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  1. I have a Capital One Secured Credit Card with a deposit/credit-limit of $2000. I deposited that much money into it in the hopes of bumping my score by having a lot of available credit and no balance. I have had this card for 2+ years now, perfect payment history and low balance, and am ready to remove it or convert it to a non-secured card. Unfortunately, Capital One can't just convert it, they said they'd have to close that account and create a new, unsecured one. Should I close this 2 year account, knowing that I need to finance a car within 1-6 months? What will the effect be on my credit score? Will my AAOA go down? I don't necessarily plan on re-opening a non-secured account with Capital One if it doesn't help my credit. Neither do I need the cash right now (card is fully paid off), but would always be nice to have more emergency cash in my savings, and with a car purchase coming up, it's always better to have more cash on hand. My other accounts are: * Credit Union secured card, $1000 limit, 1 year * Non secured CC, $800 limit, 1 year * Retail store credit, $5500 limit, 1 year * Retail store credit, $800 limit, 6 months Thanks!
  2. Hi guys, l've been rebuilding since November, when I got a Capital One secured card. In February, I got a Chase Freedom and DCU Visa. That makes three CCs. I thought I should wait until at least the six-month mark on the newest cards to app for a few more but wonder if that's the right thing to do? I've been using and paying them off in full -- although I just ran up the Freedom to 40 percent of the 7K to buy a bed and mattress that I'll pay off within the next two months. Since this will probably affect my util, should I try to add another card now to offset that? Or is my credit too new to be successful? I was thinking maybe Discover it or City Thank You but I worry they may be too strict for my newly growing thin file. My EX and TU are in the 730s/740s range (FAKOs, although the last time I checked my FICO in February they were similar.) My EQ is my lowest score with around 680/690 (there were multiple DCU pulls for membership, car loan, Visa via EQ). I have no derogs/negatives on any report. Any thoughts/recommendations are greatly appreciated! Thanks a lot for all your great advice so far.
  3. Is Discover it worth the go for the $75 Amazon GC if it's basically a soft pull anyway?
  4. Hi all, I was curious if you work in a job were you are payed only commision, when you apply for a loan or cc, what would you put down for income? Thanks!
  5. I'm super excited. I received my secured card graduation letter in the mail today! I received a big drop in the APR and the fee elimination. The letter didn't mention if I would receive a credit line increase so I'll wait for the new card and account information. Now I'm going to open up a secured personal loan with them to create another positive trade line. So, by the time all my baddies fall off by next year if I can't get them off earlier, I should have a very nice credit score.
  6. Hello from a newbie, I was unemployed last year for almost half a year, and let a Kay Jeweler's account go delinquent after November. First off, I take full responsibility for this, and it should never have gotten this far. However, it was a $2500 debt that, with interest, is higher. Today, I received a credit monitoring alert that it went into chargeoff status. I have not received any communication from them (and don't expect any until the mid-end of the week?), but... What are the odds of a settlement offer from them? I want to pay it, but need to make payments. At this point, this is my only delinquent account, so I guess I'll take the credit hit as a tough life lesson...but my concern is a garnishment/court action - that is what I DON'T want, obviously. Thoughts? Thanks
  7. Hi folks, 360 days ago, I opened a secured credit card with capital one to rebuild/repair my poor credit with a $1000 deposit. I've always paid it on time and today I just received a pre-approved offer from them. I only currently have their secured mastercard and an american express charge card so I figured it'd be good for my score if I got another credit card. I called them to see if I could convert my secured credit card (credit limit was $1000 a year ago, $1450 now) into an unsecured credit card but they said they don't do that. How should I go about getting my Grand back without hurting my credit? Should I sacrifice a goat? If so, what words should I chant as I'm doing it? I would appreciate the advice. Thank you!
  8. Hello: I have never had a credit card before, paying everything with cash via debit card. I would like to build my credit and have been told a credit card is a fairly good way to do this. So I got a Quicksilver Capital One 1.5% moneyback card. My current credit score is 737 according to CreditKarma. I have a reservoir of debit card cash that is significantly larger than the $2000 Credit Line of the new card. I have few bills and those are payed for automatically, drawing from the debit card cash. I have been told to basically, "go buy gas with the credit card, then pay it off." But I was hoping that someone could quantify exactly what that means on a step by step basis. If I buy gas that's $50 out of $2000, leaving me with $1950 credit limit to spare. Would it be better to spend more than $50? How much more? And what exactly does "pay it off" mean? Pay off the interest? Or the entire thing, leaving me with a limit of $2000? What exactly do the credit card companies want to see? More expenditures? Fewer expenditures? Do they want to earn some interest for themselves? Please keep in mind that I am pretty much using this card without duress or need, I'm only using it as a method of building credit, and there's is no danger of me getting carried away or me forgetting a payment. So what do I do with this thing? Thanks very much
  9. What is a good secured credit card to apply for to help rebuild credit.
  10. I just obtained a membership application for the credit union the Sheriff Office, that i work for, uses. Going to set up a savings account with the deductions coming out of my paycheck. Figured it be a extra way to put money off to the side. Just don't know how it will or even if it will help me in regards to anything related to my credit. Worse case, ill just have extra money stored. Another thing I've been looking into. Secured CC's. I was told since I'm on the road to credit recovery, I should look to get a secured CC to have a positive TL reporting while cleaning up the bad ones. I just don't know which is better as compared to another. I know most have annual fees, lump sum down-payment to use as your credit limit. Any suggestions on which would be good to look into? I know some things I should be looking for is roughly how long it will graduate to unsecured (if it ever does) and how it reports to CRAs (if it does). Thanks
  11. Hey guys, hopefully you don't get turned off by my low post count. Been lurking for a while and finally wanted to make a quick post, hoping your collective awesomeness and expertise can help me out. Only credit history is a CC with a $700 limit (don't laugh, I'm still a young lad) for 1.5 years. Sadly I missed a payment during my career change last fall, so I'm sitting at 16/17 payments made on time, or ~94%. Currently using up most of my credit on that $700 and that's certainly not helping. TU score at 641, haven't seen others but VantageScore sadly only 573. Aiming to get up to 680. To whit, payment history and debt:limit ratio are the heavier factors and are my focus. Plan of attack: I requested a $1000 credit limit increase on current card and requested 3 new cards (2 already approved, one still waiting for confirmation). Mind you these are measly little $200-500 limit cards, so nothing crazy, but I could be looking at a total limit of upwards of ~$2500. I know this is going to hit my score for all those hard pulls, especially given the smaller sample size of my credit history thus far, but I think longer-term it'll pay off. Here's why: Assuming I get all of what I applied for: Even if I only pay down minimal amounts of my current debt, I'll be below the 30% mark of debt:limit which was my goal. Assuming I don't get as much of a line boost as I thought: I'll be especially quick to pay down to get under that 30% mark. This should help boost a big part of the scoring algorithm. In addition to that, having a total of 3-4 cards instead of a single 1, I'll be making 3-4 payments on record per month. With a single card, next month I'd have 17/18 on time payments, then 18/19, and so on. With 4 payments, I'll be up to 20/21 next month, 24/25 next month, and so on, effectively increasing my paid payment % much much much faster. So, am I heading along the right track here or did I completely miss the mark?
  12. I've seen a lot about how you shouldn't close cards - but several of the main points don't apply to me: Utilization: I have 2 Cap Ones ($750 each) and I had my older cards raised a total of $1500 this week so the utilization will remain the same Length of Credit: The Cap Ones are the newest card I have, so it won't negatively affect credit age Wouldn't closing these accounts help? Because it would improve my average credit age of accounts? I'd love to get rid of these, terrible rewards, annual fees, and they don't compare at all to my older cards that I've had upgraded.
  13. AAOA: About 3.9 years Latest DCU Fico: 749 Multiple cards $10k+ Clean EQ Report 2 Inqs - Both from Feb 2013. They're stickies from Credco. BUT... (there's always a but)... I have a new-ish auto loan and 3 new cards from Oct - Nov. Opened my CareCredit, Chase SW RR and SSFCU Visa. Thoughts?
  14. Wow. DCU just made me do a happy dance! I am trying to rebuild my credit and with a thin file – a 3-year-old car loan and 2-month-old Cap 1 secured CC with $350 limit and I knew I had to get other positive TLs, but I have an IRS lien on my report that was paid in 2012 and I've been was denied for two CC apps last year (Discover and Barclays). I have been working to get rid of all baddies (medical), and now with an EQ Fico of 679, I decided to try DCU for a cc. I called up today and talked to a pleasant woman who asked me what limit I’d like. I decided to shoot for the moon and asked for $10K. I also mentioned I’d also want an auto loan soon. She put me on hold and was gone for a looong time and I started to worry. When she came back she said the application was approved but they couldn’t give me the limit I requested. My heart sank, and then she countered with $7,500!! I was in shock. I never expected such a high limit and I’m ecstatic. She also qualified me for a car loan on the spot with the same pull! I still can't believe it. I have so much love for DCU right now. My rebuilding is definitely in progress. Thanks to everyone here for all your wonderful advice.
  15. Okay guys. I’m a bit dejected right now. I have a thin credit file – one 2.5-year-old auto loan, paid on time, and a two-month old Cap 1 secured card with a limit of $350. My negatives are a paid IRS tax lien that was satisfied in 2012 ($21K) and a civil judgment that was satisfied in 2010. I applied to have the tax lien withdrawn under the Fresh Start program, and the IRS initially said yes, and now they’re saying no because they accepted a settlement and so don't qualify for the withdrawal. I’m so frustrated. EQ is my cleanest report, showing the positive TLs but also the lien. EX and TU show both the lien and the judgment. My EQ Fico score is 679. I make $57K a year. Do you think DCU, which I understand pulls EQ, would approve me for a credit card? Not sure if Logix would approve me, and I doubt Discover would either. I need to add another positive TL to raise my score but I don’t want to waste and inquiry and ding my score if it’s not likely to be a favorable result. I appreciate your advice. Thanks.
  16. I'm a college student but I need a credit card to build my credit,yet isn't it funny how you can't get a credit card WITHOUT credit?! so not fair. Anyways I'm trying to start one so I can build credit. does anyone know of a card that doesn't do a credit check and isn't prepaid? I've done research and all I find are prepaid cards but that's not what I want. Also I can't have a co-signer. Any help will do! thanks
  17. Hi all, I have applied for a United Airlines Chase credit card four times in the past two years and have been denied each time. The denial letter has always been vague. Yesterday, I spent over an hour at a Chase branch investigating the situation. I gave the manager my social security number and, as it turns out, Chase has a record of a credit card I shared with my father about 18 years ago (my father had given it to me in my teens to help pay for gas for my car. I stopped using it after a few years but he kept using his copy). Here's where it gets weird: The branch manager showed me on his computer screen that there were two cards issued: one had my social attached to it, the other had both mine and my dad's social. Both cards were the same account but re-issued as a different cc number at a later date. The branch manager said the screen showed both cards filed under "bankruptcy". I explained that I never filed for bankruptcy, but my father had. He called the bankruptcy dept at Chase to inquire. The bankruptcy dept told him that, yes, there was a $1,000 balance on the card and was in collections (for 18 years!!!) but there seems to be a "fraud" association and advised the manager to call the fraud dept. The branch manager called the fraud dept and was advised the following: the balance was not in collections. I do not owe anything. But there was still some sort of "fraud" associated with charges on that card. I left the bank, scratching my head and feeling helpless. So here's where I'm at: I really want to apply for a United Chase credit card but each time I do, my social security # activates this strange history on my record. How do I get this cleared up???? Please note that my credit report is impeccable. This activity from 19 years ago does not show on my report. It seems to only show on the Chase side somehow. I have never had any issues getting credit cards from other banks. Thanks in advance for your help!
  18. Hi, guys, I'm rebuilding my credit after getting some really bad baddies off and now I'm basically starting over almost from scratch. As for credit, I've had a car loan for the last two and a half years, and one Cap 1 secured credit card for just over a month. I'm trying to figure out the best way to rebuild and others have suggested adding other lines of revolving credit. I doubt any of the majors (Chase, Citi, Discover) etc. would approve me for a credit card with such a thin file, but my credit union might offer me an unsecured card (they don't do secured). They only report to Experian, though, so that won't help build a solid history across the board. Do you think it's worth it to apply for my credit union's CC -- or just wait for five months or so and try for one of the biggies? Thanks for your advice.
  19. Hi, everyone, On my CRAs, I have a paid federal tax lien from 2011, a paid judgment from 2010, and one installment loan (auto) that is paid on time every time. I recently applied for an Amazon store card (GE money) but was denied. Do you think I should try to recon? I just got a Capital One secured card but it won’t have any reporting yet because it’s so new. This is what the denial letter gave as reasons: Too few revolving accounts Too many inquiries in the last six months Lack of bank revolving information Account in collection or 60 days past due or adverse public records The letter also says my credit score was 417. Ridiculous. They pulled TU, and according to FICO, my score at the time was 649. Do you think it’s worth disputing the score reported with TU, or reconning GE? Thanks for your advice.
  20. Greetings All, I recently and for the first time had to dispute a credit card transaction through Navy Federal. Initially, it was for non-delivery, but then after a continued long time the seller made a poor attempt at delivery and instead the dispute became product not as described. The seller is fighting the dispute and Navy Federal recently had me send them additional documentation to support my position. I then received a response from them which seemed a bit odd in it's wording. ----------------- As part of our effort to assist you with your dispute, we are attempting to recover the funds through Pre-Arbitration on your behalf. However, since we are unable to guarantee a favorable outcome, please keep in mind the credit or a portion thereof could potentially be reversed. A decision should be made in approximately 60 days, at which time you will be notified of the outcome by mail. In addition to our efforts to help you recoup the funds, you may wish to seek legal assistance and/or resolution of this matter through the Better Business Bureau. Please be assured we pursue all disputed transactions within the guidelines and regulations under which we operate. The goals and priorities that are unique to Navy Federal as a credit union must be balanced with Visa's regulations by which we are governed. If you have any questions, call us at 1-888-842-6328, extension *XXXXX, or XXX-XXX-XXXX. ----------------- I was always under the impression that the merchant bank more or less had the final word when it came to dispute resolution. I have never heard of the bank using Pre-Arbitration in an attempt to recover the consumers money, nor recommending they contact the BBB or legal assistance as part of the credit card dispute process. Does this all seem off to anyone else? Any thoughts on the topic, or even a better explanation of what I am reading would be greatly appreciated.
  21. Hello. I have a credit card but I misplaced it. So I asked for them to send me another one,. It is a Capital One card. Right now all my mail is being forwarded through the post office to a temporary address but I am going back to my original home in a few months. Will they send it back to the company or will it pass through like the other mail?
  22. I've been checking out the love that Navy Federal has been spreading lately and figured I'd see if DH could get approved with them. His credit isn't as damaged as mine, therefore, my focus has been on cleaning up my own more than his. He has a Victoria's Secret ($660) that I use, Belk ($200) and is an AU on my Cap 1 Secured with a $300 limit. I have no idea what his score is but I know he is in the high 500s, maybe low 600s. Anyway, I pulled the trigger in the nRewards Visa this morning and BAM! $5k approval! I added myself as an AU because I could really use this to lower my own utilization. They must be feeling generous or something being that this is Veteran's month! LOL
  23. Got a pre-approval from TD Bank today for a First Class Visa Siggy Credit Card. I've never heard of this bank before but they have some interesting rewards. Wanted to see what some of the knowledgeable Credit card vets think about it compared to other reward cards. I like that it's a Siggy. They offer the following. They give you 25,000 bonus First Class miles ($250 dollar value). You get 15,000 the first time you swipe your card and then 10,000 more when you spend $3,000 in the first 6 months. Redeem your First Class miles with ease- for travel or dining or credit to your statement. Transfer balances for 0% for the 1st 12 months. Then it's 13.24 variable APR Access to TD First Class Visa Signature Concierge They waive the yearly fee the 1st year too. Here's a link. Has anybody ever done business with TD Bank? Where are they from. It looks like I was sent this pre-approval based on my Experian report since it has an address to "Opt-out" on the back of the pre-approval. http://www.tdbank.com/personalcreditcard/firstclassvisa.html
  24. I apologize if this has been posted elsewhere but I didn't see it in the FAQs. So I have an old account on my credit report that appears to be well past the statute of limitations (last account activity was 2005). I sent a letter seeking verification from the collection agency and they sent copies of the original contract and all activity on the account. Nothing past 2005 there either. But they seem to think that I should still pay. I can't seem to find any advice online about what to do next and I don't want to reactivate this account by negligence. Thanks in advance.
  25. Hello All, I am a “Newbie” in every sense of the word. I have done all the necessary steps in regards to opting out, triage, etc… I am looking for guidance on one specific account. Here is a quick back story: The account in question is a credit card that ended up in collections (lost my job, had to pay bills, fell behind, etc…). I knew the original creditor charged it off to collections but never received anything from a collection company about the debt. After checking my credit, I see the name of the collection company and they are hitting my account with negative information every month and it is killing my credit score. Again – I never received anything in the mail from them. I decided to call them to see what the deal was (this was before I learned about CreditBoards or I definitely would’ve handled it differently). We haggled back and forth and I told them they were reporting negatively against my credit but had not sent me anything in regards to the debt or the fact that they owned it. Long story short: they had the wrong address. My address has the word “North” in it and for some reason they had it as “Morris”. I asked them to please send me something in the mail now that they had the right address. This was over 2 months ago and I still haven’t received anything in the mail. So my question is: do I even bother with a validation letter or do I go straight for a nutcase letter? I feel like I am validated in having the debt removed because they had the wrong address, I corrected the address for them and they still never sent me anything. Any help or guidance is greatly appreciated!
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