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  1. #16

    Default Re: Trying To Re-build My Credit....

    Are those scores your FICO scores? Did you purchase them from myfico.com?

    Looking at the HSBC and Capital One cards you applied for, those sound like cards that are for consumers with excellent credit. HSBC's and Capital One's "rebuilder" cards are Mastercards that don't have a rewards program. You have to wait about 4 months until you apply for one of their cards again because lenders don't like it when consumers apply for one card after another in a short period of time especially when the applications result in a denial.

    In the meantime, I'd suggest saving up and applying for a secured credit card either through BOA or a local credit union. Also, don't apply for too many cards because new applications/inquiries and new accounts within a short period of time hurt your score and don't look good on your credit reports.

  2. #17

    Default Re: Rebuilding Credit- NEED HELP

    Hi punkarella. HJm provided you with the most definite route to take. I am just going to provide you with some helpful links while you are here with us. They actually fall into your category. Also, it will get you more familiar with the site and the way we do things here. Until then, please keep posting, we love to see posts from members especially when they have questions. I sent you a message in your mailbox about the merge, I believe you will benefit more in this thread.

    1. Difference between New Topic and Post Reply http://www.financeglobe.com/SocialNe...read.php?t=607

    2. Short cut to How to Post http://www.financeglobe.com/SocialNe...read.php?t=532

    3. BK friendly and unfriendly cards http://www.financeglobe.com/SocialNe...friendly+cards

    4. FG Guide on How to Repair Your Credit http://www.financeglobe.com/SocialNe...ght=fix+repair

    Hope this helps!

  3. #18

    Default Finally Rebuilding My Credit

    Hello Everyone. I'm in the process of finally rebuilding my credit and could really use some advice on what cards would be great to get into and any tips or pointers on effectively establishing some positive credit. My credit scores are currently as follows

    TU:491
    Experian:490
    Equifax:531

    Pretty bad I know lol. I applied for a First Premier Gold card, was denied and then re offered another First Premier Card that I'm now in the process of obtaining. 9.9% apr with a $200 credit limit. I applied for a Centennial card and was denied (Probably because it's also a First Premier Card and I'm already getting one???) Other than that I have yet to apply for anything else. The suggested credit for the First Premier card I applied for was 483. I also looked into an Orchard card and they wanted a $200 deposit for a $200 limit so I believe I was approved for that also. I checked into the Capital One Standard Platinum card as well but didn't apply. Are there any other cards you guys would recommend I could get into given my current situation.

    By the way I have three accounts charged off on my report from BOA, JCPENNY, and Credit One. I'm currently in the process of working with a credit repair company to have them cleaned up and as well as my inquiries so again I'm trying to establish positive credit here to overcome the history of negative credit. Card suggestions and general advice appreciated!!!! Thank You!!

  4. #19

    Default Re: Finally Rebuilding My Credit

    Seems like you're not ready to apply for the BoA secured card yet. I would check to see if Orchard Bank approved you for their secured card. I would wait 3 months and apply for an unsecured HSBC card. HSBC Bank will deny your app if you apply with them more than once every 90 days. Orchard Bank is a sub-division of HSBC Bank and that is why you should wait 3 months. I would go ahead and apply for the Capital One card because it's a good card and it will grow with you.

    Good Luck

  5. #20

    Default Re: Finally Rebuilding My Credit

    Welcome to the rebuiding game! I have been in your shoes before and I know it's tough just to get started. I see that you only have 3 charge-offs on your credit. Did you maybe think about ditching the counseling company and settling those yourself? Have those accounts gone to a collection agency yet or are they still with the original creditor? If they are with the original creditor, try to make some sort of payment arrangements with them and pay them like $20 a month if that's all you can afford.

    Regarding the applications, I honestly would lay-off applying for anything else for about 6 months. You just got the 1st Premier Card so I would just work with that one for the next 6 mths to a year. Your CS isn't going to change overnight, but with solid payment history and consistancy you can build it up in no time.

  6. #21

    Default Re: Finally Rebuilding My Credit

    Thank You Very Much for the advice. Unfortunately all three of the previous credit cards are with collection agencies. I called and accepted the offer on the first premier today so I'll be paying the 30 dollar one time processing fee on Wednesday and getting the card. $143 one time acceptance fee, $7 monthly fee and $49 annual fee. I just applied for A Tribute card (Previously an Image visa Card) And I am waiting for the response from that. I'm still debating on taking the Orchard Secured Card even though I was approved. Can anyone offer more feedback on that particular card/company?? Thanks!!

  7. #22

    Default Re: Finally Rebuilding My Credit

    The Orchard Bank card is a lot better than the First Premier and Tribute cards. The Orchard Bank card doesn't charge you any fees except for an annual fee, that's it. Although it doesn't graduate to an unsecured card, you will be able to get approved for unsecured cards from other lenders thanks to the history you have build with the Orchard Bank card. I seriously would've not applied for the FP and Tribute cards knowing that there are better cards out there.

  8. #23

    Default Re: Finally Rebuilding My Credit

    Thank You HJM. Again I was approved for both the FP and the Orchard Card. A couple of factors went into my decision to obtain the FP first and then the Orchard card (Keep in mind I intend to accept the Orchard card as well). Firstly as a secured card the Orchard Card requires a minimum deposit of 200 bucks to have the line of credit extended to me, versus paying the 30 to have the FP now and paying the balance down once I get the card and the payment is due. Also I understand that there are very few cards at this point in my credit situation that are not going to require fees out the yin yang, so I went for the unsecured card first and then the secured as well. Again I'm getting both cards and I'm fairly happy with my FP decison especially looking at the interest rates, customer service and even fees of other cards such as the Access Visa etc.

  9. #24

    Default Re: Rebuilding Credit- NEED HELP

    punkarella
    i too filed bk in 07...i filed may 07...I hear at the 2 year mark it has less of an impact on your credit report but it is still there...will let you know what my scores look like after next month.
    also DO check out correcting your report..I have the same problem..experian is making me crazy!! they fix something and then a few months later it is back..they have accounts showing as included in bankruptcy that are current opened account that I didn't even have when I filed!! they have balances where there shouldnt be any..I am just disputing it and if necessary will call and get this all straightened out if it is the last thing I do..they have late pays and charge off show a few months after my filing which should have all stopped the day I filed...and transunion and equifax dont...just one problem with equifax which I know I can fix..so stay on them and get corrected no matter what and they will help
    also try orchard bank and best buy mastercard..I got hooters 11 months after my bk with $500 limit...

  10. #25

    Default Re: Rebuilding Credit- NEED HELP

    ctbcvp, you're going to end up paying about $200 in fees with the First Premier credit card so I would recommend taking that $200 and using it to open a secured account with one of the big banks because unlike First Premier, you will get your deposit back.

  11. #26

    Default Re: Rebuilding Credit- NEED HELP

    Basically to get a summary i had good credit, had to do debt consolidation.. during this time i had 3 credit cards (i found out i wasn't suppose to apply or use them from these forums) but I did and they never contacted me I stopped after i found out though.. anyways last payment is next month.. last time i pulled Equifax in Feb i had a 648 credit score.. do you think it will go up dramatically because right now I have no debit besides 6k in student loans... should I wait to pull it? will this hurt my score If i do pull it? because one of the 2 cards I wants says I need 720 to get it.. and I will be free of deliquences unpaid by then.. so I was just curious.. thanks

  12. #27

    Default Re: Rebuilding Credit- NEED HELP

    Quote Originally Posted by relidtm View Post
    Basically to get a summary i had good credit, had to do debt consolidation.. during this time i had 3 credit cards (i found out i wasn't suppose to apply or use them from these forums) but I did and they never contacted me I stopped after i found out though.. anyways last payment is next month.. last time i pulled Equifax in Feb i had a 648 credit score.. do you think it will go up dramatically because right now I have no debit besides 6k in student loans... should I wait to pull it? will this hurt my score If i do pull it? because one of the 2 cards I wants says I need 720 to get it.. and I will be free of deliquences unpaid by then.. so I was just curious.. thanks
    When you pull a copy of your own CS, it doesnt show up on your reports. The only time it shows up on ur reports is when a creditor pulls it in consideration of an application/increase.

    Give it a try and see what you get.

  13. #28

    Default Re: Rebuilding Credit- NEED HELP

    ahh awesome that is exactly what I was wondering I'm going to wait until June... thanks for the info because it takes a month (sometimes longer?) thanks for the headsup

  14. #29

    Default Credit building advice please

    I've been trying to repair my credit over the last 2 years which was previously pretty bad. According to mycreditkeeper my collective score is 662 (TU=662, EQ=657, EX=700). I don't know how accurate that info is but that's what I've been following. I have 1 credit card with a 600$ credit limit from HSBC and 2 loans from my credit union totalling roughly 8k. I was late by a day or 2 on a cc payment about 4 months ago though I sent the payment in 12 days before the due date. I guess it was held up in the mail. It doesn't show up as a negative on my report and I disputed the late charge which they cut in half. I haven't had any collections in the last 12-18 months. I want to improve my credit rating before I go looking to finance a new car which I desperately need. My annual salary is about 36,500k by my hourly rate but with o.t. I clear 50+ and maybe closer to 60K if that's taken into consideration. I know I need to get a higher credit limit but i'm afraid to ask for 1 in case I get denied and the denial get's reported and I'm afraid to apply for other card's for the same reason. Any advice would be greatly appreciated. Please forgive my ignorance as this is all very new to me. Thanks in advance to all replies.

  15. #30

    Default Re: Credit building advice please

    Quote Originally Posted by nra2877 View Post
    I've been trying to repair my credit over the last 2 years which was previously pretty bad. According to mycreditkeeper my collective score is 662 (TU=662, EQ=657, EX=700). I don't know how accurate that info is but that's what I've been following. I have 1 credit card with a 600$ credit limit from HSBC and 2 loans from my credit union totalling roughly 8k. I was late by a day or 2 on a cc payment about 4 months ago though I sent the payment in 12 days before the due date. I guess it was held up in the mail. It doesn't show up as a negative on my report and I disputed the late charge which they cut in half. I haven't had any collections in the last 12-18 months. I want to improve my credit rating before I go looking to finance a new car which I desperately need. My annual salary is about 36,500k by my hourly rate but with o.t. I clear 50+ and maybe closer to 60K if that's taken into consideration. I know I need to get a higher credit limit but i'm afraid to ask for 1 in case I get denied and the denial get's reported and I'm afraid to apply for other card's for the same reason. Any advice would be greatly appreciated. Please forgive my ignorance as this is all very new to me. Thanks in advance to all replies.

    A denial for a credit limit increase will not be posted onto your credit report. Most banks don't even pull your credit report when you ask for increases. The only risk nowadays is getting a credit limit decrease. Sometimes a bank takes it as an opportunity to review your account fully, and they find you don't deserve a increase -- rather a decrease in your credit line. This is typically in cases where consumers have American Express accounts. However, you never know. You shouldn't ask for a increase if your balance is high. Your balance should probably be payed in full every month since it's such a small limit. That will help your scores raise. Keeping balances under 15% of the available credit limit is good (e.g. $90 is 15% of $600). I would defiantly talk to you credit union about helping re-built. My credit union actually has credit classes or seminars for free. For your next card, I would go to the credit union. They're not-for-profit and will provide you with lower rates. I have a card with a 9.5% APR from my credit union, and about 19 months of credit history (19 years old). I am very pleased. Not to mention, I can do 'instant' payments online from my credit union checking account. So you'll never be late! ;) I would also suggest banking fully with the credit union if possible. Later on, when you apply for that auto loan they can see your checking, saving, and direct deposit amounts. It may increase your chance for being approved. If you need the auto loan now, they can use the same credit report for both the card & auto loan (saves you a inquire!).


    I hope this helps,
    Joey

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