11-03-2012 11:13 PM
wow. So greatful distantarray. great work.
lol np, but remember also bankruptcy is not the end of the world which could be a faster option, there are plenty of creditors which are bankruptcy friendly, as long as she didn't burn big banks like Chase or Amex which are at the top of PRIMEVILLE i would say it could pay off as well, as long as you know how to rebuild after bankruptcy it's not bad. Also if your lucky in a State where Equifax is primarily pulled bankruptcy can be removed by a simple "not mine" dispute online...... which is pretty funny, but sometimes things do come back once removed so becareful with this route.
Also it's possible to completely remove bankruptcy but I won't go into that cause it's too long, but with equifax dominated State of residence you can apply for anything minus a house mortgage very easily. Also if you have 20% down most banks will even mortgage you even with prior bankruptcy. If she has a house already then it might not be a problem.
11-04-2012 08:11 AM
Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine. But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account. It's a total shift in your way of living and thinking and it doesn't happen overnight. I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc. (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)
Does NFCU have secured? That might be one she could get for starters.
Yes, NFCU has a secured card. Although, she should correct a few credit problems before she applies for it.
I think no matter what, it is worth trying to fix some baddies first. See how committed she is before she tries to open more credit. Let her build up some savings too. Then in a few months have her app for a secured card.
FWIW I think the NFCU secured may be guarunteed acceptance. I wouldn't wait to apply if one is trying to rebuild one's credit score, if there's any lender which will play ball even if it isn't guarunteed, it's absolutely NFCU.
What you're suggesting does make sense for the usual NFCU unsecured card, but I think I see around 25:1 applications on this forum for the unsecured vs. secured when it comes to NFCU.
Just as a general point secured cards aren't "no risk" as a general rule; the deposit can be snatched by court order (open judgement) and presumably by IRS lien among other things and banks are wary of such issues when issuing secured cards of any significant value. Small numbers may or may not be better when it comes to applying (costs more than they'd get if they went after a $300 deposit I suspect) and certainly when it comes to NFCU and other lenders where you can no-penalty add additional funds there isn't really a whole lot of rationale for throwing a large credit line down when one has outstanding obligations... can add to the CL later once the obligations are resolved and NFCU is pretty darned generous anyway for unsecured credit after six months history and resolving some negative tradelines for the few reports I've seen of their secured cards.
11-04-2012 10:02 AM - edited 11-04-2012 10:06 AM
so today my fiance went to wells fargo to apply for a secured card and was denied. His scores are in the 570s, which is higher than mine are but i was able to get one two weeks ago. I didn't even know you could be turned down for a secured card. Did the lady that helped him just not know what she was doing or something?
Wells is a nut case of a bank I swear. I received an invite to apply for a un secured credit card from them it even had my interest rate I was approved for on the invite. So I went ahead and applied. They denied me not because of my credit but because I didn't have a relationship with the bank. The funny thing is even though I have had 2 car loans through them they didn't think that was a relationship with them. Also the invite I received was because I had that relationship with them. The invite didn't even state that I needed to have a deposit account with them.
So in short from the rep on the phone, You will not receive a credit card from Wells Fargo if you do not have a deposit account relationship with them.
Talk about a waste of a hard pull good lord.