09-07-2012 04:50 PM - edited 09-07-2012 05:41 PM
I am currently working on helping DH rebuild his credit. He is an AU on every card I have that allows AUs but I think it would be good to get a card in his name also. (We would like to get a mortgage as soon as we can) On his TU report he currently has a bankruptcy that will fall off sometime this month, one judgments (paid from 2007) a tax lien from 2008 (shows as unpaid but we are making payment arrangements right now) and 10 collections accounts (two are paid and falling off sometime this or next month one should fall off at the latest in december and the others are from Jan 07, Oct 07, Oct 08, Jul 09, Jan 11, Feb 11 and are all medical) his FAKO from Citi on 8/21 was 621 but since then the number of collections account has dropped from 20 to the 10 I mentioned (his uncle and him have the same name and same common address so there were some accounts that weren't his on there). I figured after the bankruptcy and possible the collections drop we could try to get him a Wal-Mart card but I waswondering what his approval chances might be.
Recap of Stats:
PRs: one paid judgments from 2007 and one unpaid tax lien
Collections: 7-10 (most recent from February 2011)
Positive Tradelines: 4
AAoA (positive tradelines only): 13 months
oh and one of the positive tradelines is a Wal-Mart AU account with a 0/1100 balance
09-07-2012 05:06 PM
I was approved with around a month or two of history, with something like 13 inquiries on my report. I'm not really sure how judgements fair with GECRB, and I don't know too much about them to begin with, if you do take the shot, best of luck to you!
09-07-2012 05:22 PM
Thanks for the info! Hopefully someone knows about the judgments/collections. All of the baddies on his report are medical bills because he never had insurance up until now and he wasn't making near enough to cover them. Makes me wish we lived in Canada.
09-07-2012 06:16 PM
09-07-2012 06:20 PM
What are his scores like?
It is really hard to make a determination with all those baddies on his report.
Perhaps you could sign him up for a free score here at myFICO?
If his scores are below 600 his chances are slim but it does sometimes happen.
Scores between 600 and 620 it is probably a 50/50 chance.
Scores between 620 and 640 it is probably a 75/25 approval chance.
Scores above 640 almost always get approval.
09-08-2012 10:13 AM
I haven't pulled his true FICO score yet. We both have Citi's CMS and I wanted to wait becaue like I said he has a bankruptcy and two collections that should fall off sometime this month (one might fall off next month) and another that will fall by the end of the year. We will update our reports on 9/22 and if some of that has dropped I will pay the $20 to pull his score. I was just curious to see if anyone with similar stats had been approved.
09-08-2012 10:25 AM
I would actually try to clear up a few of those baddies first and improve the odds.
09-08-2012 11:21 AM
We are definitely working on getting rid of the baddies but to clear everything will cost us approximately $15,000 which we don't have. We are hoping to settle most of the collections...
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.