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Need Help - Momentous Rebuilding Success has plateaued.

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Anonymous
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Need Help - Momentous Rebuilding Success has plateaued.

I started my quest to rebuild about two months ago and managed to raise my lowest low of score from 524 to 608 (TU) and 587 (Experian.) I had 14 collection accounts and a tax lien removed - which resulted in huge leaps and bounds. I have been living and running a business on cash for years - due to a nasty divorce and complacency. I have found now that I am on the rebound, it is virtually impossible to get credit without having credit - good or bad.

 

Currently being reported are $8000 car loan paid in full and always on time from 2008. 

Auto loan for $8900 taken on 2/2014 and always paid current. 

Auth user on $12000 Discover card with 11% utilization. 

Auth user on $3500 SPG Amex. 

 

That's it. My entire credit file. I cannot seem to get approved for anything else, including a credit union (small) personal loan. I am extremely frustrated - 20 years ago while I was in law school, I received a new card almost weekly with $20,000 CL (I had 6 at once)....which I wisely never used and eventually closed.  

 

I need a card - declined by Macy's and Target. Any suggestions for easy approval?

Message 1 of 6
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Anonymous
Not applicable

Re: Need Help - Momentous Rebuilding Success has plateaued.

Have you tried a credit union secured card or possibly the cap 1 secured card? They helped me bolster my file.

Message 2 of 6
Anonymous
Not applicable

Re: Need Help - Momentous Rebuilding Success has plateaued.

Have you tried Fingerhut? I know it's a pretty ridiculous program and the products are more expensive than if you shopped at a local store, but it might be worth it to build your file. Revolving credit is revolving credit, right?

 

I have two positive TLs, two negative collection TLs, I'm rehabbing student loans, and my FICO EX score is 595, but I got approved for $700 CL right off the bat. I needed more positive and this is hopefully going to help.

Message 3 of 6
yfan
Valued Contributor

Re: Need Help - Momentous Rebuilding Success has plateaued.

So there are no baddies anywhere currently on your reports? It sounds odd that you wouldn't be able to get any credit cards in that case.

 

If you are saying that you need a card just to show you have credit, you don't. In my rebuilding phase (which is still somewhat on), I spent an entire year without cards, just with my car loan reporting properly. After that, I started getting small offers on Capital One, and got a card that way. Then Citi. Sat on those for about another 2 years. Then in 2013, Amex. 2014 brought my other, more useful cards.

 

The most critcal factor in rebuilding, other than payment history, is time. You can't help that. Be patient.

Message 4 of 6
Anonymous
Not applicable

Re: Need Help - Momentous Rebuilding Success has plateaued.

I would definitely suggest Capital One, they gave me 2 cards unsecured when I was in the mid-500's

Message 5 of 6
Creditwiser
Valued Contributor

Re: Need Help - Momentous Rebuilding Success has plateaued.

Capital one.  Use their prequal site and see what they offer. 

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 6 of 6
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