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Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012

Can you get approved with 4 old open collections for walmart and cheveron?

Any advice would help :smileyhappy:


The collections are over a year almost two years old



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Established Member
intherightdirection
Posts: 24
Registered: ‎08-20-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?

I don't know, but you can try http://whogavemecredit.com/ and see if you can find out more info.

 

Good luck. :smileyhappy:



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Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?

I did go to that site a while ago, and filled out for a Walmart, but I got rejected.  :-}  I think it was because I had 3 other open collections.  I am down to 4 and they are old.  The reason they declined was too many open collections but now I have 3 less.



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Member
dianna98
Posts: 8
Registered: ‎09-13-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?

I currently have one open collection and asked my LO if it had to be paid off before I could get a mortgage. He stated that it did not need to be paid off but his reason was that I have been making recurring payments on the account for over a year. I was surprised by the answer because the balance is $2500 and I thought I read somewhere that if the balance was over $1000 you wouldn't qualify for a loan.
Established Contributor
jamie123
Posts: 745
Registered: ‎03-22-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?


LoveGoodCredit wrote:

I did go to that site a while ago, and filled out for a Walmart, but I got rejected.  :-}  I think it was because I had 3 other open collections.  I am down to 4 and they are old.  The reason they declined was too many open collections but now I have 3 less.


Don't press your luck LoveGood Credit. Most lenders will consider 1 collection that is less than 2 years old "too many open collections".

 

Keep working the PFDs and you will be in fine shape in just a month or two. I am quite sure you will start seeing a score bump as you remove these last collections. If you apply now and are denied, the HP will drop your score lower and you will not be able to apply for another month anyway.

 

I'll make it easy on you. Just pretend you are at the Walmart site and have just applied for their card.

 

"YOU HAVE BEEN DENIED CREDIT BECAUSE YOU HAVE TOO MANY OPEN COLLECTIONS"

 

There...I saved you a hard pull! :smileywink:

 



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Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?

LOL!

 

Thank you!

 

Yes, I have those 4 left but ran out of money to pay those till next year.  My focus has changed on someones health issues so I am having to put this on hold till after the new year.

I was going to try in the mean time but I agree with you, I dont think it is a good idea.    Do you get a bump after a certain amount of good payments?  I havnt been able to find anything on that. 



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Established Contributor
jamie123
Posts: 745
Registered: ‎03-22-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?


LoveGoodCredit wrote:

LOL!

 

Thank you!

 

Yes, I have those 4 left but ran out of money to pay those till next year.  My focus has changed on someones health issues so I am having to put this on hold till after the new year.

I was going to try in the mean time but I agree with you, I dont think it is a good idea.    Do you get a bump after a certain amount of good payments?  I havnt been able to find anything on that. 


What?!!!

 

You are on the cusp of actually increasing your scores and you are quitting now! Not an acceptable course of action LovesGoodCredit! The reason you are in this predicament in the first place is because you have this attitude! You must manage your credit through good times and bad times. How good have those excuses worked with lenders this go around?

 

You need to come up with some money to have these remaining COs removed. At least get 1 more removed, your scores will go up to where you can get another card! Start with the cheapest one.

 

Tell your husband that hurricane season is over. Have him sell that generator that has been sitting in the garage collecting dust on Craigslist. Tell him dinner is rice and beans until he comes up with some money for you to finish your credit repair!

 

Don't stop now!

 

To answer your question:

 

Yes, scores will continue to rise as good marks on your reports out weigh the bad marks. This only works to a point and it takes a long time. We're talking years and not months.

 

You are so close! Don't stop now!



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Frequent Contributor
LoveGoodCredit
Posts: 342
Registered: ‎07-06-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?

K, I have the one for 156 that I may be able to get done.

 

I gotta find a way to make some extra cash to pay it off.   I am going to think how I can do this.

 

:smileyindifferent:



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Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Can you get approved with 4 old open collections for walmart and cheveron?


LoveGoodCredit wrote:

K, I have the one for 156 that I may be able to get done.

 

I gotta find a way to make some extra cash to pay it off.   I am going to think how I can do this.

 

:smileyindifferent:


That's more like it.   Make that your current goal.  I realize that money does get tight.  But don't completely stop your rebuild.  You can throttle back a bit, but don't turn the engine off!

 

@jamie     Thank you for advice and cheering her on!   


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Established Contributor
jamie123
Posts: 745
Registered: ‎03-22-2012

Re: Can you get approved with 4 old open collections for walmart and cheveron?


Shogun wrote:

LoveGoodCredit wrote:

K, I have the one for 156 that I may be able to get done.

 

I gotta find a way to make some extra cash to pay it off.   I am going to think how I can do this.

 

:smileyindifferent:


That's more like it.   Make that your current goal.  I realize that money does get tight.  But don't completely stop your rebuild.  You can throttle back a bit, but don't turn the engine off!

 

@jamie     Thank you for advice and cheering her on!   


Gosh, I would just hate for her to stop now when she is sooooo close to actually gaining some points!

 

You can do this LoveGoodCredit!

 

Skimp on a few purchases. Cut your spending anywhere you can. You can make it happen.

 

Talk to the husband, make sure you are both on the same page. Maybe he knows where he can get a couple hundered bucks for you to carry on?

 

What does your husband have to say about your credit repair anyway?

 

 

 



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