Well... Not where I thought I was... Advice again :-(

[Anonymous]

First, thanks to everyone giving advice so far and for all the awesome threads I have been staying up to read well into the early hours of the morning. Also, my apologies for getting advice before I had correct information. Credit Karma sucks. Gave me hope when I should have had none.

So here is where I stand. One collection with Portfolio Recovery for $353 that will not budge. Origonal amount was $165. DoFD should be 2014 but this agency bought it in 2016 and that is what shows as opening from Experians annual credit report. No estimated drop off date on it. The other negative was removed as it was not mine either. So I only have one collection (this), and on another account 3 30 day lates from Feb., Sept., and Dec. of 2017. That credit card is 2.5 years old and in good standing. $0 balance presently though it had been maxed out for over a year or close to it as I didn't understand it needed to paid down when they reported or even how this worked until now. I was told very wrong by Community First Credit Union and I didn't gain jack in all this "gardening" time I was doing wrong. Only other account is a small credit line at $0 balance that has been open for a bit over 8 years. All other accounts have been closed at one time or another in perfect standings from lack of use. One was a loan paid in 11 months. Others credit cards.

BIG Negative, I saw my fico score through NFCU. It is not what I expected - in a bad, bad, bad way. My in 6 months mortgage hopes have been destroyed.

So here is a new question: Should I get a secured credit card with NFCU to go with my one other unsecured card with them (CL has been $1500 the entire time I have had it. Never asked for a amount increase but have been denies everytime for a reduced interest rate. Now understand my efforts were miss placed given it us paid every month it would not gather interest) that is now in excellent standing (by one month as my December payment posted after they ran their close outs for the month so January was first below 9% util reported) or ask for a CLI that I am sure will be denied or what? And I have read conflicting statements that their secured cards require a HP? Anyone know for sure? Should I do multiple cards or ??? I was thinking to do a $2000 secured with NFCU with the hope it would graduate in about 6 months to. Then ask for a CLI on it and transfer the available credit it to my existing NFCU card. Would the higher secure amount help my cause? I presently bank with Chase (main) and NFCU. I would like to get a card with Chase but I don't see it hapening with a Fico in the 400's (I feel like I have been punched.) Also, knowing it varies, but following all your advice to a tee, when would you expect me to be able to qualify credit wise for a mortgage loan? I will also nees a car before to long as mine is going out at 233,000 miles, but jad wanted to get the house first and thought I could keep mine running to at least May/June of this year. Fingers crossed!

[Anonymous]

We have all been there, that's why we are on this board..  Its takes time but good news is that is can be fixed with proper info as you have already learned.  I myself did about the same thing.  

I'm sure its been mentioned before but just in case.  For scoring you need 3 cards and 1 installment loan.   Not sure what your actual score is, but nfcu is a great start.  I started with discover, cap one and nfcu.   Since your an nfcu member, you could also try for a secured card with Penfed as side from the other two mentioned above. Also there is open sky, a secured card but no credit check. Downside is no graduation to a real card, but if its what you have to do, its an option and better than a subprime like credit one or first premiere

I also had a portfolio and they suck the worst.  I took out a small rebuilder loan, and used that to pay them. So it works two fold. One I had a loan reporting and two it showed up as paid so that my fico 9 score went up which is what nfcu and Penfed use. 

I had a really bad experience with chase, so I wouldn't worry about them until your in a much better place credit wise or they will run you into the ground. 

Its up to you how you want to handle it, but this is what I know works IME.

Good luck and look forward to hearing about all your success!

[Anonymous]

FICO from NFCU has me at 471. CK had me 200 points higher... :-[ I "was" thinking 700's in 6 months for nice house rate. Anyway, off my pity party and back to work the correct way.

I am afraid I would not get approved for anything at the present moment other than a secured card even though I have one unsecured now. And does a higher secured amount help? I would be open to a small personal loan just to pay back which is what I had a few years back. I just don't see anyone giving me one right now and don't want HPs if I am going to get denied. Does it matter if lines of credit are with the same bank vs different creditors to Fico?

Also, who doesn't do HP for secure cards that do graduate?

[Anonymous]

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@Anonymous wrote:
FICO from NFCU has me at 471. CK had me 200 points higher... :-[ I "was" thinking 700's in 6 months for nice house rate. Anyway, off my pity party and back to work the correct way.

I am afraid I would not get approved for anything at the present moment other than a secured card even though I have one unsecured now. And does a higher secured amount help? I would be open to a small personal loan just to pay back which is what I had a few years back. I just don't see anyone giving me one right now and don't want HPs if I am going to get denied. Does it matter if lines of credit are with the same bank vs different creditors to Fico?

Also, who doesn't do HP for secure cards that do graduate?

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I don't think fico cares if your stuff is all from the same bank.  Its nice to try to spread it out when you can so just in case all your eggs aren't in one basket. I'm not sure about approvals at 471, but I started at 504 and got discover and cap one.   If you have to, open sky is an option better than subprime. It would be more of a means to an end, but it would help to move you along faster.  A higher secured limit doesn't always help, but would keep util low if you use it A lot. Honestly for a secured card you wouldn't want to carry a balance so a 200 card PIF every month is going to be the same as if its 1500.  What you need is to build your payment history. Limit wouldn't affect that.

Most anything is going to HP you, sometimes you just have to risk it.   But there is ways to calculate that risk by going after secured products first. 

Also you'll want to keep your cards AZEO (all zero but one) and the one card should be less than 8% of your balance.  If you have no balance reporting is can slightly hurt your score as you don't look like your using your credit.  I used to PIF and leave 10 bucks on one cards and that seemed to do the trick for a few months in getting my build started.  a really good way to keep yourself out of debt too

[Anonymous]

I also have and love Navy, they gave me an unsecured card when no one else would...  But just a little bit of tough love here...  Neither of us should have had that so soon, I'm not sure about you, but for me it gave me a false sense of being able to get things I honestly wasn't able to get cuz of the navy card being so easy and unsecured.   

[Anonymous]

I would call NFCU and talk about your new credit card options. Either secured or unsecured. If somewhere in this process it costs you a HP then so be it. A HP is not the end of the world especially to a rebuilder. This is a very slow process that takes a lot of patience. We've all been through rebuilding so don't get too discouraged and don't give up because you can do it! Report back and let us know how you are doing. Good luck...