Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
Posts: 217
Registered: ‎06-19-2008
0

Easy Credit lines to obtain

Hi...

I just had a fall in my TU score which was devastating to me!  I overlooked my gas bill and it plummeted down with a 120 day late reporting.  I was on a payment plan, so I was "good" then 120 late!  Well, I became so upset over it, instead of dealing with it by disputing it to a 30 day right then and there, I just became "all passive-aggressive" and let it go for another 2 months without a payment.  I finally decided to do something about it, paid the whole frickin' thing off($1000-instead of going back on the payment plan) and disputed it with TU, ( I mean it really should  be 30, 60, 90, not 3 x 120)  The thing is in IL, most lenders look at TU.  It was in low 600's, dropped to 500 with the first 120, now, of course it has 3 120's because I couldn't deal with it, and it dropped to 400's now it is back to 506.  I was sooo upset because I am trying to get my score to about 620 or higher to replace my car and buy a house in the next 6 months or so.  Darn Nicor!  So anyway, I only have one CC (capital one) with a 300 limit, no balance to speak of, (and the limit is going up to 750 with the credit builder plan in April/May) a Student loan, which I just consolidated, a refi house, one larger medical that is unpaid, various paid collections/charge-offs, a few "finance" loans--show paid, oh, and a Crown Jewelers account.  My real question is:  What other trade lines can I open to bring up my TU score?  My EQ is 612 (it was 646 before inquiries from refi) so I would love something that might pull EQ and report to TU and EQ (do we really care about Ex anymore, I mean...it's an invisibile score anymore, so I can't check it anymore) .  I am soooo worried about pointless inquiries that might get me dinged and bring my score down...I went on an inquiry bing in NOV (all declined).  Any more like Crown Jewlers--no inquiry yet report? Thanks!

6/30/08 TU 441 EQ 425 EX 513
8/01/08 TU 499 EQ 488 EX 489
8/23/08 EQ 556
9/04/08 EQ 567
11/14/08 TU 531, EQ 582, EX 509
12/29/08 EQ 620 (yea!) EX 546 TU 555
1/17/2009 TU 568 EQ 620 EX 584, 4/15/09 TU 506, EQ 612
5/24/09 TU 558, EQ 646
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008

Re: Easy Credit lines to obtain

[ Edited ]

New tradelines won't offset recent lates, especially servere lates like 120.

 

I would first commit myself to 'no more' emtional responses in credit circumstances.  You cut your credit nose of to spite your face.

 

Second, pay the gas bill on time and try to beg through GW for mercy.  Those lates are going to set you back a long while if you can't either remove or reduce (a 30 is bad....but multiple 120's and even the builder cards will run).

 

Finally, you can and should get with a credit union.  Use their credit builder loan and secured programs.  If you do this, after a year you will have a relationship with them and be able to get unsecured credit, including the auto loan you are talking about.

 

Just make sure you have ALL cc's set up with auto draft, just in case you forget, and PIF all but a small balance on a single card.

 

Do the credit union credit builder program and get a savings secured card.  If they don't want to go card yet, then do a savings secured personal loan for $500-1000 and pay off over $6 to 12 months.  Also, put your savings toward car down payment with the credit union.

 

You would also get a lot of "credit mileage" by putting your paycheck on direct deposit to the credit union.  If you follow this course in one year you will have.

 

1.  A year's history of savings and adding to savings

2.  A successful peronal loan (credit builder) which adds a successful tradeline

3.  A successful secured card (convert to unsecured) which adds a successful tradeline

4.  A year of direct deposit showing income and putting some of it to savings

5.  A year of additional aging on exising tradelines plus a year of good tradelines from the credit union

 

You will be looking good......ESPECIALLY if you can beg and pleade (GW) your utility  company into mercy on the 120's.

 

The CU will get you light years futher than builder crap cards.

Message Edited by txjohn on 04-18-2009 11:39 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Highlighted
Regular Contributor
Posts: 217
Registered: ‎06-19-2008
0

Re: Easy Credit lines to obtain

Thanks Tx,

 

Those are wise words...I just felt like crawling into a hole when I got the score alert showing that huge drop because I spaced out paying my gas bill.  I had visions of 700 approaching in the coming year. I hate paying utilitities anyway, and when I had very, very poor (now just "poor" I guess!) credit and little money to deal with any, I used to juggle the utilities and deal with shut-offs and such on a regular basis (while curled in a ball under the covers avoiding the dreaded collector's calls!) I have been working sooo very hard on repairing my credit (with a timeline in mind) that it was becoming obsessive and looking forward to moving past some of those "rebuilder" programs...I was already thinking of getting a Bof A secured card.  I did cut off my nose to spite my face and reverted to putting my head in the sand instead of being proactive.  I did open a CU savings account in the fall and I will see them about secured savings line this week.  I am glad I finally got my act together to dispute with the gas company for correct 30/60/90 reporting (through TU) and will be sending them a GW letter.  However, they did not GW my lates in the past, so who knows.  Can't hurt as much as I already hurt myself!  Yikes!  My refi loan officer had told me before that they don't really look at utilities (although no other utility reports-other than Nicor- in my area, unless you have a collection/charge-off--believe me, I know about those!)

6/30/08 TU 441 EQ 425 EX 513
8/01/08 TU 499 EQ 488 EX 489
8/23/08 EQ 556
9/04/08 EQ 567
11/14/08 TU 531, EQ 582, EX 509
12/29/08 EQ 620 (yea!) EX 546 TU 555
1/17/2009 TU 568 EQ 620 EX 584, 4/15/09 TU 506, EQ 612
5/24/09 TU 558, EQ 646
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.