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Established Contributor
westo12
Posts: 579
Registered: ‎07-20-2008
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Drafting a new rebuild/payment plan, help please?

[ Edited ]

I'm REALLY trying to get out of the toy builder card realm.  I recently paid last overlimit cc (Bal $465/Limit $320) in full.  That makes 3 maxed/overlimit cc's I've paid in full in the last month.  I have two remaining, one that I will pay in full by the end of Nov, $600 bal, the other is a Closed/Never Late BofA cc bal is $2700 (apr 18.9%), curr util is 89%.  

 

Since it's been closed, I've been making min pmts. I would LOVE to transfer this balance to a new cc.  I applied for a Chase Freedom, riding the wave that was a 74 point increase last week lol, and was declined (they pulled EQ, my cleanest report in terms of baddies).  I called back door, she said she had to pull another bureau, she pulled TU and since that was worse with baddies, I wasn't recon'd.  Additionally, my util at that point was 82%.  

I have 1 inquiry passing one year tomorrow. I've paid off the above mentioned card (Cal $465/Limit $320), should be reported to both EQ/TU by 9/30, I have a 30 day auto late that will hit the 6 month mark on 10/5, I'm making a couple extra pmts on the two remaining cc's, and FINALLY I have two of my most recent collections accounts (1 added 1/1/12, another 6/1/11) that should be removed (PFD's) within the next couple of wks as well. They've already come off one CB, estimating on the other.  As of 10/5/12 my util will be 60%.

 

I'm wondering what my odd's would be to app again, OR just call back door and ask them to review the app again.  Can they do that without another hard pull?? Or is there another lender that might be better for me to app with?  OR should I just hang in there with my existing cards until my scores increase enough for a lender to not really care about the open baddies, all over 2 yrs old??  My current AAofA is 4 yrs:

cc1 bal/limit $0/300 - Acct Opened 11/2010 - Never Late

cc2 bal/limit $0/300 - Acct Opened 05/2012 - Never Late

cc3 bal/limit $0/500 - Acct Opened 09/2012 - Never Late

cc4 bal/limit $0/320 - Acct Opened 06/2009 - Never Late

cc5 bal/limit $615/809/76% - Acct Opened 10/2008 - Never Late
cc6 bal/limit $0/200 - Opened 09/2012 - Never Late

cc7 bal/limit $2700/3000/90%, paying to 85% tomorrow - Acct opened 06/2008 - Closed/Never Late

2014 Starting-618, current TU612 (BarcTU 10/2) / Ending Goal score: 720 / 27 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 12314/21582=57%util.

**IN the garden until I get some auto CLI's on major accts**
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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Drafting a new rebuild/payment plan, help please?

You might want to just sit back in the garden for just a bit and garden those.  Let them post and age a bit.  Use them for small amounts and PIF.  This will improve your chances when you go for bigger cards.  YMMV of course.  Good Luck.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
westo12
Posts: 579
Registered: ‎07-20-2008
0

Re: Drafting a new rebuild/payment plan, help please?

Age as in more than the already 3+ years that most of these have been open??

2014 Starting-618, current TU612 (BarcTU 10/2) / Ending Goal score: 720 / 27 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 12314/21582=57%util.

**IN the garden until I get some auto CLI's on major accts**
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Drafting a new rebuild/payment plan, help please?

Have you exhausted all avenues on removing the negatives?  It looks to me like you are doing well at increasing your good TLs.  Some of the CC companies are finicky about those old negatives. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
westo12
Posts: 579
Registered: ‎07-20-2008
0

Re: Drafting a new rebuild/payment plan, help please?

[ Edited ]

No, not exhausted, just trying to focus on the items that I am getting the most for my money, so to speak.   I do a little of each as I have the money to.  Pay down existing cc's, negotiate pfd's or send GW letters on the ones that are paid.  Pretty much ignoring anything that is more than 4 years old at this point.  

I do have a couple pd c/o's that are due to age off in Jan.  Maybe that's my official target date for app'ing for a prime card.  I should be in the high 600's then, and will have 4 less negatives at that point...

OR if I could get a bal transfer to a new lower limit card like Cap One, maybe I could just move the BofA debt around a little bit.  Get that card under 50% at least.. :smileysad:

2014 Starting-618, current TU612 (BarcTU 10/2) / Ending Goal score: 720 / 27 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 12314/21582=57%util.

**IN the garden until I get some auto CLI's on major accts**
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Drafting a new rebuild/payment plan, help please?


westo12 wrote:

No, not exhausted, just trying to focus on the items that I am getting the most for my money, so to speak.   I do a little of each as I have the money to.  Pay down existing cc's, negotiate pfd's or send GW letters on the ones that are paid.  Pretty much ignoring anything that is more than 4 years old at this point.  

I do have a couple pd c/o's that are due to age off in Jan.  Maybe that's my official target date for app'ing for a prime card.  I should be in the high 600's then, and will have 4 less negatives at that point...

OR if I could get a bal transfer to a new lower limit card like Cap One, maybe I could just move the BofA debt around a little bit.  Get that card under 50% at least.. :smileysad:


Either way looks like a viable option.  Good to hear about the ones that age off in Jan., that's not far away. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Contributor
westo12
Posts: 579
Registered: ‎07-20-2008
0

Re: Drafting a new rebuild/payment plan, help please?

[ Edited ]

You are right, although I had planned on app'ing for a mortgage next early to mid May, figured that I shouldn't open any new accounts after Oct 15, since any of those would hit 6 months before I applied, plus my AAofA already has taken a hit with the two most recent account openings..

 

Assuming my score goes above the 650 I believe it will within the next two weeks, does anyone have any ideas about what type of card I might be able to get with this BoFa account at the curr util?  If none, I may just pay it off with some of my planned down payment funds in Dec. Although it would add a couple of months in terms of replenishing. :/

2014 Starting-618, current TU612 (BarcTU 10/2) / Ending Goal score: 720 / 27 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 12314/21582=57%util.

**IN the garden until I get some auto CLI's on major accts**

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