Feeling hopeless at this point...

Anonymous · ‎06-29-2016

I have been working so hard over the past few months to repair my credit. I hit a rough patch a couple of years ago and things went downhill. My future goal is to be able to buy a home. My scores are 523 TU, 500 EQ, and 510 EXP. Horrible I know. I had several collections removed from my TU report but the other 2 bureaus won't budge. My TU report has 5 accounts in good standing. Including 4 paid off loans and 1 Fingerhut account paying on time. However, I still have a charged off Cap 1 account, (they wouldn't budge with GW letter), 2 student loans in deferment, as well as a repossession due to job loss at that time. My question is what can I possibly do to build my score at this point? I basically have 1 somewhat awful report and then 2 really awful reports being EQ and EX. I am at a loss and begging for guidance at this point! I feel like there is no hope.

RonM21 · ‎06-29-2016

Sorry you are going through this. With Cap1 not an option, I'd say look into other secured cards to help build your credit. This, with not giving up on attacking the negatives on your reports. It is going to take some patience on your end, but it can and has been done. DO NOT give up on yourself. You can do this.

Do any of these negatives on your report still have owed balances?

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

Anonymous · ‎06-29-2016

@RM21 wrote:
Sorry you are going through this. With Cap1 not an option, I'd say look into other secured cards to help build your credit. This, with not giving up on attacking the negatives on your reports. It is going to take some patience on your end, but it can and has been done. DO NOT give up on yourself. You can do this.

Do any of these negatives on your report still have owed balances?

Cap One is not necessarily "not an option". If the charge offs are more than a year old, they may very well approve you even if they are unpaid.

RonM21 · ‎06-29-2016

@Anonymous wrote:
@RM21 wrote:
Sorry you are going through this. With Cap1 not an option, I'd say look into other secured cards to help build your credit. This, with not giving up on attacking the negatives on your reports. It is going to take some patience on your end, but it can and has been done. DO NOT give up on yourself. You can do this.

Do any of these negatives on your report still have owed balances?
Cap One is not necessarily "not an option". If the charge offs are more than a year old, they may very well approve you even if they are unpaid.

You are correct, and I've seen this is true from the various threads. I failed to mention thaf, as well as ask how old the charge off was.

Total CL: $321.7k

UTL: 2%

AAoA: 7.0yrs

Baddies: 0

Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

surferchris · ‎06-29-2016

You might also try adding a few shared secured credit cards from credit unions...

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Anonymous · ‎06-29-2016

It is not hopeless, but don't expect to waive a magic wand and make everything perfect overnight. Keep adding to the positives and paying off the negatives, and your scores will go up. Everyone wants to forget that the key ingredient of your report is time.

Anonymous · ‎07-01-2016

Dont give up! It took me 2 years to get from 520 all 3 to 700+ ( Equ + Tran). Still working on Exp (683). Without the help of everyone here i would have been lost. It will happen!