cancel
Showing results for 
Search instead for 
Did you mean: 

So frustrated and not sure what to do...need advice

tag
mcalabrese79
Member

So frustrated and not sure what to do...need advice

I'm so very annoyed with my credit right now and almost ready to throw in the towel. Hoping to get some avdice on what to do.

 

About 5 years ago my husband was one of the unlucky layoffs across America. He had a seriously hard time trying to find a permanent job. A few months after the layoff we got to the point that we had to pick and choose what to pay. Of course, necessities and feeding the kids came first so our credit was ruined.

 

We filed Bankruptcy in August 2010 but it is 'dimissed'...not 'discharged'. We were told our payments would be $225 a month but after the long required day at court, we were told our payments would be nearly $700 a month!!! If we could afford that, I would have just paid the bills!!! Anyhow, we didnt go through with the bankruptcy and its of course, on our credit. I read that they report 3 days after the filing. Shocked me since there is no final decision made by anyone for a month.

 

Since 2010 we have lived on a 'cash only' basis. We have had several life changes since then and my husband landed an amazing job nearly a year ago (after 5 long years of searching). We are trying to put together a goal to buy a houses in October-ish 2014 but feel its not reachable right now.

 

I know I need to have things reporting to my credit  but no idea where to start. I opened an account with RAC that reports to my credit each month. I have a payment arrangement made with my student loans (however they still report me as late every month even though I make my payments when they tell me to...going to work on talking with them about that really soon).

 

Ive read about being declined even for a secured credit card (which is insane) but after several phone calls to different secured credit card companies, I decided to try my luck and apply to Capital One's Secured Card. It said that they would notify me of the decision which of course means I was denied. 

 

Does anyone have any ideas on what I should do??? I feel so stuck. 

 

Thanks so much.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584
Message 1 of 10
9 REPLIES 9

Re: So frustrated and not sure what to do...need advice

there are secured cards that don't do a credit check like open sky secured card. Some people didn't like it before because it didn't have a grace period but I hear they added one. The only thing is  they don't do unsecured so it will always be secured. YOu could use it just long enough to build up credit to get an unsecured card. I also hear the State Department Federal Credit Union has one that is no credit check but of course you would have to be a member of the credit union first and they probably will to a hard pull to qualify you for membership. 

Message 2 of 10
madmann26
Valued Contributor

Re: So frustrated and not sure what to do...need advice

It at times, appears to be a daunting task. Just breathe.

 

Tackle one thing at a time. If you have CO's, address those first, then any CA's. As you tackle each one, you'll begin to feel better about the work you are doing and where you and your family are headed.

 

Always offer to do a PFD and try to get it in writing as much as possible. Often times though, you'll have to take a CA's word on it and trust that they will delete. Most of them do.

 

If you could post up some details about the CO's and CA's there are more then enough people on these forums to help you. People that have been in your shoes and can understand the feelings that you do.

 

 

Current FICO 9 Scores



Message 3 of 10
mcalabrese79
Member

Re: So frustrated and not sure what to do...need advice

Thank you! I will look into the Sky Secure Card. THANK YOU VERY MUCH!!!

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584
Message 4 of 10
mcalabrese79
Member

Re: So frustrated and not sure what to do...need advice

Madmann26,

 

I cleared up alot of my credit. The only things that I have lingering at this point is student loans (which I am paying but they STILL arent reporting that I'm making my aggreed to payments on time), 2 Collection Accounts from apartment complex's (one I broke the lease, the other I cosigned and they broked their lease...augh), the bankruptcy and an OOOOLLLD bank account from about 6 years ago. Other than that, I've been able to get everything else paid off or removed.

 

And thank you so much for the advice. I'm very new to this site so I will be exploring the boards today.

 

THANKS AGAIN!

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584
Message 5 of 10
jre
Regular Contributor

Re: So frustrated and not sure what to do...need advice

If you have the money pay EVERYTHING off. Send pay for deletion notices you'll probably be able to get all those collection accounts off. Colection accounts (unpaid) hurt your scores tremendously and removing them should give you a big boost as far as improving your credit.

Quicksilver x2 | Barclays | Store Cards (more than I need)

Scores: 650s
Message 6 of 10
ezdriver
Senior Contributor

Re: So frustrated and not sure what to do...need advice

The key to obtaining secured credit cards is to find sources that do not pull credit as a condition of approval. I obtained two cards from First progress with one application and no credit pull. Deposited $300 online to each using my debut card. The two cards show up in the mail about 7 days later. Easy as pie.

Message 7 of 10
mcalabrese79
Member

Re: So frustrated and not sure what to do...need advice

Man.. I sure wish I would have researched prior to applying for a Capital One Secured Card. Now I have an inquiry for nothing. Didnt realize that secured cards existing without a credit pull til today.

 

thanks for the advice.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584
Message 8 of 10
mcalabrese79
Member

Re: So frustrated and not sure what to do...need advice

Thank you! I'll work on getting something together to post but mostly all I have is Student Loans; which I am consolidating. 2 old apartment complexes, 1 bank account from 5+ years ago and my bankruptcy. Ive been successful in getting other stuff removed so far. It seems that the lingering bankruptcy is causing most of the headache for me. I received a letter from Capital One SECURED that I was denied. It sent my emotions in a whirlwind.

Current Scores (4/2015) TU: 628; EX: 628; EQ 634
Beginning Scores (10/2013): TU 529; EX 607; EQ 584
Message 9 of 10
Bleu
Contributor

Re: So frustrated and not sure what to do...need advice

I just had my wife open a secured credit card with Wells Fargo. The rep who opened it for us told us the only requirement is to not owe wells fargo any money. We opened one for 1k and we will get it back in 12-14 months.  Hope this helps.

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.