Rebuild Options/Suggestions

[NateW1269]

So I started rebuilding a year ago and am currently at a stand still.  I began the rebuild with the secured Cap 1 SL $300.  They increased it to $600 and about 4 months ago, unsecured the card.  I have a Kohls SL $300 now $700 and a Fingerhut $500 which I can't bring myself to use because the prices for some of that stuff is ridiculous.  Today myfico scores are EQ 629 TU 629 EX 639.  My baddies....Fed tax lien $5000 State $500 and one collection $115 which is a little over 3 years old.  

I'm on a payment plan for my taxes which begin this month.  I've applied for other credit but they are saying that my accounts are too new.  Not sure where to go from here but my wife thinks I should open an account at NFCU and build with them.  She's already a member.  Anything recommendations on how I can get these scores up by year end? I'm sure my wife has a point with her strategy but will NFCU even consider me for lines of credit with my tax lien?

[Anonymous]

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@NateW1269 wrote:
Anything recommendations on how I can get these scores up by year end? I'm sure my wife has a point with her strategy but will NFCU even consider me for lines of credit with my tax lien?

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Maybe try PFD for the collection. Even though you have a payment plan, I'd say try to see if you can get that Tax Lien to drop off of your reports.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Much-tax-lien-and-civil-judgment-data-to-be-r...

https://www.balancepro.net/education/publications/irstaxlien.html

Google removing Tax Lien from credit report. I haven't done these methods myself, but i've read on forums where folks have had success.

NFCU is usually very generous even to those of us with derogs and lower scores. I'd take a shot on using the inquiry to see if they'll give you an unsecured card. They will usually pull TU only.

What is your current CC utilization %?

[NateW1269]

My current total UTL is 33%.  However it will report as 24% in two days.  My wife says they pulled her TU when they opened her account but used another CB when they approved her for the Platinum card.

[Anonymous]

I'd check to see if you get an uptick with TU (and the others) once your 24% util posts to all of your reports.  Then give it a go to apply for an NFCU card of your preference.

[Anonymous]

Your scores are progressing very nicely . . congrats!

I think you've done enough for now in terms of obtaining revolving credit. Do you have an installment loan reporting? If so, I would sit tight and get your cards paid off (except one reporting a few bucks) to fix your utilization. Then get those taxes and collections paid and removed (if possible) ASAP. Then get a card with NFCU.

[Anonymous]

Don't be afraid of Fingerhut. Keep an eye on their clearance section and find something with free shipping. Actually let it report, pif, then wait for the cli within 35 days which will lower your util%. Don't waste the triple hp if you can find something in the clearance that's useful and priced right.

[Anonymous]

Navy doesn't give a rip about the tax lien... let's see unless they missed a FEW of them and still opened a max LOC, a CC and a Car loan, I'd assume it isn't a sticking point 😎

[NateW1269]

I don't have any installment accounts.  Not sure what avenue to take with that either.  Again, the wife is nagging me to do NFCU for that too.  What other options are available for installment loans?  My thing is I don't want to keep applying for things that won't result in an open account because I want to keep the inquiries fairly low.

[Anonymous]

For an installment loan check out the thread on Alliant SSL by creditguyindixie. Haven't figured out how to link on this phone that's smarter than me but here's the addy

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

[Anonymous]

Well, I guess it did link. 😀