cancel
Showing results for 
Search instead for 
Did you mean: 

Looking for advice on rebuilding

Established Member

Looking for advice on rebuilding

About a year ago I had a business go under. I was in very bad debt and had a lot of credit card debt. I got a job this year and ended up settling most of my debt with my credit card companies. Also had some medical bills that were on my credit report. Everyone has been settled out and paid off. Tonight I went to apply for a cap one secured card and got rejected probably because capital one settled with me. What would be my best bet on tackling this and growing my credit back. Currently CK shows my credit at 609 for trans and 589 for Equifax.
Message 1 of 6
5 REPLIES
Contributor

Re: Looking for advice on rebuilding

35% of your score is making payments on time so... make sure you are doing that for sure!

30% of your score is Amount of Debt. Get your Utilization LOW. Under 9% aggregate.

 

What are all your credit card balances in relation to your limits? 

Like 500 out of 1000 and 250 out of 300 is 750 out of 1300 for 58%... which is bad.

 

We can help more if we know those numbers

Rebuilding - Starting Scores: EQ 584 | TU 580 | EX 580 (Oct. '17) --- Current Scores: EQ 669 | TU 651 | EX 655
$16,750 Limit 1% UTI

Message 2 of 6
Established Contributor

Re: Looking for advice on rebuilding

Cap One will let you back in.

 

Keep checking the prequal site.

 

Time heals all wounds.

credit rebuild started 01/01/14
$100k credit card goal achieved 10/01/17
now in the garden with $127k in credit cards
--------------------------------------------------------------------------------------------------
  $ 30,000          $ 25,500          $ 23,750              $ 9,000            $ 3,300            $ 1,800     

 
  $ 17,000          $ 10,000              $ 4,000            $ 2,300     
Message 3 of 6
Established Contributor

Re: Looking for advice on rebuilding

Go to credit check total and get all three FICO scores and your current credit reports for $1 and cancel the subscription the next day. You need to know where you are starting at and CK is great for watching your credit reports but absolutely crap for a true credit score. You might actually be higher or lower than what CK says. (my FICO scores are 20-25 points higher than the vantage score CK shows). 

Gardening until June 2018

Starting FICOs: EX 623, EQ 589, TU 600 (06/10/17)
Current FICOs: EX 696, EQ 672, TU 678 (12/15/17)
1st Goal FICOs: EX 750, EQ 750, TU 750 (??/??/??)
Message 4 of 6
Community Leader
Super Contributor

Re: Looking for advice on rebuilding


falcon7xx wrote:
About a year ago I had a business go under. I was in very bad debt and had a lot of credit card debt. I got a job this year and ended up settling most of my debt with my credit card companies. Also had some medical bills that were on my credit report. Everyone has been settled out and paid off. Tonight I went to apply for a cap one secured card and got rejected probably because capital one settled with me. What would be my best bet on tackling this and growing my credit back. Currently CK shows my credit at 609 for trans and 589 for Equifax.

Was the Cap One account charged off before you settled? They have a 12 month "blackout" after a charge off.

Most Recent FICO 8 Scores EX601/TU580/EQ589 12/08/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
Message 5 of 6
New Contributor

Re: Looking for advice on rebuilding

www.creditbuildercard.com/nova - This website offers a secured card with an interest rate at 19% and the annual fee is $29 and NO credit check...

Senior Mortgage Loan Officer in the states of Arizona & California
Message 6 of 6