Secured Cards Info...

[Remedios]

@Charmante , that's not income.

It doesn't even quite fit into assets, unless they add "In the future I will have access to this"

You cannot claim income on applications if you are not employed.

You're not retired or disabled, and listing a parent as "income contact" is not something I'm familiar with. 

You're an adult, so contacting parental figure to verify something is not happening, at least not by a lender.

I really don't know what to tell you at this point, and that's a first for me

[Charmante]

How is receiving money into MY checking account each and every month for 15 years NOT income? That is absolutely income. I must disagree on that point.

Not to mention, most banks clearly ask for HOUSEHOLD INCOME. And further state that you can include other sources as long as they will repay the loan/card.

[Remedios]

---

@Charmante wrote:

How is receiving money into MY checking account each and every month for 15 years NOT income? That is absolutely income. I must disagree on that point.

Not to mention, most banks clearly ask for HOUSEHOLD INCOME. And further state that you can include other sources as long as they will repay the loan/card.

---

That's allowance. My kids cannot claim what I give them as something they earned. 

Household income is really for married couples, especially for those who file jointly.  It's not "include mom, dad, roommates", but okay. 

Anyway, good luck. 

[Charmante]

@Remedios Below is a SS to clearly state my validity. Thank you for your well wishes. I wish you the best, too!

[Anonymous]

---

@Charmante wrote:

@HeavenOhio Well, I'm going to list everything, but it seems Secured is my only options anyway. But here you go.

Chevron (2002) Closed (AU) $0 of $300 Never Late

CapitalOne (2016) Open $0 of $500 (90 Day Late in May 2019)

CapitalOne (2017) Open $0 of $500 Never Late

CFNA Firestone (March 2020) $0 of $750 Never Late 

PenFed ODLOC (March 2020) $0 of $500 Never Late

Macy's Store Card (March 2020) $46 of $16,000 Never Late

PenFed SL (May 2020) $1,200 of $1,250 Never Late

5 Student Loans (2011) totaling $20,000 all maxed loans (never made a payment -- on deferral)

2 Collections Accounts totaling $2,000 each 6.5 years old. One ages off December and the last one ages off February.

Approximately 3 inquiries per bureau.

FICO is 699 on Exp. And about 640-650 on the other 2.

---

If you have access to the 100-125K/annual that you claim, and have no other financial obligations... might as well pay off all the loans... and the collections. At least that's what I'd do with that freedom 

Loans suppress your DTI, and any lender that manually looks at your application, which is more likely if you claim your higher-end "income" as "Other," will also probably not like seeing loans in stasis and collections

If you claim to want to do better financially or credit-wise - and honestly cash back on a CC isn't something you need with that much flexible cash, you could invest that - you should pay your obligations and debts rather than defer and ignore

[simplynoir]

I just question how you're receiving your income in the first place. You claimed to get your money from the family business but then later say the "income structure" is set up as trust where you get monthly deposits and will not have to pay your deferred loans as a result because legally you're not employed

All I can say is I have so many questions...

[Charmante]

Well, I'm not necessarily ignoring either. As I posted on the Installment section. I JUST rehabbed them out of 9 or 10 years of Default.

So recently in fact, that they have not even reappeared on my credit -- yet.

I'm waiting for that to happen.

Then I plan to consolidate into 1 large loan, v.s. 5 small loans.

THEN see how my scores react and go from there.

The rehab process was long! But it felt good fixing them!!!

But -- after I consolidate, if I were to pay them off -- let me ask you this:

They are my primary source of MIX (Installment)... So that's another reason I hate to completely pay off...

Could I instead, pay WAYYYY down, such as a one time $15,000 payment, to get it down below 30% Utilization, then stretch it out into 60 months of payment's? Thereby building up a nice payment history in the process...?

Definitely would like your opinion on that @Anonymous cause it's confusing. But I know I need 1) Long history and 2) An Installment... Let me know what you think of my thoughts...

[Brian_Earl_Spilner]

---

@Charmante wrote:

How is receiving money into MY checking account each and every month for 15 years NOT income? That is absolutely income. I must disagree on that point.

Not to mention, most banks clearly ask for HOUSEHOLD INCOME. And further state that you can include other sources as long as they will repay the loan/card.

---

If you're claiming it as income, you would have to be employed by your father's company, which means you need to pay taxes on it as you are required to report any and all income to the IRS. That includes all monies earned. Even if you had a garage sale and the income wasn't taxable, it has to be reported. Failure to do so is tax evasion.

Household income is the combined income of earners you live with that you have access to their money to pay your bills. Unless your father's company is one of your roommates, it doesn't count as household income.

If you're not an employee of the company and are being paid out from it, well...somebody's got some splainin to do.

[Charmante]

@simplynoir No. I did not say that. I said that I receive monthly access to withdraw funds from the company checking account. Which I transfer directly into my personal. Just as anyone does in a SP Business. Except my Dad, instead of taking everything for himself and his wife, instead splits the monthly profits between himself and his children.

The only mention of a trust was that upon their Death's, I MAY receive a trust, but I do not know.

Furthermore, this post is asking about how best to open SECURED CARDS...

Why everyone is trying to peak in my purse is beyond me and seems very intrusive and rude.

[sjt]

---

@Charmante wrote:

So I'm posting a small list of Secured Cards I'm interested in. Plan to choose 2 and open them.

Please tell me if each one DOES or Does Not GRADUATE (and average graduation period) and if they HP or SP to open the card, please.

BoA

SDFCU

Citi

Discover

Wells Fargo

PenFed

Unify CU

THANK YOU!!!

---

Cards that graduate:
Bank of America

State Department Federal Credit Union (SDFCU)
Citi

Discover

Wells Fargo