When to Apply?

[fixmycred14]

Hi,

I am new on the forum. I wanted to know when's the best time to apply for a secured CC? I have about 10 collection accounts I need to attack.

Should I tackle one issue at a time or repair and rebuild simultaneously?

Also I hear that Cap 1 and NFCU are really good secured cards. When I do decide to apply should I try for both? Is it foolish to try for Cap 1 if I have a CO for an unsecured Cap 1? From my recollection, the Cap 1 CO is no longer on all 3CRs. I will double check once more but I do not recall seeing it. It was orig opened in 98 and sold several times thereafter.

You can check out my original post for my credit snap shot.

[myjourney]

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@fixmycred14 wrote:

Hi,

I am new on the forum. I wanted to know when's the best time to apply for a secured CC? I have about 10 collection accounts I need to attack.

Should I tackle one issue at a time or repair and rebuild simultaneously?

Also I hear that Cap 1 and NFCU are really good secured cards. When I do decide to apply should I try for both? Is it foolish to try for Cap 1 if I have a CO for an unsecured Cap 1? From my recollection, the Cap 1 CO is no longer on all 3CRs. I will double check once more but I do not recall seeing it. It was orig opened in 98 and sold several times thereafter.

You can check out my original post for my credit snap shot.

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Welcome to the forum 

I would recommend you start your rebuild before applying for any cards yet sorry.

With that many baddies it may be a little tough to get approved for any credit products at this time.

As far as cap1 DO NOT apply until your CR's improve and I would go secured cards first as cap1 will pull all 3 CR's

First step pull CR's from https://www.annualcreditreport.com/cra/index.jsp (free once a year)

Second step review reports and post for solutions in rebuilding forum

Best wishes 

[azguy13]

Welcome to the land of knowledge! Treat us nice and we will treat you the same 

I would definetly take control of your CR before applying for anything. Try as many PFD and GW letters as you have to to get those removed and put you in a better position for getting credit of any kind.

Congrats on taking control of your credit profile though. It is a long journey but if you do it right and listen to people with the same experiences, you will be just fine. I have so far jumped up over 200 points because of this forum.

[djc1puno]

+1! Welcome here

[fixmycred14]

Thanks for replying. I appreciate the advice. I was only looking to apply to secured CCs for now. I will hold off and just tackle the collections and see how far that gets me.

[fixmycred14]

Thanks for replying. I really appreciate the folks on this blog! 

[fixmycred14]

Hello Again,

Here's my orig post: Should I DV first or go to straight to PFD? I will take the advice given to GW the COL @ $0

Hello All,

I've been reading the forum all weekend and feel rather overwhelmed. I would like to begin the credit repair process and don't know where to start???

As of, 8/4/13 TU 558 EQ 555. Which TL has the most detrimental affect on my score? What should I attack first? (Most suggested GW, PFD, DV)

I do not have ANY revolving credit. Do I need a secured card? (You answered this question)

CreditKarma has 25 accounts in "good standing" / 10 neg/derog. My student loans are listed out by each lender, transfer, consolidation = 25

I have 96% Installment accounts. I'm assuming this is from my student loans $60K (deferred) and auto loan balance $1722.00 60 days past due (late fees & interest currently nego with car co) loan principle matured.

COLLECTIONS:

Midland $151

NCO $611

Verizon $311

Calvary Portfolio $687

Portfolio Recov $434.24 sent COL letter July 5, 2013 outlining debt and all other info (30 days today!)

Alliance One $418

HSBC $254

parking tickets $150

parking ticket $250

3 other accounts with $0 balance

Most of the OC say charge-off, sold, transferred $0 balance

The messiest account is an auto loan. Repossessed in 2008 by Drive Financial. Drive Financial sold account to Dynamic Recovery Solutions and Santander Consumer USA. The car was sold at auction CRAs list CA balance as $6,952.00 (orig loan was $17K). Dynamic Recovery Solutions has balance as $10, 428 due to be removed from CRAs 4/2013 but still on EQ report.  Santander removal date for TU 5/2014 $0. I no longer see Drive Financial listed as OC. (i was told Drive and Santander are one in the same)

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[pizzadude]

I moved this to the rebuilding forum for help / advice on how to address derogatory accounts.

[Brax]

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@fixmycred14 wrote:

I've been reading the forum all weekend and feel rather overwhelmed. I would like to begin the credit repair process and don't know where to start???

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I know exactly how this must feel to be overwhelmed. Focus on the LAST baddie that will fall off, then work your way backwards. The auto loan sounds like a headache. If it falls of completely on its own by 5/14 consider that a small price to pay for preserving your sanity in the next 10 months.

[fixmycred14]

Hi Brax,

For now, I am focusing on the COLs (PFD/GW). I will be patient and let the car & payday loan fall off. I sent a GW to student loans.

One day at a time...I will see how far this gets me and move on to rebuilding.

Thanks for the encouragement and advice.