I know this is destroying my score. I lost a job and was unable to maintain my credit cards (9882) :-(
Im in the process of rehabbing my Macys card. (owe 409) paid $19 (just started). I sent Target a PFR letter. hopefully they accept but I somehow doubt that. I reapplied for crown jewelers and orchard and got approved for credit totalling 800 which would bring my utilization down to 753% so hopefully I should get a credit boost. 653 percentage points. it wont be until June/July of next year, where I can seriously start paying anything down. just trying to payoff macys so It can be reopened and start aging. since other accounts wont reopen and only be marked as paid. I will wait til I have enough funds and do pay for delete. even if they refuse PFD, least paid collection will look better on a manual review than an unpaid.
I dont have enough cash to put towards a secured card. least not until July, where I will receive 3 checks in a month and have an extra check to do things. Than, I will open a DCU secured card. I actually just emailed them to see if they auto unsecure. i'd like to establish myself with them.
thank you for your reply and thank you for your insite. Unfortunately I don't have that kind of money to give to them, plus rehabbing macys. id require 70 a month (7 cards) not including macys. plus I sent target a letter for reinstation, which I offered 50.70 a month til paid (10 months). So Im waiting to hear back from them. If they do turn it down (which I think they will) than I will probably Just send even small amounts like 5 bucks to all my chargeoffs and collections until I can pay higher amounts until paid. just to show them that Im willing. I'll actually go write those letters now and send them out CMRR on thursday.I'll also just cancel my credit monitoring and use that money towards my debt. I Do have 4 collections already though. I never got the mailings as they were sent to my old address so i'll DV them than start paying them down.
I wouldn't even begin to think about opening a secured card until I had that debt paid off. If nothing else, that $500 that you put down for the secured card could be going to knocking down the balances.
There is no point in trying to rebuild your credit while it's still in shambles. Get all your clean-up done first. You can always establish yourself with DCU with a checking or savings account if you feel that is necessary for some reason. Me, I'd rather stay completely off of new creditors' radar until I could get this stuff paid off.
I'm sorry to hear about your job loss. The world is getting rough and ugly out there for a lot of folks.
There is no point in trying to rebuild your credit while it's still in shambles. Get all your clean-up done first. You can always establish yourself with DCU with a checking or savings account if you feel that is necessary for some reason. Me, I'd rather stay completely off of new creditors' radar until I could get this stuff paid off.
I'm sorry to hear about your job loss. The world is getting rough and ugly out there for a lot of folks.
thank you again for your awesome feedback. Your right, I could use that to pay down some debt. I hope to have Macys paid by than so I would be able to use that to pay off target. I already do have 2 open revolving accounts in good standing reporting and orchard and crown jewelers should start reporting in the next 3-4 months. I also contacted my loan shark creditor and asked them to update and fix my report as they havent been reporting like they suppose to. (experian hasn't been updated since aug '08, transunion no recorded pay status, equifax in pieces, total balance not accurate on each one). hopefully when they do update I should get a little credit boost (hoping for 5 points).
LYNNY47's post has been moved to form its own thread, titled "Need advice on low-limit cards".
Although I'm a dreadful thread-jacker myself , I do try to avoid it while the OP's question hasn't been fully resolved. This is a matter of forums courtesy.
When members have a new question, instead of tacking it on to an existing unrelated post, please go to the proper forum, look up at towards the left, click "New Message", type your message, and title it.
Thanks Again for your replies. I took what you all said into consideration and I wrote up 11 Letters to be sent in hopes that I can setup payment arrangements and such. Wont be able to send them out until thursday as thats when i'll have money to CMRR all of them. Nobody ever said credit repair was going to be cheap :-x
Thanks again for the wonderful feedback. and I will post back and follow-up with what the creditors had to say.