topic Re: Credit cards rebuilding credit in Credit Cards

Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 17:43:49 GMT

First of all I must say I have absolutely NO idea what I am doing My credit was destroyed by 18 year old me and with the help of an old roommate (long story). I recently paid everything off other than one medical bill that I'm trying to work out. I had a credit card with capital one (paid and closed), a cellphone account with verizon (settled and closed), a cable bill with TW (paid and closed), and then I have the medical bill for 100$ that hasn't been paid yet. The good things I have is a car loan that has been paid off and was always on time and a student loan that is almost paid off and has always been paid on time aswell. According to freecreditscore my experian score has gone from a 554 to a 655. I've heard their scores aren't accurate though. Okay so thats the back story... nowwwww... I've been trying to rebuild and I have absolutely no open accounts other than a student loan. I looked into getting a Kays card since I am getting married in the next few months and we need to buy our bands. I figured since we already have the money set aside for our bands it would be a great way to boost my credit. Well I applied and was denied. The reason was delinquent accounts which confused me because other than the 100$ medical bill I don't currently have any delinquent accounts. Then I looked into Target and Victorias Secret. I applied for both (which I hate that I did that since I didn't have any inquiries on my report). I was given the 7-10 day message from both. Ugh. I know theres a small chance i'm approved but i'm not very optimistic. I need advice. I have no idea what I am doing right or wrong.

Re: Credit cards rebuilding credit

dodfire — Fri, 26 Apr 2013 17:48:25 GMT

Hello and welcome....

There is a lot of help here for you to guide you throught the process...

First things first.....

1. Stop applying for anything

2. Go to annualcreditreport.com and pull all 3 of your credit reports. Experian, Equifax, Transunion

Re: Credit cards rebuilding credit

LS2982 — Fri, 26 Apr 2013 17:48:50 GMT

Welcome to the forums!!

IMO you should try Cap1 secured card. You seem like a good candidate for it. They report to all 3 bureaus and you can make deposits to Increase your CL. After that app garden for 6 months and work hard on removing that baddie!

Good luck to you!

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 17:52:43 GMT

Welcome to the forum!

Like dodfire, I say make sure all of your know baddies are off. Cap One is ok, but BoA secured graduates and will not pull all 3 CR's. are you a student? A member of a cu?

Re: Credit cards rebuilding credit

dodfire — Fri, 26 Apr 2013 17:55:56 GMT

I could be wrong but from the way I understand what the OP wrote...maybe these (paid and closed) (settled and closed) are still on the CR's. Probably need to get those off if possible..but first get those reports in hand.

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 18:03:39 GMT

I'm so clueless. I have no clue what a baddie is :-/ lol. I've pulled my CR and thats everything that is listed. How to I go about getting those removed? I'm not a student anymore. I'm a SAHM which I think may be an issue too. My "income" isn't technically mine its my fiances.

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 18:07:34 GMT

I also don't want to use capital one. I hated them lol. I recognize it's my fault that my credit got out of control but until recently I wasn't good at remembering things especially bills if I didn't receive them. My fiancé was military until September 2011 and from September until now we moved 5 times. We ran into a bunch of issues with our mail forwarding and didn't get it all sorted out until October of this year.

Re: Credit cards rebuilding credit

maiden_girl — Fri, 26 Apr 2013 18:09:27 GMT

Definitely try the secured route with a large deposit if possible. If not CAP1...try a credit union!! Cap1 has been known to deny secured card applications (I know right!!)

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 18:10:59 GMT

A baddie is a derogatory/negative item reporting on your cr. unfortunately, you did not ask them for PFD ( pay for delete). You can still try the GW route ( writing a goodwill letter). Before you app for anything, you really need to handle the derogs first. As far as not having any income...what are you writing down for employment? Some apps aren't as clear when asking about income - meaning household income.

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 18:11:46 GMT

Is your fiancé still in the military?

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 18:24:20 GMT

The Kays app asked for employment info so I put homemaker. The other apps I've applied for just asked for income but not employment info so I just put his income. He isn't military anymore but we were stationed at ft Bragg and moved to Texas. We lived with his parents temp then moved to follow his work (refinery work) and didn't settle somewhere until October so the mail forwarding got a little out of control and there were a few mess ups. What all should a GW include?

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 18:26:06 GMT

Without a source of income- that's an instant denial. If he was still in the military I would have suggested joining NFCU. Not knowing his status, you might want to double check his eligibility.

Re: Credit cards rebuilding credit

dodfire — Fri, 26 Apr 2013 18:27:33 GMT

Start here

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 18:31:51 GMT

Will I ever get approval? I plan on being a SAHM until we're done having kids and they're in school. My fiances credit is wonderful but I don't like constantly relying on his credit and everything being in his name... Well minus a few utilities lol.

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 18:43:43 GMT

He could add you as an AU since you do not know have income. You need to work on your bad credit first. Adding you as on AU will help you with your cs. Honestly, until they change the law back to allowing hhi. I don't really see away for you to obtain your own credit.

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 19:10:21 GMT

I'm an AU on both of his accounts but they told us that they will never report positively for me. They said the only way that they'll show up for me is if the payments are late.

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 19:14:27 GMT

What cc's are you an AU on?

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 19:24:34 GMT

Well one is a furniture store CC through wells fargo and then the other one is Bank of America.

Re: Credit cards rebuilding credit

09Lexie — Fri, 26 Apr 2013 19:30:49 GMT

Idk about the furniture store cc but the boa should definitely report AU history ( not just if its negative). Is it on your cr?

Re: Credit cards rebuilding credit

Anonymous — Fri, 26 Apr 2013 19:37:46 GMT

No its not I'll have to call them and try talking to someone else about it.