l'm new to the forum and, I'm starting to rebuild my credit
March 4, 2018 - EX 512, EQ 511, TU 534
June 12, 2018 - EX 575, EQ 597, TU 585
I started with dispute on all 3 reports got a few negatives taken off. l have 4 collections. I'm planning on PIF or settle in the near future. I have a personal loan opened on Nov. 1, 2017 and a $300 secured credit card opened on May 1, 2018 with my bank. I was thinking about trying to add another credit card.
I have 3 charge offs
1 personal loan that I refinance (bank)
1 credit card that I PIF (bank)
1 cell phone (Verzion wireless)
I sent a goodwill letter for my loan and credit card on June 11, 2018., and they said they will take care of it.
I was planning to settle with Verzion or PIF, but the say they don't PFD. I'm not sure a goodwill letter will work.
Any and all help is appreciated.
Sounds like you're on the right path. I bet Capital One would approve you for a card. Maybe even Discover as well. They both have a place on their website where you can see if you would pre-qualify for something with only a soft pull. If they offer you a card and you actually accept it they would do the hard pull at that time.
Thanks, but would it be wise to try and get another card right now. I read on some other post that you should have a few cards. So one can have a 0 balance, and the other with a small UTI. Just wondering does it matter or not
It's all a matter of opinion as to when is the right time to get another credit card. Some people believe that a minimum of 3 cards is the best for boosting your FICO scores. Other people believe the magic number is 5. It's so that you can have some positive revolving tradelines on your credit reports and not have a thin file as far as the good items.
But you don't have to get them all at once. Some people prefer to start out with just a couple of cards and wait until their scores improve a bit so that the next couple of cards they apply for can be cards from slightly more prestigious lenders and with higher credit limits.
When I started my rebuild nearly 2 years ago, I started with a $500 secured card from Navy FCU and a $300 unsecured card with Capital One. My Navy card unsecured into a regular credit card after one year and they have given me credit limit increases (without my asking) to where my limit is now $3000. My Capital One card has grown to a limit of $750 (again without my asking) and they offered me a product change from the Platinum to the Quicksilver so that I don't have an annual fee.
Now that a bunch of bad stuff fell off my credit reports and my scores increased, I was just recently approved for a Discover It card with a $6500 limit and a Citi Costco Visa with a $4000 limit. So I went with the strategy of just having a couple of little cards at first and then adding a couple more when I could qualify for better starting limits.
Once I get my last few medical collections removed from my reports I plan to apply for a Target card because I want it for the 5% discount there. Then once I have that fifth card I will be going into the garden for a long while. Gonna grow my limits and my average age of accounts.
I would think it would only help your situation to get another card and treat it well and grow it.
First of all, that's amazing!! I have a $1,000 unsecured card with Wells Fargo that I've had for 1 year and 3 months (who's counting?) and they STILL haven't unsecured me. I read they're pretty difficult to deal with when it comes to becoming unsecured. I too have a Capital One card, and am waiting for them to increaes the limit (after a few on time payments).
Just an FYI, you can get the Target Debit card and it will give you the 5% discount. I believe they just need your bank account # and routing # and that's it. I use mine all the time and Target and have saved a good chunk of money using it. Only downside is that they don't take the money out right away. I made a purchase last Wednesday and it didn't come out of my account until Friday. Like not even a pending transaction. I just looked it up and there's basically no difference between the debit and credit card; one is defined as a credit card, and one is a debit card. Just thought I'd let you know!
Just an FYI, you can get the Target Debit card and it will give you the 5% discount.
I have heard about their debit card. I have a Nordstrom debit card that works in a similar fashion.
I am actually wanting to get their credit card because I want to grow it into a Mastercard. My understanding is they change it to a Mastercard after you have had it for a while and show good history. Then you can use it anywhere just like a regular credit card.
I'm pretty sure they'd approve me if I applied right now but they give most people a $300 limit to start. I am just curious to see if I apply for it with no baddies on my report if they'd give me a higher starting limit than that. That's the only reason I am waiting.
My medical collections should be removed from my reports soon so it's not much longer until I will apply for it. I have been patient thus far and I can be patient a little while longer. It gives me something to look forward to at any rate.