Want to Rebuild my credit!

[yodi2007]

Hello everyone, I'm new to the boards recently and just inquired a couple of weeks ago about an auto loan. Well having unsuccessfully trying to get my FICO scores here after getting the FAKOS, I don't have any recent credit history or opened CC's. I have 2 repo's in collections from the same lender and an unsecured loan from them to that are all over 6 years old all falling off in May and dec 2013 totaling 5095.00 usd. I have some others that went to collections from other places but all have been paid completely off like my Gi Bill overpayment 800.00, Military star card 2k, and a satisfactory furniture account not one payment missed paid in full. 

I recently have opened a Capital One secured CC with a 200.00 limit and a 49 dollar deposit ( will add more deposits later to increase my CL). Was thinking of applying for another card but one for people with bad credit like mine. I bank with Wells Fargo but heard their CC services are crap especially the secured ones! Just need some help.

Also note my FAKO scores from the actual websites and not credit karma are TU:580, EX:632 (was 638), EQ: 564 

[09Lexie]

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@yodi2007 wrote:

Hello everyone, I'm new to the boards recently and just inquired a couple of weeks ago about an auto loan. Well having unsuccessfully trying to get my FICO scores here after getting the FAKOS, I don't have any recent credit history or opened CC's. I have 2 repo's in collections from the same lender and an unsecured loan from them to that are all over 6 years old all falling off in May and dec 2013 totaling 5095.00 usd. I have some others that went to collections from other places but all have been paid completely off like my Gi Bill overpayment 800.00, Military star card 2k, and a satisfactory furniture account not one payment missed paid in full. 

I recently have opened a Capital One secured CC with a 200.00 limit and a 49 dollar deposit ( will add more deposits later to increase my CL). Was thinking of applying for another card but one for people with bad credit like mine. I bank with Wells Fargo but heard their CC services are crap especially the secured ones! Just need some help.

Also note my FAKO scores from the actual websites and not credit karma are TU:580, EX:632 (was 638), EQ: 564 

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Welcome to the forum!  I would not apply for any cc until the repos fall off in May. You will definitely see a boost in your score in June ESP if you continue  using your new Cap 1 wisely.  

Adding funds to your Cap 1 is an excellent idea - just  remember to keep your util under 9%. I know it's tempting to apply and you will get offers from First Premier and Credit One - stay away!  

You mentioned you were in the military ; are you eligible for NFCU?  If you are,  I would open a bank account with them and in June apply for a secured card. USAA is another one with a secured card. 

[yodi2007]

I was in the military from 98-06 (Air Force). After I got out i went to school to become a Nurse and while in school my wife lost her job due to closing. So my little unemployment/GI Bill money kept us a float for about 6 months till something unexpected happen that threw our finances out of wack, long story short i couldn't make the full payments for 2 months and Andrews Fedral CU repoed our cars. 

After years and years we've paid a substantial amount of debts off except the auto loans. We purchased 2 autos @  Buy Here Pay Here @ 19% APR but paid em off in 18 months each they were non reportable as we needed cars for work.

Not sure if i can still join NFCU since I'm no longer active. I belive anyone can join USAA past or present Vet.

[yodi2007]

I also plan to use the C1 Card for just gas and food and pay it off before my statement date!

[chnceit]

You are on the right track! try for USAA secured card, but if possible try to put more on the deposit so it reports a higher tradeline.

If you have credit cards that went bad have you tried good will letters?

[yodi2007]

This will be my first CC believe it or not and sad I'm 32 y/o my wife has had a BofA CC CL 3500 we closed when she lost her job in 07 in good standing.

[chnceit]

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@yodi2007 wrote:

This will be my first CC believe it or not and sad I'm 32 y/o my wife has had a BofA CC CL 3500 we closed when she lost her job in 07 in good standing.

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OIC, go for the secured cards first and let them age and hopefully your repo will then fall off. Just remember low UTI and gardening will grow your scores in no time

[yodi2007]

I plan on them grow. I have a 1999 montero sport that has seen her last days 240+k  and in need of another vehicle for work as 1 vehicle for me and my wife isn't enough. Think I will try to bite the bullet on a sub-prime lender and try to refi in 6-8 months with autopay from my bank account.

[thom02099]

First...Welcome to the boards here !   There's a wealth of information you can find here to help you rebuild and get back on track.

Second...good suggestions from others above.  Here's some other suggestions.

Read the sticky posts at the top of the board, there's LOTS of good info there, especially in the HELPFUL POSTS sticky.  There's a post in there for BK friendly lenders, and while it may not be an exact match for your situation, there's a list of companies that can be helpful, and it's based on score categories. 

If you're elligible and there's one or more available in your local area, look into joining a credit union, particularly for the car loan situation.  Rates are competitive, terms are usually much better than a bank, and there's also the possibility of a credit card, secured or unsecured, through a credit union. 

You mentioned your wife had a BofA account.  If she's employed again, and it was closed in good standing, she might want to look into re-opening or re-applying for BofA.  If she can get back on board with BofA, she could add you as an AU. 

Good Luck in your journey here!