My rebuild journey in progress

[nitrov]

Hi all,

I'm new to the site and refer to it frequently for advice; so, thank you all for your insight and sharing the experience. I would really appreciate some of that insight on dealing with some of the companies that have extended me credit and trying to get my scores up.

About 6 years ago I made the mistake of doing "debt consolidation," which I now understand was one of the worst things I could've done. I'm trying to buy a house but can't get any companies to extend me decent credit limits to re-establish myself. Here are the current lines I have open:

---American Express PRG --approved 1/3/14

---Capital One Quicksilver: $2000 limit (2 years old)** increased by EO request from $750 (9/2013)

---Capital One Platinum (former HSBC card): $1000 limit (1.5 years old)** increased by EO from $300 limit (10/2013)

---CareCredit: $6300 (1.5 years old)**CLI from $3500 (9/19/13)

---Credit Union Secured Card: $1500 (2 years old, not able to be converted to unsecured)

---Barclayscard Reward MC: $2500 (opened 9/18/13)

---Barclayscard Priceline Visa: $1000 limit (also opened 9/2013) via recon backdoor number

---Chevron/Texaco Visa (GE Capital): $1500 limit (opened 11/2013)

---Lowes/GECB: $5000 limit (opened 12/24/2013

---Discover It: $1500 limit (1/2014)

---USAA Cash Rewards Plat MC: $7000 limit (1/2014)

---Chase Freedom: $500 limit (1/2014, prev paid chargeoff they wouldn't forgive from 2009)

---American Express Optima: $500 limit (6 years old) CLOSED 1/2/14

---First Premier Bank: $750 limit (<1 year old) CLOSED 1/6/2014

My scores range from the low to mid-600s (620-660, more or less). Does anyone have any experience with getting increases with these companies or know any others that may extend higher credit limits to me? I really want a new Amex, but I know they like higher scores for any of their charge cards and you can't apply for a new one since Optima is a "recovery" product, but since it's my oldest tradeline currently, I'm apprehensive to close it. I have had no delinquencies or negative information in 5 years.

Update 1/3/14: I FINALLY got a real Amex and was approved for the PRG. My scores are now in the low 700s and I just closed on my first house and went on an app spree while I still can before the mortgage hits my credit. I have open apps I'm waiting for a decision on with Chase and USAA. Fingers crossed. Got a denial from Citi Diamond Preferred, not sure if I should attempt recon? In the process of trying to get my UTL down and get a card with a limit over $5000, then next step is $10,000! Any pointers would be great! Not sure if I should app anywhere else or hit the garden for a year.

[guiness56]

Welcome to the forums.

What is your overall utilization on those CC? 

Even though you have had no negatives in 5 years are there any left on your CR?

Can you join NFCU?  They are good with credit and credit limits.

[nitrov]

Thanks for the welcome and the response!

My utilization on all the cards is always below 20% (usually closer to 10%); I always "PIF". The only one that's higher right now is the CareCredit, which is at about 50% and has only been that way for a month due to an unforeseen medical expense I'm working to pay off ASAP.

I do have several negative accounts still showing on my credit report. I've been scammed and ripped off by so many "credit repair" companies that I gave up on that. Most of the charge-offs and debt I had to "settle" in the first place were from an ex-boyfriend who did $20,000+ worth of balance transfers on my cards without my authorization, then I lost my job. I tried disputing them because of that and was told I couldn't since he had all my informaiton and was personally known to me. I was told it was a civil matter, and since he has no assets, pursuing retribution is useless.

I had a voluntary auto repo 5 years ago that still shows (VW Credit, another nightmare), a paid Macy's CO account, and a couple others that are all paid but still are stuck on the CR. I do have several positive accounts as well that are installments: BMW Financial, an Americredit auto loan that I paid off before that, and several student loans that all are paid on time. My DTI is still very low.

I did try applying for an increase on my Capital One and was denied due to excess inquiries. I called the EO today and am waiting to hear back from them on the increase request by Monday. I keep hearing conflicting stories with Amex in getting Optima converted to another card or not, and I know my scores probably aren't good enough to apply for a new Amex despite my 6-year flawless payment history on the Optima card. Unless someone knows a trick around that or can recommend something that worked?

I haven't looked into NFCU, but I assume I'm not eligible since I'm only with USAA because my father was in the Air Force.

I'm trying to buy a house and the scores are really killing me. 

[CAnNY]

About NFCU, you can view their site for criteria to join. It does not matter if your dad was not in the Navy all branches qualify, but check the site and call NFCU. They can let you know. They are avail 24/7. Very friendly. Worst case your dad if qualify can join and you can join behind him. Just a thought!

[guiness56]

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@nitrov wrote:

Thanks for the welcome and the response!

My utilization on all the cards is always below 20% (usually closer to 10%); I always "PIF". The only one that's higher right now is the CareCredit, which is at about 50% and has only been that way for a month due to an unforeseen medical expense I'm working to pay off ASAP.

I do have several negative accounts still showing on my credit report. I've been scammed and ripped off by so many "credit repair" companies that I gave up on that. Most of the charge-offs and debt I had to "settle" in the first place were from an ex-boyfriend who did $20,000+ worth of balance transfers on my cards without my authorization, then I lost my job. I tried disputing them because of that and was told I couldn't since he had all my informaiton and was personally known to me. I was told it was a civil matter, and since he has no assets, pursuing retribution is useless.

I had a voluntary auto repo 5 years ago that still shows (VW Credit, another nightmare), a paid Macy's CO account, and a couple others that are all paid but still are stuck on the CR. I do have several positive accounts as well that are installments: BMW Financial, an Americredit auto loan that I paid off before that, and several student loans that all are paid on time. My DTI is still very low.

I did try applying for an increase on my Capital One and was denied due to excess inquiries. I called the EO today and am waiting to hear back from them on the increase request by Monday. I keep hearing conflicting stories with Amex in getting Optima converted to another card or not, and I know my scores probably aren't good enough to apply for a new Amex despite my 6-year flawless payment history on the Optima card. Unless someone knows a trick around that or can recommend something that worked?

I haven't looked into NFCU, but I assume I'm not eligible since I'm only with USAA because my father was in the Air Force.

I'm trying to buy a house and the scores are really killing me. 

---

For the negatives that have been settled/paid start sending GW letters and asking if they will remove them.  Start with the addresses on your CR.  Even though some are 5+ years old they are still impacting your score.

[nitrov]

Thanks, I'm definitely going to try the GW letters. Thankfully I had success with Capital One and they did bump my CL up to $2500 after going to the EO. I also called Amex and asked about upgrade or conversion opportunities and they told me I had a preapproval for a Blue card, so hopefully that turns out in my favor. 

If GW letters don't work, are PFD's recommended? The templates I've seen all state they don't recognize the collection item as a reason to get it deleted. If it's a paid item, is a GW the only way to go?

[guiness56]

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@nitrov wrote:

Thanks, I'm definitely going to try the GW letters. Thankfully I had success with Capital One and they did bump my CL up to $2500 after going to the EO. I also called Amex and asked about upgrade or conversion opportunities and they told me I had a preapproval for a Blue card, so hopefully that turns out in my favor. 

If GW letters don't work, are PFD's recommended? The templates I've seen all state they don't recognize the collection item as a reason to get it deleted. If it's a paid item, is a GW the only way to go?

---

GW letters are for paid negative accounts.  PFDs are for accounts you want to pay off to get deleted.

[nitrov]

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@guiness56 wrote:

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@nitrov wrote:

Thanks, I'm definitely going to try the GW letters. Thankfully I had success with Capital One and they did bump my CL up to $2500 after going to the EO. I also called Amex and asked about upgrade or conversion opportunities and they told me I had a preapproval for a Blue card, so hopefully that turns out in my favor. 

If GW letters don't work, are PFD's recommended? The templates I've seen all state they don't recognize the collection item as a reason to get it deleted. If it's a paid item, is a GW the only way to go?

---

GW letters are for paid negative accounts.  PFDs are for accounts you want to pay off to get deleted.

---

Sent out 9 GW letters and 1 PFD today. Fingers crossed.

[nitrov]

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@CAnNY wrote:
About NFCU, you can view their site for criteria to join. It does not matter if your dad was not in the Navy all branches qualify, but check the site and call NFCU. They can let you know. They are avail 24/7. Very friendly. Worst case your dad if qualify can join and you can join behind him. Just a thought!

---

Looked into NFCU and apparently my dad would have to join (they require a lot more info than USAA did, including a DD-215, which my dad has no clue what he did with). Also, even if he did join, I would only qualify for a "sponsored" membership, similar to what I have with USAA, and they aren't nearly as generous for those as they are with members who are active duty or previously served in the miltary. 

I was contemplating a Barclaycard since I've heard some good things about them on some other boards, but I figure I should wait until my CL increase on Cap 1 hits my CR. I definitely can't afford to apply for anything else I'm not going to get approved with. Amex even declined my BCE application even though I was "pre-approved." Going through recon with them now.

[nitrov]

I just got the increase on one of my Cap 1 cards through the EO, but have a former HSBC card with a $300 limit. How long do you think I should wait before asking for an increase on that one too?