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I'm @ a loss for what to do now....

Contributor
216.161.40.1

I'm @ a loss for what to do now....

I have been working overtime to get all the negatives off my credit.  All that's left is a C/O from FP, a Portfolio collection account, and a judgment that has been paid and is in the process of being updated on the reports.  Everyone keeps saying get a secured card because this is the only way I can build credit.  Yesterday, I applied for 2.  Both were denied.  I have no idea what to do now.  I feel stuck and stalled and like my "credit improvement hands" are tied.

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433
Message 1 of 8
7 REPLIES
Frequent Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....

Hey there -- dont get discouraged! We all get denied some time or another...

Who did you apply for a secured card with?  Did you recon?

Are you a memeber of a CU?

Are you an AU on anyone's account?

Have you tried shopping cart tricks with any store cards?

How about a secured loan from a local CU?

 

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Message 2 of 8
Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....

I applied with US Bank and with a small local bank- both on their online applications.  I don't know what recon is. LOL

I am a member of a CU, but I was told by their card services that I had to have no collection accounts to qualify with them and not to waste the inquiry. 

I am not AU on anyone's account, and my family has made it clear that is not an option.

Shopping cart tricks??

I have not thought about a secured loan, but I will look into that.

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433
Message 3 of 8
Moderator Emeritus
216.161.40.1

Re: I'm @ a loss for what to do now....

You will need to keep cleaning your reports, and like has been said before, don't get discouraged.  You will get there.  A CU is sometimes a good option, it basically depends on the particular CU.   A recon is where you contact them and ask them to reconsider.  You explain your situation and how you are trying to improve your finances and creditworthiness and ask them for a second chance.

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 8
Frequent Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....


bmblbg wrote:

I applied with US Bank and with a small local bank- both on their online applications.  I don't know what recon is. LOL

I am a member of a CU, but I was told by their card services that I had to have no collection accounts to qualify with them and not to waste the inquiry. 

I am not AU on anyone's account, and my family has made it clear that is not an option.

Shopping cart tricks??

I have not thought about a secured loan, but I will look into that.


U should definitely recon with the small local bank. Go in or call -- just tell them u rebuilding and wuld be comfortable at a small limit to start and looking forward to building a relationship with them, yadda yadda....

Does the CU that you're a member of offer secured cards?  U mention card services, but werre u talking about unsecured with them?

Being an AU on someones account a quick way to establish history, but if u cant, its not the end of the world .

Shopping cart tricks --- put it in the search box of the credit cards side of the forums ---itll tell u all about it. Simply put items in ur cart on a "participating" retailer and when u go to check out & enter ur personal information, u will get a pre-approved pop-up IF YOU QUALIFY. it doesnt hurt to try, its a soft pull. if nothing pops up then ur not approved. Simple. 

Secured loan -- yes, that may be a good way for u to establish credit, but it might be harder to get than the secured CC, idk.

 

And anothe rhting to think about are credit rebuilding programs  with some not-so-loved retailers like Finger Hut -- when my credit had lots of baddies on it, they still gave me a shot with their fresh start program. I put down 30$ and they gave me a $170 credit line for their stuff. So i bought an item for 100$, then after 6 months of on time payments, they issue u a Web Bank account and release u from the Fresh Start program. I started the program in 2011. didnt buiy anything until 2012, but now I have a webbank account for $600CL. So its better than nothing. I buy one item every six months to keep it active and pay each item off in 2 months or less to avoid major interest.

Just some food for thought.

Starting Score: 526 EXP 09/2012 600 FICO 10/2012 608 EX (lenderpull)11/2012
Current Score: 705 FICO TU (10/2014)Take the FICO Fitness Challenge
Message 5 of 8
Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....

I will look into all of this.  Thanks!

I did call for recon with the small local bank, and was told that my DTI is took high due to student loans, even though they are in deferrment and scheduled to remain that way for the next 3-4 years.  Smiley Sad

***9-4-13: TU 602 EQ 663 EX 626***
***6-13-13: TU 558 EQ 642 EX (yay to MyFICO for no more FAKO!!) 620***
5-31-13: TU 558 EQ 642 EX FAKO 643 * 1-24-13: TU 611 EQ 621 EX FAKO 643 * 1-21-13: TU 513 EQ 621 EX FAKO 643 * 1-3-13: TU 513 EQ 583 EX FAKO 643 * 1-1-13: EQ 568 EX FAKO 643 TU 513 * 12-22-12: EQ 558 EX FAKO 586 TU 525 * 11-15-12: EQ 554 EX FAKO 565 * 9-9-12: EQ 525 EX FAKO 574 TU (Lender pull-auto) 433
Message 6 of 8
Valued Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....

If you're willing to take 3 HP's, go for the Capital One Secured card...I got one last March with a few more derogs than you have and was approved.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 7 of 8
Established Contributor
216.161.40.1

Re: I'm @ a loss for what to do now....

Were you, spouse or family member in any branch of the military? If so, call up Navy Federal Credit Union.  You may even be able to get an unsecured CC with them.  Good luck!



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


Take the FICO Fitness Challenge
Message 8 of 8