topic Re: Best Cards for Me??? in Credit Card Applications

Best Cards for Me???

Charmante — Tue, 10 Mar 2020 03:06:59 GMT

I am working hard to rebuild my credit but I am feeling as if it's not working as quickly as it should be.

I have ZERO debt. NO inquiries. Annual income slightly under $100,000.

I have only two credit cards. Both Capital One Platinum. One is 3 years old. One is 4 years old. One is NEVER LATE. One had a 90 day late one time.

The only negatives are 5 charged off student loans from 7 years ago (they delete next month), a Sprint charge off from 6 years ago for $1,800, and a small $400 medical bill which is 5 years old.

No bankruptcies, liens, or judgements.

BUT my scores are still LOW... 605-630 across board...

AND NO ONE WILL APPROVE ME... I applied (through SP) for an Auto Loan through Carvana; CC's through BofA, Discover, Citi, etc...

Help me please...

Where should I apply?

Who WILL Approve Me?

Also -- what are some suggestions to increase my scores?

Thank you all SO much for your help and guidance.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:07:45 GMT

Capital One check for upgrade link

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:09:51 GMT

You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:11:07 GMT

Early Exclusion:

7 year (plus 180 days) mark is the DoFD exclusion date. You can request for EE Early Exclusion on your derogatory / delinquency from:

TransUnion - 6 months early.

Experian - 3 months early.

Equifax - 1 month early. I would not recommend requesting EE. Let derogatory / delinquency fall off naturally.

Call up TransUnion . Front line csr may be able to assist. If not, request to speak with a supervisor to have the delinquency / derogatory removed. You may not see a score improvement until the last late is removed. However, since EE request is a simple process might as well take advantage of it.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:12:40 GMT

@gdale6wrote:
You want to settle anything that is updating monthly first, these updates keep your fico score from moving up. For the CAs you try the PFD if they do not already have a stated deletion policy like PRA and Midland have.

There are some extra things that can be done with those medicals
Medical collections are some of the easiest to get removed from your CRs, here are the steps that you should follow to address them:

1. Call the OC and see if insurance can be billed, (or-rebilled), collections ultimately paid by insurance get removed per new rules that came from CRAs settlement with 22 state AGs. If not then
2. see if you qualify for Charity Care, if not then
3. ask that they recall the collection in exchange for full payment
4. Send the reporting CA a PFD offer
5. Google the HIPAA Process and contact its creator for help, this process cannot be discussed in any forum of myFico.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:18:31 GMT

@Charmante wrote:
Where should I apply?
Who WILL Approve Me?

Also -- what are some suggestions to increase my scores?

Save the hard pulls. As you've experienced, you're getting denials.

Best to strategize and come up with a course of action.

I would recommend cleaning your credit report as best as possible to increase your scores.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:23:49 GMT

After you've cleaned up your report, for that 90 day delinquency, write a good will letter or send email to CEO.

The Saturation Technique: Best GW adjustment odds.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 03:24:51 GMT

@Charmante. Welcome to the community.

Re: Best Cards for Me???

Anonymous — Tue, 10 Mar 2020 08:58:11 GMT

Those chargeoffs, are they paid? It seems to me based on your scores that they are not. If you've left chargeoffs unpaid for that long, it would easily explain the scores and the denials.

Re: Best Cards for Me???

Anonymous — Tue, 10 Mar 2020 10:58:49 GMT

Get a secured credit card. Make ontime payments. Stay away from that low hanging fruit of credit cards which I will not name but preys on people with bad credit. Never heard of student loans dropping off after 7 years......must be private loans Gov't loans only drop off after death

Re: Best Cards for Me???

Charmante — Tue, 10 Mar 2020 12:10:48 GMT

Wow thanks you all. A lot of this info is very helpful.

The upgrade link upgraded my Platinum Capital One to a QS.

You all are correct, all of the few chargeoffs I have ARE UNPAID...

I wasn't aware Paid v.s UNPAID were a significant difference...? I assumed "A chargeoff is a chargeoff.". Lol

So since they are only a year from falling off, would the improvement gained be worth spending the few thousand to pay them off?

ANY SUGGESTIONS as to banks which may approve a 620? Good banks -- not First Premier types.

Re: Best Cards for Me???

addicted_to_credit — Tue, 10 Mar 2020 12:16:36 GMT

@Charmante wrote:
I am working hard to rebuild my credit but I am feeling as if it's not working as quickly as it should be.

I have ZERO debt. NO inquiries. Annual income slightly under $100,000.

***You do unless all of the items listed below are paid in full.***

I have only two credit cards. Both Capital One Platinum. One is 3 years old. One is 4 years old. One is NEVER LATE. One had a 90 day late one time. ***This is a major reason here.....it's a big deal to a potential creditor......***

The only negatives are 5 charged off student loans from 7 years ago (they delete next month), a Sprint charge off from 6 years ago for $1,800, and a small $400 medical bill which is 5 years old.

***All very good examples of reasons a creditor will not grant you a card***
No bankruptcies, liens, or judgements.

BUT my scores are still LOW... 605-630 across board...

AND NO ONE WILL APPROVE ME... I applied (through SP) for an Auto Loan through Carvana; CC's through BofA, Discover, Citi, etc...

Help me please...

Where should I apply? You should not
Who WILL Approve Me? No one you'd want to do business with long term

Also -- what are some suggestions to increase my scores?

Thank you all SO much for your help and guidance.

I don't want to seem like a jerk and I've debated on replying to the thread... With that said you've listed 8 excellent reasons why you should not be approved for anything at this time. You should just cool your jets and let what's close to aging off your CR's just age off. See if you can pay for delete the rest of the baddies. If not then you'll be playing the waiting list game until it all comes off. In term of lates the only thing worse than the 90 day is a 120 day late.

Re: Best Cards for Me???

seattletravels — Tue, 10 Mar 2020 12:39:10 GMT

@Charmante wrote:
I am working hard to rebuild my credit but I am feeling as if it's not working as quickly as it should be.

I have ZERO debt. NO inquiries. Annual income slightly under $100,000.

I have only two credit cards. Both Capital One Platinum. One is 3 years old. One is 4 years old. One is NEVER LATE. One had a 90 day late one time.

The only negatives are 5 charged off student loans from 7 years ago (they delete next month), a Sprint charge off from 6 years ago for $1,800, and a small $400 medical bill which is 5 years old.

No bankruptcies, liens, or judgements.

BUT my scores are still LOW... 605-630 across board...

AND NO ONE WILL APPROVE ME... I applied (through SP) for an Auto Loan through Carvana; CC's through BofA, Discover, Citi, etc...

Help me please...

Where should I apply?
Who WILL Approve Me?

Also -- what are some suggestions to increase my scores?

Thank you all SO much for your help and guidance.

I know it can feel like you aren't moving thr before, but remember, it took a long time to put you in a bad credit situation, it's going to take a while to get out of it.

You've just listed 8 major derogatory items on your credit report that are going to scare any lender. You either need to work with the existing lenders to pay your debts, pay for delete, goodwill remove derogs, etc or you need to wait for these items to age off. No one is giving you credit with these items in your credit report.

Re: Best Cards for Me???

AllZero — Tue, 10 Mar 2020 21:20:19 GMT

Congratulations on your product upgrade!