This post will be lengthy, but with more details, the more informed the answers will be.
My grandfather was from the depression and he constantly talked to me about the pitfalls of debt. I haven't had a car payment since 1973. Did use some credit cards but not for large purchases.
Self employed in a construction related business in Florida. When the depression of 2007 came along my business fell 70%. Lost my house and maxed out all the cards to eat. Fortunately things improved in 2012 and so did our business.
In March 2017 I thought my debt might have fallen off so I went to CK. To my astonishment TU was 720 and EQ was 670 and EX was 643. CK said I had a GOOD chance of getting a capital One card. I bit . . And was denied. The bad credit had fallen off but so had the good. No active accounts. One collection on two reports.
1. SUMMARY OF REPORTS BEFORE CAP 1 APP. (March 6)
TU. EQ. EX
March 6. 720. 670. 643
May 27. 752. 692. 651 (I know these are fluff numbers and have no depth to them)
COLL NONE 1 4 YO COLL. SAME
INQ. 0. 0. 0
Open acct. 0. 0. 0
Closed acts. 0. 1. 2
Active Acct May, 17. 1. 1. 1
CAP 1 Denied
Question 1. I have read a lot about the success of recons. What do I have to offer. I found that on EX and EQ closed accounts it showed a 25 year history of paid as agreed on a JCP card. On EX it also showed a 35 year history of paid as agreed on a MasterCard. Could this be something they would consider?
I can show them that I have a large amount of cash in the Bank and I recently wrote a check for mid-5 figures to purchase new equipment for my business. Could that factor in??
2. OPENED SECURED DISCOVER. SCORES NOW 752/692/ 651. One open account. One on time payment.
One of the CB now says I have a Very good chance of getting a Chase Freedom Unlimited. Didn't bite. I went to. Chase.com to check what Offers I may be pre--qualified for. To my surprise the Slate, Freedom Unlimited and CSP came up
Question 2. Given what you now know should I give it a try??? I know I need some more cards. I have the funds available to get secure cards if that is best Most of them seem to be $3-500. I would prefer $2-5,000, or is that a waste? What cards can I grow with? How long should it take to qualify for unsecured cards and which would you recommend?
3. INSTALLMENT LOANS
I have learned of the need to have an installment loan.
Question 3. Many people tout the Alliant program. It seems to be pretty good. The directions recommend a $500 loan for 5 years. Would there be an advantage to starting with a larger number and quickly paying that down. That would show some higher credit experience. Would it need to be 5 years??
4. GOOD BANK/CU TO GROW WITH
Iwas in the process of getting set up with NFCU when that collapsed. I have heard good thing about Penfed and Alliant.
Question 4. Pros and Cons. What would you suggest??
Thanks for your time and thoughtful answers.
Regards
