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Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Rebuilding after screwing up with the major CC

so I find myself spending hours reading these forums and getting great info!!!!!

 

i am trying to rebuild my credit after running into issues in 2008 and only recently receiving a capital one card with a 500 CL.....I am wondering what card should be next (not now but probably 2013). Prior to 2008 I had cards with citi, chase, orchard, discover and Barclays....all different lines but the highest was 4k....I have since settled with most of them and am in good shape in regards to the old balances and my CR showing paid in full or Settled and paid.  My Credit scores are 527tu and 627 ex right now. I am interesting in the ANYC zync but will need to to hold off. I don't want to waste any Hard pulls on cards that will deny me so any ideas out there??? what are the chances of these big companies taking me Back?


Starting Score: 720
Current Score: 626
Goal Score: 700


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Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Rebuilding after screwing up with the major CC

Is there anything you can do to clean up your report?   You could get a secured card, use your CCs and PIF monthly.  I think you need to repair a bit and then rebuild some before you go for any "CCs just yet.  Let time heal those wounds just a bit.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Re: Rebuilding after screwing up with the major CC

Actually I am starting the GW process next week and hopefully start to see some stuff get deletethat's got used to paying everything cash so I am ok with the small CL for now....taking the time to get the reports fixed is definitely my fist goal though....thanks


Starting Score: 720
Current Score: 626
Goal Score: 700


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Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Rebuilding after screwing up with the major CC

Nice goal.   Good Luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Re: Rebuilding after screwing up with the major CC

Thanks!!


Starting Score: 720
Current Score: 626
Goal Score: 700


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Established Contributor
lithium78
Posts: 929
Registered: ‎07-30-2011

Re: Rebuilding after screwing up with the major CC

It looks like you have bad relationships with most of the US's major banks and many of them blacklist people.  I would recommend building good relationships with credit unions and local banks and perhaps building a relationship with Bank of America or Wells Fargo since they weren't one of the major issuers who got burned.  Credit Unions will give you the absolute best rates on credit cards and if you get a secured card with Bank of America, it can graduate to an unsecured card.

 


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
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Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Re: Rebuilding after screwing up with the major CC

addition for me.....just got approved for fingerhut with 300 CL.......I know, I know....not a huge deal but been reading that they increase CL rather quickly and I neecredit added credit line....don't want to try applying for any big guys yet because I don't want to waste a HP unless I am pretty sure it will be approved.....slowly sure surely my friends....:smileyvery-happy:


Starting Score: 720
Current Score: 626
Goal Score: 700


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Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Re: Rebuilding after screwing up with the major CC

also just approved for $700 from amazon.... slowly but surely..

 

OK... question...

 

I am confused about the GW letters...

 

Several of my credit cards were sent to collection agencies in 2008 but in 2009/2010 I took a 401K loan and settled most of the debt with the collection agencies

so now my credit reports show the original creditor and then the colleciton agency.  My question is, who am I GW at this point.

 

For example, Midland Funding handled several of the accounts so if I GW them and get them to remove it would be great but how would that affect my score

since the original creditor would still be showing the debt and showing the line of credit as closed and prichased by another lender?    Do I need to go after the original lender and get them to update their notes from purchased to another lender to paid in full, settled???

 

HELP!!!

 

My score is up to 626 right now and I don't want to screw it up.

 

PS,. since all this happened in 2008 and most of the payments were in 2010 they will all sit there until 2017 at least so I need to try to get them removed another way.

Thanks.

 


Starting Score: 720
Current Score: 626
Goal Score: 700


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Moderator
Shogun
Posts: 12,859
Registered: ‎04-15-2011

Re: Rebuilding after screwing up with the major CC

You send GWs to whoever is posting on your CR.  If the OC and the CA is posting, then you send to both.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
jmco
Posts: 92
Registered: ‎09-23-2012

Re: Rebuilding after screwing up with the major CC

thanks Shogun...

 

OK but some of the OC still show a HC so wouldn't getting rid of those affect me badly too?  and what if I have success with the CA but not the OC?

I guess I could then make note that the debt is paid??

 

Sorry for the ?s....just trying to figure my nexts steps out...  :smileyhappy:


Starting Score: 720
Current Score: 626
Goal Score: 700


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