Current 627 but many dings on my report. Unsure how to progress from this point forward.

[muted_adx86]

Hi all. I have a 627 and 586 (experian) and I am in a tough spot. I had a Chase Freedom Unlimited card that I had 5k in credit line for. After I got laid off in the pandemic, it was hard to maintain the payments. In addition, when I left my apartment to move home during the pandemic I forgot to cancel my internet service which was autobilling over the course of a year. Unfortunately, I became unable to make mimimums due to my financial status and was out of work taking care of my mother for 1.5 years nearly full time. This has led me to be 180+ days late on multiple months and the card was sent to charge off. I have paid the charge off promptly after they contected me.

Thankfully, my life has gotten back on track since August 2022 and I am in a much better place financially. When I had the chase card, my salary beforehand was 30,000 with a 5,000 limit. I now make 110,000 with very few expenses currently. However, I am trying to rebuild my credit and facing issues getting even a Secured card. I am not sure how to proceed and would love any advice from this forum. The biggest red flags are the serious deliquincies mark on my credit report. Please feel free to leave any advice and if there are any paths I can go down. I would love to get any card with a small bank but ideally I don't want to be vultured by a subprime lender.

Thank you

[sznthescore]

627 isn't really all that bad. I'm no expert but here's my 2 cents.... OpenSky and Applied Bank are two cards that I know that don't require a credit check. Both have annual fees OpenSky $35 and Applied Bank $48. Those are two revolving account to get you back started demonstrating your ability to manage a revolving account with a bank. Due to your 180+ day delinquencies and recent charge-off, it may be some time before banks and/or creditors forgive the mishap.  In the meantime gettings those two cards and maintaing them for a year before the annual fee becomes due again may help.  Before the annual fees become due again, check pre-qualify sites (Capital One, Discover, etc. ) and see what your options are. I'd check before going the suggested route I mentioned just be sure.  US Bank & Capital One both have secured cards, but you will have to incur a HP credit check. Also, a SSL loan through a credit union like NFCU or PenFed may help just to get some new postitve tradelines reporting.  Hope this helps or at least give you some ideals.

[OmarGB9]

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@sznthescore wrote:

627 isn't really all that bad. I'm no expert but here's my 2 cents.... OpenSky and Applied Bank are two cards that I know that don't require a credit check. Both have annual fees OpenSky $35 and Applied Bank $48. Those are two revolving account to get you back started demonstrating your ability to manage a revolving account with a bank. Due to your 180+ day delinquencies and recent charge-off, it may be some time before banks and/or creditors forgive the mishap.  In the meantime gettings those two cards and maintaing them for a year before the annual fee becomes due again may help.  Before the annual fees become due again, check pre-qualify sites (Capital One, Discover, etc. ) and see what your options are. I'd check before going the suggested route I mentioned just be sure.  US Bank & Capital One both have secured cards, but you will have to incur a HP credit check. Also, a SSL loan through a credit union like NFCU or PenFed may help just to get some new postitve tradelines reporting.  Hope this helps or at least give you some ideals.

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Excellent advice. Only I'd advise trying for a secured card that graduates first, before trying for the secured cards that don't. For example, try Discover secured, Navy secured (if you qualify for NFCU), TD Bank Secured, or US Bank secured. If all else fails, then go for secured card that doesn't graduate, such as Capital One, or something like Unify. 

[FireMedic1]

Welcome @muted_adx86 

Was the Chase card the only card you had? Seems its the only one you posted about. Try Cap1 and see whats up for starters. Its great you paid the CO.

[SweetCreditObsession]

Rebuilding takes time and putting in the work and being patient can be hard. 

All have offered sound advice. Take the cards you can get in order to establish positive lines. Upgrade to better cards as your profile allows it. Best wishes.

[7774x]

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@muted_adx86 wrote:

Hi all. I have a 627 and 586 (experian) and I am in a tough spot. I had a Chase Freedom Unlimited card that I had 5k in credit line for. After I got laid off in the pandemic, it was hard to maintain the payments. In addition, when I left my apartment to move home during the pandemic I forgot to cancel my internet service which was autobilling over the course of a year. Unfortunately, I became unable to make mimimums due to my financial status and was out of work taking care of my mother for 1.5 years nearly full time. This has led me to be 180+ days late on multiple months and the card was sent to charge off. I have paid the charge off promptly after they contected me.

Thankfully, my life has gotten back on track since August 2022 and I am in a much better place financially. When I had the chase card, my salary beforehand was 30,000 with a 5,000 limit. I now make 110,000 with very few expenses currently. However, I am trying to rebuild my credit and facing issues getting even a Secured card. I am not sure how to proceed and would love any advice from this forum. The biggest red flags are the serious deliquincies mark on my credit report. Please feel free to leave any advice and if there are any paths I can go down. I would love to get any card with a small bank but ideally I don't want to be vultured by a subprime lender.

Thank you

 For now, subprime cards will be attracted to you until bads come off ..your income may help with the likes of Ollo . you  WILL want to stay away from get the real BAD SUBPRIME CARDS.. Chase will stay away .. even with baddies having 6+ years age .. 

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