Cap1 Jail

[Anonymous]

See if you prequalify for a Discover card: https://www.discovercard.com/application/website/prequal?

I was prequalifying for a secured when my Fico score was in the low-600 range and when I got to around 630 I prequalified (and was approved) for an unsecured Discover IT. That card was the game-changer for me in my credit build. You might qualify for a Discover (unsecured or secured, who knows) and Discover will often "graduate" a secured card in several months (5 or 7, I can't remember?). In any case, Discover is a definite option.

[Ecast6680]

Wow! I started to work on my credit around the same time last year, October 2018 with around the same scores. However, my scores haven't skyrocketed like yours! Please, how did you do it?! I would like to know everything you've been doing.

[Anonymous]

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@Ecast6680 wrote:
Wow! I started to work on my credit around the same time last year, October 2018 with around the same scores. However, my scores haven't skyrocketed like yours! Please, how did you do it?! I would like to know everything you've been doing.

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@Ecast6680 I sent you a rambling, long-winded private message but I'll recap it here.

I have a unique situation because everyone is unique! LOL! I had a pretty stellar credit history for many years (I suspect my FICOs were in the 800s before my trouble started). Then things came crashing down about 13 months ago (Nov '18). I had ONE card that I couldn't keep up on and it had a 90-day-late. The debt on it was HUGE. The 90-day-late killed my score to the mid-500s. When I was able to settle for less than the full amount (got a loan from family) and that settlement posted, my scores all jumped up to the low 600s. Overnight! So that's where most of the score increase came from. 

My utilization was still at over 100% (because I still had debt—that I was able to keep current on with minimum payments) and I had no open cards since the other cards had been closed after my 90-day-late.

My score went up gradually after I got my Green Dot Secured card and paid on it for a few months. I suspect that maybe Discover approved me for the unsecured IT because of Green Dot (and I think I had an Overstock card and a Walmart card at that point).

I've probably been helped a lot by my long history and this ONE single bump on the road. I think I've been hurt a lot during this last year and have probably been declined for cards because of my still-high util (it's in the lower-60% range now, but it was much higher a few months ago). Also, my income is low (about 25K) which holds me back. (It just depends on the lender.) I suspect that you're in a better place than me in some respects because you've already got some Cap One cards and they won't preapprove me for anything, not even a secured card. 

One thing that is universal for all of us is that we can lower our scores by "wasting" inquiries (I've been so guilty of that but am getting better) and time heals many things. Time can smooth over a lot of problems. 

If you qualify, check out Navy Federal (NFCU). They are great for people like us. If you have ever served in the military, or if a close family member ever has, or if a parent or grandparent (alive or dead) has ever served, then you can get in with Navy! I called and applied over the phone and they let me in when I told them that my late father served in the Army. (I can get paperwork verifying his service online if they ask for it, but they haven't asked for it yet.)

Navy Fed will give people with score in the 500s or low 600s killer limits sometimes! I'm still in shock that they gave me a 17K limit on my AMEX. (I am a low-income earner so I was expecting a few thousand at most!) You have to treat them right and give them a little time, but they are awesome. Edit: Do a search on the forums on Navy Fed if you think you can qualify to join to get a better feel as to what to do and what to expect. But absolutely, if you can join them and just start with a little $5 savings account, DO IT!

[CreditInspired]

Thanks Tenaya for sharing your credit journey. And kudos to you for getting back on the horse and taking charge of the reins.

[CreditInspired]

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@Ecast6680 wrote:
Wow! I started to work on my credit around the same time last year, October 2018 with around the same scores. However, my scores haven't skyrocketed like yours! Please, how did you do it?! I would like to know everything you've been doing.

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I just wanted to provide you with some info too on how my scores went from 640 in 2016 to 800 today. 

First, the biggest jump came when my one derog--tax lien--fell off all 3 of my CRs. So if you have any baddies, those have to be fixed and/or removed first.

Second, my one CC was 78% UT. So, after learning from the forum that that was two knocks against me, I paid my CC down to like 2% UT over a 5-mo period. And, I was lucky too that it was a NFCU card that I had going on 9 years. So again, learning from this forum because I was a newbie, I learned I could apply for another NFCU card. And NFCU gave me a $15K CL on my second card. Was I shocked? YES. Still am. I had not applied for anything creditwise in 7 years.

Finally, no matter what, make payments on time. This is the one thing I faithfully did, even though I wasn't aware of this--one late payment can throw everything into a catastrophic state. 

So GL2U on working to get and maintain a positive credit profile. Just know that it takes TIME, but you'll get there.