Credit card application

[mikesonthemend]

I am sorry to say this, but you need to work on paying people back. You burned a secured account. That is not a medical bill. Getting credit is extremely hard when you have noe history of paying your debts and a history of not paying your debts.

The first step to a rebuild is paying your old bills.

Ignore the medical bills. Pay anyone that extended you revolving credit whatever you can. If you can't afford to pay them, you can't afford new credit.

I am sorry.

Edit: Do you have any history of paying a debt as agreed?

[thornback]

Can you list these out -include the Creditor/Collection Agency name, amount owed for each, and the date of first delinquency so we have a fuller picture of your situation to offer sound advice?

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@Anonymous wrote:

Yeah I have 6 collections and 4 closed accounts that are charge off that are negative

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It seems like you need to pay / settle your debts first - especially the chargeoffs with outstanding balances - so you can move forward.  If you tell us which collection agencies are on your reports, we may be able to advise on a strategy to get them removed.  

You've already burned decent secured cards so the only ones left - without paying your debt first - are from predatory lenders - and I advise you stay away from them because if you already have trouble managing credit - as your history suggests - they will make matters worse.  My suggestion is to stop applying, clean up your reports as much as possible first, then seek a decent secured card to establish positive payment history.   

Also, spend some time reading the boards (especially the rebuilding forum) so you can gain a better understanding of how credit works -  the more you know, the stronger your rebuild will be.

[mikesonthemend]

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@thornback wrote:

Can you list these out -include the Creditor/Collection Agency name, amount owed for each, and the date of first delinquency so we have a fuller picture of your situation to offer sound advice?

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@Anonymous wrote:

Yeah I have 6 collections and 4 closed accounts that are charge off that are negative

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It seems like you need to pay / settle your debts first - especially the chargeoffs with outstanding balances - so you can move forward.  If you tell us which collection agencies are on your reports, we may be able to advise on a strategy to get them removed.  

You've already burned decent secured cards so the only ones left - without paying your debt first - are from predatory lenders - and I advise you stay away from them because if you already have trouble managing credit - as your history suggests - they will make matters worse.  My suggestion is to stop applying, clean up your reports as much as possible first, then seek a decent secured card to establish positive payment history.   

Also, spend some time reading the boards (especially the rebuilding forum) so you can gain a better understanding of how credit works -  the more you know, the stronger your rebuild will be.

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Great advice. Wish I would have said it.

Rooting for OP!

[thornback]

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@mikesonthemend wrote:Great advice. Wish I would have said it. Rooting for OP!

Thanks, Mike -  but you did say it, i just expanded on it a lil bit

And yes, we are all rooting for you, OP!  Come back with more info so we can help. 

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[Anonymous]

Any advice on how to get score com 530 to 750 will help. I have allot of questions and I would like someone with air of experience to guide me.

[FireMedic1]

The goal is to get 3 cards and an installment loan. One step at a time. We need data points like what was your history from the past. Whats open now. Saw the installment thread. So thats covered. Any CC's open? Read read read here and learn by studying what others have done and how it applies to your situatuon. No one person matches another but you'll gain an understanding how credit will work in your favor. Were here to help. Just need some stats to go by to get you started.

I started where your at out of BK. It took 3 and a half years to get all my scores above 740. Doesnt happen overnight. Its a long road but it goes by fast. My siggy is to show what can be done if you play the FICO game right. So post some stats and the gang will help you out.

[Anonymous]

I had 2 first Premier cards during my rebuild.

I had no problem making payments online.

Not sure how long htey took to free up the credit.

I kept them for a while until things improved.

You have to start somewhere but the worst part with those 2 are the fees.  I think mine were close to $100 per year.

Get everything current

Keep it current

Get a secured card and use it a little and pay in full

Then things will get better and you can get a Discover Secured.  

Then you will get non-secured cards

Just be patient.

I still have my Credit One bank which is a subprime card that I keep only because there just so happens to be no annual fee on it for me.  It helps with age of accounts and utilization but they are evil and charge interest from the day a purchase posts.

[calyx]

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@Anonymous wrote:
Any advice on how to get score com 530 to 750 will help. I have allot of questions and I would like someone with air of experience to guide me.

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Hi Bears4910,

You can get to 750, but it will not be a fast journey.  Some of us (me included) have made faster-than-normal progress, but that has to do with our histories and profiles.   So, I can tell you how to get from ~540 -> ~770 (which is what I did), but my specific journey is not going to be the same as yours.   I can tell you (generally) what to do:

But general advice:

1.   Get your finances under control.    Start using a budget.  Learn to live within your means while setting money aside, both to pay extra bills and to build an emergency fund.   Tighten any extraneous expenditures.   Learn to love PB&J and Ramen.  Use a 0 based budget, whether it's free or paid software (I use YNAB, some people here use spreadsheets or other free materials).   You definitely very much need to build an e-fund.  Right now your credit is a mess, so if something big were to happen, you wouldn't have a lot of leeway to work with.

2.  Pull all three credit reports from www.annualcreditreport.com to get a picture of everything currently in your credit profile (good AND bad)

3.  Work on your derogatory accounts. 
List out your derogatory accounts here - if possible, the creditor/collection agency, amount owed, status, and if possible, the Date of First Deliquency (DOFD) on each.  We can help you figure out where to start with your collections and pay back to maximize the positive impact (or at least reduce the negative impact).

4.   When your budget, spending, and profile starts getting under control, you can start to apply for secured cards and building a positive payment history.

But honestly, it sounds like you need your finances under control before you start applying for more tradelines.  You owe money to a secured card company, and that is definitely a sign of someone who is a very high risk for financial companies.    You won't get in with anything that isn't predatory at this point (if at all).

I know it can be hard, but we can help you get there.    Many of us have plenty of dealing with financial institutions, collection agencies, credit reporting bureaus, loans (student, auto, personal), and everything in between.  We can definitely help you, but you're going to have to put in the work and build positive financial habits.

Good luck, and I hope you continue with us here.

[Anonymous]

I just got all my hospital bills off all 3 credit bureaus today. I only have my student loan and the open sky to pay back now

[Anonymous]

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@calyx wrote:

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@Anonymous wrote:
Any advice on how to get score com 530 to 750 will help. I have allot of questions and I would like someone with air of experience to guide me.

---

Hi Bears4910,

You can get to 750, but it will not be a fast journey.  Some of us (me included) have made faster-than-normal progress, but that has to do with our histories and profiles.   So, I can tell you how to get from ~540 -> ~770 (which is what I did), but my specific journey is not going to be the same as yours.   I can tell you (generally) what to do:

But general advice:

1.   Get your finances under control.    Start using a budget.  Learn to live within your means while setting money aside, both to pay extra bills and to build an emergency fund.   Tighten any extraneous expenditures.   Learn to love PB&J and Ramen.  Use a 0 based budget, whether it's free or paid software (I use YNAB, some people here use spreadsheets or other free materials).   You definitely very much need to build an e-fund.  Right now your credit is a mess, so if something big were to happen, you wouldn't have a lot of leeway to work with.

2.  Pull all three credit reports from www.annualcreditreport.com to get a picture of everything currently in your credit profile (good AND bad)

3.  Work on your derogatory accounts. 
List out your derogatory accounts here - if possible, the creditor/collection agency, amount owed, status, and if possible, the Date of First Deliquency (DOFD) on each.  We can help you figure out where to start with your collections and pay back to maximize the positive impact (or at least reduce the negative impact).

4.   When your budget, spending, and profile starts getting under control, you can start to apply for secured cards and building a positive payment history.

But honestly, it sounds like you need your finances under control before you start applying for more tradelines.  You owe money to a secured card company, and that is definitely a sign of someone who is a very high risk for financial companies.    You won't get in with anything that isn't predatory at this point (if at all).

I know it can be hard, but we can help you get there.    Many of us have plenty of dealing with financial institutions, collection agencies, credit reporting bureaus, loans (student, auto, personal), and everything in between.  We can definitely help you, but you're going to have to put in the work and build positive financial habits.

Good luck, and I hope you continue with us here.

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+1000

Not to sound harsh, but you need to have a “come to Jesus meeting” where you take an honest look at how you got into your situation and how to avoid it happening again. You need to change something otherwise it will be the same scenario in the near future.

Make a budget- put down your net pay, allocate something to all your obligations each paycheck (meaning take your monthly bill and pay half every two weeks). Put an amount into savings EVERY paycheck, no matter how small.  Whatever is left over is what you can spend, not a penny more. Get into this habit & you will get yourself out of debt for good. Until you change prior habits you will not get to the point where you can get a premium card. GL!