Looking to rebuild credit....need help...

Marv94 · ‎03-16-2016

I currently have FICO scores of 538 and 533 with EQ & TU, so I'm looking for suggestions on which secured CCs I should aplly for, or if those scores are too low for me to even both applying. I have chargeoffs with both CapOne and Bof A.

. I also have some $17K in debts which I can pay off, but I don't know if paying them off would boost my FICO scores since they'd be listed as paid chargeoffs at all three CRAs, so any tips would be welcomed. Thanks!

Officer737 · ‎03-16-2016

If I remmeber correctly, some of the new scoring models don't paid off collections and charge offs as heavy as they used to.

I think the score may hurt you on on some of the secured cards. You may check Credit One and I hear Merrick Bank has a good product, How long ago was the CO for Cap 1 and how much? SOmetimes they will let you back in after a year or so.

Revelate · ‎03-16-2016

You can always do SDFCU and OpenSky secured cards. Do yourself a favor though since inquiries are irrelevant when you're trying to establish 2 positive tradelines, hit the pre-qual for Cap 1 anyway and apply for the Discover secured. I don't know how favorably BOFA would look at your file though they have an astoundingly good secured product too.

Post over in the Rebuilding forum regarding the Charge Offs, those are kinda nasty if they're still reporting actively. Paying them would at least draw the line in the sand and you can move forward if they are, and they will still factor into utilization calculations.

takeshi74 · ‎03-17-2016

@Marv94 wrote:
I currently have FICO scores of 538 and 533 with EQ & TU

What FICO model(s)? What about EX?

@Marv94 wrote:
so I'm looking for suggestions on which secured CCs I should aplly for, or if those scores are too low for me to even both applying. I have chargeoffs with both CapOne and Bof A.

It's never just about score but you can refer to the Credit Pulls Database (Google to find) if desired. That said, I don't advise relying on what you think you might qualify for. Identify the issues with your credit profile and work on addressing those. Apply when your credit is in the best possible shape for a given timeframe.

@Marv94 wrote:
. I also have some $17K in debts which I can pay off, but I don't know if paying them off would boost my FICO scores since they'd be listed as paid chargeoffs at all three CRAs, so any tips would be welcomed. Thanks!

You want removal of derogs like that. Hit the Rebuilding subforum and carefully research before taking action. Building new positive tradelines with secured cards can help but you're going to be constrained by these issues. You can certainly work on getting secured cards and addressing these at the same time. Definitely make sure you've addressed whatever it was that led to these and do whatever it takes to avoid derogs in future.

Marv94 · ‎03-17-2016

The SDFCU card folks do run credit checks so I'll try OpenSky; my EX score is 535. Off to the rebuilding forum...thanks for that tip.

Revelate · ‎03-21-2016

@Marv94 wrote:
The SDFCU card folks do run credit checks so I'll try OpenSky; my EX score is 535. Off to the rebuilding forum...thanks for that tip.

Not for their secured card, at least their website still states this. Last I checked it was a SP for membership / identity purposes and that was it.

Marv94 · ‎03-23-2016

that the San Diego Country Credit Union that you're referring to? I want to be sure I'm on the correct website.

Thanks!

Revelate · ‎03-24-2016

@Marv94 wrote:
that the San Diego Country Credit Union that you're referring to? I want to be sure I'm on the correct website.

Thanks!

Ah that's SDCCU actually, SDFCU (I know acroynyms suck) is State Department Federal CU. Still pulls EX though heh, but has a nice secured product.