My credit is so bad I can't even get a secured credit card!

[Anonymous]

I made horrible financial choices up until about 2 years ago.  I have between 2 and 8 credit collections on my CR depending on which Credit Company you look at.  I am in the proccess of rehabbing a student loan that went into default.  I have nearly $50,000.00 in student loans.   I think I have fixed all the errors that I can.  So now, do I just sit back and wait for 7 years to go by until I can improve my credit score and be treated like a decent human being?  I can't even get a secured credit card from the bank that I belong too!  Help!

[Anonymous]

So, now you can't even go into a bank and get a secured card. Your life is over, right? Or you have to wait for 7 years until someone treats you like a worthwhile credit-risk, right?

WRONG!!
Take your patootie over to the Rebuilding Credit Forum and start listing your uglies. Start by, if you haven't already, getting all three credit reports straight from the source. Then, list each and every baddie on your report, starting with the most recent and ask for advice on what to do (since the newest uglies are usually the most damaging)!!

We're here to help!! Life isn't over. And you don't have to wait 7 years to start living again!! Heck, Darlin', I'm proof (among OTHERS!!) of THAT. When I came here roughly 'bout 3 months ago, I couldn't have gotten a pot to pee in ... today, I have 3 CCs (albeit low CLs, but it'll improve in time). And our credit scores have nowhere to go, but UP!!!

So get on over there, snap-quick!!! We'll be waiting for you!!!

On a side note: don't expect your scores to go higher until you're done with the rehab. Once the rehab's completed and your loan is "bought" by another lender, the default status will go bye-bye and your scores will start to rise.

Meanwhile, let's take care of the collections you mentioned!! See you in Rebuilding!!!

Hugs!!!

[Anonymous]

Thanks so much! I will do just that!

[Anonymous]

I'll be waitin' to hear from you!!

Just take a deep breath ... it will all be okay!!

[movinonup79]

I feel the same way.  And when it was already bad (532) I plummeted to 491.  That's when I decided I better take action and just work on one thing at a time!  I'm hoping to see some results soon! 

[niecey89]

You need to move this to REbuilding Credit forum. You will have a better chance of getting very helpful advice to get your score up as well as how to get CCs.

[Anonymous]

I HAVE been in your shoes....yeap a year ago I could not get a orchard secured card....got turned down!!! I was devastated. Don't give up!! I started working on my credit, cleaning up what I could...then I got a crown jewelers card...they give one to anyone. I made payments on time for that for 3 months and then Total Visa gave me a card. Ok I know this is not the best card but they have been good to me and opened doors. Now I have a HSBC card, and a Target card not to mention that my car died and because I have shown a good payment history this last year I was actually able to get a decent interest rate and a prime lender. So you see in the last year I went from not even being able to get a credit card to getting a new car with a prime lender. Not too bad! I still have a long way to go but every month my score gets a little higher. You can do it! Good luck!

[anca21bi]

I was in the same boat just a few months ago, now I have to cc Rewards 660 and Legacy visa, including crown Jewelers.  All these are helping rebuild, now I finally have gotten my EQ score over 500, which was my lowest at one point 454. I still have alot of collection accounts way more than you, but it all takes time and work. I owe everything to this site.

[Tryin2rebuild08]

Jennaalye wondering is right. Just a few words of encouragement. Never give up!!! I neglected my credit for the past 5 years. I just sat there and thought the same exact thing, that I'm done or have to wait for 7 years. Then I really want to buy a house and got directed to this board. It is so amazing. My scores went up 100 points in 1 month. So you can do it too.

By the way all, how do you apply for this crown jewlers credit card? Is it online?

[Anonymous]

I was in a similar situation, well I still am because I am currently rehabbing my SLs. The interest, penalty fees and principal total almost $80,000.

I started my credit repair 12/07. My EX score was 533 and my TU score was 481. I am not sure what EQ was back then, but as recently as June it was only 481.

Since 12/07, I have obtained the following cards: Macy's, HSBC MC, Orchard MC, BOA Secured Visa, National City Secured Visa, Target, Speigel and Newport News. The last 3 were pre-approvals.

Never in a million years would I believed that I would be where I am creditwise.

I previously felt that I was doomed to have bad credit all my life. I know that is not the case now.

I pulled my EX score yesterday and could not believe when I saw that it was 622.

I still have many collections, PRs(paid tax lien and paid judgement) and my defaulted SLs.

I have 2 more rehab payments to make before my loans are funded.

Oh yeah, plus my wages are being garnished for a small SL($2200) that I took out a few years ago. My last garnishment will be the end of Jan 09. My wages were also garnished in August for the tax lien. The state took the full amount out of one paycheck. Fortunately it was only $967.

I am really looking forward 2009 because my main SL will be out of default, the small SL will be paid in full and my car will be paid off by March.

Rebuilding my credit has been a rough journey for me, but it has been well worth it.

I hope that my experience will help you to see that you don't have to settle for having bad credit.

I have live underground for over 15 years...not being able to finance a car in my own name, barely able to get an apartment in my own name, being fired because of my bad credit or not able to get the job of my choice,not being able to rent a car or book a hotel room or buy a house. Those days are over for me.

Message Edited by purplecharm on 11-16-2008 07:39 AM

Message Edited by purplecharm on 11-16-2008 07:41 AM