What will happen when....

[Anonymous]

Hello All!! New to the site and had a question.

What happens to your score if eveything gets removed after the 7 yrs?

Does your score go down? Stay the same?

I am asking because I have 6 accounts on all 3 CB's all negative and they are to be removed next month.

I have 3 inquiries on all 3 reports and no positve accounts.

So when eveything gets removed and theres nothing on any report what happens?

I tried applying for a couple cards to start rebuilding but got denied on all of them.(they were First Premier, Cap1, Hooters)

My scores are TU-577 EX-567 EQ-570

Anyone know what CCC would approve me to start rebuilding?

Thanks!!!

[Anonymous]

Well it's good you got denied from First Premier, they will rape you in fee's.   Try Orchard Bank and Bank of America, at the very least start with a secured card from one of these.   Stay away from those sub prime cc companies such as First Premier, Credit One etc.    You are much better off with a secured card from a reputable bank than an unsecured card from these wolves.

[Anonymous]

I *think* FICO would be unable to score you (no data to work with)... I would think getting a TL or two now would be better than waiting (you won't be able to have a score for 5-6 months if you do it now.)

[Gigi77]

First Premier is absolutely horrendous!  Orchard wont EVER upgrade to secured, but you may get offered another card from them.  Try BOA and HSBC secured (affiliated with Orchard, but not subprime- as far as I can tell).  You definitely want to establish a positive trade line now, but subprime should be avoided at all cost. 

Question- is CapOne still considered subprime?    

Also avoid Applied, Aspire, and Creditone.

Message Edited by Gigi77 on 12-11-2007 01:52 PM

[Anonymous]

cards don't report as prime or subprime (a manual review may trigger the reviewer's memory!) - cap1 has prime cards also - they go from horrific credit to excellent credit card products.  they are CONSERVATIVE in their CLs and CLIs - but a clean history with them  (and across your report) can get you prime rates/fees/ etc with them over time.

Just like with any CCC - if you have good history they want you.

[Anonymous]

Thanks for the info!

I guess I will apply for the BofA secured card.

Is there anything else I could do to rebuild my credit since all these negatives will be comming off?

Also, no one knows what would happen if I didnt open any accounts and just waited till all the neg. came off?

What other cards could I apply for with my terrible scores?

[Anonymous]

What I would do in your case, which I have been there, is to just be patience.  You are just getting out from under some debt and credit disarray.    I think you should just stay with this card for a little while.  You don't want to go hog wild appllying for credit cards this soon.  Too many inquires will hurt your score. 

 Use it like once a month on things you would normally buy such as gas, groceries,household items and then pay them off each month.   Some may recommend carry over a tiny balance but keep your utilization below 10%.   That is, let's say you put $250 into your secured credit card.  That is going to be your credit line so  don't carry over a balance of more than $25 each month.   Also what you can do is from time to time add money to your account, ( only money you can afford, remember bills, savings etc come first)  by adding money to your account you will be increasing your credit limit and will help increase your score.  And of course alway PAY ON TIME.

In time your scores will gradually go up and you'll get better offers and you will be in a much better place financially and credit picture wise.

Just take a deep breathe and take your time.   The scores will follow.

Message Edited by Boswd on 12-12-2007 06:56 AM

[Anonymous]

I applied for the Kay card and actually got approved for 1500.

I was wondering how this card would report on CR? Do they report like a regular CC?

Do they even report at all?

[braznyc]

Everyone has already given you some great advice, and while I'm new on this forum and at this whole credit game. I will tell you what will happen to your credit score when all of it drops off, there won't be one. That's exactly what I'm dealing with two of my CR right now TU and EQ have nothing but 3 tax liens - thus no score. EX on the other hand likes to hold on to VERY old info so I only have a score with them. So basically I have to rebuild, and I will with a secured card from the place I bank with.

Good luck.