Rebuilding Your Credit

[jake619]

We short sold our home and it finally closed 5/2010.  Banks closed all of our revolving cards with no balances.  Thanks for that.  I waited almost a year and app spree'd for Amex Blue, Chase Slate, Citi and CapOne.  Went 1 for 4 and ended up with CapOne (shocker).  I knew my credit was trash and was just excited to be extended any credit.  Fast forward to 11/2012.  I app'd for Barclays Rewards Average.  TU=677, EQ=675, EX=637.  I got the "not-so-fast-there" wait for the 10 day review BS.  I haven't seen anything in the mail or email, and the website shows no update when I check there.

My badness seems to be aging and I've been quite good missing no payments anywhere since 6/2010.  Should Barclays be this difficult to get?  I half expected immediate approval based on others experiences.

[CollectionKing]

So you just have 1 CC right now?

[jake619]

Correct.  Since the close of the short sale I have just the one CapOne card.  The other card I have is a Corp AMEX.  It, too was acquired post short sale.  They pulled my credit to approve me even though it is corp.

[CollectionKing]

Whats your utilization on your cap one?bbbb

[jake619]

48%

[CollectionKing]

It's currently reporting @ 48% or that's just your current balance? Try and get it reporting to 10% or less, 5% or zero would be ideal. That should give you a little bump if your currently reporting that high of a util.

[jake619]

it's reporting at 48%.  balance is 40%.  they havent said yes or no yet so maybe they're just looking real close.  if i get declined in will recon it - i have that already planned out.  I really want to ditch the CapOne card.  almost 2 years with them and they declined my CLI at the 18-month point.  i'll keep it to retain the age but i don't feel the love.

[CollectionKing]

If you don't get approved you should check out the USAA secured AMEX.