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Irongirl
Posts: 20
Registered: ‎01-01-2013
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New credit line vs. removing TL's, what affects score more?

I need your opinions.  I think I have maybe went about rebuilding wrong.  Should I have been working on pfd's and gw's first, and then opened secured cards?  Just wondering because now i have too many inquiries and only one secured card but so far, nothing has been removed from my CR.  Now, I am scared to apply for the NFCU secured card because of inquiries.  What should be my next steps?  Thanks!

Established Contributor
westo12
Posts: 584
Registered: ‎07-20-2008
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Re: New credit line vs. removing TL's, what affects score more?

Yes, PFD's/GW's first, especially if they are recent baddies.  If you post your details, this group is great about offering suggestions about how you should proceed.

2014 Starting-618, current TU621 (TU 10/20) / Ending Goal score: 720 / 30 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 11169/27232=41%util

**IN the garden until I get some auto CLI's on major accts**
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guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: New credit line vs. removing TL's, what affects score more?

Member
Irongirl
Posts: 20
Registered: ‎01-01-2013
0

Re: New credit line vs. removing TL's, what affects score more?

Here are my CR details, as summarized by the LO we talked to:

 

Chargeoffs – These have already been written off as a loss by the creditor.   You mentioned that you have received at least one 1099 for them.   Collect your 1099’s and submit them to the credit bureaus as part of the dispute process so they can update your score to reflect a zero balance.   You do not need to pay any Chargeoffs.                American Honda Finance - $3,401               

Sears – $2,027 Collections –

do not pay off your medical collections as the mortgage will not require that they are paid.  REALLY????

 

Items that do need to be handled:               

EOS CCA (AT and T) - $183 –  – acct #xxxxx               

Financial Asset Mgmt – (AT and T) – $133 - this appears to be a duplicate of the EOS CCA

Pinnacle Financial (CenturyLink) - $75 - I just paid this yesterday and they said they would delete but I didn't get it in writing :smileysad:

 

Foreclosure – the Flagstar account shows a last late date of 08/11 and that seems to line up with you saying the house closed in August 2011.    For traditional FHA financing, the soonest you can close is 36 months from the date the HUD was signed on your short sale, putting you at 8/14.  Should I try contacting Flagstar because this wasn't a foreclosure, they had just started the process.  They were paid in full.  They are reporting as "Foreclousre proceedings started"  I tried disputing but they kept reporting that way.  What next?

 

Auto loans – you had some late payments in 2012 on both cars.  Once these late pays are more than 12 months old, you will also see a bump in your score.  Should I GW them?

 

 

Thanks!  I hope this helps.

 

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: New credit line vs. removing TL's, what affects score more?


Irongirl wrote:

I need your opinions.  I think I have maybe went about rebuilding wrong.  Should I have been working on pfd's and gw's first, and then opened secured cards?  Just wondering because now i have too many inquiries and only one secured card but so far, nothing has been removed from my CR.  Now, I am scared to apply for the NFCU secured card because of inquiries.  What should be my next steps?  Thanks!


I've never heard of NFCU declining an app for too many inquiries.   You might qualify for an unsecured card, NFCU is one of the most lenient and generous creditors towards rebuilders.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Member
Irongirl
Posts: 20
Registered: ‎01-01-2013
0

Re: New credit line vs. removing TL's, what affects score more?

thanks, I did actually apply for their unsecured card twice at NFCU, but was turned down both times.  The second time is so aggravating because they sent me an acceptance code in the mail, so I thought that meant I would get approved.  However, I was turned down again! 


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