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How we got to this place;
I was promoted and moved by a retail chain to manage a failing store in Feb. 2k7. I bought a house on the lake in march I broke a company rule and was fired July 2k7. They closed the store Oct 2k7. I was unable to make payments on several debts. Was foreclosed on in Nov. Got a new job a week after they filed the papers. Citibank loan, was for home improvements, I had payed for disability/loss of job insurance. But they denied it because of the status on job loss (no unemployment). So I never picked up payments again. Yes I am stubborn. I was laid off from last job in Cot. 2011 and have not worked since. I am on disability at 1600 a month.
I will post my credit report on my next post, and my plan of action after that. I am expecting a lump sum settlement on an annuity. I have limited resources, Live in a leaking 24 ft Motor Home, and need to get out by December. So the quicker I can raise my scores the better. Please let me know what your advise is. Esp. if you see me doing something stupid.
Thanks,
Dawg.
CENLAR FSB #***********
Account Type: Mortgage Account
Balance: $0
Date Closed: 11/27/2007
Remarks: FORECLOSURE COLLATERAL SOLD
Estimated month and year that this item will be removed: 07/2014
Reported by all 3 experian has it listed as pending
CITIFINANCIAL #*****************
Loan Type: UNSECURED
Balance: $0
Pay Status: >Account paid in Full; was a Charge-off<
Date Closed: 06/01/2008
Account Sale Info: ACCOUNT SOLD TO ASSET ACCEPTANCE
Remarks: ACCT INFO DISPUTED BY CONSUMR
Estimated month and year that this item will be removed: 11/2014
reported by all 3
HSBC BANK #***********
Loan Type: CREDIT CARD
Balance: $529
Pay Status: >Charged Off<
Date Closed: 10/12/2011
Remarks: DISPUTE RESLVD-CUST DISAGREES
Reported by all 3
ASSET ACCEPTANCE LLC #************
Placed for collection: 07/02/2012
Date Updated: 09/09/2012
Original Creditor: CITIFINANCIAL (Retail)
Pay Status: >In Collection<
Reported by all 3
Account Name: PHYSICIAN & DENTISTS C
Account Type: Collection Department / Agency / Attorney Collection Account
Date Opened: 4/1/2009 **Not true date at least 2 years before**
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Unpaid
Reported by Experian
Account Name: AUDIT & ADJUSTMENT COM
Account Type: Collection Department / Agency / Attorney Collection Account
Past Due: $1,145.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department Unpaid
Comments: COLLECTION ACCOUNT MEDICAL
Reported by EQ and EX
Account Name: I C SYSTEM INC
Account Type: Collection Department / Agency / Attorney
Balance: $185.00
Terms: 1 Month
Reported byExperian
Account Name: FREEDOM STORES
Account Status: Open
Date Opened: 6/1/2012
Balance: $2,349.00
High Balance: $2,607.00
Past Due: $0.00
Payment Status: Pays account as agreed
Comments: SECURED
Reported by Equifax
MILITARY CREDIT SERV
Account Name: MILITARY CREDIT SERV
Account Type: Installment
Account Status: Open
Balance: $0.00
High Balance: $2,133.00
Payment Status: Pays account as agreed
Comments: PAID ACCOUNT / ZERO BALANCE
Reported by Equifax
Dawgamus Plan of Action
A. Goals
B. Dispersal of Lump Sum Payment
C. Credit Rebuild
D. Retirement Fund
E. VA Loan for House
F. Purchase New Car
My goals as listed are not in any particular order.
Looking at the above, am I on the right track? and if so how long to 640? What am I missing?
If you want pure financial/credit advice here it is. Please take this as like SPOCK talking to you, this is only logical, no emotions here. First thing is cancel the 5k for the grandkids car.
Account Name: FREEDOM STORES
Account Status: Open
Date Opened: 6/1/2012
Balance: $2,349.00
High Balance: $2,607.00
Past Due: $0.00
Payment Status: Pays account as agreed
Comments: SECURED
Reported by Equifax
This is hurting you alot in a few ways. First, its new credit. Not even sure what it is. Second, the balance to high balance and the comment that its secured, leads me to think that you are almost maxed out on the credit. If so, the balance that high, is going to have negative impacts on your credit, and keep you from even getting a subprime credit card.
The PFDs are definetely the right track. I think you are underestimating how much its going to cost you to buy a new home. 5k for a down payment plus closing costs seems unreasonably, low, in addition, any place that is going to possibly give you a mortgage is going to want to see that you have some money in "reserves". Telling them that you are giving them your last 5k, and you will have nothing after that, is not going to go well for you. Asset acceptance is definetely going to need to be deleted, or you will most likely not be approved, its too recent. DELTED, not updated to paid in full. How to long to 640 is going to depend on how many of your PFD are accepted. With your limited history you posted (of positive open credit) I do not feel it is realistic you will be approved for a mortgage by december. I would apply for a capital one secured now, they are VERY forgiving. That will start the positive credit now. And start working on what you have said. I think you are looking at six months depending on how many of your PFDS are accepted.
@igids1 wrote:If you want pure financial/credit advice here it is. Please take this as like SPOCK talking to you, this is only logical, no emotions here. First thing is cancel the 5k for the grandkids car.
Account Name: FREEDOM STORES
Account Status: Open
Date Opened: 6/1/2012
Balance: $2,349.00
High Balance: $2,607.00
Past Due: $0.00
Payment Status: Pays account as agreed
Comments: SECURED
Reported by Equifax
This is hurting you alot in a few ways. First, its new credit. Not even sure what it is. Second, the balance to high balance and the comment that its secured, leads me to think that you are almost maxed out on the credit. If so, the balance that high, is going to have negative impacts on your credit, and keep you from even getting a subprime credit card.
The PFDs are definetely the right track. I think you are underestimating how much its going to cost you to buy a new home. 5k for a down payment plus closing costs seems unreasonably, low, in addition, any place that is going to possibly give you a mortgage is going to want to see that you have some money in "reserves". Telling them that you are giving them your last 5k, and you will have nothing after that, is not going to go well for you. Asset acceptance is definetely going to need to be deleted, or you will most likely not be approved, its too recent. DELTED, not updated to paid in full. How to long to 640 is going to depend on how many of your PFD are accepted. With your limited history you posted (of positive open credit) I do not feel it is realistic you will be approved for a mortgage by december. I would apply for a capital one secured now, they are VERY forgiving. That will start the positive credit now. And start working on what you have said. I think you are looking at six months depending on how many of your PFDS are accepted.
I don't agree with this post about Freedom Stores hurting you;
Couple of points igids:
First; OP has two positive trade lines, this being one of them.. regardless of high balance, this is a paid as agreed trade line with no lates. This has to stay open; esp if OP intends to eventually build some form of AAoA. It appears to be a new purchase, likely furniture, that will be paid down monthly, so the balance will go down and the util will as well -- Bottom line is you cannot have a good credit score until you build credit, this is building credit.
As far as hurting in a few ways; if OP had 6 accounts and a 7 percent util, then yes, this is hurting in a lot of ways.. but the OP doesn't; so it isn't hurting much at all, if anything it is helping by having an open positive trade line. If the goal is a subprime card in one month, then yes, this is impacting, but if the goal is long term rebuilding, you need to start somewhere. OP started here. So; closing it now would do nothing at all
-scott
Dispersal of Lump Sum Payment
Amount Received approx. $15k
Vehicle for Grandson $5k
Secured Card 1 $1k
Secured Card 2 $300
Escrow Acct (down Payment for house) $ 5k
PFD HSBC BANK. $550
PFD PHYSICIAN & DENTISTS $350
PFD AUDIT & ADJUSTMENT COM $1200
PFD I C SYSTEM INC $200
Vacation been 25 years since last. Remaining after payout
Retirement /college fund remaining from vacation/savings on PFD
Dawgamus, you can't afford to buy your grandson a car, and you can't afford to go on vacation right now.
I suggest you take the car money and the vacation money, and use it to pay off your debt and to fix your credit.
Once your credit is back on track, and you are working again (are you going to be working again, or will you be retiring? I can't remember) you can do all those wonderful things you want to do for your grandson and your loved ones.
I know it'll be hard to explain that even though you want to do those things, you just can't afford it right now; but if you spend it the way you're proposing, I don't see your credit improving, and only more of these problems in the future.
P.S. I wish you all the luck in the world, and I hope you get a lovely house.