cancel
Showing results for 
Search instead for 
Did you mean: 

Am I delusional to think I could get an unsecured card in 4-6 months? (EDIT: APPARENTLY NOT! LOL)

tenaya
Frequent Contributor

Am I delusional to think I could get an unsecured card in 4-6 months? (EDIT: APPARENTLY NOT! LOL)

Obviously, I'm willing to get a secured card (have already been preapproved for Discover secured) but I was thinking, I'd like the Discover secured and my little Green Dot secured to be my only secured. The Green Dot will never "grow" with me, while the Discover secured would. 

 

My story thus far:

 

  • One 90-day late, one month old. (BofA)
  • One settlement with Bank of America (no charge-offs, no collections). My EX & EQ FICOs soared about 60-70 points when that settlement reported. (TU is still dragging its heels in reporting, however. Much to my frustration!) FICOs are in my signature.
  • A low five-figure debt remaining with the other credit cards. Perfect payment record. I will pay them in full later in 2019, as I expect more money & income coming in. Right now utilization is in the low 90 percent range because of these few cards (which are closed by the bank).
  • Low income. About $16,000 at this point, but earnings continue to increase, plus I expect more money coming in from various sources that will really help my finances. Right now, even though my income is low, I don't have a lot of expenses and my only debt is the CCs that I've been consistently paying on time.
  • Three inquiries. 3 TU, one each on EQ and EX.

 

No other baddies. The BofA settlement and lates are a one-time deal and are, I believe, behind me. Everything should be looking up from now on.

 

It's just been about a month since I started getting interested in repairing my credit, so I know it's early days yet.

 

I was thinking that if I get the Discover secured (probably in a few months) then wait until the summer that my score would be higher (maybe 640?) and my utilization would be under 90% (if I haven't paid it completely off by then) and my 90-day late would be at least 6 months old, that maybe I could an unsecured card for "Fair credit." 

 

I was thinking of Unify CU's card (not the secured one) or maybe Capital One's Platinum. I just joined Unify and will be having a banking relationship with them for about half a year (or at least 4-5 months) before I'd think about applying for a card. 

 

I realize that nobody can really predict the future... I guess what I'm asking is, has anyone else done this? Is it doable or completely delusional?

 

February 16, 2019 EDIT: During an unrelated search, I found this old thread! I thought I'd update it for anyone who stumbles upon it later: I was approved for an unsecured Discover It Cash Back card two months after I posted this thread, in early February 2019 (CL $800). I never did get a Discover secured card. My FICO scores had gone up about 20 points (635-ish), and my utilization went down to 87% (still terrible, but not in the 90s anymore!). I was also accepted for an Overstock and Walmart store card (both unsecured) in January 2019. I suspect that having a checking account with Discover may have helped with my approval, but who knows?

 

Anyway, to anyone who reads this, don't give up hope. Just check the prequalification pages for Discover and other banks. It doesn't hurt to look. Keep on paying off debt and keep the utilization on any new cards low. Remember that time is your friend and will help your scores.

 

 

 


Overstock $9,750, Walmart $2.5K, Discover IT Cash Back $2.4K, NFCU Flagship $5K (formerly CashRewards), Shell (Citi) $800, NFCU More Rewards $17K, AMEX Cash Magnet $1K, Citizens Cash Back $2.8K, Amazon Store Card $4.2K, Cap1 QS $1.1K, FBNO Visa $1.6K, AMEX Blue Cash Preferred, $8K, eBay MC $800 (RIP Green Dot Platinum Secured)
Current FICO8: EQ 700, TU 700, EX 688   Current FICO9: EQ 715, EX 714
Goal for December 2019: FICO8 640-700 (reached! Fico 681!) | Goal for December 2020: FICO8 685-700 (Reached! 690!) | Goal for December 2021: FICO8 700-740
Starting Score: 539  Current Score: 690  Goal Score: 760
My credit recovery journal

Message 1 of 7
6 REPLIES 6
FireMedic1
Super Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?


@tenaya wrote:

Obviously, I'm willing to get a secured card (have already been preapproved for Discover secured) but I was thinking, I'd like the Discover secured and my little Green Dot secured to be my only secured. The Green Dot will never "grow" with me, while the Discover secured would. 

 

My story thus far:

 

  • One 90-day late, one month old. (BofA) This will drop your score with a major hit if it hasnt reported yet
  • One settlement with Bank of America (no charge-offs, no collections). My EX & EQ FICOs soared about 60-70 points when that settlement reported. (TU is still dragging its heels in reporting, however. Much to my frustration!) FICOs are in my signature.
  • A low five-figure debt remaining with the other credit cards. Perfect payment record. I will pay them in full later in 2019, as I expect more money & income coming in. Right now utilization is in the low 90 percent range because of these few cards (This killing you as a maxed out range) (which are closed by the bank).
  • Low income. About $16,000 at this point, but earnings continue to increase, plus I expect more money coming in from various sources that will really help my finances. Right now, even though my income is low, I don't have a lot of expenses and my only debt is the CCs that I've been consistently paying on time.
  • Three inquiries. 3 TU, one each on EQ and EX.

 

No other baddies. The BofA settlement and lates are a one-time deal and are, I believe, behind me. Everything should be looking up from now on.

 

It's just been about a month since I started getting interested in repairing my credit, so I know it's early days yet.

 

I was thinking that if I get the Discover secured (probably in a few months) then wait until the summer that my score would be higher (maybe 640?) and my utilization would be under 90% (if I haven't paid it completely off by then) and my 90-day late would be at least 6 months old, that maybe I could an unsecured card for "Fair credit." 

 

I was thinking of Unify CU's card (not the secured one) or maybe Capital One's Platinum. I just joined Unify and will be having a banking relationship with them for about half a year (or at least 4-5 months) before I'd think about applying for a card. 

 

I realize that nobody can really predict the future... I guess what I'm asking is, has anyone else done this? Is it doable or completely delusional?

 

 

 

 


In all honesty. I'd worry about all those cards in the 90% range. Work on paying them all down and go with the AZEO method. Why go secured when you have CC's already? Biggest hit. Did the 90 day take its toll yet on your scores. It may negate the settlement boost. You really have some cleaning up to do before applying for any new credit. More than likely you will be declined. May not be what you want to hear. But really your in no position to get approved at this time. Not with 90% utilization and a fresh 90 day late. Sorry. Not trying to be harsh or anything like that. Fix whats broken first. Good Luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 2 of 7
tenaya
Frequent Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?


@FireMedic1 wrote:

@tenaya wrote:

Obviously, I'm willing to get a secured card (have already been preapproved for Discover secured) but I was thinking, I'd like the Discover secured and my little Green Dot secured to be my only secured. The Green Dot will never "grow" with me, while the Discover secured would. 

 

My story thus far:

 

  • One 90-day late, one month old. (BofA) This will drop your score with a major hit if it hasnt reported yet
  • One settlement with Bank of America (no charge-offs, no collections). My EX & EQ FICOs soared about 60-70 points when that settlement reported. (TU is still dragging its heels in reporting, however. Much to my frustration!) FICOs are in my signature.
  • A low five-figure debt remaining with the other credit cards. Perfect payment record. I will pay them in full later in 2019, as I expect more money & income coming in. Right now utilization is in the low 90 percent range because of these few cards (This killing you as a maxed out range) (which are closed by the bank).
  • Low income. About $16,000 at this point, but earnings continue to increase, plus I expect more money coming in from various sources that will really help my finances. Right now, even though my income is low, I don't have a lot of expenses and my only debt is the CCs that I've been consistently paying on time.
  • Three inquiries. 3 TU, one each on EQ and EX.

 

No other baddies. The BofA settlement and lates are a one-time deal and are, I believe, behind me. Everything should be looking up from now on.

 

It's just been about a month since I started getting interested in repairing my credit, so I know it's early days yet.

 

I was thinking that if I get the Discover secured (probably in a few months) then wait until the summer that my score would be higher (maybe 640?) and my utilization would be under 90% (if I haven't paid it completely off by then) and my 90-day late would be at least 6 months old, that maybe I could an unsecured card for "Fair credit." 

 

I was thinking of Unify CU's card (not the secured one) or maybe Capital One's Platinum. I just joined Unify and will be having a banking relationship with them for about half a year (or at least 4-5 months) before I'd think about applying for a card. 

 

I realize that nobody can really predict the future... I guess what I'm asking is, has anyone else done this? Is it doable or completely delusional?

 

 

 

 


In all honesty. I'd worry about all those cards in the 90% range. Work on paying them all down and go with the AZEO method. Why go secured when you have CC's already? Biggest hit. Did the 90 day take its toll yet on your scores. It may negate the settlement boost. You really have some cleaning up to do before applying for any new credit. More than likely you will be declined. May not be what you want to hear. But really your in no position to get approved at this time. Not with 90% utilization and a fresh 90 day late. Sorry. Not trying to be harsh or anything like that. Fix whats broken first. Good Luck!


Oh, I know the cards at 90% are bad...it is what it is. I can't pay them off until some (expected) money comes in, which should be sometime in 2019. I'm just slowly but surely paying the cards off for now. They are closed so I'm not using them or anything. My credit report says I have only one open credit line (the Green Dot). 

 

The 90-day late has already tanked my score. The settlement and the removed debt made the score go back up 60-70 points. 

 

So it sounds like what I could do is get the Discover secured (since I apparently have a preapproval--they rejected me before the settlement reported, but then approved me when the debt was gone and the score went up). Then I guess I should just garden my two secured cards until I can pay off the other debt? 

 

Thanks for your advice!


Overstock $9,750, Walmart $2.5K, Discover IT Cash Back $2.4K, NFCU Flagship $5K (formerly CashRewards), Shell (Citi) $800, NFCU More Rewards $17K, AMEX Cash Magnet $1K, Citizens Cash Back $2.8K, Amazon Store Card $4.2K, Cap1 QS $1.1K, FBNO Visa $1.6K, AMEX Blue Cash Preferred, $8K, eBay MC $800 (RIP Green Dot Platinum Secured)
Current FICO8: EQ 700, TU 700, EX 688   Current FICO9: EQ 715, EX 714
Goal for December 2019: FICO8 640-700 (reached! Fico 681!) | Goal for December 2020: FICO8 685-700 (Reached! 690!) | Goal for December 2021: FICO8 700-740
Starting Score: 539  Current Score: 690  Goal Score: 760
My credit recovery journal

Message 3 of 7
FireMedic1
Super Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?

Yepper. Keep what you got for now. Build on that. Get those others paid off. Once they get paid off you'll be in a better position to grow some more. Best of luck!





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 7
tenaya
Frequent Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?


@FireMedic1 wrote:

Yepper. Keep what you got for now. Build on that. Get those others paid off. Once they get paid off you'll be in a better position to grow some more. Best of luck!


Yeah, that's what I want. Thanks. I like the Discover secured because they seem to have a definite timeline where they will graduate you. (Though it seems to take longer with some people than with others.) But they seem like a good card overall.

 

I just don't want a bunch of secured cards with no future (or ones who are s-l-o-w to graduate), especially when the worst is behind me and in maybe half a year or so the debt could/should be totally gone and then I'll have far more options.


Overstock $9,750, Walmart $2.5K, Discover IT Cash Back $2.4K, NFCU Flagship $5K (formerly CashRewards), Shell (Citi) $800, NFCU More Rewards $17K, AMEX Cash Magnet $1K, Citizens Cash Back $2.8K, Amazon Store Card $4.2K, Cap1 QS $1.1K, FBNO Visa $1.6K, AMEX Blue Cash Preferred, $8K, eBay MC $800 (RIP Green Dot Platinum Secured)
Current FICO8: EQ 700, TU 700, EX 688   Current FICO9: EQ 715, EX 714
Goal for December 2019: FICO8 640-700 (reached! Fico 681!) | Goal for December 2020: FICO8 685-700 (Reached! 690!) | Goal for December 2021: FICO8 700-740
Starting Score: 539  Current Score: 690  Goal Score: 760
My credit recovery journal

Message 5 of 7
debtguy3939
Frequent Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?

I settled a debt with bofa that was 90 days late in a lump sum before it even got to bucket 5 (still pre charge off) once I paid and it cleared bofa reported it settled but still charged it off. I would think they do same for everyone.
Message 6 of 7
tenaya
Frequent Contributor

Re: Am I delusional to think I could get an unsecured card in 4-6 months?


@debtguy3939 wrote:
I settled a debt with bofa that was 90 days late in a lump sum before it even got to bucket 5 (still pre charge off) once I paid and it cleared bofa reported it settled but still charged it off. I would think they do same for everyone.

I'm still new to all of this, so I'm a little confused.

 

BofA reported the debt paid, but with a description: "Legally paid in full for less than the full balance" as well as "Settlement accepted on this account." EQ and EX updated the account as paid, but with those notes. When I glance at my credit report under "accounts" (in Experian and also CreditCheckTotal) this one is listed with a green "paid" next to it, along with all my other (non-late) closed accounts.

 

I think EX had the account with a red N for "negative" (in the area where the little calendar is with the green and red marks). The account  appears to be closed and owing zero on both Credit Bureaus that are updated. (TU hasn't updated yet.) My credit report has nothing listed under "Charge offs" at least not so far. Would BofA update the account later to add a charge-off? Why wouldn't they put that in the report this time around? 

 

Overstock $9,750, Walmart $2.5K, Discover IT Cash Back $2.4K, NFCU Flagship $5K (formerly CashRewards), Shell (Citi) $800, NFCU More Rewards $17K, AMEX Cash Magnet $1K, Citizens Cash Back $2.8K, Amazon Store Card $4.2K, Cap1 QS $1.1K, FBNO Visa $1.6K, AMEX Blue Cash Preferred, $8K, eBay MC $800 (RIP Green Dot Platinum Secured)
Current FICO8: EQ 700, TU 700, EX 688   Current FICO9: EQ 715, EX 714
Goal for December 2019: FICO8 640-700 (reached! Fico 681!) | Goal for December 2020: FICO8 685-700 (Reached! 690!) | Goal for December 2021: FICO8 700-740
Starting Score: 539  Current Score: 690  Goal Score: 760
My credit recovery journal

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.