Car Loans - Getting Credit - Airline Miles Cards - Removing Old Fraud Alert

[caliguy1976]

First Post:

I have been out of the US since 2010. Before I left, in Nov 2009, I filed Chapter 13. 

I also signed up with Lexington Law and they got a lot of the items that were cleared in BK removed.

I have 0 debt other than a prepaid $3000 new millenium card and everything else shows as paid. I am also an additional card holder on a current card. My credit is now 660 and 680. I am thinking it will be lower if I make a big payment on the New Millenium since the balance is $2800 with a $3000 limit.

Going to press my luck with quite a few questions.

1) I have a job when I get there, but I need to get a car pretty fast. I am looking at a Car Max loan on a $12,000 to $15,000. I can put down 20% no problem. Do you think that will be sufficient? 

2) Should I sign up again with Lexington Law or try to keep getting items removed by writing letters myself.

3) It's annoying, but I have a Fraud Alert that I put on my credit report in 2007 when I was doing clean up and it's still there. Only on my equifax, but I got denied for a credit card from Capital One last year because of this. Any ideas on how to remove it?

4) I had an Amex with Dellta Skymiles 10 years ago. I settled it for about 40% in 2004. Is Amex forgiving in this regard? I really would love a good rewards card.

For now my plan is:

a) Send in a ton of letters this month or sign up with Lexington and let them do it to try to keep getting the old delinquent items removed (even though not have any amounts on them, I would like to see them off my report as they are old derogatories).

b) I will pay down the New Millenium to 65%.

c) I am going to apply at Car Max and try to put down 20% and just pay an extra few hundred a month on the car note if they allow it.

d) Need to somehow call/fax/write Equifax to get that Fraud Alert removed so I can apply for a decent credit card to replace my prepaid one which is a waste of money.

Thanks ladies and gentleman!

Want to finish this climb. I have an excellent income and want to build my credit from the high 600s into the 700s.

Dan

[caliguy1976]

Sorry. I covered too much and all the info is here. 

GREAT POST: http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/td-...

Learning a lot just searching the site.

[caliguy1976]

Ok, I got everything now. 

There are probably threads on this, but one question!

I have one new millenium secured card which shows up as a revolving unsecured on my credit. 

It is a $3000 card which I owe $2600 on, but of course, it's secured so I really have $400 in savings. I applied for it 3 years ago a week after BK and pay like $75 a month in interest on my own money. However, I have a 680 scored now.

SO I AM THINKING TO APPLY FOR BARCLAYS APPLE AND DISCOVER. At what point should I cancel this other one?

It will immediately show as paid and cancelled by me.

Daniel

[Shogun]

Actually your util is hurting you pretty bad on that one.  I do understand that it's secured, but it's still showing up as util against your CR.  With that high of util showing, it would be doubtful you would get approved for a card.

[caliguy1976]

Ah ok, how much should I pay it down by?