Hello everyone,
I've been lurking heavily on these forums for a few months now and have learned so much invaluable information so I thank you all so much! I just started my credit repair journey in February 2017 after I went to finance my first car and was given an 24% interest rate on a 10k loan! At the time I wasn't regularly checking my scores but I know they were in the high 400s, bad I know. Fast forward to recently, I ended up trading in that car for a new one in March of 2018 with Cap1, at 21% better but still painful. In that time I also applied for the Cap1 secured card and the QS1. Deposited $200 for $200 limit with the secured card, auto CLI to $500 6 months later. QS1 started at a $400 limit and received auto CLI to $750 last month. Since May 2018 I wasn't applying for anything because I figured I'd get shot down in a ball of flames but after watching my scores slowly increase and reading hours of forums, I decided to pull the trigger on the NFCU cash rewards card and was approved with a $500 limit. I also applied for the goRewards which was denied. NFCU also approved a refinance for my auto loan at 16% so I'm slowly getting that down and they also approved me for a $5k CLOC, so go Navy!
Being so happy about Navy's generosity I went on an applying frenzy (probably shouldn't have) and I applied for PenFed, Chase Slate and Discover it Chrome. PenFed went to loan officer but was ultimated denied for too many recents accounts. Discover denied me immediately for collections and offered me the chance to apply for their secured card which I decided to go ahead and do since many have reported graduation after 8 months. Chase Slate gave me the 30 day message online and the 7-10 day message with the automated lady which from what I read is bad news. After 3 days I couldn't take the suspense and wanted to be let down so I can pin my tail between my legs and move on. So I decided to call the recon line for Chase and got a very nice gentlemen. He explained the reason for the denial were 3 recent collections and too many recent inquiries. I asked him for the possiblity of reconsideration and he was willing to hear me out. I explained that two of the collection accounts (Verizon and Comcast) were accounts from 2014 that I put in my name for family but then weren't paid and that I plan on paying them. The 3rd was my last bill from Progressive when I switched to CURE. Thought I paid everything I owed but I guess not because BAM another collection account. I also explained to him that the inquiries were an attempt to increase my available credit to keep my utilization low (even though it has been 0% consistently). Anywhhoo, he put me on hold and after 5 minutes he came back and said I was approved with a $1k limit! I know they're all toy limits but I'm excited that I am able to even obtain credit and have a chance at rebuilding.
Some data points for you guys:
Income: 60k
FICO 08 - TU 630 EX 595 EQ 652
Cards:
Cap1 secured $500
Cap1 QS1 $750
Credit One $450
NFCU cashRewards $500
Chase Slate $1000
Discover it secured $500
you are on your way. For sure garden a year and you will see huge leaps
