Question on adding positive credit!!!

[Anonymous]

I think i have made significant progress since having joined this forum. Thanks all for helping me and others especially getting the baddies deleted. For the first few months of this year , I will focus on EQ since most lenders in my region seem to use EQ

This is where i stand with EQ as of now.

1. 1 car loan closed and paid without zero issues.   2) second car loan zero balance but with lates 3) Cap 1 --paid in full collection. ********** working on getting the 2 baddies off in 6 months.

But i need to come up with  some positive accounts. I am thinking of going to my bank BOA and asking them for a loan say $500 against that same amount on my savings account. Just use my savings as collateral. I then will turn around and deposit that $500 in my cred union as collateral and asking them for a loan for that same amount.  Then hopefully a few months from then I would have added a few positive lines on my reports. Any suggestions ??

 2)Since last july or Aug, These are what I got deleted from EQ(a) 1. medical. b) 1 child support debt

c) 1 cc charge off although i still havent paid it off

 Started off about 523 now at 618 as of Nov 30 08. I couldnt have done this without all of you and for that i'm grateful. I would be pleased to get suggestions to my plan on number 1) above

[Anonymous]

sorry, I meant to say first car loan paid off with zero issues. Instead i said without zero issues. my bad

[Anonymous]

You didn't mention if you had any open revolving accounts. If you don't, I'd put my money there. Since you bank with BoA, I'd app for a non-secured card. If you get it, great-- if not, hopefully they'll respond with an offer for the 99/500. That way, you can keep your money in your savings account where it's doing you the most good. If you don't get an offer for the 99/500 from BoA, call a backdoor number and try to recon a non-secured card, and then ask for the 99/500 if they still deny you. If you're denied outright, apply for the BoA fully secured. It'll unsecure in 9-12 months just like the 99/500. You'll get your security deposit back, eventually, and have your foot in the door of BoA.

Once you've been approved for a BoA card (unsecured, partially secured, or fully secured... doesn't matter), diversify with a store card. Ideally, something easy and someplace that you actually shop at, and can get some use from the card. Let the good credit age. I think you'd see a significant jump in your scores in 6-12 months. 

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@Anonymous wrote:

I think i have made significant progress since having joined this forum. Thanks all for helping me and others especially getting the baddies deleted. For the first few months of this year , I will focus on EQ since most lenders in my region seem to use EQ

This is where i stand with EQ as of now.

1. 1 car loan closed and paid without zero issues.   2) second car loan zero balance but with lates 3) Cap 1 --paid in full collection. ********** working on getting the 2 baddies off in 6 months.

But i need to come up with  some positive accounts. I am thinking of going to my bank BOA and asking them for a loan say $500 against that same amount on my savings account. Just use my savings as collateral. I then will turn around and deposit that $500 in my cred union as collateral and asking them for a loan for that same amount.  Then hopefully a few months from then I would have added a few positive lines on my reports. Any suggestions ??

 2)Since last july or Aug, These are what I got deleted from EQ(a) 1. medical. b) 1 child support debt

c) 1 cc charge off although i still havent paid it off

 Started off about 523 now at 618 as of Nov 30 08. I couldnt have done this without all of you and for that i'm grateful. I would be pleased to get suggestions to my plan on number 1) above

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[Anonymous]

I do not have any revolving account. In fact I dont have any current active account except a CJ account which posts onlyon exp and TU. EQ has no current open account. I will consider your suggestions. Initially I had thought of not applying for a CC for till i have the 2 CC charge off removed. I was planning on giving myself at least till May to see if I can get the charge off removed then I will be starting with a clean (with out any indication of past CC delinquencies) on my report. Thats why I had thought the loans route would be a start. I am open to suggestions and pointers too

[Anonymous]

I agree completely with Lilmirth.  You definetly need some revolving debt if you have none.  I'd be willing to bet you'd see a nice increase with that.   Do you know what your scores were before and after you got the CJ acct that reports to the other two CRA's?  Good luck!!

[Anonymous]

Thanks again. no i do not rememmber the point gain after CJ. buy yes i do agree I did pick a few then. I will try BOA cc then. 99/500 means that you deposit $99 and you get a credit limit of $500 right? With secured cards, do they normally give a CL increase while the card is secured ?

[llecs]

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ixoxo wrote:
I will try BOA cc then. 99/500 means that you deposit $99 and you get a credit limit of $500 right? With secured cards, do they normally give a CL increase while the card is secured ?

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The 99/500 is a counter-offer by BofA after apping for an unsecured CC. Yep. You do get a $500 CL and that remains for 9-12 months, at which, with a great pmt history, it goes unsecured and you get the $99 back.

You can get a CLI with a secured card if you deposit more $$$. YMMV whether or not the lender will allow you to do that.

[Anonymous]

thanks for your responses. seems like i get asked every time i am at BOA if I want to apply for a CC. I 've always said no and they never fail to try to convince me to but have susscessfuly walked away. Guess next time i will say yes.

[Anonymous]

ix...........looks as if your last EQ pull was 11/08?. I'd pull a new report - and if my EQ was in the 640 range, I would apply for a cc through a CU. See if you would qualify for NFCU. With an EQ in the 640 or so range, you should be able to get a MC and Visa - each with ~ a 5k limit.

[Anonymous]

I have in the past been getting my scores directly from EQ EX and TU on a need to know basis. Are these scores the real deals or is there another place I should be getting more accurate or more correct scores? I have seen something before about Fakos. I need to spend some time rereading those post .

Yes, my last EQ pull with EQ was in late Nov 08 and like I said, I got my score  directly from EQ and it was 618. Now I could pull it again but here comes my issue. I currently on EQ have only 3 accounts. All closed. Of the 3 only 1 an auto loan was paid without any lates. The other 2 are another auto loan paid in full but with lates and the other a Paid in full after collections Cap 1 CC. Guess my question  woul be where could a point increase posibly be coming from. I feel my EQ is stagnant and dormant. hence my need to throw in some posite stuff in there.

thanks for your help