03-10-2014 09:40 AM
Rebuilding your credit is very frustrating...
You have my sympathy. I've was there in August 2012.
03-13-2014 07:30 AM
Sent a GW letter to Applied Bank today - hoping for a removal of the 90 day late that's reported.
The account was closed and paid, never went into collections. Was in good standing since opening the tradeline prior to the 90 day late and after for 9 consecutive months until the account was closed. No other lates on it, ever. Fingers crossed.
03-13-2014 07:40 AM
Applied to US Bank and Cap One for $300 secured cards (their minimum)... both denied. Also tried backdoor numbers. No approval.
Rebuilding your credit is very frustrating...
What about Open Sky Secured Credit Card? I don't really know much about them, but I know they don't do credit checks at the time you apply for it. Google OpenSky Credit Card.
Hope that helps.
03-13-2014 07:42 AM
03-13-2014 08:00 AM - edited 03-13-2014 08:14 AM
I have two pending applications with First Progress. One for a main card, and one for additional cards. I went today to pay the extra $19.95 to have it processed early but it said it could not accept my payment. You have to do it at the time of application and can't rush it later. The good news it - it looks like I'll be approved so long as the deposit clears - which they already did.
The limits I chose was $1,000 for the main and $300 for the additional. I intend to put my Netflix/Hulu/Game subcriptions on them since they are small amounts (less then $60 total) and pay if ott each month to start establishing a good payment history and good utilization.
03-13-2014 08:12 AM
03-13-2014 08:37 AM - edited 03-13-2014 08:40 AM
I'm in the process of rebuilding my first card was a Capital One Secured Card. I had really bad and it's only just starting to improve.
Original Scores unknown but I would be surprised if they were above 525. As I had an unpaid tax lien,A satisfied judgement, Charged off repossessed vehicle, 2 Charged off Credit cards and some collections.
July 2012 $200 ($99 Dep) Capital One Secured Card currently $500 paid it off every month. (Wasn't even thinking rebuild more just having the ability to easily rent a car)
August 2013 Got a car loan through Condor Capital (Zero Down or Trade in but I paid my sales tax at registration)
October 2013 $400 Approved for a Walmart Credit Card (First unsecured card)
January 2014 $600 Fingerhut/Webbank bought one item and have almost paid it off and they increased my CL to $1200 already I know I have read they take limits away so I plan to buy something once what I owe is paid off. I will eventually close this account once I have unsecured credit elsewhere.
In February 2014 I decided to get serious and disputed several really old unfamiliar items and open some more lines of credit. I had some success the tax lien was updated to paid. Some old collections deleted. By around the end of 2014 I should have no collections 1 lingering on my TU, 2 CO CC's will be gone, So all negative will be the CO vehicle, paid tax lien and satisfied judgement and I have no choice but to wait those out.
February 2014 $500 BOA Secured Rewards Card
February 2014 $700 First Premier Bank Unsecured (I know terrible card but unsecured and my highest credit line) I feel it is worth the cost of the $49 annual feel and $10.50 a month. I will close it once I get a couple unsecured cards that I have yet to choose.
March 2014 $500 US Bank Secured Harley Davidson Card (Still technically pending but they have pulled the funds and per a conversation approval is bascially done).
I am currently in the 615-630 range across the board not great but making progress I feel I am at a keep paying and let time go by and it will improve point which is hard as you want results fast but I can't speed up time.
My goals get above 650 then above 700 (I hope by around March 2015) I will then refinance my vehicle to more favorable terms I also hope my BOA and US Bank secured cards will graduate to unsecured.
Stick with it and you will get there. Unfortunately until then you may have to pay extra in annual fees or interest etc but I chalk that up to paying for past mistakes. 5 Years from now if you stick to it it will be well worth it IMO.
My advice give capital one a or open sky I have heard good things. Once you get a credit line reporting in 6 months or so you should be able to get something else going it is a test of patience but in time you will be able to make progress.
03-14-2014 05:12 AM
Thank you all for your advice and sharing your experiences - it helps to keep me motivated. I am known to be impatient.
Interesting news today for my rebuilding... I had applied for a US Bank Secured card and I remember thinking I wasn't approved beacuse I didn't get a instant approval. That was last week.
However I checked my bank today (its payday after all, yay!) and US Bank took the $300 I had initially set up for my deposit. I guess I was approved after all? I'm excited! From what I've read about this card - its a little tougher to get, and even graduates to a unsecured card after 12 months of history. Can those of you who have/had this card confirm that?
I had only planned to have 2 secured cards in my pocket, but why not a third. Increase my available credit limit and have 3 good revolving credit accounts instead of 2.
03-14-2014 05:51 AM
Congrats on your approvals bluefoxing!! Manage those cards well & you'll definitely see the impact.
03-14-2014 06:48 AM - edited 03-14-2014 06:49 AM
Just called US Bank this morning to question the money taken from my account today when I was under the impression I was denied.
I was approved! The lady said that the reason it generated the 'could not provide a response at this time' is because underwriting has to pull and secure the funds, ect first before giving approval. I should see my card within 7-10 days. What a great start to the weekend! A foot on the right path.