topic Re: PLEASE help ASAP for credit repair in progress in Rebuilding Your Credit

PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 02:54:08 GMT

Hi,

I joined MyFico to learn the best way to navigate the long road to credit recovery. Went through horrible divorce and majority of our revolving credit was in my name, all actually except for mortgage. I was SAHM with small kids, when husband left, I couldn’t pay, so watched it all slide away. Store cards, Amex, cars, it was devastating. Rode it out, paid some off when they chased me, eventually, I started my own business and lived on debit card for 10 years. Fast forward STILL renting, no debt, no credit and middle son needs college funding (eldest child had all grants, graduated with 0 debt), I am guilt ridden from divorce and sign for PLUS loans(47k) in 2018. They are deferred until 2022, so I finally get offer in mail for Credit One (2/13/19) and crawl with gratitude to take it with $600.00 limit. Am AU on Amex (since 2018) and after a year they offer me Business Gold and now BBCP for $5300. I see one HP in August from Amex for business card, so maybe not blacklisted from divorce but afraid to apply for personal Amex (should I ?) and not sure what I should apply for if anything( do I need a visa or something in case Amex isn’t accepted) but feel like I need something other than AU and credit one, especially because business doesn’t show on personal CR anyway. Was going to apply for discover unsecured card but scared to death as this is first year without business partner ( self employed and income flucuates) and as self employed not sure about income requirements and 4605-T as haven’t even filed taxes yet, but last year will be much lower.

Saw income verification by credit card issuers was required starting 2/22/2020 due to CARD act 2009

As of today my scores have increased significantly; here are scores/stats on myFICO and Experian (with free trial):

784 Equifax 12y 4 mo. 1/24

705 TransUnion 2y 5mo 2/24

760 Experian 5y 4 mo 3/24

0% on credit one ( tried for 1% this month and missed it)

Have short account history and 47k in loans no missed payments 100% on time payments

AU on Amex balance down to $2000.00

*some of the inquiries were for apartment rentals for myself and my son and the student loans.

+stupidly tried for Capital one in 8/2019 and was denied when I got approved for business Amex not realizing they did 3 HP from all 3 bureaus

Have my business account with Bof A

Q: do I keep credit one for another year with $95 fee for AaoA?

Q2: apply now while scores are high or wait for 2/1? do CB update @ beginning of the month as they look to be in real time based on AU spending?

Q3: wait to apply on 2/14 IF keeping credit one open for another AF?

Q4: leave student loans deferred until my son graduates and can take them or start the clock running trying to pay them down now?

please advise, thank you.

Re: PLEASE help ASAP for credit repair in progress

Jnbmom — Sat, 18 Jan 2020 03:06:44 GMT

Saw income verification by credit card issuers was required starting 2/22/2020 due to CARD act 2009

Where did you see this? I don't think this is accurate.

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 03:11:12 GMT

I will find the article and try to copy and paste it... standby

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 03:16:59 GMT

@CreditobsessedinFL wrote:
Q: do I keep credit one for another year with $95 fee for AaoA?

I would recommend you wait until you get more of your own revolving credit lines. Once you're ready, you can close the Credit One card.

@CreditobsessedinFL wrote:
Q2: apply now while scores are high or wait for 2/1? do CB update @ beginning of the month as they look to be in real time based on AU spending?

Do you expect your scores will go down due to increased AU utilization? Your reports will update once the CRA Credit Reporting Agency has received the data from the lender from the statement close date. Usually, beginning of the month you can expect some changes due to ageing of accounts.

@CreditobsessedinFL wrote:
Q3: wait to apply on 2/14 IF keeping credit one open for another AF?

Come up with a app strategy before you proceed with account closure.

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 03:21:43 GMT

Thank you, it is worth the $95.00, I will keep it, for now.

Re: PLEASE help ASAP for credit repair in progress

Jnbmom — Sat, 18 Jan 2020 03:22:57 GMT

Article??

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 03:30:51 GMT

If you have a business account with BoA, have you considered applying for a personal card? They'll hard pull Experian or TransUnion depending on your region. Your scores looks good. I would recommend going in branch and applying with a banker. Worse case scenario, they don't approve you for unsecured card. See if they can offer secured card for $99 deposit with $500 credit line. Available in Visa or MasterCard. The secured card can graduate early. Also, BoA offers soft pull credit limit increase request.

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 03:33:10 GMT

Apologies for misquoting the article/date; the original article is from creditcard.com by Connie Prater regarding the CARD act of 2009 and as a follow up, there are subsequent more recent articles saying that they are using “income modeling” through the credit bureaus or through verification companies.

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 03:34:51 GMT

Thank you, actually a small business specialist has been calling me, I will go in and apply in person at BofA.

Re: PLEASE help ASAP for credit repair in progress

thornback — Sat, 18 Jan 2020 03:39:14 GMT

@Jnbmom wrote:
Saw income verification by credit card issuers was required starting 2/22/2020 due to CARD act 2009

Where did you see this? I don't think this is accurate.

The closest I found to this (so far without reading all the actual revisions to the Card Act) was from a Jan. 22, 2010 article which mentioned this portion of the Card Act going into effect on Feb. 22, 2010.

https://www.creditcards.com/credit-card-news/credit-card-application-income-check-1282.php

OP, did you maybe misread the dates and thought whatever article you read said 2020? This would be 'need to know' for sure if what you read did, indeed, state 2020.

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 03:42:22 GMT

Indeed I did; hence my sense of urgency to try to find a card. Apologies and thank you for clarifying what I missed in haste.

Re: PLEASE help ASAP for credit repair in progress

Jnbmom — Sat, 18 Jan 2020 03:43:53 GMT

@thornback wrote:
@Jnbmom wrote:
Saw income verification by credit card issuers was required starting 2/22/2020 due to CARD act 2009

Where did you see this? I don't think this is accurate.
The closest I found to this (so far without reading all the actual revisions to the Card Act) was from a Jan. 22, 2010 article which mentioned this portion of the Card Act going into effect on Feb. 22, 2010.
https://www.creditcards.com/credit-card-news/credit-card-application-income-check-1282.php

OP, did you maybe misread the dates and thought whatever article you read said 2020? This would be 'need to know' for sure if what you read did, indeed, state 2020.

Yes thats the only thing I found as well dated 2010

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 03:46:32 GMT

@CreditobsessedinFL wrote:
Thank you, actually a small business specialist has been calling me, I will go in and apply in person at BofA.

That's a good sign.

I guess your next step is to see if you have any pre-qual offers with AmEx. If no offers, then it's a sign not to apply.

I also would recommend you join a local credit union or

NFCU Navy Federal Credit Union - membership restrictions. Soft Pull TU 9 for membership I think.

PenFed Pentagon Federal Credit Union - open membership. Hard Pull EQ 9 for membership.

DCU Digit Federal Credit Union - open membership. Soft Pull EQ 5 for membership.

Re: PLEASE help ASAP for credit repair in progress

thornback — Sat, 18 Jan 2020 03:47:46 GMT

@CreditobsessedinFL wrote:
Indeed I did; hence my sense of urgency to try to find a card. Apologies and thank you for clarifying what I missed in haste.

Haha... Totally fine, no worries. -- Tho it would've been some serious Breaking News! around here if this were something starting in Feb. 2020 -- you would've had an historically popular thread for a 'New Visitor'

So this is good -- now can breathe a bit and take the time to really establish a game plan.

BTW, welcome to the forums!

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 04:35:29 GMT

Thank you, thinking it is safer to only go for the credit unions that pull my strongest credit reports... also thinking of opening a BBT or Chase account and establishing a relationship.

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 04:39:16 GMT

IIRC I believe BB&T is offering soft pull pre-quals. Also, soft pull approvals if you accept the offer. I can't recall which bureau they use, maybe EQ?

Re: PLEASE help ASAP for credit repair in progress

CreditobsessedinFL — Sat, 18 Jan 2020 04:44:14 GMT

Amazing; thank you! I feel like I am blindfolded and playing pin the tail on the donkey; just needed some guidance and direction at this juncture. I really appreciate ALL of the kindness and constructive feedback.

Re: PLEASE help ASAP for credit repair in progress

thornback — Sat, 18 Jan 2020 04:44:51 GMT

@AllZero wrote:
IIRC I believe BB&T is offering soft pull pre-quals. Also, soft pull approvals if you accept the offer. I can't recall which bureau they use, maybe EQ?

Yep. EQ.

bbt.com/offers/checkOffers

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 04:46:43 GMT

Ask any questions you might have. You have a lot of helpful members here. Hang around and read up all you can. There is a treasure trove of information on these forums.

Re: PLEASE help ASAP for credit repair in progress

AllZero — Sat, 18 Jan 2020 04:51:29 GMT

@thornback wrote:
@AllZero wrote:
IIRC I believe BB&T is offering soft pull pre-quals. Also, soft pull approvals if you accept the offer. I can't recall which bureau they use, maybe EQ?
Yep. EQ.
bbt.com/offers/checkOffers

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