topic Re: What can I do with this??? super bummed in Credit Cards

What can I do with this??? super bummed

kay82 — Sun, 16 Nov 2008 23:40:18 GMT

So I apped for a Target card on Fri. and was approved 200 so I was super amped ...then I was going to apply for a Macy's card but decided to pull my EX score from My Fico just in case so not to waste an inquiry and get denied and its A LOUSY 581 !!!! Im crushed

11-16-08 My Fico EX : 581

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 00:23:22 GMT

What was your score before? Based on your reaction, I am assuming your score was much higher.

Re: What can I do with this??? super bummed

score_building — Mon, 17 Nov 2008 00:23:33 GMT

kay82 - congrats on the target approval! that seems to be a really popular card.

you'll need to provide detailed background info. regarding any negative entries on your report so that folks here can assist you with specific ways you can improve your score and be eligible for the card. don't despair you couldn't have found a better place if you want solid advice on improving your fico scores.

you'll be amazed to see how many of us started where you are or worse off and now receive the best cards and lowest rates on loans due to the transformation we've had since learning more at the forums. keep the faith, help is on its way

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 00:41:04 GMT

Thanks for the replies well I remember when I applied for car loan and my score was 720 but being 19 at the time and in Armed Forces I didnt know what that meant lol....well when I separated from the service in 2004 there was a hiring freeze at my current job so I was unemployed for a year & it was a very hard year !!! currently reporting on EX. 5 CO and 5 Collections...its pretty ugly but its going down slowly but surely, a few more years left on the CO's nothing scheduled to come off anytime soon unfortunately.

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 00:42:02 GMT

But any and all advice and expertise would be greatly valued and appreciated !!!

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 00:51:40 GMT

IMHO, I wouldn't apply for any more CC. Each time your credit is pulled (unless it is by you) you lose FICO points. It can also trigger a CLD on your other cards because it gives the illusion that you are in trouble with your credit. I would attack the items that are currently in collections. Those items are probably causing the most damage to your score. When will the CO fall off your CR?

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 01:16:06 GMT

Thx Tonnie thats what I was thinking too, the CO's aren't due to start falling off until 2011 and beyond so Im going to start getting my GW's together and pray for the best unfortunately 2 of them are with Verizon ( they're a MAJOR pain to deal with) and the other 2 are still faithfully reporting so Im kind of prepping for the worst and was going to try to get more cards to keep a low UTIL on to help build but I dont want to do more damage then good ya know, so Im going to work on those that are in Coll. I know one is def. going to come off soon and it was the most recent because it was put on in error given incorrect info from the OC so Im fighting that one right now hopefully Ill get a nice jump when that comes off then Ill go from there seems like now its just going to be a waiting game for me.

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 01:50:59 GMT

Make sure you check the SOL in your state for those CO. From what I understand, the items will fall off your CR but the creditor can pursue you until the SOL runs out.

I have only read about 1 successful GW with Verizon. Hope for the best but prepare for the worse is a good approach to take when dealing with Verizon.

I understand the logic in getting more CC so that your utilization is lower; and, to help rebuild your credit. I am scared that you may be doing more harm than good because your score is so fragile. It can be a double-edged sword sometimes.

You should see an increase in your score when the item that is reporting incorrectly is removed. I'm not sure how many points you will gain but every little bit helps. I have never had any baddies on my CR so I'm not sure how much damage is done.

Just remember that a journey of a thousand miles begins with one step. Every little bit helps. Good luck, girl.

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 02:12:19 GMT

I am still within SOL for 2 of the CO's so Im trying to quietly tip toe around them and leave those sleeping dogs lying lol.... they're still with the OC and I havent heard anything but it is possible to get caught up so Im just trying to get rid of the smaller collections and hope to rebuild with new lines so that they will age along with the derogs in hopes to have some kind of decent age when the baddies do end up falling off. Before another gung ho CA buys accounts from years ago and then re-ages them to make them look like current recent debt and I have to start from square one all over again thats the problem im having now. But up until fri. its been years since I've even tried to app for anything because I knew my situation was ugly but I have a really good job and am back on my feet and got really used to paying cash for EVERYTHING so I wasnt concerned about the whole credit thing until I was denied housing into a luxury condominium complex and that burned me up inside which is why I decided to face the facts!!!!!!! but ya know these ca's buy these old accounts re-age them and its hard to fight them because even if they're 2-3 yrs. old the OC doeesn't have access to them anymore making it hard to fight anything but the amount owed not what you're actually being charged for soooooo lol.......... Congrats to you never having anything bad on your CR definitely a plus Keep up the good work you are definitely give motivation I appreciate it !!!! Thanks again

Re: What can I do with this??? super bummed

jbh — Mon, 17 Nov 2008 05:05:59 GMT

1/2 the journey to credit repair is building tradelines. I WAS in that position a few years ago and I am close to being 700 club, all things being equal. I landed first premier and then orchard with worse/equal scores.

First Premier is easier approval. Get a 2nd line and just build for 6 months/year and then call banks like Boa and ask what it takes to get a secured card. Be honest and explain your situation. By the time your baddies fall off, your score skyrockets that much more. Gain points while you can and build a history.

I WAS there, trust me. Also, dv and send GW letters if paid. When past SOL, research Past SOL letters. Just don't dispute if it's 100% accurate and you knew it to be (esp. if they do validate properly). But you do have a right to dispute. Sometimes companies report illegaly or skirt the law. Work to find ways to get it to the OC.

Be careful, honest and patient. It will work out, I promise.

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 05:15:19 GMT

I would try get a secured card, i would try bofa($29 fee $300 dep) or hsbc(no fee 1st year $200dep)

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 06:59:08 GMT

@kay82 wrote:
I am still within SOL for 2 of the CO's so Im trying to quietly tip toe around them and leave those sleeping dogs lying lol.... they're still with the OC and I havent heard anything but it is possible to get caught up so Im just trying to get rid of the smaller collections and hope to rebuild with new lines so that they will age along with the derogs in hopes to have some kind of decent age when the baddies do end up falling off. Before another gung ho CA buys accounts from years ago and then re-ages them to make them look like current recent debt and I have to start from square one all over again thats the problem im having now. But up until fri. its been years since I've even tried to app for anything because I knew my situation was ugly but I have a really good job and am back on my feet and got really used to paying cash for EVERYTHING so I wasnt concerned about the whole credit thing until I was denied housing into a luxury condominium complex and that burned me up inside which is why I decided to face the facts!!!!!!! but ya know these ca's buy these old accounts re-age them and its hard to fight them because even if they're 2-3 yrs. old the OC doeesn't have access to them anymore making it hard to fight anything but the amount owed not what you're actually being charged for soooooo lol.......... Congrats to you never having anything bad on your CR definitely a plus Keep up the good work you are definitely give motivation I appreciate it !!!! Thanks again

If you are still within your legal SOL for these debts, becareful if you are not prepared to PAY or DEFEND. Thinking the OC doesn't have access to an account charged off 2-3 years ago is not the best way to think. Many ccc's can dig up records from decades ago! Sometimes a CA *may* not have access to them, but that's a different issue. Just becareful with this as it can potentially lead to lawsuits, which can be more detrimental to your credit if you were to have a judgement issued against you.

You should look into getting a secured card with a local CU or with Bank of America. BoA offer's a really good program and are one of the most talked about on this board.

Good luck in rebuilding! It can be done, just keep working on it and reading here.

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 18:30:57 GMT

Thanks so much everybody for the positive feedback, I do have a secured cc from Union bank no AF that Ive maintained with no lates etc. for 1 year limit 500 basically whatever I put on it and I have 2 vehicle loans out right now so Im rebuilding Slowly as far as the 2 accts. that Im still within the SOL for one is a Voluntary reposession do you think they will try to sue since I willfully gave them back their piece of junk car or should I try to settle with them?

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 18:43:23 GMT

You can start a thread over in rebuilding if you want to address the baddies. I've never had a repo but I am sure they could sue for whatever they would still be due on the car.

If they are not actively pursuing you and you don't have the money to settle, then I would lay low. It's really up to you to decide how to handle it. Since you are opening new accounts, some CA's monitor any activity and improvements to your credit. I suggest getting a daily monitoring service so you can watch for any pulls they may start doing, like True Credit. If you are working on credit repair, then this service would come in handy anyway.

Re: What can I do with this??? super bummed

Anonymous — Mon, 17 Nov 2008 22:28:24 GMT

If the car is sold for less than the balance owed on the loan, you are liable for the difference. Whether the repo is voluntary or involuntary is irrelevant. Your credit will be damaged even more if you are taken to court and a judgement is ordered against you. Has the creditor told you how much you owe? If so, I would try to pay it off before you are taken to court-unless you have a lemon law in your state. Then, it might be worth fighting in the courts. You would have the burden of proving the car was a hunk of junk. Also, you are required to show proof that you made the seller aware of the mechanical defects but you were ignored. I won a case against a car dealership in Killeen, TX that sold me a lemon. It was an easy case to prove because I kept detailed records.

Re: What can I do with this??? super bummed

kay82 — Mon, 17 Nov 2008 23:32:53 GMT

Wow...that really sux, yes I tried to go after them with the lemon law but in California you only have 30 days go figure?? BB value of the car was waaayyy less than what the balance was so Im definitely going to try and just wait it out I think this is the last year that it is within SOL so well see what happens... I do have TC and I refresh it everyday just to catch anything that pops up and attempt to deal with it as promptly as possible

Re: What can I do with this??? super bummed

Anonymous — Tue, 18 Nov 2008 19:16:57 GMT

I thought it was the law to notify you by certified mail how much the car was sold for at auction.

The blue book has no relevance once the car goes to auction. The creditor accepts the highest bid placed on the POV. It is shameful how low the opening bids are.

Keep checking on the situation. Maybe with some luck, you can remain under the radar until the SOL runs out. I'll keep my fingers crossed for you.