BOBINSKY wrote:
Hi everyone;
Ok, I've been reading these threads, and trying to make sense out of it ... and sorry, still not getting it.
I'm one of those that's been through credit hell and trying to get out from under. Tried the secured cards, and high fee ones ... been turned down jerked around and been very discouraged. Timothy wrote the following;
Some are OCD on getting more cards - (don't know what OCD means)
*** Kinda like throwing salt over your shoulder for luck . Just applying for cards because they can with no real purpose to the madness.
Some are diluting bad credit with good - (how do you dilute bad credit with good)
****If your history is bad you can dilute the bad effects by establishing new credit and a positive payment history thus diluting the negative effects
Some are killing off sub-prime cards with fees - (don't get this either)
*****Killing off subprime cards with fees means simply applying for new credit without the fees or the hassle of the subprime cards you may have aquried in order to build your credit history
It seems a lot of folks in this thread are issuing several applications all at once to several credit card issuers and hoping some will be accepted. Is this the recommended way of trying to get credit and improving your score? What happens with all the inquiries on your credit from all these sources? Doesn't that lower your score, and hence get you deeper into the hole?
******You don't get into any hole as long as you don't use the avail credit. Many people apply for several new cards at one time in order to prevent the inquiries from the new applications for detracting from their scores . If you app multiple cards in one sitting put careful thought into what you are applying for and realize that each new account will reage your history that much more. You also need to put thoguht into the fact that whatever you re apporved for you most likely will have to settle for for the next 12 mos or so in order for the possible negative effects of the new accounts to be offset by good payment history
My Equifax is at 623 with a couple of very small medical collections which I'm disputing (due to insurance Co. mess-up). I'd like to understand how to effectively go about this to get credit (now I operate strickly on cash), and improve my scores.
Thanks
*****you say that you have been turned down and jerked around wht cards are you applying for? YOu say you have this one small collection. Do you have any positive revolving credit? If not, most likely you will be turned down. Have you tried Cap one products for limited history if not? Have you pulled all three bureaus to be aboslutely sure that this is the only thing hurting your score? Operating on cash weill never improve your score, you can try a secured card or Cap one HSBC is another good card for building or rebuilding credit. Just be sure you are sure of what exactly is on your report.
With an 8 year history its hard to believe that these are your scores.
Get new cards and dilute your bad credit by obtaining more tradelines. Killing off fee based cards? Just close them. If you are eligible try some credit unions like Navy Federal for one. Good luck.
