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Frequent Contributor
Posts: 364
Registered: ‎10-25-2012
0

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.

Valued Contributor
Posts: 1,569
Registered: ‎11-10-2012
0

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.



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Valued Member
Posts: 32
Registered: ‎01-14-2013
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Re: What should I do?

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

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Valued Contributor
Posts: 1,590
Registered: ‎08-30-2011
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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
Posts: 364
Registered: ‎10-25-2012
0

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.

Frequent Contributor
Posts: 364
Registered: ‎10-25-2012
0

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.

Moderator Emeritus
Posts: 14,051
Registered: ‎04-15-2011
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Re: What should I do?

Sounds good, now get those GWs sent!

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Epic Contributor
Posts: 29,100
Registered: ‎10-23-2007
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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!

Frequent Contributor
Posts: 364
Registered: ‎10-25-2012
0

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.

Moderator Emeritus
Posts: 14,051
Registered: ‎04-15-2011
0

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!

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