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Regular Contributor
turninganewleaf
Posts: 140
Registered: ‎08-08-2007
0

So confused....what to do?

Hey fellow "fico-ers",
 
Okay, so I've been reading MANY postings on this site and when some things start to make sense, the next I read something different...  I just need some direction...
 
My situation:
 
PRE-FICO FORUM:
For a year now, I have had a car loan and a Chevron CC ($300 CL).  Both paid on time each month and CC PIF each month, have never maxed out CC.  Was given an auto $100 CLI by Chevron at one-year anniv.
 
POST FICO FORUM:
Since this site, I have disputed several negative items and have had them removed from all 3 CR's. 
 
Remaining baddie is a Cap1 CC charge-off with lates and exceeding CL (default date: April 2004).  After 3 mos of regular payments, my balance is now $514.00 which I'll pay in full first of October.  This is the only account labeled "derog" on all 3 FAKO reports. 
 
The only other baddies IMO on all 3 FAKO reports is inquries (8, 8, 10) and a BofA which shows lates (150 two yrs ago to current today).  This balance will be paid in full in December
 
As of 9/5/07, FICO's 600 (EQ), 588 (EXP), 588 (TU).  Believing I needed to establish some more positive credit HX and increase TL's, in the past week, I applied for and was approved for Target RedCard ($200), Orchard Bank MC ($300) and AMEX Delta Gold ($1000).   I know I'll take inquiry hits for these...
 
Have I done the right thing?  What should I do at this point?  Should I not activate the Orchard Acct?  Wait and see if Target will give me a CLI or upgrade to Visa?  Ask to be converted to AMEX Blue or BlueCash?  Please help!
 
My goal is to raise my FICO's so that I can purchase a home in the near future.  Thanks!!!!
 
 
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
0

Re: So confused....what to do?



turninganewleaf wrote:
Hey fellow "fico-ers",
 
Okay, so I've been reading MANY postings on this site and when some things start to make sense, the next I read something different...  I just need some direction...
 
My situation:
 
PRE-FICO FORUM:
For a year now, I have had a car loan and a Chevron CC ($300 CL).  Both paid on time each month and CC PIF each month, have never maxed out CC.  Was given an auto $100 CLI by Chevron at one-year anniv.
 
POST FICO FORUM:
Since this site, I have disputed several negative items and have had them removed from all 3 CR's. 
 
Remaining baddie is a Cap1 CC charge-off with lates and exceeding CL (default date: April 2004).  After 3 mos of regular payments, my balance is now $514.00 which I'll pay in full first of October.  This is the only account labeled "derog" on all 3 FAKO reports. 
 
The only other baddies IMO on all 3 FAKO reports is inquries (8, 8, 10) and a BofA which shows lates (150 two yrs ago to current today).  This balance will be paid in full in December
 
As of 9/5/07, FICO's 600 (EQ), 588 (EXP), 588 (TU).  Believing I needed to establish some more positive credit HX and increase TL's, in the past week, I applied for and was approved for Target RedCard ($200), Orchard Bank MC ($300) and AMEX Delta Gold ($1000).   I know I'll take inquiry hits for these...
 
Have I done the right thing?  What should I do at this point?  Should I not activate the Orchard Acct?  Wait and see if Target will give me a CLI or upgrade to Visa?  Ask to be converted to AMEX Blue or BlueCash?  Please help!
 
My goal is to raise my FICO's so that I can purchase a home in the near future.  Thanks!!!!
 
 



Send GW letter to Cap1... and BOA
 
I would not activate Orchard but others might not think that way. Do not ask for CLI  with any new cards! I would wait 3-6 months.
 
New credit delutes old credit sooo my opinion is to do it SLOW.  You might want to try for a walmart card (NOT walmart discover)  If you qualify they will just give it too you.
 
It takes several months for all to start reporting & figure in scores.
 
Ings start hurting less an about 6 months.
 
This is just my opinion  wait for others to add theirs.
 
Established Contributor
orhippychic
Posts: 562
Registered: ‎08-16-2007
0

Re: So confused....what to do?

one thing i would suggest is that you PFD the cap 1 account. since you are planning to pay in full already you can just negotiate to have it removed. i don't know how receptive they are to that sort of thing, but it can't hurt to try since you're going to pay it anyway.
09/28/07 EQ 498 EX 537 TU 477
12/27/07 EQ 526 EX 562 TU 541
02/26/08 EQ 526 EX 589 TU 579
11/09/08 EQ 562 EX 648 TU 578
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007
0

Re: So confused....what to do?

[ Edited ]


orhippychic wrote:
one thing i would suggest is that you PFD the cap 1 account. since you are planning to pay in full already you can just negotiate to have it removed. i don't know how receptive they are to that sort of thing, but it can't hurt to try since you're going to pay it anyway.


Yes you can try for PFD...Cap1 is hard to read,they can be nasty & then they can be ok.
 
Whatever you do do not be late in next payment.....make min. pmt & send a PFD
 
Then on the other hand by doing a GW  you will have a good TL for 10 years.


Message Edited by HappyDays on 09-13-2007 02:47 PM
Regular Contributor
turninganewleaf
Posts: 140
Registered: ‎08-08-2007
0

Re: So confused....what to do?

I've read Cap 1 is next to impossible to get a PFD.  They did tell me though that once this account was PIF that it would be removed from negative (or derog), still show a CO, but will show PIF.  I guess I could attempt a PFD, doesn't hurt to try, right?
 
Otherwise, what else does anyone suggest I do to raise my scores?  I know time will help....
FICO 8/5/10; TU 724, EQ 702
FICO 6/9/09: TU 669, EQ 658, EX ???
FICO 7/20/07: TU 540; EQ 595, EX 544

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