Really Close To Giving Up

Anonymous · ‎10-16-2017

I’ve been trying to improve my credit for almost six months. It’s been bad for many years, almost entirely because of my and my kids’ huge medical bills and utilities getting disconnected for non-payment when I was going through financial issues. I’ve gotten a lot of stuff off my reports, but some stubborn stuff like medical bills remain and won’t drop off for about five years. No hope to pay them. They’re just way too huge.

I’ve been approved for some Comenity cards, the BofA 99/500, and a $200 secured Discover IT.

I’ve been denied for NFCU four times, so I’ve given up and moved all my direct deposits back to BofA. It’s clear they don’t want my business. That’s fine. They approve nearly everyone else on the planet, but not me, and that is upsetting, but fine.

I tried to get a CLI on my brand new Overstock account. They only gave me $250, and I’ve heard SO many people say you can get a CLI on Overstock when you first get the card. So I tried, and was turned down both online and by Robolady. $250 is useless, because I could only charge about twenty bucks without a utilization ding. Nearly everyone else gets a CLI immediately, but not me.

Then I saw the “Request a credit limit increase” link appear on my BofA 99/500 card. Filled it out. Got the letter today that I was denied for having 3 collections on my account and not having enough investments with BofA or their affiliates. Called backdoor number, and she said she couldn’t recon that, and that I’d have to request manual graduation before they could consider a CLI. So I did that, and she said I’d hear something in 5-7 business days. Almost everyone else gets a CLI and immediate graduation when they submit a request, but not me.

I’m tired of getting HP after HP for nothing.

I’m tired of not being able to use the credit I have because I’m scared my credit will be hurt by “utilization”.

I’m tired of seeing seemingly everyone, even those with way worse profiles than me, getting approved for stuff when I just get denied.

I know it sounds like I’m whining, and I AM. I fully admit, I am whining my tail off right now. I am ANGRY.

I don’t even see what the point is in trying anymore. I’ll never have good credit. I’ll never be able to buy a house and my family and I will be stuck in renters hell foever. I’ll never get approved by anything worthwhile.

I’m just... lost.

Anonymous · ‎10-16-2017

A few days ago, not long after my 5th statement generated, I got the request a CLI link for my 99/500 card. I pressed it and filled out the info, but today I got a letter saying I was denied for having 3 collections and not having enough investments with BofA or their affiliates. Huh? I didn’t realize that last one was even a requirement. :-/

Anyway, I called the secured/partially secured backdoor number and the lady told me I had to request manual graduation first, and then I could request a CLI. She asked me a TON of questions, and then said I’d hear something in 5-7 business days about the graduation.

I’ve heard so many good stories about early graduation, and about receiving big CLIs, and about the backdoor analysts being awesome. I really hope this comes through, because it was a freaking hard pull for the first CLI request and she told me she could not use the other HP for any other requests, and it would be a new pull (either HP or SP) for any new requests. UGH.

Why is credit so freaking frustrating? I’m getting so tired of HPs for EVERYTHING, and I’m denied almost every time.

Kree · ‎10-16-2017

The first question is always "When do you need X credit score by?"

Because this is a long trip for many people, but there is hope. For example you said that you do not want to have a high utilization because it can effect your score. Two points on this.

1. If you use 100%, and pay off 91% before reporting, it will only report at 9%.

2. If you use 50-90% for a few months (or a few years), it might keep your scores low, but once you it down, your scores can jump. This is because your score doesn't care is you spent 6 months at 99%, it only cares about your current balance.

As an addition to point 1. Some credit companies such as discover will oftem automatically give a CLI if you reach you max and pay it down several times. Internally they regard this as responsible use of credit, and a sign that you can be trusted with a higher limit (opinion, not fact)

Anonymous · ‎10-16-2017

I want a 700 score by May 2018 because our lease is expiring, and I don’t want to have to settle for another junky house at an over-inflated price like I did three years ago when we moved here because it was the only place that would take us with our bad credit scores. Eventually, I want to buy something so I don’t keep having to live by landlords’ rules. (Our family loves pets, and pet deposits are insane, and we want to remodel and can’t.)

I maxed my Discover (not hard at only $200 limit) and recently paid it off completely. It’s back up to $150 now, and I’ll pay it off again on the first of November.

Bank of America is trickier. It was maxed at one point paying for an emergency bill. Didn’t have $500 at the time, and I’ve been paying it down. It’s under $400 now, but it will take a couple of months to get the rest paid down.

I’ve paid off several of my store cards completely, but my CK score went DOWN even though my utilization went down to 10% overall on TU (which I believe is a bug because of getting removed as AU on a card). I know CK scores are crap, but they are a general indicator of how I’m doing and it’s frustrating to see those going down, down, down, even though I’ve been doing all the right things. I’ve made all my payments on time, paid some accounts off completely, but it has still been going down.

Biggest recent issue was that I was AU on my son’s $8,300 NFCU card. Then he bought a car on it (don’t ask me why, it was crazy) and the util on it went up to nearly 50%, so I had him remove me as AU and my own utilization, according to CK, is now at 10%, but I believe it’s still counting the $8,300 NFCU card because I’m not at 10%, no way. It says there’s a zero balance and an $8,300 limit, but my responsibility is “terminated”.

I’m terrified to see my latest FICOs. I had them all over 600, and now I’m afraid of what is going to happen.

Anonymous · ‎10-16-2017

im sorry i dont have any useful information for you but just wanted you to know you aren't alone in being annoyed and angry

everyone else can get penfed but not me

everyone else can get a CLI increase within 48hours on their care credit but not me

everyone is getting all kinds of CLI on their discover cards but not me..

this board is both a blessing and curse.. as it without it you wouldn't have as much info as you would now, but you also wouldn't know what other people have lol..

being annoyed and angry is why im in the garden!

dont give up.. !

Anonymous · ‎10-16-2017

Someone always wins the lottery too, just not you.

Stop feeling sorry for yourself OP. Things aren't going to change by themselves. If you give up, ZERO improvement.

You have to change the everyone else does "but not me" saga.

Who cares about everyone else and their profiles, worry about yourself and stay focused on what you have to do.

Kree · ‎10-16-2017

CK scores are not reliable. I would recommend getting a 3B from myFICO. I personally use their 29.99 credit monitoring service, which gives a free 3B every quarter.

To get to 700 will depend upon a lot of factors.

1. Do you have any negatives? such as past due accounts in the last 7 years, or large quantaties of inquiries in the last 2 years?

2.What is the age of your oldest account, and the average age of your accounts?

3. You mentioned a few named cards, and a few store cards. What is your total number of cards and your total CL?

4. Do you have any installment loans on your report?

I'm new to the intense credit score management game, but knowing these numbers will help myself, and others, help you develop a game plan. Also 680 is generally as good for most rental properties as a 700. You might be 20 points closer to your goal than you thought.

Anonymous · ‎10-16-2017

@Kree wrote:
CK scores are not reliable. I would recommend getting a 3B from myFICO. I personally use their 29.99 credit monitoring service, which gives a free 3B every quarter.

To get to 700 will depend upon a lot of factors.
1. Do you have any negatives? such as past due accounts in the last 7 years, or large quantaties of inquiries in the last 2 years?
2.What is the age of your oldest account, and the average age of your accounts?
3. You mentioned a few named cards, and a few store cards. What is your total number of cards and your total CL?
4. Do you have any installment loans on your report?

I'm new to the intense credit score management game, but knowing these numbers will help myself, and others, help you develop a game plan. Also 680 is generally as good for most rental properties as a 700. You might be 20 points closer to your goal than you thought.

The OP said they have med collections. Not going to see a score of 700 by May with those present. No matter what other than getting them deleted.

AllCredit · ‎10-16-2017

Don't give up give it time! I agree with the above use what you have an pay it down, you WILL see your score rise.

Also you can get a mortgage with about a 640...I know...I did...AND I had collections on my CR at that time.

I believe if you continue using what you have the right way (keepin UTI down) it will make a positive impact...yes it is harder with collections but not impossible.

Time can be such a wonderful thing for credit...

Anonymous · ‎10-16-2017

As many people here have said when you've felt this way before, you have to be patient. Whether it's in your nature or not, you're going to have to figure it out.

GARDEN.

STOP applying for new credit.

STOP asking for CLIs

STOP wasting HPs

STOP comparing yourself to others.

You have come a long long way with your credit and have done some GREAT things. Keep it up and one day those baddies will be gone and you will be sitting pretty. It's possible you could end up qualifying for a house before then, but you are going to have to keep the faith and chill on the inquiries and obtaining new credit.