Rebuilding Credit- NEED HELP

**stiletto** · March 8th, 2008, 10:48 AM

Hi everyone. I'm new here and needing some help. I am trying to rebuild my credit, but haven't had any luck. Right not I have a Orchard Bank MC and a BoA Secured Visa. I have had the Orchard Mc since 2006 and pay the bill in full every month. I just receive the BoA Visa. I did have a First Premier Visa and MC, but closed both out because of the crazy fees. Credit scores went up when I closed both out.

My problem is that I would like to continue to build my credit, but keep getting denied. I applied for a Target Red Card (had one 5 years ago, closed out, always paid on time) and was denied. I also applied for a Exxon gas card, but have not received an reply.

My scores as of date are:
EQ- 554
EX- 579
TU- ?

I would like to get at lease one more Visa or MC and a retail store card. Would love to have a Macy's, but still owe on credit report.

What cards do you guys think I could qualify for? The information would be a great help. Orchard just increase my limit to $500 and BoA limit is $300.

Thanks in advance for your help.

**Meya** · March 8th, 2008, 11:55 AM

Hi Stileto, follow these links below:

1. I put in a nice link for members to look at here http://www.financeglobe.com/SocialNe...op_id= 100011

2. Use the "Score Match" to give you a better idea of what type of cards you might qualify for.
http://www.financeglobe.com/ScoreMatch/

3. Take a look at the credit cards members have applied for or received according to their credit.
http://www.financeglobe.com/Finance/...d-status.shtml

I hope this help! If you need any more questions asked, I will do all that I can to help.

**smcc** · March 8th, 2008, 12:07 PM

In your scenario, I would stop applying for more cards and start building a credit history with BOA anc continue building credit with Orchard Bank. Opening numerous accounts at once will lower your score because of the "hard hits" to your account.

I'm a current BOA customer and once you prove to them that your responsible with your secured card, they will offer a unsecured Visa and then the sky's the limit as far as Credit Line Increases!

**hjm331** · March 11th, 2008, 01:08 AM

Smcc, preach man, PREACH!!

**Meya** · March 11th, 2008, 09:41 AM

**Attagirl** · March 17th, 2008, 01:58 PM

This happened to me as well and some people just do not understand how things like this can really ruin your life. I have since then worked on getting things paid off, and my credit score is improving. However I am not sure that I really want any credit cards at this time, although often necessary. What can I do?

**Meya** · March 17th, 2008, 06:35 PM

The choice is totally up to you. Remember, when you are paying off these creditors, it may say "paid" or "paying as agreed" on your credit report. Your scores are not going to significantly increase because of paying a past bad debt. I would apply for at least two bank cards to increase your scores much faster over time. You dont have to charge crazy on them, but it helps build your scores much faster than paying off a bad past debt. This is my opinion and it is something that I would perform for better credit.

**sophie** · March 18th, 2008, 12:47 PM

Good idea. Keep getting more and more cards even if you are currently in debt? That seems rash. Are you able to pay off your new cards? Or will you also dig a deeper hole?

**KIEJON9** · October 23rd, 2008, 09:14 AM

Pay on time. Send a payment check well before the due date to avoid late fees and finance charges. Your credit score, a numerical reputation of a consumer's financial creditworthiness, used by lenders to determine whether they should lend money to a person, and if so, at what interest rate, can most adversely be effected by late payments, collections, and bankruptcies.

Stay within your credit limit to avoid penalties and reserve available credit for emergencies. Demonstrate that you have capacity, the ability to pay back your debt, by keeping your account balances less than 50% of your available credit.

Limit the number of credit cards you acquire to help limit your debt exposure and simplify your record keeping. Be aware that excessive credit inquiries over a short span of time may be interpreted as an indicator that you need more credit due to experiencing financial problems.

Try to pay your balance in full each month. Otherwise, make sure you send more than the minimum payment required.

Set your own credit limit and start to establish a savings fund for emergencies,

Use credit wisely. Ask yourself the following questions before purchasing with credit: Is this something I really need, and do I need it now? Do I have the ability to repay? How long will it take me to repay? How much will it ultimately cost me?

Be aware of the terms and costs when shopping for a student credit card.

Review your statements carefully and immediately inform your credit card company, in writing, if you notice an error on a billing statement.

Review your credit reports periodically and check for inaccurate, incomplete or outdated information. Dispute this information, in writing, with the credit bureaus.

Be honest. If you can't pay your bills on time, contact the creditor and explain the situation. Creditors will often work with you to come up with an alternate payment arrangement. You can also contact Consumer Credit Counseling Service of Southern New England, Inc. for assistance at 1-800-208-2227.

Always think ahead. Be proactive, not reactive, about your finances. Plan for different obligations now and after graduation.

Be organized by filing your statements in a separate folder.

Keep a list of your credit card account numbers and phone numbers in a safe place in case a card is lost or stolen.

Report your card as lost or stolen as soon as you notice it's missing.

Immediately inform your credit card company of an address change.

Maintain a savings and checking account

Establish your telephone bill under your name. Remember, you are responsible for additional people on your telephone bill.

Develop a steady work record.

Establish a credit card under your name. Use it for budgeted amounts and try to pay in full each month.

Avoid opening joint accounts with a friend or significant other. Protect your account numbers, personal identification numbers (PIN's), and social security number. Do not let others use your cards and don't use your cards to pay for other people's purchases!

Try not to graduate with credit card debt. If you do, make sure you will be able to afford that debt in addition to other new expenses (i.e. student loan payments, rent, utilities, etc.).

Consolidate your credit card debt, if you have any, by transferring high interest rate balances to 1 low interest rate credit card. Apply the interest rate savings towards your outstanding balance to pay your debt off more quickly.

Ask for a lower interest rate if you have credit card debt. Creditors will be most flexible if you have demonstrated responsible credit behavior.

Be sure to pay your student loans as agreed. This long history of paying your bills on time will also help you build a credit history and improve your credit score.

**hjm331** · October 23rd, 2008, 11:43 AM

Kiejon, can you post the link that you got this from? You have to give the author the credit they deserve.

**KIEJON9** · October 23rd, 2008, 11:50 AM

Kiejon, can you post the link that you got this from? You have to give the author the credit they deserve.

http://www.studentmarket.com/student...t-history.html

**KIEJON9** · October 23rd, 2008, 11:50 AM

Originally Posted by hjm331

Kiejon, can you post the link that you got this from? You have to give the author the credit they deserve.

http://www.studentmarket.com/student...t-history.html

**hjm331** · October 23rd, 2008, 11:52 AM

Thanks

**KIEJON9** · October 23rd, 2008, 11:54 AM

Originally Posted by hjm331

Thanks

your welcome

**punkarella** · January 12th, 2009, 02:53 PM

I filed for bankruptcy in August of 2007 (thanks to my irresponsibility, on top of parents using my credit to get ahead!!!). I haven't applied for anything up until now, because I had to straighten out a whole bunch of nonsense on my reports (accounts not showing up as being discharged, accounts not belonging to me, so on and so forth).

Anyways I would like to start re-building my credit. I applied for a Household Visa and Cap One card (which was included in bankruptcy) awhile ago and was denied. So I gave up for awhile and decided to apply for that darn Hooters card over the phone, because I heard it's a pretty easy card to get after bankruptcy. I was told that I would be contacted in 2-3 weeks. I also applied for a Target card (online) and was told there had to be additional processing. Right now my credit scores are pretty low (Transunion 581, Experian 540 and Equifax 618). Does anyone think I stand a chance at getting approved for anything at all right now?

Should I just go and save for a secured card?