Rebuilding Credit - Not sure where to go from here.

[Anonymous]

I had no idea that Barclay was showing the true FICO8 from TU. I figured it was just an estimate the same way CK shows them and same with CAP1 credit tracker. I've just used it all as reference information, as in, if they're all pretty much going up consistently then I'm happy.

Is there a thread here (or any other great resource) that explains the difference between these credit scoring models, and possibly a list of who uses which?

[Anonymous]

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@Anonymous wrote:
I had no idea that Barclay was showing the true FICO8 from TU. I figured it was just an estimate the same way CK shows them and same with CAP1 credit tracker. I've just used it all as reference information, as in, if they're all pretty much going up consistently then I'm happy.

Is there a thread here (or any other great resource) that explains the difference between these credit scoring models, and possibly a list of who uses which?

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No such thread that I am aware of. I do know that Walmart, Discover, and Barclays all give you a true FICO 8 score, all from TU I believe. No one really uses any of the FAKO scores for actual approvals. Equifax gets used a lot, and also TU, but EX not so much. Some use FICO 8, some use the older Mortgage models. You can ask in the credit card forum about specific apps you might be planning.

[Anonymous]

NormanFH, I just combined my QS1 into the upgraded QS card. How long (or soon) do you recommend I wait to apply for another QS1 card?

[Anonymous]

Just another little update for anyone who may (or may not) still be following along:

Since I was able to combine both of my Cap1 accounts into a QS with a $6,500 CL, I applied this morning for a QS1 and was instantly approved for a 2k CL. It also comes with a 0%apr through 2017, so I'll be putting some money through this card with the bigger purchases I have planned for this year, and once it recieves the auto CLI in 6 months, I'll wait a little bit longer and then roll it into my existing QS card when the 0% apr time is over. At this point, I'm really not sure why there is so much hate for Cap1.  They've been great to me thus far and have really helped me come a long way in rebuilding my credit. Their customer service reps have always been very helpful as well.

I also got an itchy trigger finger this morning and put through an app for Chase Freedom card.  Unfortunately, I got the "7-10 day review" message, so I assume its a denial.  I'm thinking about calling the backdoor recon line, but I'm not sure if I should wait to see what the reason for denial is, or if I should pounce on them immediately...

As always, any throughts are appreciated, and I will continue to update this thread as I go. 

[trnl2016]

Hi nexus! My husband apped for the Freedom back in January so I can share my experience.

Did you get the 7-10 day message immediately online, or over the phone? If you got it immediately online, I believe that's pretty standard -- happened to us too. Calling the automated number (800-436-7927) should give you a better idea. I believe if the robot lady says 2 weeks or 30 days, it's a good thing... if she says 7-10 days, well... not as good.

After we apped, we got the 7-10 day message online, then shortly after we got an email that said 30 days. We began calling the automated line every other day and it kept saying 2 weeks... after about 5 days it switched to approved!

Good luck!

[Anonymous]

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@trnl2016 wrote:
Hi nexus! My husband apped for the Freedom back in January so I can share my experience.

Did you get the 7-10 day message immediately online, or over the phone? If you got it immediately online, I believe that's pretty standard -- happened to us too. Calling the automated number (800-436-7927) should give you a better idea. I believe if the robot lady says 2 weeks or 30 days, it's a good thing... if she says 7-10 days, well... not as good.

After we apped, we got the 7-10 day message online, then shortly after we got an email that said 30 days. We began calling the automated line every other day and it kept saying 2 weeks... after about 5 days it switched to approved!

Good luck!

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Interesting.  I apped online, and got the 7-10 message instantly. Now (a few minutes ago) I recieved the email saying 30 days. I think I will start calling the automated number to see if the same thing happens.  I could definitely use another card to thicken my file, but worst case scenario, maybe this will allow me to opt-in to the pre-approvals (for some reason Chase keeps telling me that I'm opted out everytime I visit their site), yet I've never had an account with Chase.

[Anonymous]

So, just a little update regarding my current struggles with the Student Loan Rehabilitation Program...

As of last month, I made my final on-time payment as part of the student loan rehab program with CBE group.  It was then transferred back to the US Dept Ed, and then transferred to NelNet. At this point, NelNet is reporting that each of the student loans (3 in total) as currently on-time, but each has 10 missed payments (for 30 total missed payments).  After calling NelNet, they said that "they didn't report that" even though their contact information is listed directly underneath it on my credit report.  So, much as you can expect, my credit score dropped by a whopping 100 points.

It looks like I now need to dispute it with TU. Anyone have any advice or tips to help get these late payments removed?

[Anonymous]

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@Anonymous wrote:
NormanFH, I just combined my QS1 into the upgraded QS card. How long (or soon) do you recommend I wait to apply for another QS1 card?

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Don't apply for another QS1, instead, apply for a Platinum and get it upgraded after a month or so and save yourself the annual fee. You should be able to apply a day or two after the account combination is done.

[Anonymous]

NormanFH, I was going to do the Platinum, but I took the QS1 because it offered me 0% APR through 2017. So I figured I could eat the $39 AF while using it to "Pay Off" some of my student loans earlier than I otherwise would, thus avoiding accumulating interest (which would amount to more than the $39 AF).

It was a money saving/debt reduction strategy.

[Anonymous]

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@Anonymous wrote:
NormanFH, I was going to do the Platinum, but I took the QS1 because it offered me 0% APR through 2017. So I figured I could eat the $39 AF while using it to "Pay Off" some of my student loans earlier than I otherwise would, thus avoiding accumulating interest (which would amount to more than the $39 AF).

It was a money saving/debt reduction strategy.

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Good strategy - every dollar helps.