topic Re: New here - Need Advice! in Credit Cards

New here - Need Advice!

Anonymous — Thu, 12 May 2016 16:17:27 GMT

Hi to everyone! I have stalked the myFico boards (for longer than I care to admit) whenever I needed advice on cleaning up/repairing my credit. So a little back story... I'm divorced... Found out in October 2014, when attempting to buy a new car, that my ex-husband had essentially destroyed my credit; he had opened 2 Cap One cards in my name and tons of medical collection accounts (both of our boys had multiple health problems from birth forward). When it's up to me to pay bills that I am aware of, they're always paid on time. I know I should have been more aware of my finances and credit etc but I was a stay at home mom to 2 medically fragile kids - so all of that was the least of my worries. So when the dealership pulled my CR, not only was I hit with all of the above but my CS was 506. So I went into "how do I fix this" mode and started stalking y'all

I did the following:

Started tracking everything with CK (bc it was free)
Cap One card $1500 limit - it was over the limit by $317 (so $1817) and had lots of late pays --- I have the balance down to $339 and it will be paid off by mid June
Cap One card $300 limit - was charged off by the time I discovered it --- I immediately paid the full balance
I sent an email to Cap One Exec office explaining my back story, etc - they were really nice and tried to get the CO removed but were unable to. They did however credit the $1500 card for some late fees from when he started not paying it.
I disputed as many of the CA as I could - I was able to get almost all of them successfully removed! The only ones remaining on my EX and TU reports are $587 to Children's Hospital (unpaid) and $846 to another hospital (paid). I tried to get the Children's Hospital removed because my ex is the guarantor and the insured but I guess because I took them to the hospital, I am responsible? They've been very difficult to say the least.

I have quite a bit in student loan debt ($65K) - I am on an income driven repayment plan and make all my payments on time.

According to CapOne credit tracker, my TU score is 661. Today I officially joined myFico and ordered my EQ and TU reports. My TU is 626 and EQ 623 according to Fico 8 score. I've had a VS card since 11/2012. I've probably made some newbie mistakes along the way. Back in Feb (2016), in order to decrease my util%, I took advantage of the SCT with Comenity and opened store cards. VS Card has a $990 CL (owe $122 - PIF today)

Loft $500 CL (owe $99 - PIF today)
HSN $750 CL
Express $500 CL
Venus $500 CL
JCrew $250 CL

I had to have surgery in late March so I opened a CareCredit account for $9800 (12 months 0% interest) --- amount charged was $9745. I paid $4745 in April --- current balance is $5000. Hoping to have it PIF by August latest.

I've banked with Chase for close to 10 years... I've NEVER pre-qual'd on Chase's website for a card. Yesterday, as I do every few weeks, I plugged in my info and up popped Freedom and Slate. I was excited because it makes me feel like all the work I've done has paid off. Buuuuuut I know Chase has the 5/24 rule... so here are my questions:

Is it worth app'ing, specifically in branch, for the Freedom card? Will I automatically get denied because of the store cards?
Are there any other credit cards you recommend for me app'ing for? I would like to have just one actual major credit card (vs store cards).
Is it easier to get a credit card through a local credit union? In March, I opened a savings and checking account (both have maybe $10 in each) with Essential Federal Credit Union (I live in Louisiana)
Do you have any other advice, info, etc you would like to share?

Thanks for making it through this mini novel - this forum has been phenomenal in helping me rebuild!

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 16:33:34 GMT

Thank you so much for sharing you story. It is great to see that you have been working hard to get your credit and finances back on track. As a recent divorcee myself I can totally relate. My finances and credit were a mess after my ex an I split in 2011. Our divorce was finalized last year.

I think you should hold off on applying for the Chase credit cards - only because you may be approved but for a very low CL due to your scores. Let your scores grow to high 600's or low 700's. The 5/24 rule does apply but I have seen some exceptions made for a few ppl here on MyFico.

Capital One seems to be very forgiving so you may want to see if you pre-qualify for any of their other cards. I had a secured card with them since 2012 and for most of 2015 I was over the credit limit. I paid the card down to 10% utilization in February 2016. I checked the pre-qualification site and the Quicksilver One card came up. I applied and was approved for $3k CL. After this approval I checked the pre-qualification site weekly and nothing came up until April 2016. I was then pre-qualified for the Venture card. I applied and was approved for $15k. And since this time I have upgraded my Quicksilver One to the Quicksilver so no annual fee!!

Your local credit union may also be a good option. I have no experience but have seen others recommend this option here on MyFico.

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 16:41:56 GMT

@Anonymous wrote:
Thank you so much for sharing you story. It is great to see that you have been working hard to get your credit and finances back on track. As a recent divorcee myself I can totally relate. My finances and credit were a mess after my ex an I split in 2011. Our divorce was finalized last year.

I think you should hold off on applying for the Chase credit cards - only because you may be approved but for a very low CL due to your scores. Let your scores grow to high 600's or low 700's. The 5/24 rule does apply but I have seen some exceptions made for a few ppl here on MyFico.

Capital One seems to be very forgiving so you may want to see if you pre-qualify for any of their other cards. I had a secured card with them since 2012 and for most of 2015 I was over the credit limit. I paid the card down to 10% utilization in February 2016. I checked the pre-qualification site and the Quicksilver One card came up. I applied and was approved for $3k CL. After this approval I checked the pre-qualification site weekly and nothing came up until April 2016. I was then pre-qualified for the Venture card. I applied and was approved for $15k. And since this time I have upgraded my Quicksilver One to the Quicksilver so no annual fee!!

Your local credit union may also be a good option. I have no experience but have seen others recommend this option here on MyFico.

Good advice...

Re: New here - Need Advice!

gdale6 — Thu, 12 May 2016 16:43:26 GMT

Hi there OP and welcome to myFico

I have removed your cross post on this from the apps forum. Please do not do this in the future as it can lead to confusion by the members and it isnt inline with our TOS. I thank you for your understanding on this.

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 16:47:28 GMT

Sorry about that! I meant to remove the one from Credit Card Apps but got side tracked ---- I posted there first but then figured this forum was likely more appropriate! Thanks

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 16:53:10 GMT

@Anonymous wrote:
Thank you so much for sharing you story. It is great to see that you have been working hard to get your credit and finances back on track. As a recent divorcee myself I can totally relate. My finances and credit were a mess after my ex an I split in 2011. Our divorce was finalized last year.

I think you should hold off on applying for the Chase credit cards - only because you may be approved but for a very low CL due to your scores. Let your scores grow to high 600's or low 700's. The 5/24 rule does apply but I have seen some exceptions made for a few ppl here on MyFico.

Capital One seems to be very forgiving so you may want to see if you pre-qualify for any of their other cards. I had a secured card with them since 2012 and for most of 2015 I was over the credit limit. I paid the card down to 10% utilization in February 2016. I checked the pre-qualification site and the Quicksilver One card came up. I applied and was approved for $3k CL. After this approval I checked the pre-qualification site weekly and nothing came up until April 2016. I was then pre-qualified for the Venture card. I applied and was approved for $15k. And since this time I have upgraded my Quicksilver One to the Quicksilver so no annual fee!!

Your local credit union may also be a good option. I have no experience but have seen others recommend this option here on MyFico.

Thanks for your advice! I just want to go on the route that's most likely going to yield an approval I don't want to waste a HP and lose a few points if one route is unlikely... Cap One shows the Platinum as pre-qual'd offer and QS One as "suggested" --- thoughts?

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 17:02:55 GMT

@Anonymous wrote:
Hi to everyone! I have stalked the myFico boards (for longer than I care to admit) whenever I needed advice on cleaning up/repairing my credit. So a little back story... I'm divorced... Found out in October 2014, when attempting to buy a new car, that my ex-husband had essentially destroyed my credit; he had opened 2 Cap One cards in my name and tons of medical collection accounts (both of our boys had multiple health problems from birth forward). When it's up to me to pay bills that I am aware of, they're always paid on time. I know I should have been more aware of my finances and credit etc but I was a stay at home mom to 2 medically fragile kids - so all of that was the least of my worries. So when the dealership pulled my CR, not only was I hit with all of the above but my CS was 506. So I went into "how do I fix this" mode and started stalking y'all

I did the following:
Started tracking everything with CK (bc it was free)
Cap One card $1500 limit - it was over the limit by $317 (so $1817) and had lots of late pays --- I have the balance down to $339 and it will be paid off by mid June
Cap One card $300 limit - was charged off by the time I discovered it --- I immediately paid the full balance
I sent an email to Cap One Exec office explaining my back story, etc - they were really nice and tried to get the CO removed but were unable to. They did however credit the $1500 card for some late fees from when he started not paying it.
I disputed as many of the CA as I could - I was able to get almost all of them successfully removed! The only ones remaining on my EX and TU reports are $587 to Children's Hospital (unpaid) and $846 to another hospital (paid). I tried to get the Children's Hospital removed because my ex is the guarantor and the insured but I guess because I took them to the hospital, I am responsible? They've been very difficult to say the least.
I have quite a bit in student loan debt ($65K) - I am on an income driven repayment plan and make all my payments on time.
According to CapOne credit tracker, my TU score is 661. Today I officially joined myFico and ordered my EQ and TU reports. My TU is 626 and EQ 623 according to Fico 8 score. I've had a VS card since 11/2012. I've probably made some newbie mistakes along the way. Back in Feb (2016), in order to decrease my util%, I took advantage of the SCT with Comenity and opened store cards. VS Card has a $990 CL (owe $122 - PIF today)
Loft $500 CL (owe $99 - PIF today)
HSN $750 CL
Express $500 CL
Venus $500 CL
JCrew $250 CL
I had to have surgery in late March so I opened a CareCredit account for $9800 (12 months 0% interest) --- amount charged was $9745. I paid $4745 in April --- current balance is $5000. Hoping to have it PIF by August latest.

I've banked with Chase for close to 10 years... I've NEVER pre-qual'd on Chase's website for a card. Yesterday, as I do every few weeks, I plugged in my info and up popped Freedom and Slate. I was excited because it makes me feel like all the work I've done has paid off. Buuuuuut I know Chase has the 5/24 rule... so here are my questions:

Is it worth app'ing, specifically in branch, for the Freedom card? Will I automatically get denied because of the store cards?
Are there any other credit cards you recommend for me app'ing for? I would like to have just one actual major credit card (vs store cards).
Is it easier to get a credit card through a local credit union? In March, I opened a savings and checking account (both have maybe $10 in each) with Essential Federal Credit Union (I live in Louisiana)
Do you have any other advice, info, etc you would like to share?
Thanks for making it through this mini novel - this forum has been phenomenal in helping me rebuild!

Do you still have the 1500 credit limit card with capital one? When was the 300 card charges off? If it's recent and haven't been over a year for all the lates and charge off would be hard to get new card. Unless you go with secured card. Which you might need to even if you get a 500 secured card. If possible get 3 credit card not store card. You can try for chase freedom. I got chase freedom with a sub 600 think it was 605 or something but at time I had 3 cap one card and a car loan and all was paid on time oldest was 7 months or so and newest was 2 months. Chase started my limit at 2500 was increased to 8400 under 2 months.

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 17:04:48 GMT

@Anonymous wrote:
@Anonymous wrote:
Thank you so much for sharing you story. It is great to see that you have been working hard to get your credit and finances back on track. As a recent divorcee myself I can totally relate. My finances and credit were a mess after my ex an I split in 2011. Our divorce was finalized last year.

I think you should hold off on applying for the Chase credit cards - only because you may be approved but for a very low CL due to your scores. Let your scores grow to high 600's or low 700's. The 5/24 rule does apply but I have seen some exceptions made for a few ppl here on MyFico.

Capital One seems to be very forgiving so you may want to see if you pre-qualify for any of their other cards. I had a secured card with them since 2012 and for most of 2015 I was over the credit limit. I paid the card down to 10% utilization in February 2016. I checked the pre-qualification site and the Quicksilver One card came up. I applied and was approved for $3k CL. After this approval I checked the pre-qualification site weekly and nothing came up until April 2016. I was then pre-qualified for the Venture card. I applied and was approved for $15k. And since this time I have upgraded my Quicksilver One to the Quicksilver so no annual fee!!

Your local credit union may also be a good option. I have no experience but have seen others recommend this option here on MyFico.
Thanks for your advice! I just want to go on the route that's most likely going to yield an approval I don't want to waste a HP and lose a few points if one route is unlikely... Cap One shows the Platinum as pre-qual'd offer and QS One as "suggested" --- thoughts?

If cap one shows pre qualify apply for it and apply for other one right after. You should get both with a starting limit between 300-1000 for each

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 17:18:52 GMT

@Anonymous wrote:
@Anonymous wrote:
Hi to everyone! I have stalked the myFico boards (for longer than I care to admit) whenever I needed advice on cleaning up/repairing my credit. So a little back story... I'm divorced... Found out in October 2014, when attempting to buy a new car, that my ex-husband had essentially destroyed my credit; he had opened 2 Cap One cards in my name and tons of medical collection accounts (both of our boys had multiple health problems from birth forward). When it's up to me to pay bills that I am aware of, they're always paid on time. I know I should have been more aware of my finances and credit etc but I was a stay at home mom to 2 medically fragile kids - so all of that was the least of my worries. So when the dealership pulled my CR, not only was I hit with all of the above but my CS was 506. So I went into "how do I fix this" mode and started stalking y'all

I did the following:
Started tracking everything with CK (bc it was free)
Cap One card $1500 limit - it was over the limit by $317 (so $1817) and had lots of late pays --- I have the balance down to $339 and it will be paid off by mid June
Cap One card $300 limit - was charged off by the time I discovered it --- I immediately paid the full balance
I sent an email to Cap One Exec office explaining my back story, etc - they were really nice and tried to get the CO removed but were unable to. They did however credit the $1500 card for some late fees from when he started not paying it.
I disputed as many of the CA as I could - I was able to get almost all of them successfully removed! The only ones remaining on my EX and TU reports are $587 to Children's Hospital (unpaid) and $846 to another hospital (paid). I tried to get the Children's Hospital removed because my ex is the guarantor and the insured but I guess because I took them to the hospital, I am responsible? They've been very difficult to say the least.
I have quite a bit in student loan debt ($65K) - I am on an income driven repayment plan and make all my payments on time.
According to CapOne credit tracker, my TU score is 661. Today I officially joined myFico and ordered my EQ and TU reports. My TU is 626 and EQ 623 according to Fico 8 score. I've had a VS card since 11/2012. I've probably made some newbie mistakes along the way. Back in Feb (2016), in order to decrease my util%, I took advantage of the SCT with Comenity and opened store cards. VS Card has a $990 CL (owe $122 - PIF today)
Loft $500 CL (owe $99 - PIF today)
HSN $750 CL
Express $500 CL
Venus $500 CL
JCrew $250 CL
I had to have surgery in late March so I opened a CareCredit account for $9800 (12 months 0% interest) --- amount charged was $9745. I paid $4745 in April --- current balance is $5000. Hoping to have it PIF by August latest.

I've banked with Chase for close to 10 years... I've NEVER pre-qual'd on Chase's website for a card. Yesterday, as I do every few weeks, I plugged in my info and up popped Freedom and Slate. I was excited because it makes me feel like all the work I've done has paid off. Buuuuuut I know Chase has the 5/24 rule... so here are my questions:

Is it worth app'ing, specifically in branch, for the Freedom card? Will I automatically get denied because of the store cards?
Are there any other credit cards you recommend for me app'ing for? I would like to have just one actual major credit card (vs store cards).
Is it easier to get a credit card through a local credit union? In March, I opened a savings and checking account (both have maybe $10 in each) with Essential Federal Credit Union (I live in Louisiana)
Do you have any other advice, info, etc you would like to share?
Thanks for making it through this mini novel - this forum has been phenomenal in helping me rebuild!

Do you still have the 1500 credit limit card with capital one? Unfortunately, I don't --- When I found out about the cards being opened (without my knowledge), I panicked and closed the $1500 one. Defintely a mistake - Cap One attempted to reopen that account but I'm guessing it was a no go because it still shows as restricted access and as closed on my CR When was the 300 card charges off? CO in April 2014 If it's recent and haven't been over a year for all the lates and charge off would be hard to get new card. Unless you go with secured card. Which you might need to even if you get a 500 secured card. If possible get 3 credit card not store card. You can try for chase freedom. I got chase freedom with a sub 600 think it was 605 or something but at time I had 3 cap one card and a car loan and all was paid on time oldest was 7 months or so and newest was 2 months. Chase started my limit at 2500 was increased to 8400 under 2 months.

I had a Cap One Auto loan opened in 03/2013 and closed in 05/2015 --- paid $558/mo, never late; my fiance is a finance manager at a local dealership. He put me in a lease (but opened under his name because credit wise, a year ago, I was on the cusp of qualifying) - so I pay $698/mo for my current car but unfortunately, get no credit beccause it's under his name.

Re: New here - Need Advice!

LuckyBird — Thu, 12 May 2016 18:39:23 GMT

Hi, & welcome!

Looks like you're on the right track & headed in the right direction! What I would add here, though, is just to garden for a while. Or maybe get the one Cap One card and wait on the Freedom. I feel like (in my experience, at least) Chase isn't great about credit limit increases, particularly without a hard pull, so it may be smart to wait a little while & give yourself the best chance for an approval later with a decent starting limit and APR. My scores were a little lower when I apped for my Freedom a couple of years ago (like around 680 to 710) and although they did give me a semi-decent SL, it's been stuck there. No auto-increases, and I don't want to incur a HP so I haven't requested an increase. It would be nice to have a higher limit there, though.

I'd just hold off on any new apps for a while and let your cards mature and grow. Six or eight months to a year of that would make a tremendous difference in your profile. Actually, if it were me, I'd probably prune those store cards to just the ones you use regularly and close the rest. It really doesn't take that many cards to grow a great profile.

Re: New here - Need Advice!

SouthJamaica — Thu, 12 May 2016 18:44:48 GMT

@Anonymous wrote:
Hi to everyone! I have stalked the myFico boards (for longer than I care to admit) whenever I needed advice on cleaning up/repairing my credit. So a little back story... I'm divorced... Found out in October 2014, when attempting to buy a new car, that my ex-husband had essentially destroyed my credit; he had opened 2 Cap One cards in my name and tons of medical collection accounts (both of our boys had multiple health problems from birth forward). When it's up to me to pay bills that I am aware of, they're always paid on time. I know I should have been more aware of my finances and credit etc but I was a stay at home mom to 2 medically fragile kids - so all of that was the least of my worries. So when the dealership pulled my CR, not only was I hit with all of the above but my CS was 506. So I went into "how do I fix this" mode and started stalking y'all

I did the following:
Started tracking everything with CK (bc it was free)
Cap One card $1500 limit - it was over the limit by $317 (so $1817) and had lots of late pays --- I have the balance down to $339 and it will be paid off by mid June
Cap One card $300 limit - was charged off by the time I discovered it --- I immediately paid the full balance
I sent an email to Cap One Exec office explaining my back story, etc - they were really nice and tried to get the CO removed but were unable to. They did however credit the $1500 card for some late fees from when he started not paying it.
I disputed as many of the CA as I could - I was able to get almost all of them successfully removed! The only ones remaining on my EX and TU reports are $587 to Children's Hospital (unpaid) and $846 to another hospital (paid). I tried to get the Children's Hospital removed because my ex is the guarantor and the insured but I guess because I took them to the hospital, I am responsible? They've been very difficult to say the least.
I have quite a bit in student loan debt ($65K) - I am on an income driven repayment plan and make all my payments on time.
According to CapOne credit tracker, my TU score is 661. Today I officially joined myFico and ordered my EQ and TU reports. My TU is 626 and EQ 623 according to Fico 8 score. I've had a VS card since 11/2012. I've probably made some newbie mistakes along the way. Back in Feb (2016), in order to decrease my util%, I took advantage of the SCT with Comenity and opened store cards. VS Card has a $990 CL (owe $122 - PIF today)
Loft $500 CL (owe $99 - PIF today)
HSN $750 CL
Express $500 CL
Venus $500 CL
JCrew $250 CL
I had to have surgery in late March so I opened a CareCredit account for $9800 (12 months 0% interest) --- amount charged was $9745. I paid $4745 in April --- current balance is $5000. Hoping to have it PIF by August latest.

I've banked with Chase for close to 10 years... I've NEVER pre-qual'd on Chase's website for a card. Yesterday, as I do every few weeks, I plugged in my info and up popped Freedom and Slate. I was excited because it makes me feel like all the work I've done has paid off. Buuuuuut I know Chase has the 5/24 rule... so here are my questions:

Is it worth app'ing, specifically in branch, for the Freedom card? Will I automatically get denied because of the store cards?
Since you were prequalified, and Chase's prequalifications are considered fairly reliable, I say go for it.
Are there any other credit cards you recommend for me app'ing for? I would like to have just one actual major credit card (vs store cards).
Barclay Rewards card, or a credit union card
Is it easier to get a credit card through a local credit union?
Sometimes yes
In March, I opened a savings and checking account (both have maybe $10 in each) with Essential Federal Credit Union (I live in Louisiana)
Do you have any other advice, info, etc you would like to share?
Thanks for making it through this mini novel - this forum has been phenomenal in helping me rebuild!

Re: New here - Need Advice!

SouthJamaica — Thu, 12 May 2016 18:46:12 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Thank you so much for sharing you story. It is great to see that you have been working hard to get your credit and finances back on track. As a recent divorcee myself I can totally relate. My finances and credit were a mess after my ex an I split in 2011. Our divorce was finalized last year.

I think you should hold off on applying for the Chase credit cards - only because you may be approved but for a very low CL due to your scores. Let your scores grow to high 600's or low 700's. The 5/24 rule does apply but I have seen some exceptions made for a few ppl here on MyFico.

Capital One seems to be very forgiving so you may want to see if you pre-qualify for any of their other cards. I had a secured card with them since 2012 and for most of 2015 I was over the credit limit. I paid the card down to 10% utilization in February 2016. I checked the pre-qualification site and the Quicksilver One card came up. I applied and was approved for $3k CL. After this approval I checked the pre-qualification site weekly and nothing came up until April 2016. I was then pre-qualified for the Venture card. I applied and was approved for $15k. And since this time I have upgraded my Quicksilver One to the Quicksilver so no annual fee!!

Your local credit union may also be a good option. I have no experience but have seen others recommend this option here on MyFico.
Thanks for your advice! I just want to go on the route that's most likely going to yield an approval I don't want to waste a HP and lose a few points if one route is unlikely... Cap One shows the Platinum as pre-qual'd offer and QS One as "suggested" --- thoughts?

If cap one shows pre qualify apply for it and apply for other one right after. You should get both with a starting limit between 300-1000 for each

Agreed

Re: New here - Need Advice!

Anonymous — Thu, 12 May 2016 20:08:39 GMT

If I close some of the store cards, especially the ones I've never used, will that impact my CR/CS any more negatively than having them opened and unused?

I'm so torn on whether I app for one or just sit back and let everything mature for a bit. Is it worth app'ing with CapOne to get a $300 CL? Don't they pull all 3 bureaus? If I double app as OP have suggested, will they pull all 3 twice? I feel like I've read that somewhere on this forum.

I've thought about asking my fiance to make me an AU on either his Amex ($18K CL) or USAA MC ($25K CL). I don't need a credit card but I wanted to have one to put something small on and pay off each month (like fuel, etc). I'm 33 and never thought I would be in a place of having to rebuild because everything was perfect before I got married. I had no clue my ex was silently destroying my credit while we were married. I honestly just want to do whatever is going to help me the most in the long run.

Thanks for taking time to reply!

Re: New here - Need Advice!

dragontears — Thu, 12 May 2016 20:35:16 GMT

@Anonymous wrote:
If I close some of the store cards, especially the ones I've never used, will that impact my CR/CS any more negatively than having them opened and unused?

I'm so torn on whether I app for one or just sit back and let everything mature for a bit. Is it worth app'ing with CapOne to get a $300 CL? Don't they pull all 3 bureaus? If I double app as OP have suggested, will they pull all 3 twice? I feel like I've read that somewhere on this forum.

I've thought about asking my fiance to make me an AU on either his Amex ($18K CL) or USAA MC ($25K CL). I don't need a credit card but I wanted to have one to put something small on and pay off each month (like fuel, etc). I'm 33 and never thought I would be in a place of having to rebuild because everything was perfect before I got married. I had no clue my ex was silently destroying my credit while we were married. I honestly just want to do whatever is going to help me the most in the long run.

Thanks for taking time to reply!

If most your store cards were opened in Feb of this year the damage from them is already done and closing them will not help your profile. Personally I wouldn't close a card that has only been open for 3 months but others may disagree. My advice on the store cards are to give them some time to age then slowly close the ones you don't use and keep the ones that are useful to you.

Cap1 will pull all 3 CRAs, the suggestion of applying for 2 cards back to back was made since people can frequently get 2 cards with 1 set of HP but this is not always the case, it is up to you to decide if a second card is worth the risk. Keep in mind you don't need a lot of cards to succesfully rebuild credit.

AU accounts can be helpful in a rebuild but you definately need to have accounts of your own.

If your goal is to improve/maintain your credit in the long run I suggest you carefully evaluate each card before apping for it to determine if it fits your spend, don't app for it just because you "can get approved".

When in doubt, sleep on it, credit is a marathon not a sprint

Re: New here - Need Advice!

Anonymous — Fri, 13 May 2016 03:02:29 GMT

@Anonymous wrote:
Hi to everyone! I have stalked the myFico boards (for longer than I care to admit) whenever I needed advice on cleaning up/repairing my credit. So a little back story... I'm divorced... Found out in October 2014, when attempting to buy a new car, that my ex-husband had essentially destroyed my credit; he had opened 2 Cap One cards in my name and tons of medical collection accounts (both of our boys had multiple health problems from birth forward). When it's up to me to pay bills that I am aware of, they're always paid on time. I know I should have been more aware of my finances and credit etc but I was a stay at home mom to 2 medically fragile kids - so all of that was the least of my worries. So when the dealership pulled my CR, not only was I hit with all of the above but my CS was 506. So I went into "how do I fix this" mode and started stalking y'all

I did the following:
Started tracking everything with CK (bc it was free)
Cap One card $1500 limit - it was over the limit by $317 (so $1817) and had lots of late pays --- I have the balance down to $339 and it will be paid off by mid June
Cap One card $300 limit - was charged off by the time I discovered it --- I immediately paid the full balance
I sent an email to Cap One Exec office explaining my back story, etc - they were really nice and tried to get the CO removed but were unable to. They did however credit the $1500 card for some late fees from when he started not paying it.
I disputed as many of the CA as I could - I was able to get almost all of them successfully removed! The only ones remaining on my EX and TU reports are $587 to Children's Hospital (unpaid) and $846 to another hospital (paid). I tried to get the Children's Hospital removed because my ex is the guarantor and the insured but I guess because I took them to the hospital, I am responsible? They've been very difficult to say the least.
I have quite a bit in student loan debt ($65K) - I am on an income driven repayment plan and make all my payments on time.
According to CapOne credit tracker, my TU score is 661. Today I officially joined myFico and ordered my EQ and TU reports. My TU is 626 and EQ 623 according to Fico 8 score. I've had a VS card since 11/2012. I've probably made some newbie mistakes along the way. Back in Feb (2016), in order to decrease my util%, I took advantage of the SCT with Comenity and opened store cards. VS Card has a $990 CL (owe $122 - PIF today)
Loft $500 CL (owe $99 - PIF today)
HSN $750 CL
Express $500 CL
Venus $500 CL
JCrew $250 CL
I had to have surgery in late March so I opened a CareCredit account for $9800 (12 months 0% interest) --- amount charged was $9745. I paid $4745 in April --- current balance is $5000. Hoping to have it PIF by August latest.

I've banked with Chase for close to 10 years... I've NEVER pre-qual'd on Chase's website for a card. Yesterday, as I do every few weeks, I plugged in my info and up popped Freedom and Slate. I was excited because it makes me feel like all the work I've done has paid off. Buuuuuut I know Chase has the 5/24 rule... so here are my questions:

Is it worth app'ing, specifically in branch, for the Freedom card? Will I automatically get denied because of the store cards?
Are there any other credit cards you recommend for me app'ing for? I would like to have just one actual major credit card (vs store cards).
Is it easier to get a credit card through a local credit union? In March, I opened a savings and checking account (both have maybe $10 in each) with Essential Federal Credit Union (I live in Louisiana)
Do you have any other advice, info, etc you would like to share?
Thanks for making it through this mini novel - this forum has been phenomenal in helping me rebuild!

Welcome neighbor. Good luck in your efforts.

Re: New here - Need Advice!

Anonymous — Fri, 13 May 2016 05:12:25 GMT

@Anonymous wrote:
If I close some of the store cards, especially the ones I've never used, will that impact my CR/CS any more negatively than having them opened and unused?

I'm so torn on whether I app for one or just sit back and let everything mature for a bit. Is it worth app'ing with CapOne to get a $300 CL? Don't they pull all 3 bureaus? If I double app as OP have suggested, will they pull all 3 twice? I feel like I've read that somewhere on this forum.

I've thought about asking my fiance to make me an AU on either his Amex ($18K CL) or USAA MC ($25K CL). I don't need a credit card but I wanted to have one to put something small on and pay off each month (like fuel, etc). I'm 33 and never thought I would be in a place of having to rebuild because everything was perfect before I got married. I had no clue my ex was silently destroying my credit while we were married. I honestly just want to do whatever is going to help me the most in the long run.

Thanks for taking time to reply!

What's going to help u most is getting your own cards. Get at least 3 in your own name. Adding u to ur fiancé account will since its chase and Amex. They require SSN to be added so it will show up on ur report but if I were u I will still get own card. I was rebuilding when I was 33 too. Started with a 200 secured card with capital one and now after 15 months I have over 130k in revolving line and over 100k car loan. 18 months ago I couldn't get anything until after I got the 200 secured card in my own name. So if I were you I'll get at least 3 major card. Get as many as possible since ur rebuilding and just sit on those for 6-12 months and after that apply for what u want ur score should be higher

Re: New here - Need Advice!

Anonymous — Mon, 16 May 2016 21:53:00 GMT

So maybe not the most popular piece of advice but I decided to app for Chase Freedom and I was instantly approved for $500CL (maybe store cards don't count toward 5/24 rule, or maybe because I've banked with them for close to 10 years I was an exception - no clue)... I didn't want to pull Cap One trigger because I didn't want 3 HPs. I've decided to garden for now... sit back and let time do it's trick and just work with what I've got.

Not sure if anyone can help me with this (I did post on rebuilding credit in further detail so hoping this isn't considered cross posting as I've mentioned this in my OP)... the CA I listed in my OP for $587 to Children's Hospital - I called the hospital and they AND the CA both stated my ex is the listed guarantor and both show the balance as $429. I've disputed this CA in the past (like Feb/Mar) and TU shows it as disputed but EX and EQ show as affirmed. What do I do?

Thanks for all of the prior advice and if anyone is able to guide me on this other debacle, I'd appreciate it... Happy Monday, y'all