topic Re: Oooh Weee I need a credit mentor... in Rebuilding Your Credit

Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 20:35:14 GMT

Hello out there! I am starting this process kind of from scratch because I just need to get it together. I really would like to purchase a home in the near future and I know I need to do a few--ok probably a million things--to be able to do so. I recently did a major credit review with Experian and Transunion (not sure why I didn't do Equifax at the same time). There were several items that were being reported incorrectly or were not mine at all. A bunch were deleted on each and my score jumped 81 points. So I am currently at the "now what" point. I have two collections that are still showing, one that I plan to pay in full and the other that is a medical bill that just should not be there as I had insurance coverage and was completely unaware of this charge or collection account.

I have two more account thats were closed that I have to figure out to pay and get off if possible...who knows.

Right now my current FICO Scores are EX-591, EQ-576, and TU 546

I have one credit card from a Jewelry store card that I am using 0% of. The CL is $500 and I have been told that I should use less than 25% of the limit and pay in full each month. I am wondering if I should apply for a secure card and which one or two are good to start with. I am really wondering where to go from here.

Any help any of you can offer would be greatly, greatly appreciated!

I have set 700 as my goal score (hoping that doesn't take many, many, many months)

Thank you in advance!!

Karen

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 20:55:17 GMT

As for the medical collections google the HIPPA Letter process by Why Chat do this before anything else, you do not want your disputes to be merged. If you can't find the right website or have questions PM me. After you are finished with the medical collections then you can work on the others. If you are going to apply for a mortgage then you will probablly need to pay off the other collections but try to get a pay for delete agreement, be sure to get any agreement in writing before paying. As for the cards ideally you want three credit cards pay two of them off just prior to the statement being cut and let one show a ballance less than ten percent

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:08:23 GMT

Do you already know that you cannot obtain an unsecured card?

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:10:59 GMT

Thank you so much! I will start there and see what happens. I am sure I will have questions so I appreciate being able to PM you. Will come back and let you know how it goes.

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:12:28 GMT

No, I hadn't even tried. Was wondering which one to start with. When I apply for an unsecured card will my credit score drop from the inquiry. I haven't seen the number so close to 600 in so long I'm all scared to do anything that might make it drop. LOL.

Re: Oooh Weee I need a credit mentor...

gdale6 — Wed, 25 Nov 2015 23:13:13 GMT

For unpaid medical debt that is reporting on your CR:

1. Call the OC and see if you qualify for Charity Care
2. If not then ask that they recall the collection in exchange for full payment
3. Send the reporting CA a PFD offer
4. Google the HIPAA Process and contact its creator for help

Re: Oooh Weee I need a credit mentor...

Pway — Wed, 25 Nov 2015 23:17:48 GMT

I would check the Capital One pre qual site and see what offers they have for you. You are more than likely going to gain points by adding a second and third card.

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:18:25 GMT

@Anonymous wrote:
No, I hadn't even tried. Was wondering which one to start with. When I apply for an unsecured card will my credit score drop from the inquiry. I haven't seen the number so close to 600 in so long I'm all scared to do anything that might make it drop. LOL.

It's just part of the deal, you have to take the hit to get the card. But your score should rise from having good revolving activity and makeup for the point loss fromt he inquiries. They key is (which I messed up on when I started) to not waste the inquiries on applications. I've seen a few people on here that ended up with 40 inquiries because they just kept applying and applying. Chances are if a few are saying no, they're all gonna say no right?

I'm pretty sure if you apply for a capitalone card, even if they don't approve you for an unsecured they'll offer you a secured, BUT they run all 3 credit reports, so you take an inquiry to each one. Wait for someone to chime in who was putting in applications with scores similar to yours. If you end up with a secured card, I do recommend the capital one though.

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:19:49 GMT

https://www.capitalone.com/credit-cards/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3AL0RT6ME8Z&PageName=Home+Page+Dynamic&ComponentName=primary_nav&ContentElement=p-2%3BCredit+Cards&TargetLob=MTS%3A%3ALCTMMQC4S&TargetPageName=Credit+Cards+Home&referer=https%3A%2F%2Fwww.capitalone.com%2Fhomepage-dynamic

go to the bottom where it says find out in 60 seconds, it wont affect your credit report

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:38:27 GMT

Done. The two offers that came up are the Capitol One with 24.9% variable APR; No Transfer Fee and the other says Quick Silver ONE Rewards with 0% intro APR until September 2016; 22.9% variable APR after that; No Transfer Fee

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:45:44 GMT

The top Capital One offer says Platinum for the card...would it say Secured Card if it means that one or will it defer me to the unsecured? I appreciate your help!

Re: Oooh Weee I need a credit mentor...

Anonymous — Wed, 25 Nov 2015 23:46:44 GMT

Apply for one, then immediately apply for the other. They will give you both.

@Anonymous wrote:
Done. The two offers that came up are the Capitol One with 24.9% variable APR; No Transfer Fee and the other says Quick Silver ONE Rewards with 0% intro APR until September 2016; 22.9% variable APR after that; No Transfer Fee

Re: Oooh Weee I need a credit mentor...

darwin_wins — Thu, 26 Nov 2015 00:00:48 GMT

Take the capone offfer.

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 05:16:03 GMT

@Anonymous wrote:
The top Capital One offer says Platinum for the card...would it say Secured Card if it means that one or will it defer me to the unsecured? I appreciate your help!

Yes, it would say 'secured' if thats what they meant.

Getting the prequal is not a guarantee that you will be approved, but it is a positive indication.

As NormanFH stated, you should apply for the card, and then immediately after getting it, apply for the other one.

The reasoning for saying apply for one right after the other is that Cap1 does a HP on each bureau when you make an app. If you apply for the second one right after the first one, the HPs will be consolidated and you will end up with just one set of HPs instead of two sets.

If they reject your app, they often make a counter offer for a secured card, but again, no guarantee.

GL, and keep us posted about how it goes.

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 07:09:03 GMT

Thanks!! That information was extremely helpful! I applied for the first and was approved for $300 and then applied for the second and was approved for the same. Now I have those two cards and the jewelry store card and need to figure out how to use those to make my score move right on up. I feel optimistic for sure and am excited about the journey ahead :-)

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 08:24:10 GMT

@Anonymous wrote:
Thanks!! That information was extremely helpful! I applied for the first and was approved for $300 and then applied for the second and was approved for the same. Now I have those two cards and the jewelry store card and need to figure out how to use those to make my score move right on up. I feel optimistic for sure and am excited about the journey ahead :-)

CONGRATS on getting those two CCs! Nice Job!

You will get a nice score bump just for getting the second and third CCs because the Fico scoring system is looking for three revolving accounts.

I recommend you use them and then pay them off before the statement cuts, which is what will report to the CRAs.

For the best chance at a good score, have 2 report at zero and just 1 CC report at less than 10% of its UTI.

You need to keep all 3 accounts at less than 10% each and all accounts together need to be under 10% of the credit line.

For the immediate future, just concentrate on paying down each CC before the statement date.

Some of my CCs have a due date of the 4th of the month and the statement date is the 7th. I use the CCs during the month and make sure I have the payment in a day or two before the due date. Then I dont use the CC until the day after the statement cuts, for me on the 7th. So on the 8th, I start using it again, and pay it down before the 4th.

I had one CC that a limit of 250 and another of 500. I am trying to convince the CCC of the 500 that I need an auto CLI so I use that one a lot and I make several payments during the month, making the last one to PIF.

If you have multiple CCs just show a little usage on one and push a lot thru the second one.

Hope that helps.

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 10:15:46 GMT

Good job missykay, way to make 3 hard pulls count

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 13:44:22 GMT

Great job! You're on your way.

Re: Oooh Weee I need a credit mentor...

Anonymous — Thu, 26 Nov 2015 22:48:58 GMT

You are all amazing! Thank you so much! I have learned so much in the past couple days...I can't wait to see what my credit will look like this time next year!

Re: Oooh Weee I need a credit mentor...

Anonymous — Fri, 27 Nov 2015 02:59:09 GMT

Happy to be one that helped you

Now I recommend you stay in the 'garden' for at least a month or two, meaning dont do any aggressive moves and just watch your credit accounts grow.

wSometimes, Cap1 offers something called 'credit steps' where they watch your account closely and promise to give you a CLI after like 6 months if you use it responsibly. At the end, they will give you 500 or more increase. You may luck out and get an offer for each card.

Watch your scores for the next couple months and you should see an increase just for having 3 accounts now.

You might consider asking for a CLI online thru your account after about 3 or 4 months. Lots of people have reported getting a CLI after requesting one online and then also getting the auto CLI from the credit steps.

GL, and read all you can on here, its a lot of great information.