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Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012

What should I do?

I am rebuilding my credit I had several charge offs all are paid except a cap1 that will be paid off in Feb. I need to get CC to increase my score currently I only have a merrick bank secured card with a 300 limit that i have had since nov12. What card should i apply for next all three of my score are around 560 they have went up 30 points since i got the merrick card. Please help thanks.


STARTED MYFICO TU 569 EQ 618 1-30-13
CURRENT MYFICO TU 664 EQ 656 Ex ? 3-13-14
MERRICK BANK FICO 539 12-26-12 / 649 2-17-14
GOAL 680+ last ap 5-30-14
Valued Contributor
Swapmeet
Posts: 1,329
Registered: ‎11-10-2012

Re: What should I do?

[ Edited ]

It seems like you don't have many options right now. I would suggest opening a second secured card -- one that will graduate to unsecured like BofA's. Put as much as possible in, and start trying to get your creditors to agree to PFDs; and start sending GW letters to those creditors that you have paid off, but remain on your credit. I do not know your situation, but this will generally work. When you reach the 600's apply for a wal mart card, or other GE card.

My Wallet: WalMart: ||15k|| USAA Platinum MC: ||13k|| Amex Delta Gold: ||2k||; BCE: ||9k|| Chase Freedom Siggy: ||10k||
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Fico Scores: EQ 760 (SW),TU 757 (Walmart), EX 738 (myfico) Last app: Arrival World MC 2-1-14
Valued Member
Neat
Posts: 32
Registered: ‎01-14-2013

Re: What should I do?

Go to  a credit union (NFCU and Fed Choice are awesome) and ditch Merrick.

Amex Green, Signal FCU Platinum Visa, Navy FCU Cash Rewards Visa Sig., Citi Forward Visa, Barclaycard Apple Financing Visa
Valued Contributor
thom02099
Posts: 1,317
Registered: ‎08-30-2011

Re: What should I do?


Swapmeet wrote:

It seems like you don't have many options right now. I would suggest opening a second secured card -- one that will graduate to unsecured like BofA's. Put as much as possible in, and start trying to get your creditors to agree to PFDs; and start sending GW letters to those creditors that you have paid off, but remain on your credit. I do not know your situation, but this will generally work. When you reach the 600's apply for a wal mart card, or other GE card.


+1 Great Advice !

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Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012

Re: What should I do?

Why would I ditch merrick they have been good so far and raised my score I dont carry a balance so the high % rate dosent matter to me.


STARTED MYFICO TU 569 EQ 618 1-30-13
CURRENT MYFICO TU 664 EQ 656 Ex ? 3-13-14
MERRICK BANK FICO 539 12-26-12 / 649 2-17-14
GOAL 680+ last ap 5-30-14
Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012

Re: What should I do?

Thank you thats what I will do I paid everything off before I started researching on here so I did not know of PFDs. But I will send GW letters to the ones I already paid off.


STARTED MYFICO TU 569 EQ 618 1-30-13
CURRENT MYFICO TU 664 EQ 656 Ex ? 3-13-14
MERRICK BANK FICO 539 12-26-12 / 649 2-17-14
GOAL 680+ last ap 5-30-14
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: What should I do?

Sounds good, now get those GWs sent!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Mega Contributor
Creditaddict
Posts: 18,905
Registered: ‎10-23-2007

Re: What should I do?

If you have to go secured credit card route, you never (Unless NO OPTIONS) go to a Subprime lender to give you a secured card.  They are a subprime lender, meaning you can almost always get a unsecured credit card from them (First Premier)...

Once you pay Capital One (even Settled) my experience is they will then issue a new account.

Don't close Merrick until you secure another 1 or 2 cards... but if it's First Premier Unsecured or Merrick Secured, I would do First Premier!

Fico Scores: EQ 657 Cabelas, TU 665 GE, EX 699 Wells (07-27-14)
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Frequent Contributor
twall06
Posts: 340
Registered: ‎10-25-2012

Re: What should I do?

I do not fully understand how GW work will they help with chargeoffs that i ended up paying to collection accounts and cap1 is a legal item on my report.


STARTED MYFICO TU 569 EQ 618 1-30-13
CURRENT MYFICO TU 664 EQ 656 Ex ? 3-13-14
MERRICK BANK FICO 539 12-26-12 / 649 2-17-14
GOAL 680+ last ap 5-30-14
Moderator
Shogun
Posts: 12,896
Registered: ‎04-15-2011

Re: What should I do?

That is exactly what GWs are intended for.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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