topic Re: Doing everything right and still no love..I'm done in Rebuilding Your Credit

Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 19:33:47 GMT

Clearing up my baddies.....no baddies at all on TU and 1 paid collection that will fall off at months end....got rid of 2 cards (credit one and wells fargo secured) never 1 missed payment on credit cards. And cant get CLI's, or better cards or anything better. I' stuck in subprime card land for some reason.....may as well have fun and run em all up and say heck with it. I've worked very hard to better my credit situation and fells like I'm running in place. Sorry for the rant...Just how I'm feeling.......

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 19:42:48 GMT

Credit scores are based mostly on CURRENT revolving accounts. Closing those two accounts is akin to shooting yourself in the foot. All you did was make it harder. Without any current accounts, your scores have zero chance of improving.

Re: Doing everything right and still no love..I'm done

creditstalker — Thu, 23 Apr 2015 19:43:45 GMT

Is there are reason you got rid of the credit cards you had? Paying off debt is a good thing, but you have to have some type of credit card (whether secured or unsecured) to start building your credit...

Don't give up..there is light at the end of the tunnel :-)

Re: Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 19:56:14 GMT

Yes, they were closed on the advice given by a senior member here. Credit one cause of its annual feel, and wells fargo being secured. I just did them an hour ago so those had no bearing on any SP's seeing that they would not have been updated. My current UTI is 3 %

Re: Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 19:57:15 GMT

Also I still have 3 bank cards and 3 store cards and an open car loand...all paid perfect

Re: Doing everything right and still no love..I'm done

Momof5 — Thu, 23 Apr 2015 20:09:24 GMT

Don't give up....this is a marathon, not a race!

I know how you feel. I have 11 yr old Cap1 card that is still $500 and the luv button has gotten me nothing. I would go to the the prequal sites and always get "Sorry, no offers for you!" I didn't get my first offer until my EX FICO hit 702.... and it was not a likely approval d/t the interest spread being from lowest to highest and no opt out notice at the bottom...

Finally paid off a bit over $25K in revolving debt, and score jumped to 739 and I got prequals from Chase @ 22.9%, Cap1 QS & Venture @ 17.9%, Discover it @ 12.99-15.99%, BoA 10 -20.99%....no on CITI and AMEX....

It took me from Feb 2014 to now (Apr 2015) to get from 472 to 739. I am looking forward to getting the CCs, but I want better interest rates on some of those....

Patience, grasshopper!

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 20:12:41 GMT

@dledo wrote:
Clearing up my baddies.....no baddies at all on TU and 1 paid collection that will fall off at months end....got rid of 2 cards (credit one and wells fargo secured) never 1 missed payment on credit cards. And cant get CLI's, or better cards or anything better. I' stuck in subprime card land for some reason.....may as well have fun and run em all up and say heck with it. I've worked very hard to better my credit situation and fells like I'm running in place. Sorry for the rant...Just how I'm feeling.......

It's definitely a process that has its ups and downs.

How long have you been repairing? What are your current scores? The damage wasn't done overnight, nor will it be undone overnight. It's possible you have some items you don't realize supressing your score.

Also, of your remaining tradelines, which look to be a decent mix, how long have they been open, and how have you been using them? If they've been open less than 6 months, and you're putting minimal spends on them (like, under 5% of the CL) then you likely don't have enough history with them, plus you're not even using the credit you've got, so why do you need more? Give them a few months, spend and pay down, spend and pay down, a couple of times a month. Put what you would normally debit or send checks out for to show higher usage on the cards, to help show you can justify higher limits. If you can't do it with all 3 bankcards at once, then pick one and focus on it for 3-4 months, then try a CLI, then move onto the next. Also remember, some lenders have specific time limits before you can request CLIs.

You'll get there eventually! You've got this!

Re: Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 20:28:56 GMT

I have had these cards for over a year now, I Use all the cards anywhere between 30-75 percent usage but pay them off. My mix is good I think and my scores as of now are EQ - 626 TU - 623 EX - 622. Been working on this since last Feb. I know I'll keep working at it, just a frustrating day today.

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 20:47:46 GMT

@dledo wrote:
Also I still have 3 bank cards and 3 store cards and an open car loand...all paid perfect

Whew... I thought they were your only accounts. Ok, you're still good.

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 20:56:41 GMT

Well you're doing better than I am - I'm 616/597/555... So there's that.

You're doing fine, you've gotten your reports cleaned up now its time to just sit back and garden. This is maybe the hardest part of this game - sitting back and waiting for scores to rise. Its a slow process but you are on the right road. Are you making sure just one card reports a small balance and the others report $0?

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 21:03:42 GMT

OK, looking back at your earlier posts, and seeing the three bank cards you have, I would recommend you go app for a Cap One QS and Cap One platinum accounts - they are a step above the ones you currently have, and if you use them well they will grow very quickly. You may take a score hit for the new accounts, but that will be temporary, you need to start moving up the ladder.

Keep in mind rebuilding is a SLOW process, but you've turned the corner.

Re: Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 21:07:26 GMT

Hey Norman, I had the platinum and they bumped me to the QS already. All my balances are 0 excpet for the QS which has 300 limilt with 15 dollar balance on it. Your right, I know it's time to sit back and garden but I just get so anxious when seeing all these rebuilds getting these great limits on some real nice cards...lol. Also just got into NFCU 2 months ago. I'm hoping with an established history with them I can apply in 6 months and get one of those great cards they offer.

Re: Doing everything right and still no love..I'm done

dledo — Thu, 23 Apr 2015 21:21:52 GMT

Here is a listing of my Bank and store cards:

FIRST PREMIER 750.00 LIMIT

MERRICK BANK 1200.00 LIMIT

CAP1 QS 300.00 LIMIT

FIRSTSAVINGS 750.00 LIMIT

WALMART STORE CARD 600.00 LIMIT

KHOLS 300.00 LIMIT

OLD NAVY 200.00 LIMIT

As you can see cutting loose Credit One and Wells Fargo (secured) not that big of a deal. Would just like to have some sexier cards and limits..lol

Re: Doing everything right and still no love..I'm done

Anonymous — Thu, 23 Apr 2015 21:26:56 GMT

@dledo wrote:
Hey Norman, I had the platinum and they bumped me to the QS already. All my balances are 0 excpet for the QS which has 300 limilt with 15 dollar balance on it. Your right, I know it's time to sit back and garden but I just get so anxious when seeing all these rebuilds getting these great limits on some real nice cards...lol. Also just got into NFCU 2 months ago. I'm hoping with an established history with them I can apply in 6 months and get one of those great cards they offer.

Good deal. Use the heck outa that QS card and they will give you some nice bumps. Start requesting CLI's at 4 months if they don't auto increase ya. I request CLI's every month now, just because.

I sat on my two cap one platinum cards ($300/$500) with them maxed out for 2-3 years, and finally got off my duff in December, paid them down and started really using them correctly, and by the end of february, they bumped me to $800/$1500 when I requested CLI's and converted both to QS Reward cards. And thats with sub-600 scores. I'm hoping to get an NFCU account open soon myself, just gotta wait for my brother to get his account open.