topic Re: Just building my credit in Credit Cards

Just building my credit

Anonymous — Tue, 27 Nov 2007 16:26:22 GMT

Hi all! I am well on my way to starting my credit file! But... I've had a few hiccups along the way. I am 25, and up until last year I had nothing good on my credit. A few years ago, I had some collections... and I have all paid or deleted except one medical bill. On each CRA report I have about 2-3 paid in full collections. I have a Orchards bank secured credit card that I have had for 6 months with good payments, and I have an auto loan for $2000 that I have been paying on for 6 months. Scores are in the high fives and very low sixes as of now.

Is there a card I can go for to build my credit thats not secured at this point or do I have to wait? I jsut want to built as fast as I can. ( I know it takes alot of time). I'm getting married in April 08! Yay! She has good credit and I want mine as good as I can get so I don't bog her down!

Any suggestions would be great! And... I heard that hooters is a good card to go for, but I live in a small town where the nearest hooters is like 3-4 hours away. And I don't think I would be going there in the first place.

Thanks everyone!

Have a Merry Christmas!

Re: Just building my credit

SonorityGenius — Tue, 27 Nov 2007 16:45:43 GMT

Try cap 1, their "low" end card for now..

Hooters need minimum of 590+ I have heard for good cl.

whogavemecredit.com will help you tons in your building process.

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 16:56:27 GMT

Hi isi, and welcome to the forum! There is a wealth of information, with many knowledgeable people here to help you get your credit healthy.

It's only my opinion, but I love Cap1 as a starter/rebuilder card. Mine have helped me so much, not to mention the freedom it brings. And they were not secure.

Re Hooter's: doesn't matter if there's a store where you are or not. it's a Visa or MC. I'd suggest you shy away from Hooter's until all your scores are in the 600's. But that's only my opinion.

Joining a credit union is a wonderful way to get a a card. They are also more lenient in their credit limits.

I would suggest that you write GW letters to have the paid in full collections deleted from your account. It may work or it may not.

Check this website out, and plug in all your credit scores. A list will pop up with postings of people with similar scores, and what cc's they received:

http://www.financeglobe.com/ScoreMatch/?gl&gclid=COiUr97s944CFRcbWAodswwy0w

Finally, come here, come here often. Read, read, read, and learn. Learn how to manipulate through the forum to answer your questions, such as the search box.

This is a friendly bunch(albeit strange. LOL!) who are more than willing to offer their opinions.

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 19:04:04 GMT

Syl, I'm surprised you're such a fan of Cap One.

I thought we had the same taste in cards, especially since we share such a hatred for HSBC.

Btw, I ended up calling them and getting by annual fee cut in half so I'm keeping them. Can't get rid of the inquiry so might as well keep them. But the next time they do anything wrong, I'm sockdrawering them and they're gone in 365. lol

Syl did you end up closing them?

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 19:42:13 GMT

lol Cynical. yes, I do like Cap1. A long time ago, they were the only card I could get. And sticking with them for 8 years, have proved beneficial.

I had 3 Cap1 cards: 2 Visa's, 1 M.C. In September, I combined the 2 Visa's(the cl migrated to the remaining card), plus got a $500 cl on each of the remaining 2 cards. Sooooo, I started with one with a cl of $300, and now have 2: Visa at $3,200 cl, and the M.C. at $2,000 cl. One card has been "closed" so to speak, but continues to report on the CR's.

Cap1 can be a nightmare to deal with, if you get on their bad side, but a good, solid card, if you keep it clean.

Congrats on getting the AF cut in half! Keep up the good work, try to pif and they will treat you well.

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 20:41:12 GMT

I do have one question. Like a stated above I have some old collections showing on my account as paid in full ( I know this still hurts my credit) but is there a way to try and push them off my credit? A few of them are smaller medical collections, can I try HIPPA letter or anything? Keeping in mnd that I already paid them all off. MY biggest problem now is a Medical bill from about 5 years ago that was around $1300, but now the collector says it is getting to almost $3000 with interest and fees. The debt is mine, but is there a way to try and get it wiped off credit and to get the hospital to write it off? Could I do a goodwill letter or something... I've heard of the HIPPA letter, but I think that is for either a bill that is not yours, or if you are ready to pay in full, correct?

Sorry, I'm just seeing little lights at the end of the tunnel and I'm running full speed trying to see more!

Thank you all!

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 20:43:39 GMT

Suprisingly, I too am liking Cap1 better than HSBC and BB-MC -- for one because of the reporting. The CL are about the same so no favortism there.

I may get rid of the Cap1 w/o a CLI before the anniv date, Am fairly certain that HSBC an BB-MC will be shredded. Finsal decision 'still depends' though... on if I can get another MC/V to cover the CL.

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 20:47:48 GMT

isig...................you note you have about 2-3 paid-in-full collections on each CRA. I would try hard to get those removed. Even though they are paid - having those collections there are hurting you. Try a few GW letters - and keep trying. Don't get discouraged if your initial GW is rejected, or not responded to. Keep at it.

Do you have a checking or savings account? If so, get a debit card and use it instead of a high APR, monthly fee sub-prime card. If you can get a few of those paid collections removed, you should see a very nice increase. If you're in the low sixes now, you should be at the mid-to-upper sixes with those collections removed. I, for one, am not a fan of those so-called "builder" cards. I know many posters here have gone the route of obtaining "builder" cards - I just don't think a person should pay for the "priviledge" of paying high fees in order to build a history. Unfortunately, debit cards do not report to the CRA's, but if you can get to the mid-sixes by yourself, you will be a much better position.

Once you get to the mid-sixes, and you're close, you will be in a very good position to obtain some good cards with nice CL's.

Re: Just building my credit

Anonymous — Tue, 27 Nov 2007 20:49:43 GMT

Sylviatob wrote:
lol Cynical. yes, I do like Cap1. A long time ago, they were the only card I could get. And sticking with them for 8 years, have proved beneficial.

I had 3 Cap1 cards: 2 Visa's, 1 M.C. In September, I combined the 2 Visa's(the cl migrated to the remaining card), plus got a $500 cl on each of the remaining 2 cards. Sooooo, I started with one with a cl of $300, and now have 2: Visa at $3,200 cl, and the M.C. at $2,000 cl. One card has been "closed" so to speak, but continues to report on the CR's.

Cap1 can be a nightmare to deal with, if you get on their bad side, but a good, solid card, if you keep it clean.

Congrats on getting the AF cut in half! Keep up the good work, try to pif and they will treat you well.

It's a been a long road through credit for you, I'm guessing. It's like rock climbing, isn't it? It's easy when you start out but once you get near the top you get sweatier and more tired (near the 800 mark) and you either make it to the top or you have to head back down out of exhaustion or you slip and fall. lol

I just want these dang inqs to leave my report. I've got a dozen for each CRA. That's ridiculous. I feel like ash.

Re: Just building my credit

SonorityGenius — Wed, 28 Nov 2007 12:31:42 GMT

Message Edited by SonorityGenius on 11-28-2007 04:31 AM

Re: Just building my credit

fused — Wed, 28 Nov 2007 03:26:25 GMT

The last message has been edited, let's play by the rules. Thank you!

Re: Just building my credit

Anonymous — Wed, 28 Nov 2007 16:40:15 GMT

I highly doubt this would be a good idea, and I should go with my gut feeling, but I'll ask your opinions.

My medical collection that is not paid, should I try and e-mail or call a higher administrator or billing manager to try and get my debt wrote off. I don't really know what I would say other than saying I was only 19, I had no credit, I was working part time, and could barely afford to live. I was told I could apply for help, but beacuse I was a single male with no dependents I didn't qualify for any help. It would be simalar to a goodwill, but just asking for help.

Don't laugh, I'm just new to this... and it could work... maybe... lol... ok... I'm already doubting it... but really... what am I supposed to do!

Thanks!

Re: Just building my credit

Anonymous — Wed, 28 Nov 2007 16:40:24 GMT

Re: Just building my credit

Anonymous — Wed, 28 Nov 2007 17:05:22 GMT

I would call the original creditor (assuming this debt has not been placed with a collection agency) and explain your situation. Do you live close to them, where you might be able to go there and talk it over?

It is doubtful they will write your debt off - they will want $$omething. As a starting point, offer to pay 40% of the bill in exchange for a PFD. They might go for it, or they might want at least 50%. As long as you are working with the original creditor, you may be able to arrive at a mutually agreeable plan.

Re: Just building my credit

Anonymous — Wed, 28 Nov 2007 17:14:38 GMT

this collection is reported to a collection agency, the OC isn't reporting... I called the CA about 6 months ago, before I found out that I should stay off the phone. The CA would not budge... would not let me pay a percentage or work something out... they didn't even want payments. So, then I asked what I would need to do to get it deleted (PFD) and they laughed and said they don't do that under any circumstances. Real jerks... most are I guess though. So... I figure the only way to deal with this would be to go to the OC.

Re: Just building my credit

Anonymous — Wed, 28 Nov 2007 20:49:14 GMT

Yes, deal with the OC.