41 and finally paying attention to my credit

Anonymous · ‎02-04-2017

In full disclosure, my wife and I filed Chapter 7 in 2008. Since then I opened a few cards and started a new business. Five years later the business is doing well but the cards turned to judgements ($4,099 & 1577) and after 20+ months of non-payment on our mortgage we modified with the lender. This past week I became very focused on my personal credit score and worthiness. For no particular reason than to correct the past and maybe help establish the business to get some credit.

Based on CreditKarma, my credit scores are 527 TU & 539 EQFax. I have two charge offs: $262 & $1,640. I paid the $262 this week and the $1,640 I've requested backup on this as it was Verizon for the house and I believe it was during the time we filed the chapter 7. If I'm wrong I'll pay it, but it's an old debt.

This week I selectivley applied for Credit One and was approved with a $300 limit. Cool. Today I learned about FingerHut's refresh program so applied and was approved. I overpaid for an AppleTV and made the initial downpayment of $30, as they require.

Now I'm reading about selflender.com and will admit, it sounds attractive. I'm just worried I'm doing too much too quickly. Any suggestions other than those? I'm embarred of my score and really want to make an effort to be on time and have a decent score again. Dare I say low 700's?

Anonymous · ‎02-04-2017

Just so you are aware, CK uses Vantage Score 3.0 not FICO, so you are not getting genuine FICO scores from there.

If you go to Credit Check Total you can get your 3 FICO 08 scores for just $1. This will let you know at least where your starting point is, and you'll get to see your 3B reports instead of just 2 from CK.

Anonymous · ‎02-04-2017

Awesome suggestion, thank you. So here's what I found:

Experian: 569 TU: 507 Equifax: 539

EAJuggalo · ‎02-05-2017

Selflender is not going to help since you have a mortgage. It helps people that don't have an installment loan reporting, same reason Fresh Start isn't going to help you, at least not very much. If that Verizon is from 2008 it is well outside the reporting period. I would look into a secured Discover, wait six months and get an unsecured Cap One. After that it's just going to be paying everything on time and waiting.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

Anonymous · ‎02-07-2017

I would agree with the Discover Secured. It is the best secured card out there. $200 and you get rewards, a free FICO, and unsecured in as little as 7 months.

Btw... Discover score card offers a free FICO for EX for free even if you aren't a card holder. Get the secured card and it is a TU score. You then have 2 of the 3.

One last thing... don't be embarrassed in here anyway. We all have either been there or are there. No judgments in here. Plus I guarantee that as much as I have seen you on here you will learn lots and that score will raise up fast. Your low 700's goal is not out of the question at all. I would say hard work and effort and in a year or so that is very possible.

Besides new credit work on Disputes. Those will raise your score more than a new card will.

GL on your journey. Congrats on your new cards. Look into the Discover Secured card -you'll have a great card in 7 months or so if you get it.