What can I do with this??? super bummed

[kay82]

So I apped for a Target card on Fri. and was approved 200 so I was super amped ...then I was going to apply for a Macy's card but decided to pull my EX score from My Fico just in case so not to waste an inquiry and get denied and its A LOUSY 581 !!!! Im crushed 

11-16-08 My Fico EX : 581 

[Anonymous]

What was your score before? Based on your reaction, I am assuming your score was much higher.

[score_building]

kay82 - congrats on the target approval! that seems to be a really popular card.

you'll need to provide detailed background info. regarding any negative entries on your report so that folks here can assist you with specific ways you can improve your score and be eligible for the card.  don't despair you couldn't have found a better place if you want solid advice on improving your fico scores. 

you'll be amazed to see how many of us started where you are or worse off and now receive the best cards and lowest rates on loans due to the transformation we've had since learning more at the forums. keep the faith, help is on its way

[kay82]

Thanks for the replies well I remember when I applied for car loan and my score was 720 but being 19 at the time and in Armed Forces I didnt know what that meant lol....well when I separated from the service in 2004 there was a hiring freeze at my current  job so I was unemployed for a year & it was a very hard year !!! currently reporting on EX. 5 CO and  5 Collections...its pretty ugly but its going down slowly but surely, a few more years left on the CO's nothing scheduled to come off anytime soon unfortunately. 

[kay82]

But any and all advice and expertise would be greatly valued and appreciated !!!

[Anonymous]

IMHO, I wouldn't apply for any more CC. Each time your credit is pulled (unless it is by you) you lose FICO points. It can also trigger a CLD on your other cards because it gives the illusion that you are in trouble with your credit. I would attack the items that are currently in collections. Those items are probably causing the most damage to your score. When will the CO fall off your CR?

[kay82]

Thx Tonnie thats what I was thinking too, the CO's aren't due to start falling off until 2011 and beyond so Im going to start getting my GW's together and pray for the best unfortunately 2 of them are with Verizon ( they're a MAJOR pain to deal with) and the other 2 are still faithfully reporting so Im kind of prepping for the worst and was going to try to get more cards to keep a low UTIL on to help build but I dont want to do more damage then good ya know, so Im going to work on those that are in Coll. I know one is def. going to come off soon and it was the most recent because it was put on in error  given incorrect info from the OC so Im fighting that one right now hopefully Ill get a nice jump when that comes off then Ill go from there seems like now its just going to be a waiting game for me.

[Anonymous]

Make sure you check the SOL in your state for those CO. From what I understand, the items will fall off your CR but the creditor can pursue you until the SOL runs out.

I have only read about 1 successful GW with Verizon. Hope for the best but prepare for the worse is a good approach to take when dealing with Verizon.

I understand the logic in getting more CC so that your utilization is lower; and, to help rebuild your credit. I am scared that you may be doing more harm than good because your score is so fragile. It can be a double-edged sword sometimes.

You should see an increase in your score when the item that is reporting incorrectly is removed. I'm not sure how many points you will gain but every little bit helps. I have never had any baddies on my CR so I'm not sure how much damage is done. 

Just remember that a journey of a thousand miles begins with one step. Every little bit helps. Good luck, girl.

[kay82]

I am still within SOL for 2 of the CO's so Im trying to quietly tip toe around them and leave those sleeping dogs lying lol.... they're still with the OC and I havent heard anything but it is possible to get caught up so Im just trying to get rid of the smaller collections and hope to rebuild with new lines so that they will age along with the derogs in hopes to have some kind of decent age when the baddies do end up falling off. Before another gung ho CA buys accounts from years ago and then re-ages them to make them look like current recent debt and I have to start from square one all over again thats the problem im having now. But up until fri. its been years since I've even tried to app for anything because I knew my situation was ugly but I have a really good job and am back on my feet and got really used to paying cash for EVERYTHING so I wasnt concerned about the whole credit thing until I was denied housing into a luxury condominium complex and that burned me up inside which is why I decided to face the facts!!!!!!! but ya know these ca's buy these old accounts re-age them and its hard to fight them because even if they're  2-3 yrs. old the OC  doeesn't have access to them anymore making it hard to fight anything but the amount owed not what you're actually being charged for soooooo lol.......... Congrats to you never having anything bad on your CR definitely a plus Keep up the good work you are definitely give motivation I appreciate it  !!!! Thanks again 

[jbh]

1/2 the journey to credit repair is building tradelines. I WAS in that position a few years ago and I am close to being 700 club, all things being equal. I landed first premier and then orchard with worse/equal scores.

First Premier is easier approval. Get a 2nd line and just build for 6 months/year and then call banks like Boa and ask what it takes to get a secured card. Be honest and explain your situation. By the time your baddies fall off, your score skyrockets that much more. Gain points while you can and build a history.

I WAS there, trust me. Also, dv and send GW letters if paid. When past SOL, research Past SOL letters. Just don't dispute if it's 100% accurate and you knew it to be (esp. if they do validate properly). But you do have a right to dispute. Sometimes companies report illegaly or skirt the law. Work to find ways to get it to the OC. 

Be careful, honest and patient. It will work out, I promise.