topic Re: Im going to bite my fingers... in Credit Cards

Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 18:38:38 GMT

If I apply for one more thing... I'm finally out of BK and wanted to get some credit cards to start building but I'm still getting declined for most of what I try for. I did however get:

a new car financed through Santander

Kays $1k

Von Maur - midwest department store

and still waiting to hear on Carecredit

I was declined for:

Cabelas

Sams

Capital One

I was hoping for a Visa!! Any thoughts EQ puller preferred, but EX probably okay, TU is over 60 points lower for some reason though so they are out

Re: Im going to bite my fingers...

tray — Mon, 12 Apr 2010 19:09:12 GMT

Hey Creditaddict what is your score with EQ and I know you said BK is gone is there any baddies and how many inquiries it will be a start to come up with some ideas for cards

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 19:09:46 GMT

Congrats CreditAddict!

When you say you are out of BK, does that mean you were recently discharged?

My first cards after BK were HSBC Orchard (they do have fees but they are BK friendly & pull EXP) - actually received just after final payment but before discharge.

About 6 months after discharge, Juniper sent me pre-approvals and I like them - but they are TU pullers.

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 19:15:47 GMT

@Creditaddict wrote:
If I apply for one more thing... I'm finally out of BK and wanted to get some credit cards to start building but I'm still getting declined for most of what I try for. I did however get:
a new car financed through Santander
Kays $1k
Von Maur - midwest department store
and still waiting to hear on Carecredit
I was declined for:
Cabelas
Sams
Capital One

I was hoping for a Visa!! Any thoughts EQ puller preferred, but EX probably okay, TU is over 60 points lower for some reason though so they are out

ive applied through carmax and the only approving lender was "santander." after investigating and carefully reviewing reports of santander i backed out from signing any papers!

here are full reports

SANTANDER OFFICIAL REPORTS

as for credit applying, i'm done for the year. another 2 years and am at it again.

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 19:17:24 GMT

my EQ is 644 and my BK was dismissed which also seems to be posing some problems.

I also should mention I have tons of credit already including Sears HSBC, I refuse to do anymore business with them and a long list of prime cards that are joint and a long list of AUTH and joint GE cards.

but I still wanted one prime card of my very own that I could build on but if im declined for one more I will just work with my new toyota card and not worry about it.

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 19:18:30 GMT

I actually already have 1 car loan through Santander and besides some reporting issues which they quickly fixed I have had no problems with them. interest rate not the best but I just needed some car history after bk to then refi at my credit union

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 19:58:21 GMT

i forgot to mention, congrats on the bk dismissal! still have 9 yrs here yet. if you dont mind me asking, how high is your equifax score? did it drop after the bk cleared?

Re: Im going to bite my fingers...

BungalowMo — Mon, 12 Apr 2010 21:37:00 GMT

Hey addict...congrats on the BK dismissal!!!! Every step forward counts!!

Now, before you go apping any more...a couple Q?

How many inq' do you have on each report?

How many baddies??

Where did you get the EX score?

What are your TU & EQ FICO's??

Sometimes just giving your reports time to heal is the best thing. I have learned so much from this site, but the best thing...be patient & be strategic!!

I'd LOVE to get a Navy Fed card, and I might be approved right now, BUT...I have 2 inq's counting in my EQ FICO (and I know that NF pulls EQ), those inq's will drop in Late July, the 2 cards associated with those pulls will be 1 year old, which will boost my score even more. I also want to wait until that time to try for my mortgage ReFi. So, strategically, I wait til Aug 1, try for the refi, if that is a "go", I wait until that is done, then apply for the Nav Fed card.

Because, as I have learned here...it's easier to get a cc with a recent mortgage pull, than it is to get the mortgage with a recent cc app! It's all about waiting, and getting everything to look as great as it possibly can, then dive in for what you can be approved (fingers crossed) for.

It's extremely hard to wait, believe me, I know!!!! But it's a prefect time to test your self restraint & just keep paying those balances down.

Just a little info I've learned from this wonderful forum here....and many of the MODS & old time FICO-masters!!!

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 21:39:52 GMT

that 644 is my EQ.

I have no baddies other than the BK's

and INQ, well it's bad

Clearly sitting back and not doing anything for the next year is what I need to do.

I have a lot of debt so been working really hard on that so that will be my focus and I will just take my spending over to my amex cards I have access too and be undercover for a little bit. lol

Re: Im going to bite my fingers...

BungalowMo — Mon, 12 Apr 2010 21:56:52 GMT

@Creditaddict wrote:
that 644 is my EQ.
I have no baddies other than the BK's
and INQ, well it's bad
Clearly sitting back and not doing anything for the next year is what I need to do.
I have a lot of debt so been working really hard on that so that will be my focus and I will just take my spending over to my amex cards I have access too and be undercover for a little bit. lol

I know it's hard to do nothing, but when those inq's stop factoring into your score, that will help you more than you know!!! Also, taking care of the balances will help too! That;s a deal breaker there. Every little bit helps. Back in Nov, my util was at 48%! It's now at 26% & I still owe about 7k, so it's a long, tough road paying that down. But I know that staying home, being good & pay pay pay is the way to drop my mtg payments by close to 3k every month! That is my ultimate goal!

When it comes to spending...I always ask myself...Is this something I NEED or something I WANT. I make the "wants" wait.

Sit back & test yourself. Just say, "I'm not going to app for anything through the end of June", then when that time gets here, say "now I'll wait until the end of August", then go for 2 more months. Now it's been 6 mos of healing time, balances paid, no apps & take a look at your scores. Nice increase. Then...KEEP waiting. Make the next app you do for a card you know you can get, and come & tell us all about how you were approved for a Nationwide Visa for 8k & it's all YOURS!

We will be here to celebrate with you!!!!!!

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 21:58:59 GMT

LOL Bungalow, I like it, great post, thank you

Re: Im going to bite my fingers...

BungalowMo — Mon, 12 Apr 2010 22:10:58 GMT

@Creditaddict wrote:
LOL Bungalow, I like it, great post, thank you

Thanks! I was hoping that didn't come out wrong. As much as I know you want a good card in your own name, all the inq's & possibly your balances are what's hurting you. I go by what I did in the past, that didn't work, what I learned here, and applying that knowledge to myself & what I app for.

The strategy works....I'm living proof. Too bad it took to the ripe age of 50 to really get it! Good Lord, if I can pass it along to the younger group out there, I've done my job!!

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 22:11:10 GMT

Hi Credit,

I think there's some confusion regarding being out of bankruptcy. At least I'm feeling a bit confused.

So, just to clarify, your bk has not fallen off your reports yet - but will in 7-10 years?

I'm guessing you have a Ch 13 BK?

And your BK was not discharged, but it was dismissed? So you still have several accounts that were IIB but that you still owe balances on, and they are once again accruing interest?

For other posters that may not be aware, most Ch 13 bankruptcies are not completed and discharged, a majority are dismissed. I'm not clear about what happens when a BK is dismissed, but my understanding is that all the unpaid balances are then handled directly between the creditors and the filer, and the CH 13 Wage Earner repayment plan is no longer in effect, but the balances remaining are still due.

Credit, maybe you can help us understand this a bit better.

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 22:53:18 GMT

you are correct, still on my reports.

Dismissed means I stopped making my monthly payments and the court "dismissed" my file and are no longer paying my creditors and the creditors that were originally included in my bk are free to come back after me for any unpaid balances.

it's to new to see if this will happen to me but so far just HSBC for a very small balance has sent me a letter and it's actually the company that HSBC sold the file to before the bk and that's why they were not paid during my bk

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 23:20:56 GMT

Thanks creditaddict.

So how many accounts show up as IIB on your current report?

And how long ago was your bk dismissed?

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 23:22:35 GMT

my bk was dismissed in march.

IIB? included in BK?

only about 5 or so, i was filing because of real estate that was all investment, i never lived in

Re: Im going to bite my fingers...

Anonymous — Mon, 12 Apr 2010 23:30:56 GMT

Hi creditaddict,

Yeah, sorry, IIB is Included In Bankruptcy.

Would you mind sharing which five accounts are listed as IIB? And maybe their balances? I guess that would be the balances due them from the bk documents (if your bk gave you updated balances on each account every month or so - ours did but I don't know if that's normal), if that's different than the balance due showing on your CR???

Re: Im going to bite my fingers...

Creditaddict — Mon, 12 Apr 2010 23:35:12 GMT

the list of what is included and what decided to throw themselves in are two different and I would have to pull my credit report up but a few

HSBC

Neiman Marcus - not included

Von Maur - not included

Chase- not included

Nordstrom- 1 included, 1 not included

Capital One

Express

that's what i can think of right now

Re: Im going to bite my fingers...

Anonymous — Wed, 14 Apr 2010 05:40:54 GMT

@BungalowMo wrote:

@Creditaddict wrote:
LOL Bungalow, I like it, great post, thank you

Thanks! I was hoping that didn't come out wrong. As much as I know you want a good card in your own name, all the inq's & possibly your balances are what's hurting you. I go by what I did in the past, that didn't work, what I learned here, and applying that knowledge to myself & what I app for.

The strategy works....I'm living proof. Too bad it took to the ripe age of 50 to really get it! Good Lord, if I can pass it along to the younger group out there, I've done my job!!

You and me both. I can't believe it's taken me to nearly 50 to get it. I've had financial troubles off and on all my life, and I think I finally have a clue. But the price has been so high.

Of course, anyone reading this board is probably a member of the choir.

But just in case, all you youngsters out there (and that means anyone younger than me, lol), get square with your finances and stay square. Never let your guard down. For me, I had to start using personal finance software, get all my bills delivered online, open the mail every day, throw away tons of old unopened mail. Now I PIF every month on every card. When I spend the money I know when I'll pay it off. If I spend $20 on a card today, I know that I'll pay it next month on the 15th. If I even think I might have an expense, I budget it. I assume I'll have to spend a couple hundred next month for something I don't even know about today.

But that's just me. Get between yourself and money problems any way you can.