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Score dropped.. I'm stunned What to do?

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MarcinXP
Frequent Contributor

Re: Score dropped.. I'm stunned What to do?

Just FYI on your question about CAPONE. When they gave you a card with $300 CL they probably put you in their credit steps program which basically states if you make your first 5 payments on time you will receive $500 CL by your 7th statement. now after this...getting a CLI from CAPONE is like trying to win a lottery...you might not get one for next 5 years and then they will up you a $1000 bucks..who knows. The card you have is best for rebuilding credit but once you get better scores you outgrow that toy limit and you need to move on.

NFCU Visa Sig $30k / Amex Blue Cash $25.5k / Fidelity Amex $25k / Chase Freedom $14.5k / Citi Double Cash $5k / Capital One Quicksilver Visa Sig $5k / Citi Best Buy MC $3K / Barclay Rewards MC $2.95k / BOA - BBR $2.5k / SY Lowes $15k / SY Amazon $6k / Target RedCard - $300
Message 11 of 16
Anonymous
Not applicable

Re: Score dropped.. I'm stunned What to do?


@MarcinXP wrote:

Just FYI on your question about CAPONE. When they gave you a card with $300 CL they probably put you in their credit steps program which basically states if you make your first 5 payments on time you will receive $500 CL by your 7th statement. now after this...getting a CLI from CAPONE is like trying to win a lottery...you might not get one for next 5 years and then they will up you a $1000 bucks..who knows. The card you have is best for rebuilding credit but once you get better scores you outgrow that toy limit and you need to move on.


+1 to the info on the Cap1 credit steps.  Don't expect to much from them in way of CLI's.  This card is going to be a stepping stone for better cards. 

 

Also, IGNORE the creditkarma scores.  Credit karma is a good free source to see changes on your transunion report but the score is pointless.  Closed accounts aren't included when calculating your AAoA for example, and AAoA is a big part of FICO scoring.  FAKO scores can go up or down and your FICO can go the complete opposite.  As a member of NFCU, you are eligible for a discount on Equifax's Scorewatch product.  Go to the member benefits section and follow the link.  Just make sure if you opt to enroll you enroll in the EQ FICO product,  The key word is FICO. 

 

Let your Cap1 gain some age.  Follow the advice on usage.  It's a $500 limit, but you can use above and beyone that by making multiple throughout the month.  The key is just letting that small balance be reported.  And that's just timing when your statement is cut.  Pay it down BEFORE your statement is cut and pay the remaining balance right after, but by the due date for sure. 

 

NFCU is great.  If your wife isn't a member yet, have her at least open a savings account for the time being.  If you let your Cap 1 gain some good history and wait a few months and then app for NFCU cards you'll more than likely be approved.  NFCU also likes when you have direct deposit.  Only bad thing I can about NFCU is they hard pull for everything.  But the tradeoff is generally generous limits and loan approvals with good rates and terms. 

Message 12 of 16
Anonymous
Not applicable

Re: Score dropped.. I'm stunned What to do?

Thank you!! In 48'hrs I went from not knowing what to do, to now I have complete game plan.
THANK YOU!

I have learned 100% more today than I tried for the past year on our own!
I will do everything everyone has suggested, move our money and direct deposits to Navy Fed.
Will also hold out until I get some type of pre-approval or such from NFCU in the near future.
Most of all watch those statement dates on the CAPONE card.. My base was due dates and never focused on those statement dates.. Also never knew about the reporting cycles.. Thank you!!!!
Message 13 of 16
Anonymous
Not applicable

Re: Score dropped.. I'm stunned What to do?

Well heres a update.. Just got the letter in the mail for decline today.. The only reason for the decline was my BK...

Navy Fed had my score at EQ 652...

Just curious.. how much longer till I really don't have an automatic decline for applications due to BK 18months ago?? After this I wanna make sure I have all my ducks in a row before someone does another hard pull on me...

Message 14 of 16
MarcinXP
Frequent Contributor

Re: Score dropped.. I'm stunned What to do?


@Anonymous wrote:

Well heres a update.. Just got the letter in the mail for decline today.. The only reason for the decline was my BK...

Navy Fed had my score at EQ 652...

Just curious.. how much longer till I really don't have an automatic decline for applications due to BK 18months ago?? After this I wanna make sure I have all my ducks in a row before someone does another hard pull on me...


That depends on the lender. Some lenders like CAP1 and HSBC would give cards right after BK. Some prime lenders want you to be out of it for few years. some won't even deal with you if you have a BK..it varies...also to be honest with you sometimes I feel like these declines are like job interview declines...you did good but we still don't feel you're that great and rather than explain why...we will just slap too recent of BK and move on...

 

Also EQ of 652 is not that great of a score...Actually I feel like 640-660 are the worst scores in the world...if you have 700+ you know you going to get accepted..if you are at 550 you know you going to get declined...these darn 640-660 scores are like.....little better than subprime but not enough for prime land...and applying is like rolling the dice! of course 660 with lots of revolving accounts and reason being for 660 is high util with no baddies is better than 660 with few recent revolving accounts, good util and few baddies..but YMMV on each lender

NFCU Visa Sig $30k / Amex Blue Cash $25.5k / Fidelity Amex $25k / Chase Freedom $14.5k / Citi Double Cash $5k / Capital One Quicksilver Visa Sig $5k / Citi Best Buy MC $3K / Barclay Rewards MC $2.95k / BOA - BBR $2.5k / SY Lowes $15k / SY Amazon $6k / Target RedCard - $300
Message 15 of 16
AZHeather
Frequent Contributor

Re: Score dropped.. I'm stunned What to do?

It has been my understanding from those that have NFCU, that you have more success in one of their branches.  If you go in and say that you would like to speak to someone about your decline on a cc, you may get them to do a recon.  At the very least, they may help you set up a secure card (w/o another hp) that would at least help you build up your credit score while you are still recovering from the whole bk issue.  (By the way, I have heard that 24 months with perfect payments is the final hurdle to get past your bk stigma, but YMMV.)

 

Good luck!

Message 16 of 16
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