help with my building goals

[Lambo23]

Hi everyone, I have been reading these forums for awhile now and I decided it's time for me to make an account to ask for some direction! Okay so, I want to work towards primeville (who doesn't) and hopefully get my first prime by the end of the year! Here is my credit profile:

4 cards, 1 closed:

Capital One Platinum $500 limit - opened 7/10 - late 30 days on 1/11 also used over the limit

Bank Of America Cash Rewards Secured $300 limit - opened 7/10 - paid&closed 2/12 due to late payments of 30, 60, and 90 days from 1/11 - 3/11 and using over limit

Orchard Bank $400 limit - opened 8/11 - In good standing - $100 CLI 4/12

Walmart Store Card $150 limit - opened 4/12 havent used yet, hoping for major CLI's

Capital One Cash Card $300 limit - opened 4/12, hoping for the steps program to get me up to $750

Current Scores: Walmart TU 619, CreditKarma 660, CreditSesame 645

-Not showing my newest capital one cash rewards card

-Not showing $100 increase from orchard bank

-Showing 37% util but I just paid off everything

-Showing collection account ($75 medical) which has been removed from TU but not EX or EQ yet.

-10 Inqs according to CreditKarma, 4 of which will fall off by August

My goals are:

- credit score over 700 on all 3 by end of 2012

- cards with higher limits (at least 1 by the end of 2012)

- car loan in 2 years

[halos24]

Welcome, and the first step is certainly laying out your goals .  You have a good starting group with your current cards, garden for a while and use them wisely.  You will be getting prime cards soon enough with patience.  I thought I would never see the day and now I have Amez, Citi, and well of course several store cards that I never thought I would of had.  

Good luck. 

[Lambo23]

At what point will I be able to apply for a card like Chase Freedom and receive a high credit limit over $1000?

[webhopper]

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@Lambo23 wrote:

At what point will I be able to apply for a card like Chase Freedom and receive a high credit limit over $1000?

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Rebuilding takes time! I think you should contact the creditors that you had the lates with and talk to them about making a goodwill adjustment for your lates. Call and send letters every week; maybe they will. If there were extenuating circumstances in January 2011 be sure to tell them!

[Lambo23]

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@webhopper wrote:

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@Lambo23 wrote:

At what point will I be able to apply for a card like Chase Freedom and receive a high credit limit over $1000?

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Rebuilding takes time! I think you should contact the creditors that you had the lates with and talk to them about making a goodwill adjustment for your lates. Call and send letters every week; maybe they will. If there were extenuating circumstances in January 2011 be sure to tell them!

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Do you think it would be smart to re-open my BofA cash rewards secured card? -the card was paid off before they closed it. Or just leave it closed and try to have them adjust it from showing my lates?

[haulingthescoreup]

Very, very (very very very very) few banks will reopen a closed account that has been closed for two months.

It would mean a new app (= hard inq) and a new account.

[Guava]

Most likely they won't reopen your account, you'll have to apply anew and IMO it's not worth it; your scores will get hit with inquiries and drop AAoA (if approved). I'd say manage your current cards wisely and keep trying GW those lates.

[webhopper]

The 2011 lates should not have happened. The 90 day late hangs around forever and gets you denied for any LOC and many conservative CC companies. While I admire your enthusiasm; I want to be very real with you. 2011 is very recent. Its Too recent for you to expect great things and will likely get you immediately declined for the next 5 yrs unless you can work on getting that 90 day late removed by their goodwill. Credit is easy to get started; easy to ruin; and takes a long time to repair and rebuild.

[MarineVietVet]

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@webhopper wrote:

The 2011 lates should not have happened. The 90 day late hangs around forever and gets you denied for any LOC and many conservative CC companies. While I admire your enthusiasm; I want to be very real with you. 2011 is very recent. Its Too recent for you to expect great things and will likely get you immediately declined for the next 5 yrs unless you can work on getting that 90 day late removed by their goodwill. Credit is easy to get started; easy to ruin; and takes a long time to repair and rebuild.

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I agree that the 90 day late is a score killer and is considered a major derogatory. Scoring not only looks at the severity and recency of negative items but also how many are being reported at the same time. All those things are taken into consideration.

But there is nothing to lose by attempting a GW approach.

[webhopper]

+1. I have one of these reporting from 2006. When I get denied for credit it lists "major derogatory" on the letter of explaining why I was denied. My attempts to GW have led to mixed results. Its still showing on 2 bureaus. That was from calling and asking. I didn't know about letters back then.