Rebuilding what I screwed up!!!

Anonymous · ‎11-06-2017

Hi all, first time poster here.

I'm looking to rebuild my credit more then what i have already done. Here's a little about my journey to do so. When i was younger(2011-2012) i had multiple credit cards and lines of credit. Lost my job and was living on those. Fast foward to 2015 i was 27 years old and looking to repair my score. I got my report and it was a 451 averaged between all three reporting agencies. Everything was delinquent and charged off. I did have a judgement against me for one which was target and was paid through garnishment. Moving foward to 2017 some stuff has fallen off and alot of it i paid for deletion. My current scores is as follows EX-643, TR-639 and EQ-629. I have a Discover IT Secured Card $300 limit, installment loan for student loans of 13,000 that has 1 late payment of 30 days. I tried and tried and tried to get this removed with calls and emails and GW letters to no prevail. I am a AU on 2 cards that my mom has. 1 is a Capital One QS with $7500 CL and the utilization ranges from 0-3% monthly, and the other is a Walmart Mastercard with #3200 CL and 0-5% monthly utilization. I currently have one HP for the Discover IT card. AAoA is 3.2 years most of that coming from the AU accounts, Payment History is 98% with 60 of 61 payments on time. Zero degoratory accounts reported.

I'm looking for some suggestions to continue building/repairing my credit. My income is between 65-75k yearly between two jobs depending on the amount of OT I do in a year. I've been looking into getting a Captial One Secured Mastercard but Capital One is one of the cards i did have and screwed up when i was young and it just fell off my report and didnt pay them. Do I dare apply and risk the HP for no reason??

I did check out Amex's Prequalification site and enter my info and had a Prequailifying for the PRG and Green charge cards. After countless hours out of reading so many posting on here I dont think an approval will happen and dont want to take the HP but at the same time do i take the chance to help raise my scores?

Any help will be greatly appreciated.

Thank You!!!!!

Anonymous · ‎11-06-2017

Cap One is very forgiving, they do not hold a grudge like many of the others do. Go apply. You should be able to get unsecured Platinum with no problem.

Anonymous · ‎11-06-2017

I've burned Capital One twice in 20 years and they've approved me for both the secured Platinum and the unsecured QuickSilverOne this year. Go to their prequalify page and see.

Discover you already have but make sure to check their prequalification page again 12 months after you opened the first card.

I'd also check to see if you can get in with US Bank on their prequalification page -- report back any offers there before apping but they have a good Cash+ card which pays you 2% on common categories and 5% on some uncommon ones.

Anonymous · ‎11-06-2017

I'll check Capital One and US Bank and report back tomorrow.

Thank You!!

Anonymous · ‎11-06-2017

@Anonymous wrote:
I've burned Capital One twice in 20 years and they've approved me for both the secured Platinum and the unsecured QuickSilverOne this year. Go to their prequalify page and see.

Discover you already have but make sure to check their prequalification page again 12 months after you opened the first card.

I'd also check to see if you can get in with US Bank on their prequalification page -- report back any offers there before apping but they have a good Cash+ card which pays you 2% on common categories and 5% on some uncommon ones.

So i checked Capital One and USBank for prequalifying offers and Capital One had none and USBank had the Harley Davidson High Performance Visa????

Anonymous · ‎11-07-2017

If you didn't burn them, get in with Navy Federal or PenFed.

Anonymous · ‎11-08-2017

With no online pre-approval offer I decided to just cold apply for the Cap 1 Second MC and I got denied and will be notified in 7-10 business days why. I called to have the application reconsidered and he said the process could take 2-3 weeks and if that’s what I want he can send my application onto another department for review. I will update what happens from here on out. I haven’t gotten a notification of a HP yet.

Anonymous · ‎11-08-2017

Sorry for the denial. I'd set an alarm to check every month for a prequalification with them. Their offers are pretty strong.

A few data points would really help to guide you:

What is the age of the oldest account on your credit report?
What is your "average age of accounts" you're reporting?
What's your utilization like on your cards and the cards you're an AU on?
Which lenders did you burn in the past? How long ago was that?
Do you have any bankruptcies, tax liens, collections or chargeoffs reporting?

Your scores are pretty good for someone with a likely thin profile with a 30D late. That 30D late will hurt less over time but keep trying to goodwill it every month or two by USPS letters. In short time you can get to the 700s.

Anonymous · ‎11-08-2017

Utilization under 3% even on the AU. All the AU accounts are at zero. They’re being used but paid in full because the cut off and the only card that has a balance is my discover at $8-10. I have 1 30 day late. No bankruptcy, AAoA is 2.5 years oldest being 4.4 years. I burned capital one, Walmart, Best Buy and Target. All these were from 2008-2009. No charge offs reporting or collections reporting.

Anonymous · ‎11-08-2017

Got it! Is the judgment from Target still on your reports?