topic Re: CREDIT DENIALS in Rebuilding Your Credit

CREDIT DENIALS

Anonymous — Tue, 24 May 2016 10:16:56 GMT

I STARTED WITH SKY BLUE CREDIT REPAIR LAST OCTOBER AND WHEN I STARTED MY SCORE (FICO 477) NOW I HAVE 550 EX 581 TRANS 571 EQU BUT I CANT SEEM TO GET APPROVED BY ANYONE. I DID GET A FINGERHUT FRESH START ACCT TOOK 6MTHS OF PAYING TO SHOW I CAN AND WAS JUST UPGRADED TO A RETAIL STORE ACCT BUT CREDIT LIMIT 200.00 I BOUGHT SOMETHING AND ID ASSUME I HAVE TO DO THE SAME THING TO BOOST MY CREDIT AND JUST MAKE REG PAYMENTS.

I ALSO JUST DID A CAPITAL ONE SECURED CARD 99.00 DOWN WITH 200.00 LIMIT. I HAVE SOOOOOOO MANY INQUIRIES DUE TO TRYING TO GET A CAR LOAN RECENTLY AND IN THE PAST I KNOW THAT PLAYS A HUGE CREDIT APPROVAL DECISION BUT I CANT GET RID OF THEM RIGHT?

IM AT THE END NOW I DONT WANT TO PUT ANYMORE INTO THIS BECAUSE I FEEL LIKE THERE IS NO HOPE NO ONE WILL GIVE ME ANYTHING EVEN THE CARDS THAT ARE SUPPOSED TO APPROVE "EVERYONE" DENY ME. TYIA FOR HELP AND SUGGESTIONS

Re: CREDIT DENIALS

AutoBot — Tue, 24 May 2016 10:23:51 GMT

Hard inquiries stick around on your reports for two years, but become less of a factor after one year. You may want to start by posting a short summary on your derogatory accounts reporting. So you just have the fingerhut and cap1 secure card positive reporters?

Re: CREDIT DENIALS

Anonymous — Tue, 24 May 2016 10:26:25 GMT

Take a deep breath and relax. Use the Cap1 secured card well and your scores will improve. Inquiries for car shopping are counted as 1 inquiry when they are within a couple of weeks (maybe 30 days). You'll get there

Re: CREDIT DENIALS

Anonymous — Tue, 24 May 2016 10:44:39 GMT

yes just those 2

Re: CREDIT DENIALS

Anonymous — Tue, 24 May 2016 10:50:40 GMT

Yes, you'll get there. Credit repair is a process, not a sprint. I don't say that lightly as I have just completed my year of repair and rebuilding after my Chapter 13 in 2008. It is sometimes hard to wait, but it is worth it. Good luck to you.

Re: CREDIT DENIALS

JustinA — Tue, 24 May 2016 12:37:19 GMT

Stick with capital one. They will take care of you. You're only 15-20 points from dual apping with them. 6 months on that secure card might do it.

Unless you have several unpaid collections and other bad things. Share what you can

Subscribed to help

Re: CREDIT DENIALS

Anonymous — Tue, 24 May 2016 18:01:07 GMT

Your story is very similar to mine, trust me there IS light at the end of your tunnel....

October 2015 I started in the low to mid 400s. First thing I did was get a Fingerhut Freshstart. Made the payments for 5 months & got bumped up to the main line for $200 - low, but necessary. I then realized I needed 3 cards to revolve. Since I KNEW I couldn't get approved anywhere being the in low 500s (530s), I decided to build a relationship with Capital One by opening a secured card in late February. I paid $99 for a $200 line...... This boosted my scores & the payments that report with utilization under 9% helps every month even more. In the time between all of this, I've been cleaning my reports. Started with several collections & got them removed by verbal PFD. Paid charge off in full. Got defaulted student loans removed ....... Scores sitting in the low to mid 600s now. Playing around with Utilization & paying things on time is going to continue growing your scores tremendously. ......... 3 days ago I decided to apply for my 1st unsecured line in 4 years. I got approved for the Platinum card with a $1000 credit line. My advice is to NOT apply for anything until you have cleaned up & removed as much as you are able to.

Re: CREDIT DENIALS

RonM21 — Tue, 24 May 2016 23:49:17 GMT

It will come. Right now you need to grow what you have the best you can. You aren't too far from things getting better. Good work getting to this point.

Re: CREDIT DENIALS

Anonymous — Wed, 25 May 2016 15:09:49 GMT

@Anonymous wrote:
I STARTED WITH SKY BLUE CREDIT REPAIR LAST OCTOBER AND WHEN I STARTED MY SCORE (FICO 477) NOW I HAVE 550 EX 581 TRANS 571 EQU BUT I CANT SEEM TO GET APPROVED BY ANYONE. I DID GET A FINGERHUT FRESH START ACCT TOOK 6MTHS OF PAYING TO SHOW I CAN AND WAS JUST UPGRADED TO A RETAIL STORE ACCT BUT CREDIT LIMIT 200.00 I BOUGHT SOMETHING AND ID ASSUME I HAVE TO DO THE SAME THING TO BOOST MY CREDIT AND JUST MAKE REG PAYMENTS.

I ALSO JUST DID A CAPITAL ONE SECURED CARD 99.00 DOWN WITH 200.00 LIMIT. I HAVE SOOOOOOO MANY INQUIRIES DUE TO TRYING TO GET A CAR LOAN RECENTLY AND IN THE PAST I KNOW THAT PLAYS A HUGE CREDIT APPROVAL DECISION BUT I CANT GET RID OF THEM RIGHT?

IM AT THE END NOW I DONT WANT TO PUT ANYMORE INTO THIS BECAUSE I FEEL LIKE THERE IS NO HOPE NO ONE WILL GIVE ME ANYTHING EVEN THE CARDS THAT ARE SUPPOSED TO APPROVE "EVERYONE" DENY ME. TYIA FOR HELP AND SUGGESTIONS

Go to Bank of America to get a secured card and get one more if u can if not get another secured card. Best to have 3 credit cards reporting (visa, mc, discover or American Express

Re: CREDIT DENIALS

Anonymous — Sat, 28 May 2016 09:10:02 GMT

i have finerhut - cap one secured and victoria secret should i get 1 more secured?

Re: CREDIT DENIALS

Anonymous — Sat, 28 May 2016 09:22:28 GMT

@Anonymous wrote:
i have finerhut - cap one secured and victoria secret should i get 1 more secured?

Yes best if h can have at least 3 revolving line of credit. Store card isn't.

Re: CREDIT DENIALS

Anonymous — Sat, 28 May 2016 09:55:30 GMT

do you suggest any? i wanted chase but they dont do secured cards anymore

Re: CREDIT DENIALS

Anonymous — Sat, 28 May 2016 15:13:00 GMT

If inquiries are holding you back right now, I would not apply for anything else right now - take care of what you have (garden). For the moment, two cards plus the store card isn't bad. Make your regular, on-time payments for the next five months; that will get you a CLI from Cap1 automatically. In six months, see what your scores go up to with CLIs and good payment history. If enough of your inquiries fall off, try for the Cap1 Quicksilver.

Re: CREDIT DENIALS

surferchris — Sat, 28 May 2016 21:49:34 GMT

@Anonymous wrote:
If inquiries are holding you back right now, I would not apply for anything else right now - take care of what you have (garden). For the moment, two cards plus the store card isn't bad. Make your regular, on-time payments for the next five months; that will get you a CLI from Cap1 automatically. In six months, see what your scores go up to with CLIs and good payment history. If enough of your inquiries fall off, try for the Cap1 Quicksilver.

Re: CREDIT DENIALS

Anonymous — Tue, 31 May 2016 06:46:34 GMT

@surferchris wrote:
@Anonymous wrote:
If inquiries are holding you back right now, I would not apply for anything else right now - take care of what you have (garden). For the moment, two cards plus the store card isn't bad. Make your regular, on-time payments for the next five months; that will get you a CLI from Cap1 automatically. In six months, see what your scores go up to with CLIs and good payment history. If enough of your inquiries fall off, try for the Cap1 Quicksilver.
+1

Don't agree. I would say get at least a total of 3 revolving line of credit for best reporting. Credit will build faster with at least 3 revolving line. Honestly ur rebuilding right now. Don't worry about inquiries. Keep getting as many credit card as u can once u keep gettin denial stop and use what u have but have at least 3 even if u need to do all secured card