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@Anonymous wrote:Renewing the 7 year reporting period is what I thought I had read something about, and want to avoid since they will be fallin off relatively soon regardless. I just wanted to make sure that ignoring it until it falls off is the correct decision at this point.
Renewing the 7 yr history can only be done under very, very specific circumstances. Paying off and settling a debt isn't one of those circumstances.
@Anonymous wrote:Do secured accounts really effect a score that greatly?
Are they convertible to unsecured cards? Do you get the initial money back if it becomes an unsecured card?
Is there a limit to how much money you can put down on a secured card? Can I put down 2k and have a 2k credit line then? Is it really worth it?
It's not the adding a secured card that raises your score, it's the adding of a revolving credit account - secured or unsecured. You should have 2-3 to start. Some secured cards do convert, but some do not. Most will pull a credit credit, but also still approve you even with past credit mistakes. There is normally a min and a max, but that depends on the lender ($240-$3K,$5K, $10K) and they wil disclose the min and max to you.
Yes, it's worth it. You can go usecured if you want, but the secured is easier to get approved for.
@Anonymous wrote:
Should I be concerned with the number of hard pulls while trying to rebuild my credit?
I believe I have 3 (2 from 2013, 1 from my CLI request this month).
Yes. You want to keep hard pulls to a min. Don't apply for credit that you don't need or have absolutely no chance of getting. It's hard to say how many is too many. Some lenders are very inquiry sensitive and some don't really seem to care.
@DE2TX wrote:
@Anonymous wrote:Renewing the 7 year reporting period is what I thought I had read something about, and want to avoid since they will be fallin off relatively soon regardless. I just wanted to make sure that ignoring it until it falls off is the correct decision at this point.
Renewing the 7 yr history can only be done under very, very specific circumstances. Paying off and settling a debt isn't one of those circumstances.
There are NO circumstances under which it can legally be 'renewed' that I am aware of. There are however some very specific circumstances that can 'renew' the SOL, but that has no bearing on the reporting time period (CRTP).
@Anonymous wrote:
Should I be concerned with the number of hard pulls while trying to rebuild my credit?
I believe I have 3 (2 from 2013, 1 from my CLI request this month).
Some people say yes, and they sweat over every single one like they are Willy Wonka's golden tickets. I think thats a bit silly. I personally say don't really worry as long as you are in single digits for the last twelve months, and try to keep it them relatively spaced out, no more than one a month, though its ok to have several all at once when you are establishing your first 3 initial 'beginner' accounts. The thing to keep in mind is that your are REBUILDING. That requires applying for new credit and hard inquiries, and its a process that generally takes 12-24 months minimum. Over that time period you are going to initially establish your beginner accounts and then as your scores grow you work your way into the 'better' accounts, closing those starter accounts if they can't 'grow' with you. Thats all going to mean hard inquiries, theres just no way around it.
@Anonymous wrote:
@DE2TX wrote:
@Anonymous wrote:Renewing the 7 year reporting period is what I thought I had read something about, and want to avoid since they will be fallin off relatively soon regardless. I just wanted to make sure that ignoring it until it falls off is the correct decision at this point.
Renewing the 7 yr history can only be done under very, very specific circumstances. Paying off and settling a debt isn't one of those circumstances.
There are NO circumstances under which it can legally be 'renewed' that I am aware of. There are however some very specific circumstances that can 'renew' the SOL, but that has no bearing on the reporting time period (CRTP).
Agreed.
The CRTP cannot be renewed under any circumstance, once an account has been COed its always a CO even if paid and it can only remain on file for up ti 7.5 years from its DoFD....
@Anonymous wrote:
NormanFH,
I took your advice. I got a pre-approval letter from Cap1 about 2 weeks ago and sat on it until today. Instant approval for the platinum card (no annual fee, 22.9 Apr) with a 1k CL. Thank you for telling me to just go for it.
So now, so since I just got a new line of credit, how long till applying for the next? I obviously don't want it to look like I'm applying because I NEED it (I don't, plenty in savings), but I want to work on building credit as efficiently as possible instead of waiting a year and a half like I did to get this one. Thoughts?
I would wait until that one shows up on your reports, then apply for a second Cap One card - I'd suggest the QS card, if they already approved you for the no-fee platinum. Also you can request they upgrade your platinum to the QS reward card down the road - I'd start asking customer service about it in six months.