topic Re: Need help!!!!! in Credit Cards

Need help!!!!!

Anonymous — Wed, 02 Jul 2008 15:01:45 GMT

I have been working to inprove my credit score. Last time I checked it was EQ481/TU522/EX498. I know how bad that is!!! I have PFD an old auto repo that I owe $1900 on, and I am working on my collections (6)(all of them medical). I have tried to apply for a bankruptcy credit card with Orchard and with Capital One. DENIED!!! Darnit. What should I do? I want to build my credit back, but I dont think I am gonna have any luck anywhere else. I have very few bills and make way more money than I ever had. PLEASE HELP!!

Re: Need help!!!!!

Anonymous — Wed, 02 Jul 2008 16:01:17 GMT

I take it from the flood of comments Im screwed.....at least for a while....a long while!!!!!

Re: Need help!!!!!

Anonymous — Wed, 02 Jul 2008 16:19:09 GMT

Hubby and I are in the same boat, Nchubb.

What we've decided to do, as per everyone's suggestions here, is to GW and PFD what we can, make payments on time for several months and THEN app for credit. It's more likely that you'll get to a place that the CCs want you to be, and more of a "guaranteed" success. I don't know about you, but the word "DENIED" scares the poo out of me and I've been avoiding apping for that reason. I want some likelihood of being approved before I apply!!

Are your big baddies lates, charge-offs or collections? If any of those apply to you, mosey on over to the "Rebuilding Your Credit" forum and post for some advice over there. They give great advice on turning your negs into positives!!

Re: Need help!!!!!

Anonymous — Wed, 02 Jul 2008 16:33:42 GMT

Are you looking for a credit card that will approve you?

I am a big fan of repair, then rebuild myself. However, I think there are a couple of CCs I know that will approve you, but the fees are outrageous, so you would actually do better by opening a secured card somewhere else.

But if you are dead set on an unsecured card, I'd try Credit One, First Premier, or Tribute.

Re: Need help!!!!!

Anonymous — Wed, 02 Jul 2008 16:38:08 GMT

It is nice to know that I am not alone. The only good part about it is most of the baddies are in my name only. My wife does not have alot of credit, but was approved for an orchard bank platinum for 300 cl. We will be working on her credit for the time being and hope that time can patch up problems with my credit. I am also working on an auto loan for my wife which with the card and the loan she should have a good start on her credit. Should she try applying for more than the 1 cc right now or wait about 6 months. Maybe apply for cap 1?

Re: Need help!!!!!

Anonymous — Wed, 02 Jul 2008 17:01:24 GMT

What are some of the good secured cards that may help. Anything to get a jump start on building up my credit. I know VERY little about secured cards. Is this a beneficial thing for me at this point?

Re: Need help!!!!!

Scamp — Wed, 02 Jul 2008 23:22:48 GMT

Nchubb wrote:
What are some of the good secured cards that may help. Anything to get a jump start on building up my credit. I know VERY little about secured cards. Is this a beneficial thing for me at this point?

A search on here for 'secured card' or even just 'secured' should turn up several informative threads for you, Nchubb.

If you have a good relationship with a bank or CU, I'd say research what secured cc options they offer and talk to them first. That's how I started my rebuilding, a couple of years ago - went to the bank where I'd had my checking account for years.

BofA has some good secured and partially-secured cards, and a lot of members who've used them seem to be happy with their experiences.

Hope this helps.

Good luck!

Re: Need help!!!!!

haulingthescoreup — Thu, 03 Jul 2008 00:08:40 GMT

@Anonymous wrote:

What are some of the good secured cards that may help. Anything to get a jump start on building up my credit. I know VERY little about secured cards. Is this a beneficial thing for me at this point?

As another member posted, first do clean-up before trying for more cards. Right now anything that you got would probably be crap (sorry.) Rather than stinking up your reports with vicious, vampirish, bottom-feeder cards that charge you gi-normous fees to use your own money, I would first work on getting your scores up around the 600 mark, and then applying for a good secured card, like BofA or a credit union. It can be done! But it does require patience and work.

What else is going on with your reports? I've seen members reporting same and worse derogs, but with better scores. How recent are the derogs, and how high is your current util? (balances reported divided by credit limit) Those are the two genuine score-killers that come to mind.

This thread really needs to be over on either General Credit Issues (if you want some ideas about which direction to go in) or on Rebuilding Your Credit (if you want specific advice about how to start doing some clean-up on your reports.) I'd like to give you a chance to see this post before I move it, because I'm afraid that you might not be able to find it.

When a thread is moved, you get a big green arrow and a link to the new location, but it appears in sequence from when the thread was started, so it might be back a page or two.