topic Re: Plan of Attack in Credit Cards

Plan of Attack

TimeToRecover — Sun, 14 Apr 2013 14:34:34 GMT

So first the history: I had a foreclosure in june of 2010 (due to loss of job). I got caught in the mistake of thinking using no credit at all was a good thing. Everything in cash. Well I learned when I started researching obviously this is NOT true. I was going to be moving between states and realized my credit scores would be checked for new appartments. this began my journey.

So at that point in October I had mid 500's. I got 2 paid CO's removed from my reports and had several that were reporting wrong corrected (balances etc). That pulled me up to low 600's. I also used one of my pre-approvals from cap one for a cap one cash rewards with initial 1000 limit.

So from all that to today. I know have cap one with 2500 limit (PIF each month), my student loan continues to be on time (actually paid ahead), EQ only has an installment loan (only one the lender reports too) of 2500 left (all on time). Also shows a fully paid car loan on some of the reports. the only negative account is a discover that I settled with them so close but there is a note on the account settled for less.

I have PAID tax lein also showing that after I get my 2012 taxes back I am submitting to have removed (as per new IRS rules)

SO My scores are currently between 680 and 710. I am ready to apply for another card and I am thinking of going for the chase Freedom or possibly a store card like Macy's. My questions are: 1. should I go ahead and app now (before the paid lien is removed) or wait the 2-3 months for that to go away. 2. apply or the store card now and chase after. 3. just apply for both?

PS. I just got the CLI from cap one taking it from 1000 to 2500 I have not gotten my scores yet since that increase. All scores should be up because of it.

thanks for any input.

Re: Plan of Attack

FocusedAndDetermined — Sun, 14 Apr 2013 14:40:10 GMT

From what I've read here, Chase doesn't care much for recent negatives, so I would advise waiting until the lien is removed, and then apply for the Freedom first.

Good luck!

Re: Plan of Attack

blondy250 — Sun, 14 Apr 2013 14:43:36 GMT

I'd forget the Macy's card, or any store card for that matter. I'd probably wait to the CLI showed on my reports, sometimes this can take several months (faster if you use it). Chase Freedom is a great card, I happen to have two.

Re: Plan of Attack

LS2982 — Sun, 14 Apr 2013 15:03:10 GMT

@TimeToRecover wrote:
So first the history: I had a foreclosure in june of 2010 (due to loss of job). I got caught in the mistake of thinking using no credit at all was a good thing. Everything in cash. Well I learned when I started researching obviously this is NOT true. I was going to be moving between states and realized my credit scores would be checked for new appartments. this began my journey.

So at that point in October I had mid 500's. I got 2 paid CO's removed from my reports and had several that were reporting wrong corrected (balances etc). That pulled me up to low 600's. I also used one of my pre-approvals from cap one for a cap one cash rewards with initial 1000 limit.

So from all that to today. I know have cap one with 2500 limit (PIF each month), my student loan continues to be on time (actually paid ahead), EQ only has an installment loan (only one the lender reports too) of 2500 left (all on time). Also shows a fully paid car loan on some of the reports. the only negative account is a discover that I settled with them so close but there is a note on the account settled for less.

I have PAID tax lein also showing that after I get my 2012 taxes back I am submitting to have removed (as per new IRS rules)

SO My scores are currently between 680 and 710. I am ready to apply for another card and I am thinking of going for the chase Freedom or possibly a store card like Macy's. My questions are: 1. should I go ahead and app now (before the paid lien is removed) or wait the 2-3 months for that to go away. 2. apply or the store card now and chase after. 3. just apply for both?

PS. I just got the CLI from cap one taking it from 1000 to 2500 I have not gotten my scores yet since that increase. All scores should be up because of it.

thanks for any input.

I would wait to apply for both AFTER the lien has been removed.

Re: Plan of Attack

TimeToRecover — Sun, 14 Apr 2013 15:44:04 GMT

Thanks for the input.

The lien though is not really "recent" it was PIF back in june of 2010.

But yes I will take yalls advice and wait until it is removed to move forward!

Re: Plan of Attack

webhopper — Sun, 14 Apr 2013 15:48:00 GMT

@TimeToRecover wrote:
Thanks for the input.

The lien though is not really "recent" it was PIF back in june of 2010.

But yes I will take yalls advice and wait until it is removed to move forward!

You'll be happy you chose this road.

Re: Plan of Attack

myjourney — Sun, 14 Apr 2013 15:51:21 GMT

@TimeToRecover wrote:
Thanks for the input.

The lien though is not really "recent" it was PIF back in june of 2010.

But yes I will take yalls advice and wait until it is removed to move forward!

If its a federal tax lien do a search for the fresh start program to get that paid lien removed from your file...good luck

Re: Plan of Attack

dodfire — Sun, 14 Apr 2013 15:51:34 GMT

@TimeToRecover wrote:
Thanks for the input.

The lien though is not really "recent" it was PIF back in june of 2010.

But yes I will take yalls advice and wait until it is removed to move forward!

Good advice given...you will be happy you waited.

Re: Plan of Attack

TimeToRecover — Sun, 14 Apr 2013 15:54:40 GMT

MyJourney:

yes that is what I am doing. I have filled out the form and printed it. But my research says they have to verify you don't owe any taxes so I am waiting till i get my return back for 2012 as then I know they will have processed my return. I will then mail my forms in and wait.

Re: Plan of Attack

myjourney — Sun, 14 Apr 2013 15:59:01 GMT

@TimeToRecover wrote:
MyJourney:

yes that is what I am doing. I have filled out the form and printed it. But my research says they have to verify you don't owe any taxes so I am waiting till i get my return back for 2012 as then I know they will have processed my return. I will then mail my forms in and wait.

Outstanding and BTW welcome to the forum

Re: Plan of Attack

TimeToRecover — Sun, 14 Apr 2013 16:11:11 GMT

thanks for the welcome.

I have come here and read and learned alot over the last 6 months and as I continue to work toward my goal of home ownership again I learn more. 3 more years to build till that foreclosure goes away and I will be working to make my credit look the best it can when it does so the process will be easy!

Re: Plan of Attack

TimeToRecover — Mon, 15 Apr 2013 01:26:58 GMT

So.......

Following the steps I have planned to get the paid lien removed....

Taxes filed for 2012 via efile tonight. Once I get notice that the IRS has accepted the return I will mail my form 12277! This will start the waiting for the IRS to send me the notice that I can then forward to the 3 CRA's.

One step at a time. My goal is to it have it gone by June!

Re: Plan of Attack

webhopper — Mon, 15 Apr 2013 01:45:15 GMT

Congrats on your progress! I wi cross my fingers that all goes well!

Re: Plan of Attack

TimeToRecover — Wed, 17 Apr 2013 02:04:52 GMT

Love that efiling. Both Fed and State accepted (woot refund coming) not big this year but hey better then owing.

So now that they are accepted when I return home this week (I travel m-th for work each week) I will get the Forms for the lien withdrawl mailed Friday. YAAA

I am kinda excited to get this handled. I pulled my EX from myfico tonight as I wanted to see waht my real score was and I am so close to the 700 mark at 691. I am sure I would get over that mark once the lien is removed.

I was also doing research (love this site) and think I may be able to make a goal of home ownership again sooner then I thought when I poped over the the mortgage section and found that you can go for FHA financing 3 years after a forclosure. SO my new plan and goal. finish getting the lien off, continue saving (even more aggressively) for a decent down payment and then go for a new home! It will be 3 years on June but I won't have the down payment I want by then so I am thinking I may shoot for later this year. See just how much I can save by September/October time frame. (yes guess where my tax refund is going) Not to mention my scores should just continue to grow more by then.

Re: Plan of Attack

09Lexie — Wed, 17 Apr 2013 02:12:41 GMT

Congrats on your journey. I think you must have pulled EQ, MyFico does not offer Exp. since you are thinking about home ownership - then I would not app for any cc.
Getting those tax liens withdrawn will be a big help to your score. Even though you think 2010 was not recent- to lenders tax lien + foreclosure is a big no no. Might as well only have 1 public record as opposed to 2. Good luck!

Re: Plan of Attack

TimeToRecover — Sat, 20 Apr 2013 02:58:52 GMT

Step 2 complete the forms have been sent in. starting the clock now. hoping to have a result by in 30 days less would be even better!

twiddling my thumbs

Re: Plan of Attack

myjourney — Sat, 20 Apr 2013 03:01:56 GMT

Stay strong

It will all workout for the best

Re: Plan of Attack

09Lexie — Sat, 20 Apr 2013 03:09:27 GMT

It took them a little overv14 days for me but that's was in October. The hardest part was waiting 😥

Re: Plan of Attack

TimeToRecover — Fri, 03 May 2013 13:57:07 GMT

sigh moan sigh again

14 days down still waiting

I want this done and handled

Re: Plan of Attack

TimeToRecover — Mon, 06 May 2013 00:25:56 GMT

obsess much. HAHA

So I decided today to go search the public records db for the county I lived in.

I only see the release now from the IRS no more lien. So I am thinking they did the vacate on it. Still waiting on paperwork to get it off the CR. Although I would think if they vacated it should remove both the lien and the release but I don't know about that side of things I don't care as long as report will end up clean.

So thats my latest update. No more lien showing in the county records just the release. I am thinking I will have papers here when I get back from work this week. I travel m-th.

Those of you that have been thru this did you look to see what was in the records after you finished not just on your CR?