cancel
Showing results for 
Search instead for 
Did you mean: 

Credit journey from the depths

Highlighted
Established Member

Credit journey from the depths

First off my credit took a huge plunge in 2013 because of divorce and business venture going south. I had two CO and a repossession. I said to myself I am screwed for the next 7 years. I knew I would have to crawl out of this hole one day but I decided to start sooner than later.

With my scores in the mid to low 400's, I applied for a Cap1 secured card with a $200 CL about June 2016. I have used that card with optimal %util and last month, June 2017, tried for a Cap1 QS1 and was approved SL $300. Scores in the mid 500's at this point. Around the same time I was denied a BOA secured. Whatever. This month checked my scores on CK and have TU 616 and EQ 609. I applied for Discover It secured $700 secured..Approved. I applied for a Citi Secured $300..Approved. I applied for a BOA secured $500..Approved this time. Applied for Fingerhut acct..Approved instantly for $400. Last month I also traded my car in and was approved for a new Toyota, with Toyota Financial because of large down payment. My installment amt $192 with a bal of $7892 for 48 mos.

I know it's time to garden for awhile but I think I'm on the right track. A couple models have me at mid to upper 600's in 6 mos. Is there anything else I can do to help my score?? O want to eventually get in with Chase and Amex but do they approve with baddies. Most baddies are 2-3 years old with perfect payment history and new accts since my rebuild. Thanks anyone for any advice.
Message 1 of 10
9 REPLIES 9
Highlighted
Community Leader
Super Contributor

Re: Credit journey from the depths


@mason9378 wrote:
First off my credit took a huge plunge in 2013 because of divorce and business venture going south. I had two CO and a repossession. I said to myself I am screwed for the next 7 years. I knew I would have to crawl out of this hole one day but I decided to start sooner than later.

With my scores in the mid to low 400's, I applied for a Cap1 secured card with a $200 CL about June 2016. I have used that card with optimal %util and last month, June 2017, tried for a Cap1 QS1 and was approved SL $300. Scores in the mid 500's at this point. Around the same time I was denied a BOA secured. Whatever. This month checked my scores on CK and have TU 616 and EQ 609. I applied for Discover It secured $700 secured..Approved. I applied for a Citi Secured $300..Approved. I applied for a BOA secured $500..Approved this time. Applied for Fingerhut acct..Approved instantly for $400. Last month I also traded my car in and was approved for a new Toyota, with Toyota Financial because of large down payment. My installment amt $192 with a bal of $7892 for 48 mos.

I know it's time to garden for awhile but I think I'm on the right track. A couple models have me at mid to upper 600's in 6 mos. Is there anything else I can do to help my score?? O want to eventually get in with Chase and Amex but do they approve with baddies. Most baddies are 2-3 years old with perfect payment history and new accts since my rebuild. Thanks anyone for any advice.

Welcome to the MyFICO forum and congratulations on digging yourself out of the hole.

 

IMHO, I think you should garden at least until the secured cards become unsecured. I would also suggest not applying for any store cards or SCTs. And you really need to know your FICO scores before applying for Chase or AmX. If you go to CreditCheckTotal, it costs $1 for a 7 day trial to find out all 3 scores. Just make sure to cancel by or on day 7 or you'll be auto charged a $29.95 fee. I think, but hopefully others will chime in, you may need a score of 680 for Chase and maybe a teensy bit lower for AmX. CK scores don't count and don't put faith in models. They are marketing tools. Also, it would help your scores a lot if you can get those baddies removed. Have you tried GW letters or PFDs? Any other derogs -- BK, tax lien, etc.

 

GL to you.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 2 of 10
Highlighted
Established Member

Re: Credit journey from the depths

Thanks for your reply. I do plan on letting the cards unsecure except for my Cap1, they don't graduate for some reason. Discover, BOA, and Citi all graduate and those are good institutions to be in with. I have always banked with BOA and they seem to have been good to me and have always kept my Accts in good standing.

I actually have 3 CO. I burned Cap1 but paid that. Credit one for $300 and a repossession. I can handle paying the credit one but the CO for the vehicle is $5k. Not really sure how I can handle that. Should I just garden until it drops or pay installments on that? Seems dumb to pay installments on a collection that will age in a couple years. Any thoughts? Other than that I have no derogs in 2 years or longer.
Message 3 of 10
Highlighted
Senior Contributor

Re: Credit journey from the depths

Just an FYI...I burned,and paid Cap 1 YEARS ago.  Apped for QS the other day...STILL blacklisted.

 

There are a ton of other cards worth having.  YMMV, but you just might be on the same nasty list as I am.  I'd gone on a 3 day CLI & app spree, so one more hp from Crap1 didn't hurt too bad.



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 4 of 10
Highlighted
Community Leader
Mega Contributor

Re: Credit journey from the depths

Congrats Op on getting 3 secured cards from 3 good lenders. In time youll be set up nicely. Keep up the great workSmiley Happy
Message 5 of 10
Highlighted
Established Contributor

Re: Credit journey from the depths

You are doing good.  Keep going.

Message 6 of 10
Highlighted
Established Member

Re: Credit journey from the depths

It just seems like such a long journey. I checked my FICO score on the EX app and it was so different than CK. I hate the difference in FAKO vantage score and FICO. I know the only thing holding my scores down are a few baddies but it doesn't look like I'll be able to get those removed.

I read a lot in myfico and a lot of people brag about how many cards and limits etc. All I want is three cards. Amex plat, CSP or CSR and Chase Freedom. That's what I'm working towards.
Message 7 of 10
Highlighted
Established Contributor

Re: Credit journey from the depths

Give it 6 months and try chase... I was approved with 590 score ... I don't think they used fico at that time .. but i was approved for $500 thru recon ... I think I tried to recon 5 times then emailed the executive office and finally got approved... it was for Amazon visa and I converted it to freedom ... it opened doors to other chase cards for me... I bank with them, maybe that also helped..

Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 8 of 10
Established Member

Re: Credit journey from the depths

Yeah I don't bank with Chase and for some reason they can't offer deposit products to NC residents. It's crazy how many unbelievable cards Chase has to offer and a bank like BOA, WF, or BB&T have basically zero great prime cards. Sure BOA has a travel rewards card but nothing like the CSP. I've never burned Chase so hopefully in six months I can get in with them. Right now I'm in the low 600's with TU and EQ. I'm going to garden a while and see how things turn out.
Message 9 of 10
Highlighted
Community Leader
Mega Contributor

Re: Credit journey from the depths

Lol, not everyone brags, bragging is in the eye of the beholder. Like me saying everyone wants a Plat or a Chase card. Sure many do, but not all of usSmiley Wink
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.