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CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

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Anonymous
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CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

SO.... I HAVENT HAD THE BEST TRACK RECORD WITH CREDIT

 

JANUARY 2000 - TURNED 18 APPLIED FOR KOHLS CHARGE $300 -CL - DEFAULTED CHARGED OFF NOT TOO SURE WHAT HAPPENED BUT ITS NO LONGER ON MY CREDIT.

 

MARRIED 2005 - OPENED A CAPITAL ONE IN 2007 300 CL - PAID AND CLOSED NOTHING BAD. FIRST PRIEMER SAME THING PAID ON TIME AND CLOSED. CREDIT ONE - OPENED PAID AND IT WAS CLOSED AT DIVORCE. ALL IN MY NAME.

 

2007 - LEASED 2 VEHICLES FOR MY EX HUSBAND AS CO-SIGNER, HE HAD THEM BOTH REPO IN 2010. THEN I CO-SIGNED AGAIN (IDIOT) ON 2 MORE VEHICLES THAT WERE THRU LEADERS FINANCIAL - 1ST VEHICLE - PAID ALWAYS ON TIME - CLOSED GOT TITLE - DONE. 2ND VEHICLE - (WAS MINE) BROKE BEYOND REPAIR, HAD TO LET IT GO... IT WAS REPO. LEADERS ACTUALLY DIDNT COME AFTER ME BUT THEY DID GO AFTER MY EX-HUSBAND, PUT A LIEN ON HIS BANK ACCT ETC... HE PAID THE BALANCE OFF IN TIME AND NOW ITS ON MY CREDIT AS "PAID AS AGREED" CHARGE OFF

 

DIVORCED 2011 - SCORE 477 AND BELOW IM SURE. I NEVER MONITORED MY CREDIT, AGAIN (IDIOT)

 

OCTOBER 2015 - SCORE 433, SIGNED UP FOR SKY BLUE CREDIT REPAIR $59.00 PER MTH HAD $30K IN DEBT, MEDICAL, COLLECTIONS TERRIBLE TERRIBLE. SIGNED UP FOR EXPERIAN ACCT - TRANSUNION ACCT - EQUIFAX ACCT AND MONITORED DAILY

 

OCTOBER 2016 - SCORES. EXPERIAN 625 - TRANSUNION 637 - EQUIFAX 616

 

1ST CARD APPROVED WAS FINGERHUT FRESH START IN OCT 2015... GRADUATED IN 6 MTHS TO REG ACCT WITH $200.00 CL

 

PURCHASED MY OWN VERY 1ST VEHICLE 2016 NISSAN ALTIMA IN AUGUST 2016 - AFTER TRYING FOR OVER A YEAR WITH 71 INQUIRIES TO PROVE IT. WHICH I DONT THINK I CAN GET RID OF???

 

CREDIT CARDS TO DATE:

 

FINGERHUT -  $400 CL

AMAZON STORE CARD - $600 CL

CREDIT ONE - $400 CL

FIRST PREMIER - $500 CL

KAY - $500 CL (BUT I HAVE TO PUT 20% DOWN ON ALL PURCHASES, SO I DONT USE THIS CARD)

VS - $350 CL (SHOPPING CART TRICK, THIS WAS ACTUALLY MY 2ND CARD AFTER FINGERHUT GRADUATED ME)

EXPRESS - $500 CL

BOSCOVS - $500 CL

GETTINGTON - $300 CL (NEVER USED)

GAP - $200 CL (THEY DONT GIVE YOU ENOUGH TO EVEN BUY ANYTHING ALMOST ON PURPOSE)

WALMART - $500 CL (FAVORITE ONE)

CAPITAL ONE PLATINUM SECURED - $203 CL ( IVE MADE IT TO MY 5 MTHS ON TIME PAYMENTS IN FULL NOT MIN AND STILL NO CLI )

 

SO NOW OBVIOUSLY I HAVE TONS OF STORE CARDS, NOT MANY THAT I ACTUALLY WILL USE OR WANT, BUT I WAS TRYING TO GET A VARIETY OF CREDIT MIX.

 

I REALLY WOULD LIKE TO GET A VISA/MASTERCARD WITH A DECENT LIMIT AS THATS WHAT WILL BENEFIT ME MORE, OR CLI ON CAP ONE WITH A DECENT AMOUNT.

 

MY INCOME IS 75K ANNUAL. I OWN MY HOME OUTRIGHT (NEVER HAD MORTGAGE, IT WAS AN INHERITANCE) I DONT KNOW HOW TO GET PRE SCREENS OR CARDS THAT I ACTUALLY WANT. I KEEP MY BALANCES LOW UNDER 20% FOR THE MOST PART BUT IT IS SO IMPOSSIBLE WITH CL SO LOW.

 

ANY ADVICE ON GETTING CARDS LIKE MACYS, JCPENNY, VISA/MASTERCARD??? BARCLAYS CARD DENIES ME EVERYTIME EVEN THO IT SAYS MY CREDIT RATING IS FOR THE CARD THEY SHOW ME.. IDK MAYBE IM CLUELESS AND IM NOT DOING THIS RIGHT?

 

TYIA FOR ANY ADVICE OR HELP

9 REPLIES 9
Anonymous
Not applicable

Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE


@Anonymous wrote:

SO.... I HAVENT HAD THE BEST TRACK RECORD WITH CREDIT

 

JANUARY 2000 - TURNED 18 APPLIED FOR KOHLS CHARGE $300 -CL - DEFAULTED CHARGED OFF NOT TOO SURE WHAT HAPPENED BUT ITS NO LONGER ON MY CREDIT.

 

MARRIED 2005 - OPENED A CAPITAL ONE IN 2007 300 CL - PAID AND CLOSED NOTHING BAD. FIRST PRIEMER SAME THING PAID ON TIME AND CLOSED. CREDIT ONE - OPENED PAID AND IT WAS CLOSED AT DIVORCE. ALL IN MY NAME.

 

2007 - LEASED 2 VEHICLES FOR MY EX HUSBAND AS CO-SIGNER, HE HAD THEM BOTH REPO IN 2010. THEN I CO-SIGNED AGAIN (IDIOT) ON 2 MORE VEHICLES THAT WERE THRU LEADERS FINANCIAL - 1ST VEHICLE - PAID ALWAYS ON TIME - CLOSED GOT TITLE - DONE. 2ND VEHICLE - (WAS MINE) BROKE BEYOND REPAIR, HAD TO LET IT GO... IT WAS REPO. LEADERS ACTUALLY DIDNT COME AFTER ME BUT THEY DID GO AFTER MY EX-HUSBAND, PUT A LIEN ON HIS BANK ACCT ETC... HE PAID THE BALANCE OFF IN TIME AND NOW ITS ON MY CREDIT AS "PAID AS AGREED" CHARGE OFF

 

DIVORCED 2011 - SCORE 477 AND BELOW IM SURE. I NEVER MONITORED MY CREDIT, AGAIN (IDIOT)

 

OCTOBER 2015 - SCORE 433, SIGNED UP FOR SKY BLUE CREDIT REPAIR $59.00 PER MTH HAD $30K IN DEBT, MEDICAL, COLLECTIONS TERRIBLE TERRIBLE. SIGNED UP FOR EXPERIAN ACCT - TRANSUNION ACCT - EQUIFAX ACCT AND MONITORED DAILY

 

OCTOBER 2016 - SCORES. EXPERIAN 625 - TRANSUNION 637 - EQUIFAX 616

 

1ST CARD APPROVED WAS FINGERHUT FRESH START IN OCT 2015... GRADUATED IN 6 MTHS TO REG ACCT WITH $200.00 CL

 

PURCHASED MY OWN VERY 1ST VEHICLE 2016 NISSAN ALTIMA IN AUGUST 2016 - AFTER TRYING FOR OVER A YEAR WITH 71 INQUIRIES TO PROVE IT. WHICH I DONT THINK I CAN GET RID OF???

 

CREDIT CARDS TO DATE:

 

FINGERHUT -  $400 CL

AMAZON STORE CARD - $600 CL

CREDIT ONE - $400 CL

FIRST PREMIER - $500 CL

KAY - $500 CL (BUT I HAVE TO PUT 20% DOWN ON ALL PURCHASES, SO I DONT USE THIS CARD)

VS - $350 CL (SHOPPING CART TRICK, THIS WAS ACTUALLY MY 2ND CARD AFTER FINGERHUT GRADUATED ME)

EXPRESS - $500 CL

BOSCOVS - $500 CL

GETTINGTON - $300 CL (NEVER USED)

GAP - $200 CL (THEY DONT GIVE YOU ENOUGH TO EVEN BUY ANYTHING ALMOST ON PURPOSE)

WALMART - $500 CL (FAVORITE ONE)

CAPITAL ONE PLATINUM SECURED - $203 CL ( IVE MADE IT TO MY 5 MTHS ON TIME PAYMENTS IN FULL NOT MIN AND STILL NO CLI )

 

SO NOW OBVIOUSLY I HAVE TONS OF STORE CARDS, NOT MANY THAT I ACTUALLY WILL USE OR WANT, BUT I WAS TRYING TO GET A VARIETY OF CREDIT MIX.

 

I REALLY WOULD LIKE TO GET A VISA/MASTERCARD WITH A DECENT LIMIT AS THATS WHAT WILL BENEFIT ME MORE, OR CLI ON CAP ONE WITH A DECENT AMOUNT.

 

MY INCOME IS 75K ANNUAL. I OWN MY HOME OUTRIGHT (NEVER HAD MORTGAGE, IT WAS AN INHERITANCE) I DONT KNOW HOW TO GET PRE SCREENS OR CARDS THAT I ACTUALLY WANT. I KEEP MY BALANCES LOW UNDER 20% FOR THE MOST PART BUT IT IS SO IMPOSSIBLE WITH CL SO LOW.

 

ANY ADVICE ON GETTING CARDS LIKE MACYS, JCPENNY, VISA/MASTERCARD??? BARCLAYS CARD DENIES ME EVERYTIME EVEN THO IT SAYS MY CREDIT RATING IS FOR THE CARD THEY SHOW ME.. IDK MAYBE IM CLUELESS AND IM NOT DOING THIS RIGHT?

 

TYIA FOR ANY ADVICE OR HELP


If its been six months since you apped for the Cap One secured card, then go ahead and app for the unsecured Platinum card. Use the heck out of it and after 60 days start requesting CLI's on it. You'll get another automatic CLI at six months, and thereafter request CLI's every six months. Close the Secured card just before the 12 month mark, and app for a second Cap One unsecured when the Platinum card hits the six month mark.

Don't app for Barclays until your oldest open current card is near the two year mark. They like to see a minimum of 18 months recent history on a couple of accounts.

Message 2 of 10
Anonymous
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Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

ok- but when i app for it, it always declines... am I doing something wrong?

Message 3 of 10
Anonymous
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Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

If you mean that Capital One is denying you for their Platinum, then I'd guess it's just that you have some major derogatories on your report that are fairly new.  They just may not be ready to open up with you yet.  Give them a few more months, maybe until the end of the year, and try again.

 

Your Capital One secured may receive a CLI (the only one it'll ever get) when it hits 6 months, as this is fairly common, but you may wait longer, again depending on how Capital One is looking at your file next month.  Their secured cards will only ever get one CLI, typically about 50% of your current limit - which would put you at about $300.   They do not graduate or indeed even grow, so once you can crack into unsecured cards, that one will have lived out its usefulness.

 

As for Barclay's, no matter what some website's "good chances" software tries to tell you, stay far away from them for a good while - like, the next 2 years.  They can be very sensitive to many things including past derogatory marks, inquiries (at 71 you are waaaaay over the threshold for inquiries for most card issuers), very young accounts (all of yours qualify as "very young accounts"), etc.   

 

I know you are anxious to get some results with your credit score, but in reality you need some time.  Inquiries remain on your reports for up to 2 years, so you need to stop asking for anything from anyone for at least 18 months.  In that time, you can nurture your current accounts, buy something small from Fingerhut (they'll likely raise your limit then to encourage you to buy something else), and keep every single payment on time and every single account below 30% utilization each month - if you use an account to buy things, pay it down before the statement date so that it reports at less than 30%. Now that you have added a new installment loan (your new car) to the file, that will help. Take a break from asking for credit, and focus your energy on perhaps knocking out any collections or other stuff you can get removed through PFD or whatever.  It's the hardest part of credit rebuilding - waiting for time to pass - but in your case, it seems to be the best plan right now. 

Message 4 of 10
Anonymous
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Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

You already have a decent amount of open accounts. Before you apply for anything else you should get a paper copy of your 3 major credit reports. I'd also get a copy of your Innovis Credit Report and Lexis Nexis Full File Disclosure. Is everything on there accurate? Are there any old accounts that should have been removed by now or negative items that will fall off soon? What exactly do your denial letters say? Usually they'll have a specific reason like too many deliqnacies or too many new accounts. The best course of action might just be to wait 6-12 months.

Message 5 of 10
Anonymous
Not applicable

Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

whats the 2 reports that you suggested?? I never heard of them before?? and how do i get

Message 6 of 10
Anonymous
Not applicable

Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE


@Anonymous wrote:

ok- but when i app for it, it always declines... am I doing something wrong?


They will send you an email link with the decline reason. What reason are they declining the last time you apped?

Message 7 of 10
Anonymous
Not applicable

Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

it says inquiries or judgement but i dont have any judgements so i dont know... i checked all 3. OK to the inquiries but then i get tons of pre approved stuff in mail. one said bancruptcy and i never ever even claimed that in my life idk

Message 8 of 10
Anonymous
Not applicable

Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE

Many preapprovals are just baited hooks, that is, you might get a card.  Certainly they are not guarantees.

It all depends on (a) who is preapproving you, and (b) whether it is in fact a solid prequalified offer of credit, or just an "invitation to apply"

 

There are mailers out there that use terms like "invited to apply" or "preselected to apply" or "we think you might like" type things, and these are not solid offers.  Some of your soft-pulled details matched whatever criteria they were using to search for people, and they may not have even looked at your entire report before sending you one of these.  IN any case, no preapproval is a guarantee - and turning in an application or going to the website to "complete your acceptance" or anything like that is just going to add a hard pull on at least one bureau to your large bucket of the ones you already have, with no really high prospect of getting a new account to show for it.

 

I stand behind what I said before - your file doesn't support new credit right now.  You need to invest time into it - not weeks or months, but at least a year and a half, maybe two - and stay away from any applications until then.  You own your home and you already bought your new car, so you shouldn't need any new lines right now anyway.  You should focus energy and attention on reliminating, settling, and/or having deleted the pile of black marks on your report, and work on building what you have and keeping utiliation low across the board.  Your scores will improve over time, and the scars from past issues will fade - but seven more new inquiries trying to get accounts your file is not yet ready for will not help you.

Message 9 of 10
Anonymous
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Re: CREDIT DENIALS AND ISSUES NEED ADVICE PLEASE


@Anonymous wrote:

whats the 2 reports that you suggested?? I never heard of them before?? and how do i get


 

Lexis Nexis collects public records, crimninal records, phone numbers, lists of people that you lived with, insurance claims, etc. Innovis is another credit reporting agency and some banks like Capital One and Bank of America use them. If you've never taken a look at those reports it's not a bad idea to get a copy and dispute any inaccurate information.

Message 10 of 10
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