Recently got denied for Capital One Secured Card, what now?!

[Anonymous]

Hey everyone!

So I am brand new to this forum, and I am a little nervous sharing stuff on here.  I am 23 and have made some poor financial decision in the past that have affected my credit score.  I just pulled my scores from the big 3 and they are as follows: Experian - 535, Transunion - 550, Equifax - 488.  

I have copies of my current credit reports with all derogs in place.  Could you guys help me figure out what to do next.  I am completely lost, and quite frankly confused on what to do to get my credit score up.

Thanks!

Joel

[namvet]

Go to openskycc.com and you will be approved for a secured card.  Keep it open for at least 6 months then apply for a better card.  It reports to all 3 bureaus and will not ding your credit report with any inquiries.  This is not a keeper card but it will help you get your credit established. 

[bodybuilder510]

I would start with pulling all three from annualcreditreport.com free. Start with smallest derogatory items and have you received any dunning notices for the items reporting? Send them a dv. If you agree with all debt being yours. Start sending pfd's. Start small and offer a good settlement for deletion. Some will agree and some will not. Make sure all negative items are accurate. Some ca's will accept pfd with full balance so you will need to have money ready.

[bodybuilder510]

It's going be a long journey but persistence pays off big. If they don't agree with pfd. You can pay or settle in full. Make sure you get everything on paper. Paid in full even if you paid less. Then start sending goodwill for deletion to the creditors you paid. Most people on this forum have better luck with goodwills over pfd's. Wish you best of luck.. your young like myself. Damage will ease off as you become more responsible.

[Anonymous]

What exactly are pfd's?  I have the money to pay off all of my credit cards, but they are all in collection.  I am needing to try and rebuild my credit and I am not sure if paying them off immediately is the best idea.

[bodybuilder510]

Send a letter certified with return receipt requesting a tradeline deletion from your reports with agreement that you pay the balance in full. Start searching on here with your current collection names and see if memebers here have had similar success with deletions or goodwills with those same creditors on your reports. A lot of great information here. If you see anyone with same collection company and success. Send them a private message for contact info. There are examples of pfd's and goodwill letters on this forum.

[bodybuilder510]

Paying without deletion is not going to help your scores at all. Check the dofd on all your negative accounts when you pull all three of your reports and you will know how long they are going to report. Check the statue of limitations in your state for a creditor to sue you for the debt. Negative items report for 7 years from the dofd. Start searching on here. Your in the right place. A lot of knowledgeable memebers on this forum.

[bodybuilder510]

Paying negative items without deletion will look good for Manuel underwriting for future approvals.