topic Re: Frustrated in Rebuilding Your Credit

Frustrated

Anonymous — Thu, 08 Oct 2015 15:40:15 GMT

Morning All =-)

So, as you can tell by my sig, I have issues, credit issues, which I'm working on fixing. I have a Fingerhut Fresh Start Account, on which I've made 3 timely payments, as well as the initial $30 down. I also have been approved for a Cap1 Secured card, with a $200 deposit, which I plan on doing next week.

Currently, I check my scores via CK and CS, I plan on purchasing MyFico's Ultimate 3B Monitoring within the next month or so. I check my CK weekly, every Thursday. Made my Fingerhut payment on the 1st ($15.27 due 10/3), paid $20. My remaining balance is $32.XX, which I plan to pay off around the 20th (before the 11/3 due date), allowing me to graduate to a revolving account. Today, logging into CK and CS, I expected, as always, a 10 point jump from my payment to Fingerhut (scores should be 550+). Both don't reflect my payment... UGH....

Anyhow, I'm super frustrated because I know that I won't/don't qualify for a "good" credit card, but based on other peoples experiences, I thought I'd qualify for a sub prime card at least. My plan has been to try for Credit One or Milestone (I already hear the choir sighing) when I got to a score of 550+ (should have been today). I've previously did a pre-qual on both and have been rejected.

Despite my better judgment, I tried pre-quals again on both.... Both denied. I expected it.

While I SERIOUSLY value and appreciate this forum and it's members (check multiple times daily), I'm a little frustrated with the fact that despite raising my score from 48X+ in months, it seems as other people make fast progress and have better luck than I do. I feel like screaming, just give me a freaking chance to prove that I will do better this time around (I'm 26, made stupid mistakes when younger). It seems like I read, time and time again, about people with scores around or lower than mine, getting to go the unsecured route. I feel like I have to wait until my score is 700 with an extended Fingerhut profile before I'll get approved for even a Credit One.

I know this is a long term, slow and steady game. But I feel like I'm getting nowhere.

Sigh.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 15:49:51 GMT

I know the feeling of frustration. Once your secured card starts reporting, you will see a big boost in your scores. I promise it will come. You are making good progress, just breathe, and keep doing what you are doing :-)

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 15:58:53 GMT

Waiting sucks. Big time. I hear ya sister. I'm in holding pattern too till March as the next date I can accomplish anything successfully. IT SEEMS SO FAR AWAY.

...but it's not. Only 6 months. Set a timer, check the Cap1 PreQual site in 3 mtns. You can do this!

While waiting, I surf and research about my Albatross and what to do about it. Only thing to really do while waiting is to learn and work on checking the reports for accuracy.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 16:02:41 GMT

Waiting does suck. Like, a lot. I am gardening right now and I hate it. But I know I'll see long term benefits from it soon. I am waiting on my 3rd statement on my cap 1 plat so I can hit the luv button. 1 down, 2 to go...

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 16:09:43 GMT

The wait is hard - I did several things at once - disputes, GW letters, PFD's and open new lines - not all I can do is sit and wait for it all to report and sort itself out.

Work on the secured card and get it reporting a few months.....contact a Credit Union and see if you can get a secured card and a rebuilder loan. Basically take the $500 from the loan and open a secured card (now 2 reporting lines) Make your payments and it'll slowly add up for you.

You'll see a jump in scores - that will motivate you. Sometimtes it just takes a while for things to report/clear off for you to see the jump.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 16:12:32 GMT

CK and CS are good for looking at what is on your files but the scores are Vantage. You said you plan on purchasing the your Fico scores. Once you get those you will see where you truly are. I understand what it is like to come on here and feel fustrated. I came to understand that although our scores seem around the same, our credit files are not. You need to take a look at what is making your scores low and work on it. Sometimes time is the answer to most things. Give it a couple of months with the secured card reporting positive payments and see if you prequalify for a unsecured Capital One card. I also suggest that you find a hobby to occupy your time so you don't come on here and fret over you scores daily. Good luck on your credit journey.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 16:24:07 GMT

Just wanted to add here....please avoid the predatory cards like first premier. I just checked my email and got my daily invite for Total Visa. No thanks. Any card that is going to max your cl with fees as your first reported balance is a bad card to have, IMO.

Re: Frustrated

9CLINE — Thu, 08 Oct 2015 16:27:07 GMT

Paitence is hard,, have you tried the Cap 1 and BOA secured cards I've seen on forum they they graduate to unsecured.... I'm sure others can be more indepth on this. Search out on forum there is lots of info on these cards.
I can tell you from experience to get to work on reports,cleaning, and correcting all you can...the rest will have to just age off.
Regardless of reasons or when we all have to pay for our mistakes but time does change your credit. Also those people you talking about getting 50 cards w/ highest apr. and low limits when if being patient w/ 2-3 starter cards and working on reports would yield better long term results...
Good luck on your credit journey.!!!!!!!!!!!!

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:15:38 GMT

@crazedforcredit- I appreciate the reassurance, I needed it ... Sending positive energy your way for Cap 1 luv =-) .... And you SERIOUSLY get DAILY invites to Total Visa?!?!?!?

@buyaobuyao- Sounds like a good plan. Researching, waiting and learning are what I will be doing we well =-)

@jlynn0819- I never thought about using a loan to open a secured. Sounds like a good plan. I plan to start working on my baddies, I have a few, mainly medical. Most of them have fallen off. I have a few that are due to fall off in the next few months. I have 1 that is a few years wait, which I will start working on. I think it's call a Pay for delete? Not too sure, just getting in the game.

@Jemster- Thanks for the great advice. I know that the few baddies I have are affecting my score, as well as the fact that I only have Fingerhut reporting on my account. LOL, your comment about the hobby is true, LOL... I'm just really wanting to do this right and and super invested in making sure I soak up all the knowledge I can. I'm sure over time, when, in a million years, I get to 650+, I won't be a daily hawk on here lol.

@9CLINE- Patience is a virtue I possess in limited quantity lol. Thanks for the input =-)

YOU LADIES/GENTS ARE FREAKING AWESOME!!!!!

Sending Luv & Positive Vibes from Cali =-)

xoxoxoxoxox

~Brittney

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:23:17 GMT

Yep, daily. Seriously. And I can count on at least one a week from first premier. I know my credit sucks, so it makes me feel superior to look at these offers and say "No, thanks. Better offers are coming my way soon!" Plus, if you need a credit ego boost, do the shopping cart trick, just so you can decline the pre approval. I do that when the app urge is strong. It has saved me countless hard pulls and denials lol.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:25:53 GMT

@Anonymous wrote:
Morning All =-)

So, as you can tell by my sig, I have issues, credit issues, which I'm working on fixing. I have a Fingerhut Fresh Start Account, on which I've made 3 timely payments, as well as the initial $30 down. I also have been approved for a Cap1 Secured card, with a $200 deposit, which I plan on doing next week.

Currently, I check my scores via CK and CS, I plan on purchasing MyFico's Ultimate 3B Monitoring within the next month or so. I check my CK weekly, every Thursday. Made my Fingerhut payment on the 1st ($15.27 due 10/3), paid $20. My remaining balance is $32.XX, which I plan to pay off around the 20th (before the 11/3 due date), allowing me to graduate to a revolving account. Today, logging into CK and CS, I expected, as always, a 10 point jump from my payment to Fingerhut (scores should be 550+). Both don't reflect my payment... UGH....

Anyhow, I'm super frustrated because I know that I won't/don't qualify for a "good" credit card, but based on other peoples experiences, I thought I'd qualify for a sub prime card at least. My plan has been to try for Credit One or Milestone (I already hear the choir sighing) when I got to a score of 550+ (should have been today). I've previously did a pre-qual on both and have been rejected.

Despite my better judgment, I tried pre-quals again on both.... Both denied. I expected it.

While I SERIOUSLY value and appreciate this forum and it's members (check multiple times daily), I'm a little frustrated with the fact that despite raising my score from 48X+ in months, it seems as other people make fast progress and have better luck than I do. I feel like screaming, just give me a freaking chance to prove that I will do better this time around (I'm 26, made stupid mistakes when younger). It seems like I read, time and time again, about people with scores around or lower than mine, getting to go the unsecured route. I feel like I have to wait until my score is 700 with an extended Fingerhut profile before I'll get approved for even a Credit One.

I know this is a long term, slow and steady game. But I feel like I'm getting nowhere.

Sigh.

Forget the subprime vulture lenders - you don't need them and you certainly don't want them. You have your foot in the door with Cap One already, just be patient. Open a second secured card with either OpenSky or SDFCU. After six months of good usage with the Cap One secured card (and the others), go and app for their Platinum card - don't even bother with the prequal at this point. If approved, close the secured card and app for the QS1 card. You may have to wait a day for their app system to "see" the secured account closed. When the Platinum card is six months old, get it upgraded to QS reward status.

"Fast" improvement is not necessarily good. Slow and steady wins the race. What you learn by taking your time rebuilding is internalized much better than the "speed demons".

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:39:31 GMT

jlynn0819 wrote:contact a Credit Union and see if you can get a secured card and a rebuilder loan. Basically take the $500 from the loan and open a secured card (now 2 reporting lines) Make your payments and it'll slowly add up for you.

Good advice but to offer some clarification... look for a "share secured" loan specifically, that's the kind you need to do that.

some loans that target rebuilders(often called credit builder loans) don't free up the borrowed amount until the loan is paid off. They are good tools for rebuilding in their own right, but can't be used in the above scenario.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:50:16 GMT

@Anonymous wrote:
jlynn0819 wrote:contact a Credit Union and see if you can get a secured card and a rebuilder loan. Basically take the $500 from the loan and open a secured card (now 2 reporting lines) Make your payments and it'll slowly add up for you.

Good advice but to offer some clarification... look for a "share secured" loan specifically, that's the kind you need to do that.

some loans that target rebuilders(often called credit builder loans) don't free up the borrowed amount until the loan is paid off. They are good tools for rebuilding in their own right, but can't be used in the above scenario.

Thanks Gridium - that wasn't a route I had to take - so I apologize for mixing up the term on the loan.....I've seen others (more seasoned) post about doing that - to make the loan go farther in the rebuild. - thanks for clearing it up!

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 19:58:09 GMT

jlynn0819 wrote: Thanks Gridium - that wasn't a route I had to take - so I apologize for mixing up the term on the loan.....I've seen others (more seasoned) post about doing that - to make the loan go farther in the rebuild. - thanks for clearing it up!

Don't sweat it, you didn't really mix it up. "credit builder" and "share secured" are two types of "rebuilder loans". I just wanted to clarify the specific type. It's good advice and I think it's great you passed it on.

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 20:05:18 GMT

Brit, also a Californian here. Already used my free annual report from all 3 bureaus, and this month I've bought and printed from each.

1. EQ has a google link for $10.95

2. TRANSUNION is only $8.00 for Cali residents.

3. Experian still charges $15.xx Can't find any super discounts.

Literally sitting with a highlighter and pencil going thru all 3 printed reports for discrepancies. Here's my butt hurt of the day, "Keanu Reeves" surf boy aka my coworker sees what I'm doing, sees my scores and then looks up his... "Oh. I'm 726. Is that good?" >_>. Yes Keanu, it is. He just left to go surfing. True story.

Hang in there!

Re: Frustrated

Anonymous — Thu, 08 Oct 2015 20:14:04 GMT

Lololololol ok I'm sorry but that cracked me up! Thank you because I needed a good laugh. <snickering still> Keanu....bwahahahaha!

Re: Frustrated

Anonymous — Fri, 09 Oct 2015 02:07:26 GMT

@crazedforcredit- =-) I can't wait to say "no thanks" lol. I've heard of the shopping cart trick. Around what score do you need to have it work? I heard VS is the easiest to get.

@NormanFH- I know, slow and steady wins the race.... Thank you for the reassurance that I'm on the right path, despite not feeling like it at times =-).

@Gridium- I read about share secured loans a few days ago after seeing it on a post. Is there a minimum credit score?

@buyaobuyao- EXTRA POSITIVE VIBES FOR MY FELLOW CALIFORNIAN ;-) .... As long as you're not in socal lol.... (Nor Cal/Bay Area here).... Totally laughing at your coworker, lol.... Hanging in there for sure =-) ..... I wouldn't be a responsible or respectable Californian if I didn't remind you to conserve your water.... If I have to cut back on the time I spend in the shower, everyone else has to suffer, lol. Have a good one =-)

Re: Frustrated

Anonymous — Fri, 09 Oct 2015 02:16:01 GMT

I think the sct starts working at low 500's for some stores. But the higher end the store, the better your credit needs to be. But I think I saw 515 on the credit pulls database for someone for livestock or Victoria's Secret.

Re: Frustrated

Anonymous — Fri, 09 Oct 2015 02:19:52 GMT

Hokie dokie =-) .... will try soon, will wait to get to 550.

Re: Frustrated

Anonymous — Fri, 09 Oct 2015 02:25:11 GMT

I cannot, for my life, remember to correct the auto correct that keeps calling overstock livestock. My kindle clearly has bovine brain or something.