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Best apps to rebuild credit

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SunshineDay91
New Member

Best apps to rebuild credit

Hello

 

I already have a Self secured credit card and loan and a kikoff loan.  Does anyone know anything about Ava Finance. Is it legit? Are there any other credit apps that help you rebuild credit that anyone knows about?

 

Thanks

Message 1 of 8
7 REPLIES 7
Creditwiser
Valued Contributor

Re: Best apps to rebuild credit


@SunshineDay91 wrote:

Hello

 

I already have a Self secured credit card and loan and a kikoff loan.  Does anyone know anything about Ava Finance. Is it legit? Are there any other credit apps that help you rebuild credit that anyone knows about?

 

Thanks


The best place to aid in credit rebuilding is right here ! Smiley Wink  Stick around here. Read and learn.  Ask questions. The amount of knowledge and experience in this forum is priceless.

NFCU Visa 43k | NFCU Platinum 35k | Cap1 QS 13K | Cap1 QS 11.5K | Barclay MC 15k | Delta Gold Amex 35K | Discover IT 20K | CFNA FS 3600 | CareCredit 20k| PayPal Credit 7k |
Message 2 of 8
Creditwiser
Valued Contributor

Re: Best apps to rebuild credit

I should add that I rebuilt from BK7 back in 2014 and I did it with the help and guidance from the folks in this forum.  Early on it gave me hope and a clear vision forward in my financial life.  I was devasted from filing, the associated stigma, and the deep hole I found myself in.  Early on I was able to execute a plan and began to recover rather quickly. I learned how to be patient with CLI's, apping,  and keeping INQ's to a minimum by apping for cards and loans that I would likely qualify for so as to not waste INQ's on denials.  A lot more but just to name a few.  Honestly, I learned it all right here.

NFCU Visa 43k | NFCU Platinum 35k | Cap1 QS 13K | Cap1 QS 11.5K | Barclay MC 15k | Delta Gold Amex 35K | Discover IT 20K | CFNA FS 3600 | CareCredit 20k| PayPal Credit 7k |
Message 3 of 8
JoeRockhead
Senior Contributor

Re: Best apps to rebuild credit


@SunshineDay91 wrote:

Hello

 

I already have a Self secured credit card and loan and a kikoff loan.  Does anyone know anything about Ava Finance. Is it legit? Are there any other credit apps that help you rebuild credit that anyone knows about?

 

Thanks


There is no app to rebuild credit. It's done by using available credit responsibly, showing lenders you manage your credit and finances well, and... the passage of time. Many people make the mistake of thinking they can simply add more good accounts to offset the missteps reported in their credit reports. It doesn't work that way. What they find out is that with suppressed scores and/or limited, and perhaps poor credit history is they make it worse. In addition to score hits for every HP, every new account also causes scores to take another hit. Then there's being tagged for "credit seeking", or "excessive credit seeking".

 

These things combined only results in one of two things... denials, or toy limit approvals. The toy limit approvals only go so far before additional applications just all turn into denials... then you have no choice other than to ride out the calender with what you have. 

 

You only need one open installment loan to satisfy the credit mix portion of your score and the max scoring benefits of that loan don't kick in until the balance goes down to 9% of the original loan amount. Additional loans aren't helping you so don't get any more "credit builder" loans.

 

Ava Finance is nothing more than a way for them to take your money in exchange for them reporting a revolving credit account that doesn't really exist. It's of no use to you in the real world. Underwriters with potential new mainstream lenders will likely disregard these types of accounts altogether. 

 

Your goals at this point should be to have three revolvers (no more store cards) with mainstream lenders. Secured cards are often a good start. Many people here have started with secured cards and/or no/low annual fee cards from sub prime lenders... With that said, before you go out and try to add two more cards, you need to look at where your Fico scores are. If they are on the lower side, you just need to wait and let time do it's thing. The further away you are from your last derogatory event, the better. As those things age and the effects on your scores fade, the better opportunities will come your way.

 

While you're waiting, do everything you can to clear up (pay off) any problems you have such as your Kay's and Discover accounts you mentioned in previous posts. You should also spend some time here asking questions and reading about other's experiences (good and bad) so you can make the right moves, at the right times, and avoid making mistakes that will hold you back.  

Message 4 of 8
FicoMike0
Valued Contributor

Re: Best apps to rebuild credit

Ditto what @JoeRockhead  said.

I don't know about the loans you mention. What you want is an aggregate installment loan balance that's <9%.  If you have student or car loans, that's pretty much a no go. If not, a single ssl could work.

Id avoid any subprime fee harvesters. Many banks and cus have secured cards that will graduate into a card you might actually want. Capone is a pretty easy touch for an unsecured card. Try to go with preapproval on new apps, avoid wasting hard pulls.

Avoid trying to "do something, do anything, even if it's wrong". Credit tends to be unforgiving of mistakes. 

Message 5 of 8
FicoMike0
Valued Contributor

Re: Best apps to rebuild credit

Btw, you don't give much info on your situation. The reason for doing so isn't just that were all nosey. There really is great advice here, but everyone's situation is different. Knowing your particular situation will allow the experts to give advice that will help you in particular.

 

Message 6 of 8
Jhlowe86
Valued Member

Re: Best apps to rebuild credit

This is what happened to me in a span of about a month. I needed my Equifax to go up 13ish points for a mortage and ended up with scores in the 550s and 560s 25 days later.

 

I added two new accounts and kikoff which dropped my score from 600s to 580s. Then I accidentally had my oldest account removed (10 years) that dropped me another 20. I wish I would have been patient, paid down my current usage to see what happened.

Message 7 of 8
RobDub
Established Member

Re: Best apps to rebuild credit

Reading and researching info in this forum has already helped me get 4 Credit Line Increases and raise my score by at least 50 points on all of my scores.  Research and find situations similar to yours and look at the game  plans that worked.  Good luck and happy reading!





Message 8 of 8
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