topic Re: I've burned too many creditors in Rebuilding Your Credit

I've burned too many creditors

WarthogWrangler — Thu, 10 Oct 2019 17:37:40 GMT

In my struggle to rebuild I've come across one major issue. All the companies that most use to help rebuild are companis I've burned. NFCU, Citi, BofA, Synchrony, Discover, Wells Fargo are the major ones I can think of right now. I'm still good with USAA and Cap One but that really limits my options. What would you do in my situation? Just wait it out or is there others I'm not thinking of that can help?

Cap one has been really good to me so far, USAA closed my only card with them for poor performance on the other accounts but I paid it off and they gave me a secured card a year ago but still won't give me another real card even though I've PIF for over a year now on the secured card. My scores are much better today than a year go but I'm just looking for my first card with a decent limit. So far I have a USAA for $350, Cap one for $500 and $1500 and that's it. So what lender should I start looking at to move forward? My score are low 600s right now across the board.

Re: I've burned too many creditors

StillKicking — Thu, 10 Oct 2019 18:06:17 GMT

Not exactly sure the details of your rebuild or what your current DPs look like, but I did my rebuild with Cap1 and a Walmart store card.

I started with (and still currently only have) Cap1 Plat, Cap1 QS a Walmart store card (Soon to be Cap1)...And a Cap1 auto loan.

Cap1 can and will be very generous if you use their cards correctly. They love heavy usage and PIF every month. I only keep the Cap1 Plat around because it's my oldest card. My QS started at $2K (I think) and is currently at $15K. I've only ever asked for one CLI a few months back.

I have not carried a balance on a single card since my BK7. For me, more credit was not the answer. It was how I handled the credit I had.

Re: I've burned too many creditors

dynamicvb — Thu, 10 Oct 2019 20:07:17 GMT

With scores in the low 6's I would just hang tight for now. Everyone always talks about having 3, but one will do just fine for rebuilding. Just make sure one reports a small balance of less than 8.9% when the statement cuts. I would put my spend on the one you want to keep. If the USAA is closed any balance on it will be reported as 100% utilization and getting that paid down will help a lot. I would not worry about any new cards or accounts for that matter unless you do not have any installment loans reporting.

What does the rest of your profile look like as in terms of Baddies, installment loans, etc..?

Re: I've burned too many creditors

randomguy1 — Thu, 10 Oct 2019 21:22:50 GMT

Petal card is an option. Please look up data points on it. Supposed to look at credit in a different way, not only credit scores.

Look into other banks having secured cards. I would find local credit unions.

You can also hang tight like others have suggested. I built back up to ~650 while just having a Capital 1 Secured.

Re: I've burned too many creditors

Acc-Risk — Thu, 10 Oct 2019 21:45:06 GMT

Could always do the soft pull Apple Card prequal and see if they'll take you.

Re: I've burned too many creditors

FireMedic1 — Thu, 10 Oct 2019 23:50:56 GMT

When did they get burned. Was it a BK?

Re: I've burned too many creditors

Anonymous — Fri, 11 Oct 2019 02:49:29 GMT

I was also curious about the timeframe of burning these lenders. If these are sins of the past, 4-5 years ago, that’s one thing. If it’s recent, then it may be best to sit tight and clean up the marks on your record.

If it’s not too intrusive, were those lenders all burned at once or in a short period of time, such as due to job loss or BK? Or was it a series of incidents of default over a longer period?

Re: I've burned too many creditors

TattnallTrio — Fri, 11 Oct 2019 04:31:22 GMT

I have similar cards as you. FNBO approved me for a Speedway Secured MasterCard and it graduated to an unsecured card. You didn’t mention them but I burned them in a BK7. They are sensitive on recent inquiries.
Also, Target approved me at 13 months post BK for a $300 card

Re: I've burned too many creditors

marty56 — Fri, 11 Oct 2019 09:15:33 GMT

From my experience, lenders tend to forget past sins as long as your scores are were they would like them to be. Even AE and BofA forgives and forgets but I don't know how long it takes for them to do that. With good scores you can always find lenders that will give you the credit you need. Local credit unions are a great place for all your credit needs and in most cases offer better rates and terms.