@Dustink wrote:
We have just been rambling on with the old thread haha.
I am not sure about any secured cards being guaranteed. If they have major current problems. Banks are afraid that the "secured" assets could be seized.
Try to get some of her credit issues tended to first, then check out the secured US Bank rewards cards that I linked a couple pages back.
Unfortately I really doubt with "HORRIBLE CREDIT" if below 580 she won't even get into a credit union, and most banks could turn her down for Secured cards as well, Oh I just remember Wells Fargo allows sub 580 credit secured cards too, they even give mortgages at that score lol (very high apr)
@distantarray wrote:
@Dustink wrote:We have just been rambling on with the old thread haha.
I am not sure about any secured cards being guaranteed. If they have major current problems. Banks are afraid that the "secured" assets could be seized.
Try to get some of her credit issues tended to first, then check out the secured US Bank rewards cards that I linked a couple pages back.
Unfortately I really doubt with "HORRIBLE CREDIT" if below 580 she won't even get into a credit union, and most banks could turn her down for Secured cards as well, Oh I just remember Wells Fargo allows sub 580 credit secured cards too, they even give mortgages at that score lol (very high apr)
That is why I said she should tend to a few credit issues first. Some GW letters, PFD's ect.
@diabla wrote:Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine. But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account. It's a total shift in your way of living and thinking and it doesn't happen overnight. I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc. (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)
Does NFCU have secured? That might be one she could get for starters.
Yes, NFCU has a secured card. Although, she should correct a few credit problems before she applies for it.
https://www.navyfederal.org/products-services/cards/creditcards/nrewards-secured.php
I think no matter what, it is worth trying to fix some baddies first. See how committed she is before she tries to open more credit. Let her build up some savings too. Then in a few months have her app for a secured card.
@diabla wrote:Sorry, I should add that she just got a bank account with NFCU due to being the mother of a marine. But her credit is still horrible and I'm going to have to work on reprogramming her to a "good credit" mindset so she doesn't mess up the NFCU account. It's a total shift in your way of living and thinking and it doesn't happen overnight. I spent this evening going over her credit reports and writing up a plan for her as far as deletions/pfds/gws, etc. (Do you ever get bored working on your own credit that you start looking for other people willing to let you play with theirs? LOL)
Does NFCU have secured? That might be one she could get for starters.
I helped about 15 people get their scores from high 500's and low 600's to 720+ within the last year =)
Great long helpful post.
I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.
@Dustink wrote:Great long helpful post.
I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.
and never talk to collections on the phone, or give ANY personal information to anyone but the CRA's. Many Collections will play dumb "we can not locate your account with the information provided, please provide your social, your address etc" they're trying to get you to fill in the blanks.
If they call you say you don't remember any debt, but send you everything in writting. Also if they call you before 8am, or after 9pm, or more than once a day, or on a weekend, during work, or calling or telling anyone they're trying to locate you to collect a debt etc. get phone statements, go to clerk of court file a small claims case for $1,000 violation for about $50 and wait for a check in the mail.
@distantarray wrote:
@Dustink wrote:Great long helpful post.
I just want to make a short post that reiterates never admitting fault to the debts. Be careful to not restart the SOL.
and never talk to collections on the phone, or give ANY personal information to anyone but the CRA's. Many Collections will play dumb "we can not locate your account with the information provided, please provide your social, your address etc" they're trying to get you to fill in the blanks.
If they call you say you don't remember any debt, but send you everything in writting. Also if they call you before 8am, or after 9pm, or more than once a day, or on a weekend, during work, or calling or telling anyone they're trying to locate you to collect a debt etc. get phone statements, go to clerk of court file a small claims case for $1,000 violation for about $50 and wait for a check in the mail.
with 19 accounts, make sure she has atleast $1,000 set aside ....
cause it certified mail gets EXPENSIVE! it adds up.
at the minimum she'll need
6 x 19 x 3 = about $342 at the bare minimum
$6 x 19 accounts x 5 (3 cra's oc and collections) = $570 ..... minimum cause sometimes you'll need to send multiple mails.
and A LOT of Patience.
also my scores were low 400's last year =)
wow. So greatful distantarray. great work.
Starting Score: 5/2012 TU 595, EQ 565, EX fako 547