Credit Card for 388 CS!?

[chalupaman]

I didn't even think that was possible to have a score that low or have heard of anyone who has a credit score that bad.

[PlasticOrPlastic]

Thanks all for the replies, I told him to get all his credit reports from myfico.com.  Ill go over those tomorrow and see what I can see, should be interesting.  I told him if he is in fact that low score wise I'd stick to cash for now until we can straighten things out a bit. 

[PandiferBear]

---

@PlasticOrPlastic wrote:

Thanks all for the replies, I told him to get all his credit reports from myfico.com.  Ill go over those tomorrow and see what I can see, should be interesting.  I told him if he is in fact that low score wise I'd stick to cash for now until we can straighten things out a bit. 

---

Let us know how it goes.  I am currently trying to help my mother rebuild from rough score (only know that it is CK 512 so far).  I would definitely be interested in hearing how this goes to hopefully apply some of the knowledge to helping her out.  Best of luck.  Your friend is lucky to have a friend like you.

[PlasticOrPlastic]

Well turns out his report is pretty darn ugly, back to back BK7 that is going to hurt!  Hes actually at 489 though, so thats better than 300's...  Anyway, I see a few things that are going to be falling off and a bunch of stuff I'm going to have him try GW'ing.  He wasn't aware that was possible (neither was I till I found this site!).  If a few of those go through he might be able to get up to a secured card in a few months.  Hes in his 40's and never had a credit card, and its been years since hes had an installment loan.  He wants to buy a used truck but thats going to be interesting...interest rates he got offered...any guesses??  How about 29%!  Thats the dealer "helping him out" with his rough situation...ugh. 

Anyway, if he buys a cheap enough vehicle it might not be the worst for now. 

This is gonna be a full time job for me I can see it already! 

[clocktick]

Does he have anything saved up?  Might be better to pay for a vehicle in cash at this point.

[PlasticOrPlastic]

---

@clocktick wrote:

Does he have anything saved up?  Might be better to pay for a vehicle in cash at this point.

---

I did mention that to him as well but it seems like his divorce really tapped him out

[ExplicitElicit]

Well if he ends up taking the 29% he will have you to think when it goes down to something reasonable! You must be a really good friend.

[MoreRewards]

High but not as bad as what I had to pay on my 1st auto loan

[thom02099]

---

@PlasticOrPlastic wrote:

Well turns out his report is pretty darn ugly, back to back BK7 that is going to hurt!  Hes actually at 489 though, so thats better than 300's...  Anyway, I see a few things that are going to be falling off and a bunch of stuff I'm going to have him try GW'ing.  He wasn't aware that was possible (neither was I till I found this site!).  If a few of those go through he might be able to get up to a secured card in a few months.  Hes in his 40's and never had a credit card, and its been years since hes had an installment loan.  He wants to buy a used truck but thats going to be interesting...interest rates he got offered...any guesses??  How about 29%!  Thats the dealer "helping him out" with his rough situation...ugh. 

Anyway, if he buys a cheap enough vehicle it might not be the worst for now. 

This is gonna be a full time job for me I can see it already! 

---

Big KUDOS to you for helping your friend!!!

Taking what you have obviously learned, and helping your friend will be a benefit to him...in the short haul as well as the long run.  You're a good person to take on such a task!  Not many folks would be willing to do so with, as you said, that "ugly" report. 

Best of Luck to you AND your friend!

ONWARD AND UPWARD ! ! !

[PlasticOrPlastic]

Update:  To those interested, he bought the truck Saturday 29% and all, his payment came to around 176 a month which he was happy with.  I also advised him to try for a secured credit card product at his local CU which he app'd for Saturday as well...still waiting on the results from that.  Not much else but I thought that was a good start, gonna work on a budget spreadsheet for him this week.  Lucky for him he makes decent money, unfortunatly he's not the best at managing it. 

Hopefully once his loan starts reporting he'll see a small increase in score (motivation).  I told him the worst part of rebuilding is the waiting, so dont become obsessed do something else to keep yourself occupied and the time will fly by. 

...sure hope this helps him