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Hi All!
I am new here, so please be patient with me!
So I have just recently been able to get a hold of my credit scores - even with having the yearly free credit score checks I was having issues getting access to my account, so I basically went 5-6 years without even looking at my credit report. The last time I had checked (5-6 years ago), my credit score was in the 500's, so you can imagine to my surprise that when I finally was able to get access to my account this month my 3 scores were 661 Experian, 647 Equifax, 645 Transunion. I thought this was actually not a very bad score. However, I did also notice that I have 3 accounts totalling about $1200 that are in collections that I must have created during a financially irresponsible period of my life (4-5 years ago). I just paid off one today and they mentioned it would be reported to the credit bureaus this weekend. Also, I don't own any credit cards or have any student loans, and any and all debt I have is coming from those 3 accounts. If I were to pay off this $1200 would it be safe to assume that credit agencies would have more confidence in giving me loans/financing? Right now I can't even get a secured credit card (Capital One, BofA)! Any suggestions or insight into the best way for me to move forward besides obviously paying off the collection amounts. I really want to establish some solid credit, especially since I do want to buy a home, get a car in the next 4-5 years.
Thanks!!
Something is not making sense. There must be more to your story for you to not be able to get a secured card.
I had (and still have, currently working on) a total of collections around the same as you and I could not get approved for secured either a month ago. I also had a judgement at the time which is now gone, though. The first and only CC I could get approved for was stinky First Premier, but so far they have been ok. You can try them. There is an upfront fee to pay but it is unsecured. Also try the shopping cart trick, you will find lots of into here on it if you do a search. Here is the order I just did:
First Premier CC first.
in the mean time, I was approved for Comenity/shopping cart trick cards that have not reported yet since i need to verify identity.
once First Premier reported, I was approved for Macys and Bloomingdales.
I needed new clothes anyway, so made purchases at both those stores, then they reported.
Once Macys & Bloomingdales reported, then I finally was approved for Credit One (another stinky one but it works) who would not even prequalify me since last month. I guess they wanted to see me have other accounts.
There are tons of other better ways I'm sure but it worked for me and I have a good number of revolving accounts, FINALLY, all in a month and a half. (not worried account age thing, didn't have much of a file anyway)
What was the reason that you were denied for the capital one secured card? Did you call them and ask for a reason?
not sure how much info you've read here so far but for the collection you paid, you might want to send them goodwill letters to delete the account from your report. Read about PFD's too before you pay the other ones.
BofA is actually difficult to get a secured card from. They have fairly high credit standards even for their secured cards. It is possible you were denied by capital 1 for things such as, you entered a promotion code after it expired, you had applied for something else (an unsecured card) in the previous 30 days. Etc. It's best to call them and find out why, as they are very lenient.
I would also start to research the difference between FICO scores, and FAKO scores, which I believe you are seeing FAKO scores.
@moriphd wrote:Hi All!
I am new here, so please be patient with me!
So I have just recently been able to get a hold of my credit scores - even with having the yearly free credit score checks I was having issues getting access to my account, so I basically went 5-6 years without even looking at my credit report. The last time I had checked (5-6 years ago), my credit score was in the 500's, so you can imagine to my surprise that when I finally was able to get access to my account this month my 3 scores were 661 Experian, 647 Equifax, 645 Transunion. I thought this was actually not a very bad score. However, I did also notice that I have 3 accounts totalling about $1200 that are in collections that I must have created during a financially irresponsible period of my life (4-5 years ago). I just paid off one today and they mentioned it would be reported to the credit bureaus this weekend. Also, I don't own any credit cards or have any student loans, and any and all debt I have is coming from those 3 accounts. If I were to pay off this $1200 would it be safe to assume that credit agencies would have more confidence in giving me loans/financing? Right now I can't even get a secured credit card (Capital One, BofA)! Any suggestions or insight into the best way for me to move forward besides obviously paying off the collection amounts. I really want to establish some solid credit, especially since I do want to buy a home, get a car in the next 4-5 years.
Thanks!!
Where did you get these scores? Were they FICO scores? Also, when you paid one of the collections did you ask if they would remove it from you CR? There is a big difference between removing it (PFD) vs. "updating" your CR. The more info provided, the better posters can help you out.