topic Re: Is it time to start increasing revolving accounts yet? in Rebuilding Your Credit

Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:23:52 GMT

Hello friends,

Long story coming up. Have a seat and pour yourself a drink.

I neglected my credit entirely for about 6 years. In that time I have accrued defaulted student loans to the tune of 100k, 2 repos, 3 negatively closed credit cards, a paid tax lien, 2 judgements, and a host of collection accounts.

I met someone last year who offered to help. He wouldn't tell me how, but after a fury of online disputes, several collections disappeared, several negative payments were scrubbed, and some accounts just vanished into thin air.

Picking up where he left off, i was able to pull all 3 reports based on recent adverse decision last november and went to town. So far:

*I got 6 of my student loans into an income based payment plan, showing current now, but even after a GW still showing 6 30 day lates. These 6 loans represent 88k of the 100k of student debt. Four of the remaining acct are in loan rehab, and 2 just came out of loan rehab and show current. Their OCs are still showing, some with still a few negative payments but 0 balances. I am awaiting GW responses from them.

*I made a formal dispute in writing for several accounts, which only got a CA and it's corresponding OC deleted. #smallvictory

*I settled one credit card with OC (Merrick bank) for 30% but didn't know I get a PFD out of the deal. Question #1, can that be revisited?

*I have a voluntary repo aging out this august (DOFD 9/09). I am attempting to transfer responsibility to my ex husband (it was an issue of predatory lending, and I basically wrote a letter presenting what I would have brought to court if they wanted to sue). I only recently found this site and realized I could've left well enough alone #butimnotthatkindagal #youliveyoulearn

*For my my second repo, which occurred 11/13, I just settled with OC for 50% of the principle stretched out over 6 months, again, I didn't know I could negotiate the PFD in that deal. Would it be possible to revisit that after its paid?

*I have 2 Judgements I plan to vacate on the basis of not being properly served with proof that I was unemployed at the time of the hearing and wouldn't have been able to make a deal anyhow and plan to settle those as well within the next 60 days.

*I have a brand new CA with ERC which, from what I've read on this site will be an easy kill.

*Last may I opened a secured card with a local credit union for $250. That's the only revolving credit I have.

All of this so I can finance a car by August (for business) and lease a car for myself by my next birthday a year from now, as well as get on a good path ongoing.

Is now the right time to get a credit card? I was going to get a secured discover it for 1500 so I can get started on a good payment history. I also wanted to increase my other secured cards limit to at least 750. Or should I wait for more answers?

Any advice is appreciated and I'm sorry I don't have any scores yet, I wanted to wait til I finished making all of these moves #chess not checkers

Thanks for reading!

Edited to Add

EX 551

TU 541

EQ 539

via CCT

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 13:00:35 GMT

Maybe I should simplify my question.

When is a good time to start applying for credit cards in the whole grand scheme of things? Do you prune off bad accounts completely before applying?

Is it worth it to put a high limit on a secured card?

Thanks again!

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 19:56:55 GMT

bump, really looking for help, or if there is a link to another thread, it would greatly help. thanks again!

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:06:36 GMT

What are your *FICO* scores?

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:18:17 GMT

i didn't want to waste time pulling them since i have so much going back and forth on my CRs now. My FAKO with CK is TU 534 and EQ 536. I have a dispute letter out with EQ that if i dont ge a respnse by this week I will be followuing up on.

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:28:35 GMT

It will be really hard to make a informed recommendation without knowing your fico scores. It know it goes without saying but, the cleaner your reports the better the app outcome will be. When I first started rebuilding, I used Credit Karma. Regardless of it showing Fakos, it was nice seeing movement with every positive step I made. it gave me the energy I needed to keep going and it led me to this site a few months later. By the way, before I went to Merrick, I'd check the cap 1 prequal site.

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:31:32 GMT

Looks like you were posting while I was typing. Have you checked the cap 1 prequal site? IMHO you should wait just a bit longer until you feel comfortable pulling your ficos.

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:29:47 GMT

i added my scores in my OP

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:30:44 GMT

yea it told me they cant find a match but still recommended QUickSIlver one. My idea is to wait until all the dust settles, but i just wanted some advice to see if i was going in the right direction.

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:31:57 GMT

@Anonymous wrote:
i didn't want to waste time pulling them since i have so much going back and forth on my CRs now. My FAKO with CK is TU 534 and EQ 536. I have a dispute letter out with EQ that if i dont ge a respnse by this week I will be followuing up on.

It's never a waste of time pulling your scores...

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 20:33:33 GMT

@Anonymous wrote:
yea it told me they cant find a match but still recommended QUickSIlver one. My idea is to wait until all the dust settles, but i just wanted some advice to see if i was going in the right direction.

I'd do as you said and wait until the dust settles.

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 21:01:53 GMT

Thanks a lot!

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 23:30:23 GMT

The main thing here is that you are doing something right.... No matter how bad somebody credit, age heal and as time pass, so will your credit...
The main account is your student loans , which in time will start helping your scores..
All of the repos, collections, and tax lien are going to age off. So maybe if you can't PFD or dispute off, then I would just let them age off....
Funny with all of baddies you have, the student loans should be your biggest concerns, keep it current. Everything will fall off with time, and your scores will improve....
Nobody will probably give you anything decent in credit card term, but everybody have to start somewhere.
I would say get one or two secure card, and let them age for maybe a year... As they age, your baddies will age and fall off, so your scores will improve... Be realistic and set yourself an one year goal. At a fico score of 625-650 maybe you can start getting some decent cards..
Do that and in 2-3 years you can shoot for a 700's fico score...
BUT LIKE OTHERS HAVE MENTIONED , PULL YOUR FICO SCORES AND REPORTS!!!!!

Re: Is it time to start increasing revolving accounts yet?

Anonymous — Sun, 17 Jan 2016 23:35:02 GMT

Thank you!
I set a short term goal for this August. I would like to finance a car for my business.
In the meantime, I'll keep everyone updated on what's going on. I feel like I'll have a lot to talk about in the next 90 days. Thanks again for all of your feedback. There are some brilliant people in here!

Re: Is it time to start increasing revolving accounts yet?

stellar — Mon, 18 Jan 2016 01:36:31 GMT

You can get your FICO scores from Credit Check Total for $1 for a 7 day trial. Then call to cancel.

If it were me, I would start getting one or two secured credit cards to start building good credit. That way, when all/most of the negatives are gone you have some good history.

Open sky doesn't do a credit check but also doesn't graduate. SDFCU I believe also doesn't do a credit check, tho there may be a HP for membership. Those are both easy secured cards to get which don't charge you ridiculously high fees.