topic Re: Factoring UTI & Other Issues - Help Please in Rebuilding Your Credit

Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 14:49:20 GMT

Hi Guys, I know this is a long post but I need a bit of help!

I have finally paid my credit cards down! Here Goes...

Credit One Bank (Open and Current, No Late Pays)

Limit: $300.00

Balance: 9.95

Neighbors Federal Credit Union (**Charged Off**)

Limit: $500.00

Charged Off Balance:$457

New Balance: $0.00

First Premier (Closed by Grantor)

Limit: $300.00

Balance: $92.00

New Balance: $0.00 - Paid Off May 5th!

Regarding my UTI, Shoud I include the charged off and closed accounts in figuring out my new UTI or just my open credit card? FICO says my current UTI is at 91% but the new figures haven't been factored in as of yet.

Other than this, I have 4 collection accounts to take care of and I'm hoping to see my scores shoot thru the roof so I can apply for a mortgage!

Enhanced Recovery - $796

Equidata - $226

Certified Recovery Systems - $1590

Transfinancial Company - $0.00 (Medical paid in 01/2014)

Advice is appreciated!

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 15:13:08 GMT

@Anonymous wrote:
Hi Guys, I know this is a long post but I need a bit of help!

I have finally paid my credit cards down! Here Goes...

Credit One Bank (Open and Current, No Late Pays)
Limit: $300.00
Balance: 9.95

Neighbors Federal Credit Union (**Charged Off**)
Limit: $500.00
Charged Off Balance:$457
New Balance: $0.00

First Premier (Closed by Grantor)
Limit: $300.00
Balance: $92.00
New Balance: $0.00 - Paid Off May 5th!

Regarding my UTI, Shoud I include the charged off and closed accounts in figuring out my new UTI or just my open credit card? FICO says my current UTI is at 91% but the new figures haven't been factored in as of yet.

Other than this, I have 4 collection accounts to take care of and I'm hoping to see my scores shoot thru the roof so I can apply for a mortgage!

Enhanced Recovery - $796
Equidata - $226
Certified Recovery Systems - $1590
Transfinancial Company - $0.00 (Medical paid in 01/2014)

Advice is appreciated!

If the charge off is paid and shows a zero balance then there is nothing to factor in.

You need to get two more revolving accounts established. I'd suggest the credit union since you have "made good" with them. Also try Capital One.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 15:17:08 GMT

Hi,

The credit union wont let me back in for 6 months. I've tried Capitol One and every other credit card company countless times, only to be denied for any secured card. i am beyond stuck with this mess of mines!

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 15:46:02 GMT

@Anonymous wrote:
Hi,

The credit union wont let me back in for 6 months. I've tried Capitol One and every other credit card company countless times, only to be denied for any secured card. i am beyond stuck with this mess of mines!

But they "will" let you back in, right? Thats good, its a goal to shoot for.

Are you perhaps listed in chexsystem? Thats often a reason for being denied secured cards.

If you're clear in chexsystem, try SDFCU. If you have no installment accounts, you are losing points there. SDFCU is greatthere because they have a secured installment/credit card combo package that great for rebuilding. You can join SDFCU by becoming a member of the American Consumer Council.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 16:00:00 GMT

Yes, they will let me back in 6 months from now. I have 2 installment account open one with my bank & finger hut. However, I don't see any improvement on my reports from paying on time each month.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 16:36:37 GMT

@Anonymous wrote:
Yes, they will let me back in 6 months from now. I have 2 installment account open one with my bank & finger hut. However, I don't see any improvement on my reports from paying on time each month.

Its part of the "credit mix" portion of scoring. Its a small part of your score, only like 10 or 15 percent. But for the best credit mix scoring you should have 3 or more revolving accounts, 1 installment account and 1 mortgage account. If you're lacking an installment account, opening one can often get you 5-10 points.

You're OK as far as credit mix goes.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 16:40:42 GMT

Great, Thanks!

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 17:29:25 GMT

@Anonymous wrote:
Hi,

The credit union wont let me back in for 6 months. I've tried Capitol One and every other credit card company countless times, only to be denied for any secured card. i am beyond stuck with this mess of mines!

Try OpenSky. Can fund with little as $200. Reports as unsecured, annual fee is reasonable, and can deposit more funds free during the first year.

As for ChexSystems - order your free report on-line; takes about a week to arrive in the mail: https://www.consumerdebit.com/consumerinfo/us/es/chexsystems/report/index.htm

Adverse entries remain in ChexSystems for 5 years, paid or not. Many banks will open a new account with little fuss despite an old, paid entry showing.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 19:46:41 GMT

Believe it or not, i was denied for Open Sky! I just don't know which way is up from here. I'll look up the chexsystems and see if I have a report...I hope not tho!

Thanks.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Wed, 20 May 2015 21:48:10 GMT

Bizarre given your scores, and that you have a revolver that's in good standing. Something else is going on, maybe it's ChexSystems.

Or more simply, it could be your current charge off with NFCU is very recent and/or First Premier showing Lates - or did they close it for some other reason?

Recent baddies involving credit card accounts will make most any lender nervious, though still surprised OpenSky said no. As with the credit union, you may need to wait 6 months before applying for anything decent.

About the only card you might qualify for is Verve $500 SL (very sub-prime card like First Premier) with maybe a deposit required. No application fee; $125 AF. Card ranges from unsecured to partial to fully secured; partial with $50 deposit is common. Not recommended unless you must have another card right away. You already have a revolver, and if you can hang in for several months, may qualify for something much better.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Fri, 22 May 2015 15:23:48 GMT

First Premier closed my account because you apparantly can't pay a bill to them using a prepaid liquid card with chase bank. Crazy...I have no lates showing with them and the card has been updated tp a $0 balance. The only real negative thing i have is NFCU that has been paid off. I don't know what else to do.

@Anonymous wrote:
Bizarre given your scores, and that you have a revolver that's in good standing. Something else is going on, maybe it's ChexSystems.

Or more simply, it could be your current charge off with NFCU is very recent and/or First Premier showing Lates - or did they close it for some other reason?

Recent baddies involving credit card accounts will make most any lender nervious, though still surprised OpenSky said no. As with the credit union, you may need to wait 6 months before applying for anything decent.

About the only card you might qualify for is Verve $500 SL (very sub-prime card like First Premier) with maybe a deposit required. No application fee; $125 AF. Card ranges from unsecured to partial to fully secured; partial with $50 deposit is common. Not recommended unless you must have another card right away. You already have a revolver, and if you can hang in for several months, may qualify for something much better.

Re: Factoring UTI & Other Issues - Help Please

Anonymous — Fri, 22 May 2015 16:52:16 GMT

Did you use the card's routing number / bill pay? If yes, that would be a problem, since it's intended for incoming only. Even one declined payment can lead to card account restriction / closure. Pleading forgiveness often works for an one-off payment goof. If you paid over the phone with the 16 digit card number, that should have been no problem, since it's a debit card that's direct deposit / bank account / cash funded.

On the bright side, a closed account, in and of itself, is not an adverse entry. In the longrun, you'll save a lot of money and hassle without First Premier.

Definitely order your ChexSystems report, if you haven't already. Not sure that's the cause of your recent denials, but worth a look.

Another possibility is you have baddies you're not aware of. Or maybe something simple, such as, unable to verify your identity, incorrect street address (if you've moved in past few years), too many HPs in a relatively short period of time, etc. If you haven't already, visit AnnualCreditReport.com and pull one or more of your reports. Look for the obvious issues - baddies, positive TLs, etc ... but also take a look at who has soft-pulled your reports in recent months. That may provide some clues as to what else may going on, and possible other issues lurking out there.