Hello myFICO members,
I'm new to the community and am seeking advice for my overall credit profie. I've tried to keep things diced up as not to overwhelm you so here goes:
So let me begin by stating that I'm 22 years old and know that I have already screwed my credit, before it had a chance to get out of the no-credit status. I regularly use CK to check my "score" but mostly to keep up with certain accounts, delinquencies, etc. I have just requested my full reports and scores from all 3 bureaus and am awaiting them now.
CK TU score: 507 down from 542 in Nov '14
VantageScore: 540
Next I would like to mention the factors I am concerned about:
- delinquent/late on auto loan which is now at $14,091 with montly payments of $389.79 (unable to refi bc of credit which is hilarious)
- CC that was closed (by grantor, but listed on report as closed by consumer) paid in full
- three student loans, which I'm not worried about as my SLRP from the army covers two of them
- 9 total accounts, 6 closed and only 1 by my doing. 2 were student loans that were trasferred to different lenders, 1 due to refinance, 1 due to charge off, another closed by grantor after paid in full (it was a rent to own laptop after old one fried) and the above mentioned CC is also included
- 5 accounts in collections totaling around $2,800: 3 medical bills and 2 old utility bills from when I had roommates (who never paid) and got stuck putting things in my name.
- 4 total inquiries, with 2 falling off this year in July and December respectively.
I work full time, am in the U.S. Army Reserves, and am working on my degree now online (only so I can work full time because I have bills)
My debt to income ratio, not accounting for my monthly expenses and collections accounts is only around 28% which is great but my debts aren't the only things I have to pay for obviously. I work for a bank and partially as an advisor, hilarious right? Well long story-short, I know what it takes to effectively establish and maintain a positive credit rating but I'm in a place of rebuilding unfortunately and it's much more tenuous that way.
I'm looking to apply for my second secured card in a few days and have the funds available for the deposit. However, upon reviewing them for months I am still not sure where to apply. I know the ins and outs of the credit card act and can read a cards terms in full and understand them in about 2 minutes because I work for a major bank with their CC accounts so I'm not looking to pay fees that will be more than 70% or so of my total desired CL like with some of these scammy cards. The bank I work for offers employee cards, auto refi discounts, etc. but I'm not sure that will matter with my pooooor rating, or if any of that would be considered if I applied for a secured card with them. I've also been an irresponsible young adult before taking this all so seriously in the last few years (I was attending university by 17) so now I'm a little concerned about applying for a card with Cap One who I had my first CC closed with due to delinquency, when I had the money to pay but was being irresponsible, as well as USAA who I've heard has an amazing secured card that even reports as unsecured for military but have had an auto insurance policy closed with due to non payment as well.
Any advice on which route to go card wise? I'm not crazy about paying an AF but no one is so in my position I understand it may be necessary, also not too concerned with purchase APRs because I intend on paying it off every month and only using it for my car note, to establish solid usage of the card but also constant payment on that car loan so I can eventually show enough improvement to qualify for a refi which will help with overal finances as well as that's easily at least 40% of one of my bi-weekly checks and even more when you're past due ( ._.)
I'm looking for insight that I may not have considered not just card wise but with my overall portfolio as well. Thanks in advance!
-Jane
