On The Road to Rebuilding

Anonymous · ‎09-03-2015

I recently cleaned up my credit report, got everything derrogatory off except for 2 paid in full collections, most recent 2105 was an unpaid parking ticket for 150 that has a 0 balance now, I have an installment loan that is 14 mos old no lates a second installment loan for credit rebuilding with fingerhut that is 3 mos old no lates, a credit card with credit 1 bank tha opened in May 2015 no lates, 300CL, just got an auto increase in August 2015 t0 500. Credit utilization below 10% every month. I have 10 inquiries for the last 2 years, 2 within the last 6 mos- one was approved (fingerhut) and 1 declined. When should i apply for other revolving credit? My installment loan with the longesr history doesnt report to Experian. My credit score with Equifax is 610. Not sure about the other 2 bureaus I only subscribe to Equifax. I got all 3 of my credit reports and went over all negative info and was able to dispute everything and have it removed completely by credit bureaus except for the 2 collections previously mentioned, one was a medical bill from 2011 for 700 and the other a parking ticket for 150 both balances on the collection accounts are 0.

Anonymous · ‎09-03-2015

@Anonymous wrote:
I recently cleaned up my credit report, got everything derrogatory off except for 2 paid in full collections, most recent 2105 was an unpaid parking ticket for 150 that has a 0 balance now, I have an installment loan that is 14 mos old no lates a second installment loan for credit rebuilding with fingerhut that is 3 mos old no lates, a credit card with credit 1 bank tha opened in May 2015 no lates, 300CL, just got an auto increase in August 2015 t0 500. Credit utilization below 10% every month. I have 10 inquiries for the last 2 years, 2 within the last 6 mos- one was approved (fingerhut) and 1 declined. When should i apply for other revolving credit? My installment loan with the longesr history doesnt report to Experian. My credit score with Equifax is 610. Not sure about the other 2 bureaus I only subscribe to Equifax. I got all 3 of my credit reports and went over all negative info and was able to dispute everything and have it removed completely by credit bureaus except for the 2 collections previously mentioned, one was a medical bill from 2011 for 700 and the other a parking ticket for 150 both balances on the collection accounts are 0.

I would suggest applying for Capital One QS1 right now. If approved, apply for the Platinum card too.

Anonymous · ‎09-03-2015

I tried applying to Cap1 a few months ago and was turned down, wondering id I need to just wait a few months........frustrated.

Anonymous · ‎09-03-2015

@Anonymous wrote:
I tried applying to Cap1 a few months ago and was turned down, wondering id I need to just wait a few months........frustrated.

No, if you apped a few months ago, then its been plenty of time. App again.

Anonymous · ‎09-03-2015

A credit forum i read had a post that said it was from a small bank loan manager, cant remember which forum it came from but the suggestion was to have about 5 revolving accounts-are store credit cards good options? if anyone has had any experience rebuilding and using store cards to do so Id could sure use the help.

Anonymous · ‎09-03-2015

Welcome to the forums!

The Fico scoring looks for 3 (or more) revolving accounts. Generally, bank or large CCC issuers are looked at more favorably, especially in a manual review of your credit. I dont recall reading that it conclusively mattered if any were store cards or not for a regular Fico scoring experience. It is more important that you have at least 3 accounts and that they report to all 3 CRBs, and that they are in good standing. It doesnt matter if they are secured or what the limits are, at this point,

Personally, I had 3 CCs that were Visa or MC accounts. One was secured, and two were from 'rebuilder card companies' with fees and APRs they are quite proud of. I now have 2 store cards added.

IMHO, its Ok to use store cards for now, until you feel you can get some of the more 'prime type cards' from bigger companies when scores improve.

I would also suggest taking a conservative approach in getting store cards and only get ones that are useful to you.

HTH