cancel
Showing results for 
Search instead for 
Did you mean: 

Tell me how you used your positive tradelines to rebuild

tag
spike69
Frequent Contributor

Tell me how you used your positive tradelines to rebuild

Ok. I was so obsessed with a "clean" file that I did not listen closely enough to the wise folks here about the equal (if not greater) importance of building the positive while cleaning the negative.  So 1/1/14 I had a bunch of baddies and only AU cards reporting. Did not open a new TL to build positive history on until 5/14 (reporting started on 6/14). I have an almost clean file now (one cap one CO, reporting each month- boo- with $900 balance, working on paying off, Will delete 12/1/14), I have three CCs reporting- two AU and one of my own, all UTI under 20% (one is a little high now due to major car repairs, will be under 10% next month). Still trying to keep my INQ low so keeping my app to a minimum. Made the mistake of apping for Barclay as CO is not on TU and it is my highest score. Was denied even after recon (thin file, account on file too new). Based on some advice her I got the BofA sec card.. Will arrive in the next few weeks. Will continue to keep UTI at <10%.  INQ for all three CRs is <4

 

Long winded intro to ask all my wise rebuilders- how did you use new and postive TLs to rebuild? How many? What sorts? What was your process for adding accounts? 

 

Thanks!

Message 1 of 8
7 REPLIES 7
spike69
Frequent Contributor

Re: Tell me how you used your positive tradelines to rebuild

Anyone???

Message 2 of 8
eric19k
Established Contributor

Re: Tell me how you used your positive tradelines to rebuild

I can only suggest to try calling CB and ask for early deletion of Cap1 CO.
Since they report it monthly it hurts your score.
Keep one card with 1-9% uti and second one at 0%. Switch cards after paying off balances. Try to get store card using shopping cart trick.

Good luck
TU Scores:
May 2014- 466
July 2014- 537
September 2014- 602
Goal Scores- 720 by March 2014
Message 3 of 8
spike69
Frequent Contributor

Re: Tell me how you used your positive tradelines to rebuild

Would love to hear other rebuilders stories of how they built positive trade lines

Message 4 of 8
srchick
Regular Contributor

Re: Tell me how you used your positive tradelines to rebuild

I had a Dillards CC from 2008 (0 balance) that I've only used once this year for a small purchase.  Paid it off right away.  Got a Wells Fargo secured card ($500 CL) in Sept. 2013 that I use frequently, always pay "way over" the minimum, and try to keep it about 15% util or less.  I rec'd notice that it will graduate to "unsecured" as of Sept. 10.  In Feb. of this year I got a Credit One CC initially with a $300 limit.  In June they upped my limit by $200 to $500 w/o me asking.  This activity occurred while I was working hard on cleaning my TU report which is now a 660 score.  I pulled the trigger on apping for a Barclays Rewards MC last week and was approved with a $1K CL, the highest CL I've ever had.  In the meantime I'm still successfully working on my other reports.  Currently this puts me at gdale6's recommendation to have 3 revolving and 1 store card.  My ultimate goal is to have squeaky clean reports, and get all scores in the 700 club.  Eventually I'll replace Credit One with something else but not until I feel rebuilding is complete, and I will have moved to the next step, "maintaining excellent  credit".

Starting Score Feb. 2013: 568
Current Scores: TU (715) {Myfico} EQ {Myfico} (723) EX (751)
Goal Scores: All at 750 by 3rd Qtr 2016 (Before tackling 800's) Don't procrastinate, take the first step!
Message 5 of 8
AzaleaB
Established Contributor

Re: Tell me how you used your positive tradelines to rebuild

Hi, I got a Cap1 secured credit card while I was working on the baddies on my report. I did it so I could simultaneously build a good credit history. After about 8 months I was offered a Credit One card and used that also. Yes it's a crappy card but I was only interested in building a positive credit history. I used both cards very little. As my baddies were falling off, when my score increased to 630 and after sitting on the Cap1 for 18 months and the Credit One for a year, I applied for  a Barclay's card (for average credit here on myfico) - approved($1300) a Macy's card (only for the retail mix) also approved ($600) and an Amex Jet Blue - denied. This was August, 2013.

 

Although I could have gotten more store cards, I chose to aim for prime cards and was willing to wait if I had to. I app'ed for the Amex JB again when my eq score hit 660 and did it the JB site as recommended by a poster here. Approved for 1K and happy. A week later I app'ed for the Amex Green and approved again! As the baddies fell off, my score jumped and I got a clean sheet so I started getting more prime cards with higher limits. I don't pay a dime interest and always PIF. This time last year, my total CL was $1100, now it's over 50k. Gardening now to let INQs fall off and accounts age. 

 

I think there are better choices for rebuilder cards and even better choices for some CCs but this worked for me.


Starting Score: EX:570, 8/2011
Current
Scores(8/30/18):
EX08:850; EQ08:850,
TU08:847
Inqs(12 mo): EX/0, EQ/0, TU/0
Goal Scores: 800+
My Cards: BoA Rewards: 30K, Discover IT: 50K, Arrival : 13.3K, CDP: 30.1K, Amex PRG, Amex ED: 22.5K, Amex BCP: 20K, FU: 21K, CSR: 35K, Amazon Store: 20K, Macys:10K, Diners Club:40K
Message 6 of 8
Whitneyy
Valued Contributor

Re: Tell me how you used your positive tradelines to rebuild


@spike69 wrote:

Would love to hear other rebuilders stories of how they built positive trade lines


Hello,

 

Well my story is simple. I started my credit repair journey because I was contacted about rehabbing my student loans before my wages were garnished and that rehab would show my loans as positive as well as bring me current to make good on them. And then, soon after, my previous car caught on fire and I was trying to figure out how I was going to get a new car with "bad credit". When I was 18 I had a Capital One and Macys card. I paid Capital One before I went off to college and settled it out and closed it, Macys I just stopped paying them. I also had a bunch of collections from old apartment utlities and other stuff I didn't really care about. When my credit was ran for my car, I was surprised I got approved. I was approved by a local credit union with an interest rate of 14%, I didn't care much because I NEEDED this car to get to work. The sales man told me that I should set my car payments up biweekly with my paycheck (half and half) directly from my bank account and that would keep my payments ON TIME. I took his advice and I did that.

 

I then looked at my credit reports, I had a lot of miscellanous things like I stated above and I wanted to get it squared away, so I started calling people and setting up payments, thinking that if they recieved their payments that they would delete their tradelines upon getting payment. That was wrong. I stumbled across this forum one day at work and thats when I learned about secured cards, pay for deletes, and goodwills. I goodwilled everyone who I had already paid off, and they removed them and everyone who I didn't pay off, I asked for pay for deletes which I was granted. During this process I opened up a fingerhut freshstart program card, a Capital One secured card, and added myself as an authorized user on my partner's Capital One secured card. Eventually, more and more things started coming off my reports. My student loans were finishing rehab, my freshstart program was over and everything just became everything.

 

Now fast foward to today, I have TWO bad marks on my report to something I'm paying off biweekly and will be off soon. If you want, you can check out my journal to read more details of all my progress.

 

Good luck!

GOAL - 700 FICO across the board!
Message 7 of 8
elim
Senior Contributor

Re: Tell me how you used your positive tradelines to rebuild

go to a local (or online) credit union and let the nice person you speak to know you are rebuilding. bring $500-$1000 and deposit it into a share account in return for a "share secured loan". they will hand you a back a check for the entire amount of the loan. hand the check back to them and open a secured CC.

 

this will open an installment account and revolving account for the same deposit. every payment you make on the installment loan will free up that much cash in the share account that you can withdraw immediately.

 

if you are really strapped for cash then just open the installment loan because you will walk out with the same $$ you walked in with and every payment you make is immediately returned to you. you are never really out any $$ during this loan. 

 

at the time i opened a share secured loan i had no non-mortgage installment loans on my reports. i got a 25 point bump. YMMV

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.