topic Re: Secure Card = My Only Rebuilding Option Now? in Rebuilding Your Credit

Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 12:07:47 GMT

Given my FICO scores with the charge-off list below, the only application I did was for FingerHut, not much of a CL but is a start. My FICO scores range from 600 (EX) to 628 (EQ). There is a fine line between rebuilding and cleaning up old issues. The quicker I have positive tradelines reporting, the quicker my scoes will start heading north. I don't think it's good to waste a HP on CAP1 given the current charge-off, which would typically be my first choice for a rebuilding CC. At this point, the only thing I should be applying for is a secured credit card?

NFCU - CHARGE-OFF

CAP1/KOHLS - CHARGE-OFF

SYNCB/WALMART - CHARGE-OFF

SYNCB/AMAZON - CHARGE-OFF

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 12:13:52 GMT

Has the charge off been over a year? How much is the charge off?

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 12:16:20 GMT

@Anonymous wrote:
Has the charge off been over a year? How much is the charge off?

The CAP1 CO has a DOFD of 1/2013 at $1900.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 12:21:26 GMT

Check the Cap1 pre qualifier tool. They are forgiving after one year of a CA. If an offer pops up, chances are you will be approved. No guarantees but pretty solid.

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 12:25:36 GMT

@Anonymous wrote:
Check the Cap1 pre qualifier tool. They are forgiving after one year of a CA. If an offer pops up, chances are you will be approved. No guarantees but pretty solid.

I have tried the CAP1 prequalify site and no dice.

XXXXXX, we couldn't match your records to a card offer.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 12:29:40 GMT

Has it gone to a CA yet? Try the milestone gold card pre qualifier. I got one when I started my rebuild. No monthly service fees, no application fee, interest is a little high, mine is 23.9. They do charge an annual fee and the CL is only 300$. But it's a good start.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 12:36:11 GMT

It really doesn't matter to me what an interest rate is on a card. I always PIF. So don't let the interest rate scare you when you apply for something. Just PIF. And if you can't PIF during your rebuild process then keep it below 10%.

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 12:40:19 GMT

@Anonymous wrote:
Has it gone to a CA yet? Try the milestone gold card pre qualifier. I got one when I started my rebuild. No monthly service fees, no application fee, interest is a little high, mine is 23.9. They do charge an annual fee and the CL is only 300$. But it's a good start.

It was a collection a couple years ago, nothing recent. I suspect it will fall of next month like the other CAP1 charge-offs did that I had. They seem to just drop off my reports on their own at 3 years 1 month past SOL.

If I were to try for a CAP1 card with low scores,would that be the QS?

I assume the Milestone Pre-Qualify is a soft pull? Is does ask for your full SS though.

Milestone Pre-Qualify

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 13:40:33 GMT

Milestone only pre-qualified me for a secured card. Looks like I am still neck deep in crap and need to wait.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 13:45:27 GMT

NFCU is charged off? Any CA's reporting yet?

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 13:57:17 GMT

@Anonymous wrote:
NFCU is charged off? Any CA's reporting yet?

Yes NFCU is a charge off. All of the CAs have come and gone. No CA reporting.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 14:34:14 GMT

May be a stupid question. I can see them coming, but how is it their gone?

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 16:18:01 GMT

@Anonymous wrote:
May be a stupid question. I can see them coming, but how is it their gone?

What can you see coming?

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 16:20:19 GMT

No, you said they have come and gone? How did they just go away?

Re: Secure Card = My Only Rebuilding Option Now?

AutoBot — Sun, 17 Jan 2016 16:31:01 GMT

@Anonymous wrote:
No, you said they have come and gone? How did they just go away?

What I am saying is that typically I see OC hiring CAs initially to collect and when nothing happens, the CA goes away and the OC just hold the charge-off until they stop reporting. I haven't had a collection account show up on my reports for probably 2 years now.

I suspect the CAP1/KOHLS will go away completely on it's own starting next month.

I am talking with NFCU and will probably settle for less than full balance with them.

The 2 SYNCB accounts I am not sure what to do with. They are each about $1200, DOFD on both is late 2012, and are 1 year past SOL. Maybe I will call them and see what can be done.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Sun, 17 Jan 2016 16:32:48 GMT

Ok, I understand now.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Tue, 19 Jan 2016 20:27:40 GMT

@AutoBot wrote:
@Anonymous wrote:
Check the Cap1 pre qualifier tool. They are forgiving after one year of a CA. If an offer pops up, chances are you will be approved. No guarantees but pretty solid.
I have tried the CAP1 prequalify site and no dice.

XXXXXX, we couldn't match your records to a card offer.

Apply anyway - I've never gotten any love from their prequal and my wife and I have both been approved for new accounts this year.

Re: Secure Card = My Only Rebuilding Option Now?

Anonymous — Tue, 19 Jan 2016 20:29:18 GMT

@Anonymous wrote:
@AutoBot wrote:
@Anonymous wrote:
Check the Cap1 pre qualifier tool. They are forgiving after one year of a CA. If an offer pops up, chances are you will be approved. No guarantees but pretty solid.
I have tried the CAP1 prequalify site and no dice.

XXXXXX, we couldn't match your records to a card offer.
Apply anyway - I've never gotten any love from their prequal and my wife and I have both been approved for new accounts this year.

And thats with sub-600 scores for both of us.

Re: Secure Card = My Only Rebuilding Option Now?

lindsaydruart — Tue, 19 Jan 2016 23:32:27 GMT

App for the Synchrony anyway. I had unpaid COs with Walmart and Amazon as well as Paid COs with Old Navy and Gap. Reopened the paid and the Walmart Card. Amazon only didn't reopen because of inquiries. My COs were 3-4 years ago. Never got any love from Cap1 prequal either but I have a Kohls and a QS1.

NFCU black lists so you are a no go with them until you pay them in full.