Rebuild Advice & Strategy HELP!

[44Rebuild2Ball]

Hello ALL,

This forum is addicting as it is informative. I am in the beginning of my rebuild started this month. I need an analysis and suggestions to get my scores +700 by year end. Please feel free to toss your hat in the ring.

Started Rebuild in 6/2019. Starting score EX8 FICO 494. Here’s my profile:

Scores today:
FICO8’s: EX 626 - TU 655 - EQ 598 (Goal 700 across the board).

AAOA: 1 yr 11 months
INQ’s 5 (3 this month)
2 Baddies: CO 4yrs2 mos UNPAID loan 3.6K
Charge Off Auto Loan 5yrs7mos 8.3K
Reporting revolvers:
Comenity/Toyota Rwds 0/2000 (EX only to date)
PayPal Cashback MC 0/300
AU CapOne 2426/4750 7yrs3mos
AU Discover 0/13000 4yrs CLOSED/TERMINATED due to high utilization (EX & TU, not on EQ)

Not yet reporting:
CapOne Platinum 0/300

INCOME:89K Gross

Considering auto loan 32,000 @ 9.1% or SSL with AmericaFirst CU. Have 5 INQ EX, 4 TU, 3 EQ. Overreached on Barclays with 628 TU and AMEX 630 EX denials. CreditOne placed a hard inquiry on a soft pull prequal on EX, direct dispute.

Surprise denials: Target Redcard EQ 640, said high debt to income (unreal), today apped PayPal LOC denied w/ invitation + $20 bonus offer TU 655.

Any app suggestions for non-vulture cards (No ultra sub-prime or AF cards). Currently have checking with Chase & Wells Fargo and a TD Ameritrade (w/ debit & checks). I have a EX02 FICO 743, AmericaFirst pulls EX02, so maybe they will issue low limit CC which would be great when app for SSL. I am Daniel-Son, any Mr. Miyagi’s out there to lead me into the promised land of good credit and solid credit card portfolio...I am all ears!

[KJinNC]

I would say "welcome" but it looks like you've been here a while. I guess I will welcome you to the process of building/rebuilding.

To get 700s in the near future, I think you are going to need to get the derogatory items off one way or another (GWL, PFD, other), and I would seriously consider removing both AUs. I don't think they are helping you, but I could be wrong.

As for getting cards such as Paypal MC, let me point out that I have two FICO 8 scores that are over 700, and I wouldn't dare apply for that Paypal MC, or nearly any "normal" credit card. The score is just part of the equation (sometimes I wonder if it's a part of the equation at all), and in my case, I am rejected due to my extremely new and credit-seeking profile. I understand that, I'd reject me too, just noting that this is despite decent scores. If you can remove your derogs, you have a good chance to shoot to or near 700, but that doesn't mean you'll start qualifying for tons of stuff. Maybe you will, maybe you won't, depending on overall profile.

Good luck!

[Remedios]

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@44Rebuild2Ball wrote:
Hello ALL,

This forum is addicting as it is informative. I am in the beginning of my rebuild started this month. I need an analysis and suggestions to get my scores +700 by year end. Please feel free to toss your hat in the ring.

Started Rebuild in 6/2019. Starting score EX8 FICO 494. Here’s my profile:

Scores today:
FICO8’s: EX 626 - TU 655 - EQ 598 (Goal 700 across the board).

AAOA: 1 yr 11 months
INQ’s 5 (3 this month)
2 Baddies: CO 4yrs2 mos UNPAID loan 3.6K
Charge Off Auto Loan 5yrs7mos 8.3K
Reporting revolvers:
Comenity/Toyota Rwds 0/2000 (EX only to date)
PayPal Cashback MC 0/300
AU CapOne 2426/4750 7yrs3mos
AU Discover 0/13000 4yrs CLOSED/TERMINATED due to high utilization (EX & TU, not on EQ)

Not yet reporting:
CapOne Platinum 0/300

INCOME:89K Gross

Considering auto loan 32,000 @ 9.1% or SSL with AmericaFirst CU. Have 5 INQ EX, 4 TU, 3 EQ. Overreached on Barclays with 628 TU and AMEX 630 EX denials. CreditOne placed a hard inquiry on a soft pull prequal on EX, direct dispute.

Surprise denials: Target Redcard EQ 640, said high debt to income (unreal), today apped PayPal LOC denied w/ invitation + $20 bonus offer TU 655.

Any app suggestions for non-vulture cards (No ultra sub-prime or AF cards). Currently have checking with Chase & Wells Fargo and a TD Ameritrade (w/ debit & checks). I have a EX02 FICO 743, AmericaFirst pulls EX02, so maybe they will issue low limit CC which would be great when app for SSL. I am Daniel-Son, any Mr. Miyagi’s out there to lead me into the promised land of good credit and solid credit card portfolio...I am all ears!

---

Your charge offs will prevent you from reaching 700 

There is usually quick rise at the beginning of rebuild because most start at the bottom but then it stalls. That's where you are now 

Target is not surprise denial as charge offs have same effect as maxed cards utilization wise, plus they are major derogs 

Paypal denial is not a surprise, either. High utilization with major derogs do not go hand in hand with approvals. 

You have a couple of options 

First one is to keep your current open accounts in good shape but stop applying for new ones as just about anything that's not predatory lending will result in denial as long as you have unpaid charge offs. Your charge offs will keep scores suppressed, adding accounts wont help with that. 

You might have some luck with institutions you have depository relationship with, but I would not put my eggs in that basket. 

Even if approved, you're looking at poor approval terms and toy limits  

Second option is to start paying off your debt, even if you have to settle for amounts less than owed. 

That would show responsibility and ability to repay what you borrow, even if very late. 

Totally up to you. 

Good luck 

[Anonymous]

Good luck on your rebuild.