topic Re: Where do I go from here? in Credit Card Applications

Where do I go from here?

Anonymous — Fri, 02 Jan 2015 15:25:38 GMT

Equifax is 740. Transunion is 772. Experian is 792.

$1500 secured 2007

$6500 Unsecured Dec. 2014

$10k LOC Dec. 2014

ZERO balances.

Looking for the slow burn. I know it can't be fixed in a month.

Still:

1) "No recent non-mortage balance information."

2) "Too few accounts currently paid as agreed."

3) "Lack of recent retail account information."

4) "Length of time revolving accounts have been established."

Considering:

1) Cards like Barclay Arrival+, Chase Sapphire Preferred, Discover IT.

2) Carrying <20% balance on something.

3) Giving myself a small installment loan and pay back over 6 months.

4) Giving myself a small revolving loan from my LOC.

5) Must I really get a retail credit card to increase my score?

Any advise is appreciated.

Re: Where do I go from here?

Anonymous — Fri, 02 Jan 2015 15:39:02 GMT

Cards you are considering: Go for it! I think you will get them.

Re: Where do I go from here?

uswala — Fri, 02 Jan 2015 15:45:04 GMT

@Anonymous wrote:
Cards you are considering: Go for it! I think you will get them.

+1.

You should not have any issues considering the scores you have.

Re: Where do I go from here?

TRC_WA — Fri, 02 Jan 2015 16:58:34 GMT

Don't worry, if the OP isn't satisified with the answers you give he'll post the same thread in other subforums like he has multiple times already.

He neglected to mention in this thread that he's posting EX FAKO scores.

http://ficoforums.myfico.com/t5/Bankruptcy/Collections-restart-after-BK/td-p/3716988

http://ficoforums.myfico.com/t5/Credit-Cards/Recovery-in-site-what-next/td-p/3701503

Re: Recovery in site - what next??

gdale6 — Tue, 23 Dec 2014 04:42:52 GMT

I will advise you to disregard those scores from EX they are FAKOs, the Experian Plus Score model and no creditor uses it for approving credit. There are some cards you can get that will give you a true FICO score:

EX: First National Bank of Omaha gives Fico 8 Bankcard every month

TU: Barclays, Discover, Walmart gives generic Fico 8

EQ: DCU either a savings CC combo or checking & savings combo (not sure of the Fico model given).

Welcome to the board

Re: Recovery in site - what next??

compassion101 — Tue, 23 Dec 2014 07:45:47 GMT

@Anonymous wrote:
Barclay Arrival plus World Elite
Chase Sapphire Preferred

Any advise?

That's like a grand in bonus travel rewards for those 2 cards once you spend 3k over 3 months on each. I'd get those

Re: Recovery in site - what next??

coldnmn — Tue, 23 Dec 2014 12:59:45 GMT

FYI if you pay AMEX after bankruptcy you are obligated to pay everyone off. You can't pick and chose, so thread very carefully. Manufactured spend not allowed to discuss on the forum.

Re: Recovery in site - what next??

Anonymous — Tue, 23 Dec 2014 14:18:29 GMT

@cold, Unless it's in a negative light of course.

Re: Recovery in site - what next??

Callandra — Tue, 23 Dec 2014 16:57:10 GMT

@coldnmn wrote:
FYI if you pay AMEX after bankruptcy you are obligated to pay everyone off. You can't pick and chose, so thread very carefully.

Really? I've never heard this before...would other creditors know if you paid Amex off?

Re: Recovery in site - what next??

Anonymous — Tue, 23 Dec 2014 16:59:50 GMT

@Callandra wrote:
@coldnmn wrote:
FYI if you pay AMEX after bankruptcy you are obligated to pay everyone off. You can't pick and chose, so thread very carefully.
Really? I've never heard this before...would other creditors know if you paid Amex off?

You think they won't be looking?

It's like probation or parole.

Re: Recovery in site - what next??

ojefferyo — Tue, 23 Dec 2014 17:43:42 GMT

They will know the minute you pay them and they will start their collections and calling all over

Re: Recovery in site - what next??

Anonymous — Fri, 02 Jan 2015 14:29:11 GMT

Thanks for the feedback everyone.

Start collections over again?

Isn't that illegal after a bankruptcy has been declared? Each creditor is banned from attempting to collect.

Please explain further....

So the Experian credit watch product is crap?

Today I have a 743(Eq) 772(T) 792(Ex)

Despite a good score and nothing negative... I stil l have some things holding me back.

1) "No recent non-mortage balance information."

2) "Too few accounts currently paid as agreed."

3) "Lack of recent retail account information."

4) "Length of time revolving accounts have been established."

How do I mitigate these?

I have a 10k personal LOC, a $1500 secured card, a $6500 unsecured card. ZERO balances.

Should I buy some stuff?

Perhaps give myself a small loan and pay it back over a few months?

I don't think carrying a balance over to prove payment should be part of the "solution"

Nor should getting a "retail" card of any kind.

Thanks for the info on the credit cards. I agree. Just have to wait for each so I can hit the spend.

Re: Recovery in site - what next??

TRC_WA — Fri, 02 Jan 2015 15:03:39 GMT

@Anonymous wrote:
Thanks for the feedback everyone.

Start collections over again?
Isn't that illegal after a bankruptcy has been declared? Each creditor is banned from attempting to collect.
Please explain further....

So the Experian credit watch product is crap?
Today I have a 743(Eq) 772(T) 792(Ex)

Despite a good score and nothing negative... I stil l have some things holding me back.
1) "No recent non-mortage balance information."
2) "Too few accounts currently paid as agreed."
3) "Lack of recent retail account information."
4) "Length of time revolving accounts have been established."

How do I mitigate these?
I have a 10k personal LOC, a $1500 secured card, a $6500 unsecured card. ZERO balances.
Should I buy some stuff?
Perhaps give myself a small loan and pay it back over a few months?
I don't think carrying a balance over to prove payment should be part of the "solution"
Nor should getting a "retail" card of any kind.

Thanks for the info on the credit cards. I agree. Just have to wait for each so I can hit the spend.

1) Not carrying a balance counts against you. You want 1 card reporting a 1-9% balance with the rest at $0 for optimum FICO scoring. Speaking of that, do you know your FICO scores... not the FAKO scores from EX?

2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?

3) You don't have a store CC account? 3 revolving CC accounts would help your scores.

4) Your non-secured accounts are new. You need to let them age.

Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.

Re: Recovery in site - what next??

Anonymous — Fri, 02 Jan 2015 15:06:44 GMT

@Anonymous wrote:
Thanks for the feedback everyone.

Start collections over again?
Isn't that illegal after a bankruptcy has been declared? Each creditor is banned from attempting to collect.
Please explain further....

So the Experian credit watch product is crap?
Today I have a 743(Eq) 772(T) 792(Ex)

Despite a good score and nothing negative... I stil l have some things holding me back.
1) "No recent non-mortage balance information."
2) "Too few accounts currently paid as agreed."
3) "Lack of recent retail account information."
4) "Length of time revolving accounts have been established."

How do I mitigate these?
I have a 10k personal LOC, a $1500 secured card, a $6500 unsecured card. ZERO balances.
Should I buy some stuff?
Perhaps give myself a small loan and pay it back over a few months?
I don't think carrying a balance over to prove payment should be part of the "solution"
Nor should getting a "retail" card of any kind.

Thanks for the info on the credit cards. I agree. Just have to wait for each so I can hit the spend.

Within the past week or so Experian.com has started giving real fico scores so you should be okay to stick with one of their products if that's what you have.

Re: Recovery in site - what next??

NRB525 — Fri, 02 Jan 2015 15:08:54 GMT

I don't know the specifics of BK, but it seems likely if they tried to close that box you don't want to go prying off the lid. Thus, no paying AMEX is good advice.

You may like Delta SkyMiles, so just maintain a Delta SkyMiles account. The AMEX Delta card is not necessary to do that.

As for next steps, you have two decent cards, PenFed in particular, so just work with that, put regular groceries and gas spend on it and PIF. Time is your friend. And "Carrying A Balance" can mean just letting the monthly statement print with the current month charges, then PIF by the statement date.

A CU LOC is a possibility. I opened one a few months ago for no other reason than to get a 'Term Loan" on my CR. I have a mortgage already, this just rounds out the types of credit. Paying it back from the cash draw.

Good luck!

Despite decent scores - Negatives holding me back.

Anonymous — Fri, 02 Jan 2015 14:38:51 GMT

CH7 gone in May 2014.

Experian credit watch

743(Eq) 772(T) 792(Ex)

$1500 secured (2007)

$6500 unsecured Visa Platinum (Dec 2014)

$10,000 Personal LOC (Dec 2014)

I never carry a balance.

Considering a few more cards... dif thread.

*could not increase LOC futher due to the following.

Despite a good score and nothing negative... I have some things holding me back.

1) "No recent non-mortage balance information."

2) "Too few accounts currently paid as agreed."

3) "Lack of recent retail account information."

4) "Length of time revolving accounts have been established."

What is the best way to address each of these?

Re: Despite decent scores - Negatives holding me back.

TRC_WA — Fri, 02 Jan 2015 14:57:53 GMT

2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?

3) You don't have a store CC account? 3 revolving CC accounts would help your scores.

4) Your non-secured accounts are new. You need to let them age.

Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.

Re: Despite decent scores - Negatives holding me back.

Anonymous — Fri, 02 Jan 2015 15:08:37 GMT

1-9% with one of them. interesting. Which? The CC or LOC? Does it matter?

Would giving myself a small loan help (revolving or installment)?

I've been considering a CC that give scores. Is getting a MyFICO product better than the Experian monitoring product?

What's the best way to monitor true scores nowadays?

2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?

Nope, Clear, Nope.

3) You don't have a store CC account? 3 revolving CC accounts would help your scores.

No retail credit cards. Got any suggestions? I was going to AVOID those as the rewards are tied to just the store.

I've read (way in the past) where retail cards hurt more than (visa/mastercard) would because they are retail.

4) Your non-secured accounts are new. You need to let them age.

Right...Figured.

Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.

Marathon. Agreed.

Thanks for the feedback!

Re: Despite decent scores - Negatives holding me back.

TRC_WA — Fri, 02 Jan 2015 16:14:17 GMT

@Anonymous wrote:
1) Not carrying a balance counts against you. You want 1 card reporting a 1-9% balance with the rest at $0 for optimum FICO scoring. Speaking of that, do you know your FICO scores... not the FAKO scores from EX?
1-9% with one of them. interesting. Which? The CC or LOC? Does it matter? The CC.
Would giving myself a small loan help (revolving or installment)? Having an installment loan helps your profile.
I've been considering a CC that give scores. Is getting a MyFICO product better than the Experian monitoring product? IMHO yes.
What's the best way to monitor true scores nowadays? I use MyFICO 3 Bureau monitoring.. $19.95 a month.

2) Do you have any old IIB accounts reporting late payments? Is your report free and clear? Do you have any lates now?
Nope, Clear, Nope. Not sure why you would get that denial then.

3) You don't have a store CC account? 3 revolving CC accounts would help your scores.
No retail credit cards. Got any suggestions? I was going to AVOID those as the rewards are tied to just the store.
I've read (way in the past) where retail cards hurt more than (visa/mastercard) would because they are retail. Yes that's true... which is why I avoid toy limit store cards like Target, Gap, Buckle... etc.. etc.. etc... I have 3 store cards, Nordstrom, Best Buy, Walmart. I shop regularly at the first 2, rarely at Walmart. Still, I have them because they can be upgraded to MC/VISA down the road.

4) Your non-secured accounts are new. You need to let them age.
Right...Figured.

Credit rebuilding is a marathon... not a race. 18 months ago I started with a single $1000 CapOne card... and now I have $40k in cards.
Marathon. Agreed.

Thanks for the feedback!

Good luck.

Re: Despite decent scores - Negatives holding me back.

Anonymous — Fri, 02 Jan 2015 16:49:20 GMT

Do those retail cards need to be strictly for THOSE stores? and not a visa/mastercard?

Hmm..So then..

a SEARS card...not a Sears Visa/Mc

an Amazon card...not Amazon Visa/Mc

I wonder what the best ones are for that?

Gas cards?

Best Buy and Walmart seem worth investigating.