topic Re: Longtime lurker -- Now what? in Credit Card Approvals

Longtime lurker -- Now what?

skeetch — Wed, 15 Jan 2014 05:30:23 GMT

OK guys -- I have been lurking these forums for years!

I have finally decided to get my act together! My boyfriend of 3 years and I have started to get very serious and are looking to move in together at some point!

Because of your forums -- I have been able to open the following:

Macy's -- $100

Kohl's -- $300
Ann Taylor $250
Amazon -- $600
Walmart -- $500
Victoria Secret -- Origianlly opened at $350 and had it for 6 months -- CLI to $410

First Premier (have had for over a year) started at $300 and increased to $400
Capital One -- Opened for $250 and increased to $500

My CK score is 569
MyFico is 572
Walmart FICO is 616

I am assuming my scores will go up again soon as the Amazon, Ann Taylor, Kohl's and Macy's cards were opened in the last two days and will help with my utilization!

So happy to have some cards under my belt -- any tips so that I can get a Visa or Mastercard? Most of my cards are store cards

Any advice for me??

Re: Longtime lurker -- Now what?

skeetch — Wed, 15 Jan 2014 05:43:11 GMT

Also -- tried Nprdstrom and got the 7-10 day

Re: Longtime lurker -- Now what?

FinStar — Wed, 15 Jan 2014 05:51:50 GMT

Very good progress indeed! More than likely, since these appear to be newly established accounts, you would need to "garden" for a while and let these new accounts age as well as let your profile thicken up over time and let those scores recover. You may likely explore adding a major bank card around 8-12 months or so depending where you are at that point. For the time being, no more apps for new credit as this would only impact your progress/growth.

Re: Longtime lurker -- Now what?

skeetch — Wed, 15 Jan 2014 05:50:02 GMT

Any suggestions for a Visa or Mastercard? Not just a retail card?

Or maybe a card that usually gives you a high limit?

Re: Longtime lurker -- Now what?

FinStar — Wed, 15 Jan 2014 05:52:45 GMT

@skeetch wrote:
Any suggestions for a Visa or Mastercard? Not just a retail card?

Or maybe a card that usually gives you a high limit?

I edited my post above to provide some guidance. Others will chime in with some input as well.

Re: Longtime lurker -- Now what?

skeetch — Wed, 15 Jan 2014 05:58:05 GMT

Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?

Re: Longtime lurker -- Now what?

myjourney — Wed, 15 Jan 2014 06:05:19 GMT

@FinStar wrote:
Very good progress indeed! More than likely, since these appear to be newly established accounts, you would need to "garden" for a while and let these new accounts age as well as let your profile thicken up over time and let those scores recover. You may likely explore adding a major bank card around 8-12 months or so depending where you are at that point. For the time being, no more apps for new credit as this would only impact your progress/growth.

+1 garden time

~~Question your scores are low I'm trying to figure out why due to new accounts or do you have baddies?~~

EDIT.....you answered as I was typing

Re: Longtime lurker -- Now what?

FinStar — Wed, 15 Jan 2014 06:03:13 GMT

@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?

I'm not familiar with the COs as much as some of the other members are. Someone who may be more familiar with GW and how to treat those should hopefully be able to provide some guidance.

Re: Longtime lurker -- Now what?

myjourney — Wed, 15 Jan 2014 06:06:12 GMT

@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?

You have 2 options

Let age off or offer PFD

Re: Longtime lurker -- Now what?

skeetch — Wed, 15 Jan 2014 06:07:26 GMT

Yes -- I had some bad cards that are due to fall off 8/2015

They were paid on time for months and then I hit a rough patch -- I didn't know what to do and let them get charged off and hit collections.

Like I said they are now scheduled to fall off soon.

I have 100% payment history for over a year and a half with my new credit life! Also, I have a car loan for originally 21000 and it has been paid on time every month. The balance of that is almost to 16000. For the last 3.5 years my credit has been on the mend My score was waaaay lower!

Now, I have a good job and a supportive partner -- that makes all the difference!

Also -- can someone tell me exactly what gardening means?? LOL

Re: Longtime lurker -- Now what?

chosen4th — Wed, 15 Jan 2014 06:33:22 GMT

I am someone who has much experience with CO's.. If they are willing to do a PFD always do it... otherwise let them drop. Ive also found a lot of CA companies go out of business/ lose track of records/ dont have any proof of debt besides a name and address, so it doesnt hurt to try and dispute them.. when i started repairing my credit my score was under 500 (less than 2 years ago) with probably 15 baddies.. now i have 2 and im almost to 700.. i remember my first round of disputes and PFD i got rid of 8 or 9 things with barely paying a dime.. one of the greatest feelings EVER

Re: Longtime lurker -- Now what?

chosen4th — Wed, 15 Jan 2014 06:35:03 GMT

Also -- can someone tell me exactly what gardening means?? LOL

Just simply not trying to apply for any new accounts for a while. No new apps and just let the inquiry # go down.. giving your credit a break

Re: Longtime lurker -- Now what?

Creditaddict — Wed, 15 Jan 2014 08:11:18 GMT

I mean this nice but I'm frankly surprised you have been as successful with approvals as you have and you need to garden for 6 months more than me!!

the new accounts in 6 months time will bring your score up a bit probably then you can get a visa or mc but get over a 650 before applying more

Re: Longtime lurker -- Now what?

efranklin23 — Thu, 16 Jan 2014 01:59:01 GMT

@myjourney wrote:
@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?
You have 2 options
Let age off or offer PFD

Considering that COs have passed SOL for most states (3-5 years), you're better at this point just letting them fall off. Alot of creditors have slowed down recently on the PFD and you dont want to risk paying it off without an PFD as will report "Paid in Full Charged Off" which can re-age your debt. As sugested in here, I would wait till August 2015 before applying for any credit so you can have a much solid credit (no baddies and Credit History on more than 5 CCs)

Re: Longtime lurker -- Now what?

myjourney — Thu, 16 Jan 2014 03:36:32 GMT

@efranklin23 wrote:
@myjourney wrote:
@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?
You have 2 options
Let age off or offer PFD
Considering that COs have passed SOL for most states (3-5 years), you're better at this point just letting them fall off. Alot of creditors have slowed down recently on the PFD and you dont want to risk paying it off without an PFD as will report "Paid in Full Charged Off" which can re-age your debt. As sugested in here, I would wait till August 2015 before applying for any credit so you can have a much solid credit (no baddies and Credit History on more than 5 CCs)

This is not always true but can happen vs the possibility of waiting 1 1/2 for clean CR's

It all boils down to research and the CA

This is why you get an argeement for PIF before paying

Re: Longtime lurker -- Now what?

efranklin23 — Thu, 16 Jan 2014 11:40:20 GMT

@myjourney wrote:
@efranklin23 wrote:
@myjourney wrote:
@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?
You have 2 options
Let age off or offer PFD
Considering that COs have passed SOL for most states (3-5 years), you're better at this point just letting them fall off. Alot of creditors have slowed down recently on the PFD and you dont want to risk paying it off without an PFD as will report "Paid in Full Charged Off" which can re-age your debt. As sugested in here, I would wait till August 2015 before applying for any credit so you can have a much solid credit (no baddies and Credit History on more than 5 CCs)
This is not always true but can happen vs the possibility of waiting 1 1/2 for clean CR's
It all boils down to research and the CA
This is why you get an argeement for PIF before paying

That's what I was saying MYJ . I was saying to make sure you get the PFD (written in paper) or you can get the paid debt reported as Charged Off But Paid in Full which is no good.

Re: Longtime lurker -- Now what?

myjourney — Thu, 16 Jan 2014 14:19:08 GMT

@efranklin23 wrote:
@myjourney wrote:
@efranklin23 wrote:
@myjourney wrote:
@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?
You have 2 options
Let age off or offer PFD
Considering that COs have passed SOL for most states (3-5 years), you're better at this point just letting them fall off. Alot of creditors have slowed down recently on the PFD and you dont want to risk paying it off without an PFD as will report "Paid in Full Charged Off" which can re-age your debt. As sugested in here, I would wait till August 2015 before applying for any credit so you can have a much solid credit (no baddies and Credit History on more than 5 CCs)
This is not always true but can happen vs the possibility of waiting 1 1/2 for clean CR's
It all boils down to research and the CA
This is why you get an argeement for PIF before paying
That's what I was saying MYJ . I was saying to make sure you get the PFD (written in paper) or you can get the paid debt reported as Charged Off But Paid in Full which is no good.

Lol

I knew what you meant just didn't want a new member to get confused ...Lol

You were on the money tho

Re: Longtime lurker -- Now what?

efranklin23 — Fri, 17 Jan 2014 11:01:49 GMT

@myjourney wrote:
@efranklin23 wrote:
@myjourney wrote:
@efranklin23 wrote:
@myjourney wrote:
@skeetch wrote:
Thanks for your help!

Also -- in the past I had some charge offs that went also into collections -- all of these things are scheduled to fall off in Auguest of 2015.

From what I have read I should not pay on these correct?
You have 2 options
Let age off or offer PFD
Considering that COs have passed SOL for most states (3-5 years), you're better at this point just letting them fall off. Alot of creditors have slowed down recently on the PFD and you dont want to risk paying it off without an PFD as will report "Paid in Full Charged Off" which can re-age your debt. As sugested in here, I would wait till August 2015 before applying for any credit so you can have a much solid credit (no baddies and Credit History on more than 5 CCs)
This is not always true but can happen vs the possibility of waiting 1 1/2 for clean CR's
It all boils down to research and the CA
This is why you get an argeement for PIF before paying
That's what I was saying MYJ . I was saying to make sure you get the PFD (written in paper) or you can get the paid debt reported as Charged Off But Paid in Full which is no good.
Lol
I knew what you meant just didn't want a new member to get confused ...Lol
You were on the money tho

ty ty