topic Re: Updated scores, new cards? in Rebuilding Your Credit

Updated scores, new cards?

CrimsonMoon93 — Sat, 08 May 2021 16:57:43 GMT

My settlement with Chase went through, now reporting $0. My settlement with Portfolio has been deleted from my profiles. I have now risen my scores to between 622-632. I still have collections and lates and all that jazz. At what point do you think I can get more cards? How long does Chase take until you can get approved again? Obviously it is more than just a score, as I still have those collections and lates etc. I put a good $1250 down my $3k past due, so now I'm about $2k to go. I've been paying bi-weekly on another through Midland since about November.

Midland (Cap1): $985 to go, paying $100 a month.

WWR (Cap1): $2100 to go, recently put $1250 towards the total balance, no monthly payment

Recovery Portoflio (Sprint): $1200, not paying

Any ideas on what to do other than the obvious? I'm trying to get a better CL. Is it possible with the bads on my report and these balances?

Re: Updated scores, new cards?

OmarGB9 — Sat, 08 May 2021 17:55:31 GMT

To be honest, scores in the 630s are still pretty low (mine are as well). With lates, COs, and collections still showing, approvals will be hard to come by, and *if* you are approved, the SLs will be small.

I would just keep paying down and letting those baddies age.

Also, Chase blacklists for long time... it varies. There's no set time limit.

Re: Updated scores, new cards?

Horseshoez — Sat, 08 May 2021 18:37:35 GMT

I'm thinking your next best stop would be to hit the CapitalOne prequal page and see what they'll offer you. Regarding what @OmarGB9 wrote about Chase, yeah, that! I'm thinking you shouldn't even bother with Chase for a good long while yet.

Re: Updated scores, new cards?

Anonymous — Sun, 09 May 2021 05:33:53 GMT

@CrimsonMoon93 wrote:
My settlement with Chase went through, now reporting $0. My settlement with Portfolio has been deleted from my profiles. I have now risen my scores to between 622-632. I still have collections and lates and all that jazz. At what point do you think I can get more cards? How long does Chase take until you can get approved again? Obviously it is more than just a score, as I still have those collections and lates etc. I put a good $1250 down my $3k past due, so now I'm about $2k to go. I've been paying bi-weekly on another through Midland since about November.

Midland (Cap1): $985 to go, paying $100 a month.
WWR (Cap1): $2100 to go, recently put $1250 towards the total balance, no monthly payment
Recovery Portoflio (Sprint): $1200, not paying

Any ideas on what to do other than the obvious? I'm trying to get a better CL. Is it possible with the bads on my report and these balances?

+1 to what the other posters state. Your scores are definitely not high enough (even though getting back into the 600s is a great milestone!) and the baddies will weigh you down greatly, especially the CAs even more than the COs.

I have CAs and mid 600s to low 700s scores and those 3 CAs I have get me a hard "no" on apps.

My SO has scores in the mid 600s and no CAs, but 1-2 COs (1 unpaid) and has gotten approved for everything he has app'd for, so far.

For both of us are baddies are 5+ years old (most nearing the 7 year mark), so recency of those derogs are huge, too. 3-5 years may not feel recent, but to banks it may feel recent.

I can tell you right now, I would not even dare app with Chase, for me or my SO, with 600s scores and derogs.

I have learned that people in the 600s can get approvals, but they dont have major derogs. It is more likely they have higher utilization and/or some lates. Major things like COs, CAs, and lates 90d+ will definitely be a show-stopper.

I know you don't want to pay that Sprint CA, but Portfolio does PFD (as you know), and you will not see the biggest score boost until all CAs are removed. Something to consider. They will probably even settle for less.

So not to state the obvious, but I would handle all those CAs, give them time to do their uodates and get deleted from your CRs and see where you scores sit. Then you can start looking into much better cards. I am not sure who WWR is, but getting them to PFD will be the biggie, so all CAs can be deleted to get off a public record score card and get that nice score bump (and look more appealing to banks not having CAs). Maybe you could get Midland to settle for less if you can give them a lump payment. I would work towards settling accounts than paying in full, as it makes no scoring difference, especially when they are being deleted.

As a side note, be very careful making partial payments or payment arrangements, as that resets the SOL to be sued. I would save up the money for a settlement instead of trying to pay them off in full in payments or chunks.

Re: Updated scores, new cards?

CrimsonMoon93 — Wed, 12 May 2021 00:18:39 GMT

@Horseshoez midland and WWR are both capital one charge offs so can't go with them.

Re: Updated scores, new cards?

Horseshoez — Wed, 12 May 2021 00:46:46 GMT

@CrimsonMoon93 wrote:
@Horseshoez midland and WWR are both capital one charge offs so can't go with them.

How old is the CapOne Charge Off? I ask because they are widely reported as being very forgiving.

Re: Updated scores, new cards?

OmarGB9 — Wed, 12 May 2021 05:15:41 GMT

@CrimsonMoon93 wrote:
@Horseshoez midland and WWR are both capital one charge offs so can't go with them.

Capital One approves sometimes even with old COs and even when they were included in BK.

Re: Updated scores, new cards?

8in2years — Wed, 12 May 2021 05:35:18 GMT

Chase will not approve you with those negatives and lack of open/positive history(at least 3-4 credit card accounts).

The best thing for you to do it continue to pay off any collections/chargeoffs that you owe.

At the same time work on building positive credit history by opening secured credit card accounts. You want to open at least 3 (4 or 5 are even better) credit card accounts from banks, pay on time and keep your monthly reporting utilization between 3-7%.

Most credit unions offer secured cards. You can also look into merrrick bank secured, td bank secured, capital one pre-approve link (https://www.capitalone.com/credit-cards/preapprove/ ), discover secured card, academy bank credit builder secured visa card, opensky secured, self secured card or citi secured card.

Opening new accounts will require hard pulls and decrease your credit scores, but after a year it will have less of a sting.

Keep the positive payment history going for a while and you will begin to get offers in the mail for better quality cards. Just my two cents.

Re: Updated scores, new cards?

CrimsonMoon93 — Thu, 20 May 2021 22:58:34 GMT

@Horseshoez both were 2018/2019.

Re: Updated scores, new cards?

Horseshoez — Thu, 20 May 2021 23:54:39 GMT

@CrimsonMoon93 wrote:
@Horseshoez both were 2018/2019.

There's a pretty good bet they'd let you back in by now.

Re: Updated scores, new cards?

Anonymous — Sat, 22 May 2021 00:17:52 GMT

@CrimsonMoon93 I'm not sure what your profile looks like, but you may try a local credit union. Back in the day, I got a personal loan that was only for the purpose of paying off old CA/CO. I had the money through the loan so I'd call the company and offer to settle/pfd, etc. Once I negotiated a deal, I'd call my CU and they'd cut the check to the company directly. My score benefited from paying off negative and addition of positives...This was a great program I wonder does Navy have something similar?

Re: Updated scores, new cards?

Nikita2008 — Sat, 22 May 2021 13:54:49 GMT

I was in a similar situation to yours. When my scores went into the low 600's , I got crappy offers for Indigo, Mission Lane etc. They all went in the trash. My util was still high ( 85%.) As I got util down my score went up. I was kind of on a quest to get rid of some of the subprime crap.

I waited until my scores were up and util was low and aaplied for NFCU, and got a 15k SL , then got 9k Discover, 2k Amex. I have lates ( lots of them) 1 charge off that I'm negotiating, and no collections/public records. My fico 8's are 691, 695, 697. Util. 14%.. I was at 585/597 in December so I moved 100 plus points in 5 months.

I don't think you have a chance at Chase for quite awhile. Personally, I'd wait it out till scores are higher 600's. You'll get better SLs and terms.