/90 days late, ect. During those 7 years I ditched the plastic and went cash only. Probably a huge mistake but something I had to do. Now I am debt free with only rent being the major bill.

 

When I pulled my CR in March it was clear with no account history. In May I was able to get a GE Capital Retail Bank card via Discount Tire Store with a limit of $700. I have since purchased some tires and paid the account in full.

 

I am not sure where to go from here. My partner was able to add me as an authorized user for the Target card over a year ago. However I don’t think I am benefiting from it as it doesn’t show on my CR. They did send me a card with my name on it. =o)

 

I have read that getting a Cap 1 secured card should be my next step. I am a little hesitant because they are one of the cards that got me into this mess. Although reading more post they seem to be favorable to those with low scores.

 

Should I try and get a CC from the CU I currently bank with?

 

Should I apply with a premium bank?

 

Thank you for the time and any advice you can give.


IMO, the next best step is to get major CC in your name.    And hopefully one with a good CL (credit limit)

 

I would start with the CU.   Take Unsecured if they offer.   If not take Secured if available.   Best to put down a good sized deposit.   Larger CL can help get a bigger CL with other cards.

 

Capital One would be my 2nd choice.   Prior problems with Capital One usually does stop you from getting approval.    Best to try the online, pre qualification and apply for what they offer if your like.   Capital One Secured card is very good option as well, terms are good, AF is low.    I had one and big deposit helped get a good CL with my next card with them.  

 

Adding a store card is another good option, if you get one where you shop regularly,  CC need to be used to build credit history. .

 


 


I would go for Wal Mart discover, if you shop there, like you said you already have a GE account, and usually once you have GE, you can usually always get GE.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Established Contributor
jamie123
Posts: 869
Registered: ‎03-22-2012
0

Re: The long road back

You need to have 3 credit cards reporting to maximize your scores. Cap1 is a good choice to start out with.

 

Here is the link to their pre-approval website: https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx

 

Go there, fill out the form and I would suggest taking any card they offer you UNLESS it is a secured card.

 

Capital One is the most forgiving of major credit card companies so don't worry about your past history with them.

 

Please report back here with your results and we can discuss the next steps you should take.

 

Good luck!



Starting Score: EQ 658 6/18/12
Current Score: EQ 700 10/12/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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New Member
owlbcnu
Posts: 11
Registered: ‎07-30-2012
0

Re: The long road back

Thank you for all the advice. Should I wait until October to apply for another card? Reason I ask is because that will be my six month mark with the GE card.
Established Member
polarbeardad
Posts: 26
Registered: ‎07-16-2012
0

Re: The long road back

In regards to Capital One, if they are one of the accounts that was charged off make sure you are outside of the statute of limitations for the state where you live. Otherwise you could reawaken a sleeping lion and cause new problems. 

New Member
owlbcnu
Posts: 11
Registered: ‎07-30-2012
0

Re: The long road back

Polarbeardad: during my seven years I paid off all the accounts I had. I just waited out the seven years for them to disappear from my CR been though I had paid in full letters.

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