I had NO idea about the amex with USAA so that is really a good point! thanks for letting me know.
The most recent collection is about a year old, but basically the ONLY thing on our credit is collections. We have no other credit at all. The old mortgage was only under my husband, and the cars are the last collection after we voluntarily surrendered them when my job ended. Nothing since, and nothing much before that. So the new cards will be the only recent stuff on the reports. And I am hoping the PFDs and DVs will take care of the majority of the baddies. Once I see a significant reduction of those trade lines we are going to go to USAA and apply for a used car loan. We spoke to an underwriter and let them know we were willing to put half down on a small used car loan to get an auto trade line on there that did not end in repossession. We hope that will help when our current leases (held under my mother's name) come due. We don't want to be stuck without transportation or needing to rent a car for an extended period of time.
But I digress... I hope that the revolving trade line with show us a large bump in the scores, and I really hope that getting rid of most of the baddies will bring us up into the 700's. but that is all wishful, and I can only conservatively guesstimate that we will be around 650 by the end of the year.
Oh yeah. We have had that for a long time. Sadly with the owner of our home going into foreclosure we have not had a houserent payment to make, so we have a ton of money in savings and ready to use as a down payment on a home. We put together a 4 month emergency fund that would pay all of our bills, including what our rent would be if we were still paying it. That is not being touched for any reason.
Our cards are only going to be used for the bills and such we already pay each month. We are so used to living on cash, we do not need to have credit to extend our buying power, but just to clean up the credit.
We will both have 4 new tradel lines with the new credit cards, and eventually the small auto loan for a good auto trade line. We have a lawyer who is going to work with us on the auto loans that we had to surrender the cars on because the cars were sold and covered the debt owed, but they are not stating that. So we need to get it cleared up a little better than what it is now.