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New Member
Posts: 6
Registered: ‎08-12-2017
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Credit rebuild

[ Edited ]

Hello I am new to this forum. I have read a lot of these post and they are a great source of information for sure. Right to the point I have just above 630 score, and a car loan for 6k balance is right at 3k (never late ), line of credit for my dental implant which was around 3700 , and it is down to 1700  lender is Comenity Bank(late one day not a 30 day late just posted my payment late). I have student loans with late payments but I am in school going for my masters,so these are in deferment, and bankruptcy in 2013. I have read three CC are the best to rebuild with, I travel for work all the time would a gas  card work as well, and two others to start rebuild, or would it be easier to go through card from the bank I have the line of credit through. Please Advise thank you  

Senior Contributor
Posts: 7,087
Registered: ‎04-11-2016
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Re: Credit rebuild

What is the source of the credit score you provided?  Where you are getting your score is a big deal, as it will let us know if it's a genuine FICO score or of some other variety.  If you're considering apping for credit cards, you want to make sure your FICO scores are in the 650+ range at least IMO with closer to 700 being advised.  It does depend on the cards you are considering, though.

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New Member
Posts: 6
Registered: ‎08-12-2017
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Re: Credit rebuild

Credit Karma, I may have to get secured ones first, just trying up my score. Money is not the issue anymore the issue is divorced now so I can get back on track.

Senior Contributor
Posts: 7,087
Registered: ‎04-11-2016
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Re: Credit rebuild

CK provides you with a VantageScore, not a FICO score.  Since any place you apply with will be looking at your FICO score, not a VantageScore, you should ignore your CK score(s) and obtain a FICO score ASAP.  The quickest way for you to do that for free is to go to creditscorecard.com and within a minute you'll have your Experian FICO 08 score.  This score will update once monthly if you remember to log back in. 

 

Experian is only 1 of 3 reporting agencies that potential creditors will access your report from.  Prior to apping for credit cards it would be smart to see a FICO score from all 3 bureaus IMO.  To do this, it costs you $1.00 at Credit Check Total.  For a $1 trial membership, you'll get your EX, TU and EQ FICO 08 scores.  The EX score you get from CCT will exactly match the EX score you got for free from creditscorecard.  Your 3 scores will normally only fluctuate maybe 20 points between top and bottom score (sometimes 30-35 in rare instances) assuming bureau information is identical.  If one of your scores is significantly higher or lower than the other two, it means that there's a major difference between the reports such as a negative item being present on one or two but not on the other one or two.  These are things you need to know before apping for credit cards.  For example, say your 3 FICO 08 scores are EX 620, TU 638 and EQ 689.  It could mean that your EX and TU reports have a negative item present that isn't present on EQ.  What does this mean for apping?  Well, if you were considering an Amex card, they always pull EX, so with a 620 score it wouldn't be a good idea.  If you were considering a Discover card, they often pull EQ, your best score, so that wouldn't be a bad idea.  These are just examples, of course.

 

The bottom line is that unless you know where you stand currently with respect to your FICO scores, it's very difficult to make any suggestions at all as to whether or not you should app, which cards you could potentially be approved for, etc.

New Member
Posts: 6
Registered: ‎08-12-2017
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Re: Credit rebuild

ok I just checked my scores on the Credit Check Total site EX 612   TU 612   EQ 636  

New Member
Posts: 6
Registered: ‎08-12-2017

Re: Credit rebuild

I just got a Credit One card on its way.

Senior Contributor
Posts: 7,087
Registered: ‎04-11-2016

Re: Credit rebuild


themayor wrote:

I just got a Credit One card on its way.


On a positive starting note, NICE JOB getting your 3 FICO 08 scores from CCT.  Make sure you call and cancel that $1 trial membership within the next 7 days.  I'd recommend doing it today or tomorrow simply so that you don't forget and get charged around $30.

 

Second, although what's done is done now, you really shouldn't have applied for a Credit One card.  They are one of the worst predatory lenders out there, will charge you an annual fee for the card and are said to have terrible customer service and perform shady business practices.  Before you app for anything else, PLEASE make sure you read on these forums.  Read a lot.  Every card I've ever considered apping for I probably read about on here for a month prior to pulling the trigger.  You want to know the ins and outs of every product you are considering.  When I applied for the Chase Sapphire Reserve earlier this year for example, I without question had more knowledge about that product than the guy sitting across the desk from me in branch when I applied.  Arm yourself with knowledge so that you can make the best decisions when it comes to credit.

 

Back to your scores:  If that 30 day late is the ONLY negative item you have on your credit report, you stand an extremely good chance of seeing a 40-80 point gain if you can get it removed.  To do this you'll want to contact the creditor and ask for forgiveness.  Apologize and assure them it will never happen again.  You can try this over the phone, but written means like email and especially good old fashioned snail mail are recommended.  It may take multiple tries and you hearing "no, we can't do that" before you finally get a yes.  But, stay on top of it, as this is the single biggest move you can make to increase your scores.  Getting that negative removed would thrust you into the 670-710 range on scores IMO, which is just about good enough to get approved for most cards.  A few other tweaks like paying down some utilization and your LOC a bit and you'll be at 700+ across the board in no time.  Priority #1, get that 30 day late payment removed.

New Member
Posts: 6
Registered: ‎08-12-2017
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Re: Credit rebuild

[ Edited ]

Thanks I have already called and done away with CCT yesterday, and I will call right now about the other to feel them out on the late payment before I send letters. I mean it cannot hurt any I guess. I plan on having this card for 11 months and cancel  before the annual fee kicks in, and within that 11 months I will try and get at least two if not three more cards after the banks see the payments on time and below the 30%, if all goes well by month 11 I will have two or three new cards and the other one will be done away with. Does this sounds like the right track to be on or is there another route I can take. Also I just enrolled in the Navy Fed, and plan on trying to get a credit rebuild loan of some kind. Any thoughts

 

New Member
Posts: 6
Registered: ‎08-12-2017
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Re: Credit rebuild

Update the one day late payment they will not report, and also I got a 500.00 CLI from 10,500 to 11,000 never know until you ask I guess Smiley Happy 

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