topic Re: Credit update in Credit Card Applications

Credit update

EdwardMH — Sun, 15 Feb 2015 18:56:05 GMT

OK! Update!!! Just called NFCU to see what the Navcheck account was approved for and I think I will have a stroke. I got the full $15,000 @ 15.09% interest. I mentioned to the lady that I was working on my credit score and she had the following suggestion tell me what you all think please.

Instead of applying for the secured credit card attatched to my seperate savings account (you all suggested I do not need a secured card) She suggests I wait 3-6 months and apply for a secured Share Pledge Loan using that savings account which will have lower interest rate than a secured card and still report to all 3 Credit agencies. This a good idea?

Re: Credit update

Anonymous — Sun, 15 Feb 2015 19:14:27 GMT

@EdwardMH wrote:
@Anonymous! Update!!! Just called NFCU to see what the Navcheck account was approved for and I think I will have a stroke. I got the full $15,000 @ 15.09% interest. I mentioned to the lady that I was working on my credit score and she had the following suggestion tell me what you all think please.

Instead of applying for the secured credit card attatched to my seperate savings account (you all suggested I do not need a secured card) She suggests I wait 3-6 months and apply for a secured Share Pledge Loan using that savings account which will have lower interest rate than a secured card and still report to all 3 Credit agencies. This a good idea?

Congrats on the approval. And NO, that is not a good idea. You already have/had 13 installments loan on your report (the other thread) and have your car payment also reporting. What the heck will will you need a secured loan for? Remember, the lady's job at the bank is to sell you more bank products and may not have your best interest at heart.

Get that secure thought out of your head. You have 2 healthy lines and don't need anything secured tying up your money.

Re: Credit update

EdwardMH — Sun, 15 Feb 2015 19:28:35 GMT

Ok thanks, I locked into the word loan not secured so it is no different than the secured credit card you told me to get out of my head. I will do nothing else until my scores get in the 700's and credit report is clean then? I think I have enough active credit accounts to get there now. Then try for a chase or AMEX as suggested in other post.

One other thing, most of the 13 inquires were from my navy federal signature loan That I payed off, I took out a loan payed most of it had it increased with another loan rolling the balance into one, I did this several times till finally paid it off a few months ago, Is there a faster way to remove inquiries? Would it be worth while to see if Navy Federal would remove all but the latest one? And if not how long do they stay on my report?

Re: Credit update

Anonymous — Sun, 15 Feb 2015 19:33:47 GMT

@EdwardMH wrote:
Ok thanks, I locked into the word loan not secured so it is no different than the secured credit card you told me to get out of my head. I will do nothing else until my scores get in the 700's and credit report is clean then? I think I have enough active credit accounts to get there now. Then try for a chase or AMEX as suggested in other post.

One other thing, most of the 13 inquires were from my navy federal signature loan That I payed off, I took out a loan payed most of it had it increased with another loan rolling the balance into one, I did this several times till finally paid it off a few months ago, Is there a faster way to remove inquiries? Would it be worth while to see if Navy Federal would remove all but the latest one? And if not how long do they stay on my report?

@EdwardMH,

They won't remove it even if you contact them. They remain on your credit reports for 2 years. You should get your points you lost for the inquiries in 6 month and inquiries have less impact on your credit score. The main goal is for you to get comcast to remove the collection on your reports. That is very very important.

Re: Credit update

Zorasmiles — Sun, 15 Feb 2015 19:40:47 GMT

True, the CU/Bank representative will push their products as they do work for NFCU. I think perhaps if saving a few dollars over the long haul, if you're carrying balances on those secured CC's, the CU representative makes a good point. If you're only to BUILD credit, and don't feel your CURRENT CREDIT PROFILE will support a CC or unsecured personal loan with a low APR---the suggested route isn't bad if you're closing down those secured cards and using that money for the secured share loan. It's a win win. You get a little interest on the share account, you'll have access to the money you free up with payments, can increase the payment amounts to decrease the total life of the loan and create a positive trade line. It will also strengthen your banking relationship.

Now if you can acquire an unsecured CC with acceptable limits and APR--or an unsecured shared loan with an acceptable APR's, there is NO NEED to even consider the secured route. Either way, you will know what is best for you and your current situation. Always try to make sure that as a consumer you have the most accurate information that will maximize your credit experience and enhance your credit profile. Good luck.

Re: Credit update

EdwardMH — Sun, 15 Feb 2015 19:45:06 GMT

Tomorrow I can pull a fresh credit report from my USAA credit monitoring I hope it is off then, If not I plan to file a dispute giving the account number and my confirmation number and Comcast contact info requesting since the bill was paid to Comcast instead of Stellar Recovery Inc. And ask that Stellar remove it completely.

I am not sure how often MyFico updates the credit report but I am paying for monitoring.

Re: Credit update

gdale6 — Sun, 15 Feb 2015 20:00:09 GMT

Way to go, grats on your 15K NavCheck approval and the advice you have gotten on the secured share loan is sound

Re: Credit update

EdwardMH — Sun, 15 Feb 2015 21:20:16 GMT

Thanks, I might be trying too hard to build my credit, will stop now till my scores level out and most of the inquiries drop off my report.

Re: Credit update

Anonymous — Mon, 16 Feb 2015 00:40:16 GMT

Congrats!

Re: Credit update

EdwardMH — Mon, 16 Feb 2015 01:14:51 GMT

Thanks, long way to go still but nice to see progress.

Re: Credit update

EdwardMH — Mon, 16 Feb 2015 21:42:10 GMT

All 3 Scores have gone up now. Equifax from 652 to 671 (+19 points), Trans Union from 688 to 704 (+16 points), and Experian from 629 to 666 (+37 points) I pulled my credit report on USAA today the Collections account that I paid in full still has not been removed though it is lowered from $312 to $306 I have put in a dispute on Experian I did not have a lot of room to write the whole story so sent thisI hope it is enough. "Comcast paid $312.09 on 2/2/2015 account #xxxxxxxxxxxxxx confirmation #xxxxxx. Remove from account."

Re: Credit update

EdwardMH — Tue, 24 Feb 2015 14:41:48 GMT

I pulled my Free annual credit report from all 3 agencies and there are NO COLLECTIONS listed looks like Stellar Recovery has finally been pulled from my reports. I hope so. It will be next month before I can check MyFico again.