Reply
New Member
Posts: 4
Registered: ‎08-19-2011
0

My introduction I am new

Hello everyone

 

I am here because I plan to get back on my feet and fix that score of mine that I ruined back in 2006. I opened a Capital One card and they gave me credit limit of $3000 which I started using forwards DJ equipment and other goods. I had a full time job and was making decent money. Long story short my immturity caused me to make late payments, my card was maxed out and i was making minumum payments. One thing led to another (car trouble, medical bills) I stopped paying on the card for few months. They filed for collection and I kept avoiding it. About a year later I paid it all off to collection agency at the end of 2007. Since then I had one more credit card and it was from jewlers store which was paid in full few monts after getting it. 

 

Its almost end of 2011 and I am 26, been married for a year, have a car with a cosigner and want to start rebuilding my credit line. I am 599 right now and want to get back to high 600s (650-690). I do no own a single credit card at the moment only buy what I need with debit and cash. I have a full time job which brings in about 30k and a small business on the side which brings about 15-20k. 

 

I will be active here as much as I can to learn more about rebuilding your credit line and get back on my feet. My wife and I are thinking about a house soon and kids so having 599 as a credit score is unacceptable for me. 

 


Starting Score: 599
Current Score: 599
Goal Score: 650


Take the FICO Fitness Challenge
Regular Contributor
Posts: 188
Registered: ‎01-30-2010
0

Re: My introduction I am new

[ Edited ]

Welcome.

I got a secured credit card.  Two that don't pull your credit (which is important) are Public Savings Bank and Millenium Bank.  There is no place on the Millenium Bank website that I could find to apply, you do it through a different site, which won't be hard to find if you Google it. only

 

Both charge a fee, but to me it was worth it.  Just use sparingly and pay off immediately.  Sometimes letting a small balance report can raise scores as well.

 

The only other suggestion I have is that time will be on your side.  Change your habits, plug away.  I found that trying to "trick" the system is not half as gratifying as actually doing the right thing.  I have defaulted on secured credit cards in the past, so just not screwing it all up this time is gratifying to me. 

 

Basically, I feel like a complete loser due to all my poor choices.  I might not even have enough time left in my life to right them all.  But everytime I take care of something the "right" way, I feel a little better about myself.  You are 26.  You have plenty of time to make it right.  And keep it right.

 

Best of luck to you and your future family :smileyhappy:

 

 

 

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: My introduction I am new

Public Savings Bank is now out of business, so nix them. There are several options, but a secured CC is a great place to start. Per FICO scoring, the limit doesn't matter.

Valued Contributor
Posts: 1,486
Registered: ‎08-14-2011
0

Re: My introduction I am new

Here are a couple of links to get the ball rolling on researching cards:

 

http://creditcards.myfico.com/offers/bad-credit/

 

http://creditcards.myfico.com/offers/no-credit/

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
New Member
Posts: 4
Registered: ‎08-19-2011
0

Re: My introduction I am new

[ Edited ]

Thanks so much for the tips on credit cards.

 

Out of the 4 that they presented which would you guys think is the best option in your opinion?

 

Capital One Secured with 22.9%V Anual-$29

or

Orchard bank Secured with 7.9%v Anual-$35

 

Im thinking that 200-500 limit is perfect for what i need or going to be using card for. 


Starting Score: 599
Current Score: 599
Goal Score: 650


Take the FICO Fitness Challenge
Regular Contributor
Posts: 188
Registered: ‎01-30-2010
0

Re: My introduction I am new


llecs wrote:

Public Savings Bank is now out of business, so nix them.



thats weird, i really just got the card in april, and use it and pay it.   ???? wonder about this.

 

Regular Contributor
Posts: 188
Registered: ‎01-30-2010
0

Re: My introduction I am new

well, so much for that.  i just clicked to pay my bill and you are correct, they are no more.  GRRRRRR.  i got a huge jump on my CR as soon as it was openened.  now i have to figure out whether to pay the bill and how to get my security money back. 


sharpie wrote:

llecs wrote:

Public Savings Bank is now out of business, so nix them.



thats weird, i really just got the card in april, and use it and pay it.   ???? wonder about this.

 




Valued Contributor
Posts: 1,517
Registered: ‎04-06-2011
0

Re: My introduction I am new

I believe someone said there was a message to keep using and paying your PSB card as usual. May want to look deeper into the website of PSB, the bank that bought them (Capital, I think), or the FDIC for that message.

OP try some of the soft preapproval sites to see if maybe you can get even a low limit unsecured rebuilder. Try Cap 1 and Orchard/Household if you're interested in going that route.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 709 06/15 (ChaseSlate), TU08 695 05/15
Goal Score: 725+ across the board


Take the FICO Fitness Challenge

New Member
Posts: 4
Registered: ‎08-19-2011
0

Re: My introduction I am new

So I applied for Orchard Bank secured card and they say that I've been approved but at the same time its saying its being processed by creditors.
So i guess once its all done and I have my card its go time for me. Time to get back on my feet and straighten my credit up.

I wonder how long it would take me to get from 599 to around 650-680 range.

My goal is to be 720 by the end of 2012

Starting Score: 599
Current Score: 599
Goal Score: 650


Take the FICO Fitness Challenge
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: My introduction I am new

Orchard secured was one of my first CCs and they were great.

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.