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supercreditman

From riches to rags in 2012. It's time for a comeback in 2013!

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I started a thread in 2006 entitled What credit we've got between 1-21-04 and 4-03-06. Since then, my businesses have been going downhill and my debt was piling up to the point where I filed Chapter 7 BK in July 2013. I was discharged in November 2013, and even had to get food stamps for a while and the medical card for a while. I was broke. Now I'm working at a Lowe's store and making $14 an hour. I'm starting to rebuild my credit again. Some of the places I had credit accounts that were IIB'd were nice enough to keep an account open for me anyway. Here was financial status as of Jan. 31, 2013.

 

PNC business checking with $.01 balance.

Coastal Federal Credit Union share savings with $1 (IIB'd $25,000 personal line of credit)

Logix Federal Credit Union share savings with $40 balance

USAA savings with $57 balance

 

 

These are all I am aware of that are still open, although there may be a couple others.

 

Here's what I've already done. Once got the Lowe's job, I arranged direct deposit of my pay into the USAA savings. You cannot withdraw from the savings more than 6 times a month or they will penalize you or open a checking. So, I opened a checking online with a $25 minimum deposit. Before I did, I opened a Bluebird prepaid debit card and was manually withdrawing money from the USAA savings and depositing it in the Bluebird.

 

Then, I online disputed almost all the negative accounts on both Equifax and Experian. Many were deleted already for Experian, and Equifax is pending until the end of March 2013. My Experian report has 103 accounts on it, half closed in good standing and half charged off or discharged in BK. The EQ and TU reports both show about 75 accounts each, About 55 on each report are favorable and the balance are negative.TU will not allow me to retrieve a report online from them with a report number that I can use for disputing because I used "b" on them. I subscribed to the USAA credit monitoring premium for daily triple bureau pulls to get "b". And also started using Credit Karma again for "b". Scores started out March 1, 2013 as EX-610, EQ-635, TU-687 according to USAA Credit Monitoring. I have had my EX report frozen for years.

 

I received numerous prequalified mail Capital One offers for unsecured cards recently. I applied and they pulled both EQ and TU reports on Mar. 7 and approved me for 2 card apps. One for $500 and one for $300. As you know, multiple inquiries from the same creditor, the same day, condense into one inquiry the following day. When i got the cards, I purchased $1 in gas on each, so they would start to report ASAP.

 

I also applied for CFNA Firestone and a couple other CFNA charge cards back to back. The first was approved for $1200 and is the first one of my new accounts to show up on my reports. They pulled the TU report. Once they started reporting my scores went up because now I show an available charge account instead of all closed accounts. EX-638, EQ-still not reporting, TU-700. I anticipate a much sharper increase in score once the Cap 1 accounts report because they are credit cards as opposed to charge cards.

 

I applied for Cabela's Visa. They pulled EQ and denied me due to BK. Kohl's but they couldn't access my EX report. Jared's Jewelers with an inquiry from Sterling on my EQ report, denied. Discover with a EQ pull, denied for BK (IIB'd them for over $10k). USAA for a credit card. They pulled EQ and denied for BK. Barclay's Bank pulled TU and denied for too many negative accounts and BK.

 

I also went on every Comenity backed retailer website to use the "shopping bag trick", but it only worked on 2 sites. I got JCrew for $250 and Express for $250 with no hard inquiry. I noticed Comenity did a soft in February on EQ. They are an EX puller, but again, my EX is frozen. Once they report, it should pump up the score a bit.

 

At the moment, I'm waiting for the Cap 1 cards to report, and for the EQ investigation to be completed by the end of March 2013, and of course, for "b". I disputed the 5 recent EQ inquiries as fraudulent by phone on the automated system, but they were verified and remain.

 

I transferred $100 to the Coastal Federal savings. Once I get my next direct deposit into the USAA savings of $850, I'm going to transfer another $200 to them, and apply for a secured Visa. Then, I'll transfer $200 over to Logix and apply for a secured Visa with them. I don't know if USAA has a secured Visa. They used to. If they do, I'll call and ask them to use the inquiry they already got when they denied my unsecured Visa app. I also am working on transferring money electronically into the PNC biz checking account, and I'm waiting or the tiny deposits to verify.

 

That's where I'm at. And no, I'm not bragging. I'm a blue collar worker @ Lowe's. I have nothing to brag about.

 

The once mighty, and now lowly,

 

SCM

 

 

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Thanks Thirst.

 

I got rid of almost $3M in debt. I feel terrific. I want to start another biz once I get so kind of credit base to work with again. Hopefully it's a matter of only months, and not years. Playing with small money is frustrating.

 

SCM

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Good luck to you in your journey, sounds like you know what you're doing. Look forward to your from rags to riches to rags to riches finale.

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Best of luck, you can do this! I'm looking forward to seeing your rise back to the top!

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I started a thread in 2006 entitled What credit we've got between 1-21-04 and 4-03-06. [/size]Since then, my businesses have been going downhill and my debt was piling up to the point where I filed Chapter 7 BK in July 2013. I was discharged in November 2013, and even had to get food stamps for a while and the medical card for a while. I was broke. Now I'm working at a Lowe's store and making $14 an hour. I'm starting to rebuild my credit again. Some of the places I had credit accounts that were IIB'd were nice enough to keep an account open for me anyway. Here was financial status as of Jan. 31, 2013.

 

PNC business checking with $.01 balance.

Coastal Federal Credit Union share savings with $1 (IIB'd $25,000 personal line of credit)

Logix Federal Credit Union share savings with $40 balance

USAA savings with $57 balance

 

 

These are all I am aware of that are still open, although there may be a couple others.

 

Here's what I've already done. Once got the Lowe's job, I arranged direct deposit of my pay into the USAA savings. You cannot withdraw from the savings more than 6 times a month or they will penalize you or open a checking. So, I opened a checking online with a $25 minimum deposit. Before I did, I opened a Bluebird prepaid debit card and was manually withdrawing money from the USAA savings and depositing it in the Bluebird.

 

Then, I online disputed almost all the negative accounts on both Equifax and Experian. Many were deleted already for Experian, and Equifax is pending until the end of March 2013. My Experian report has 103 accounts on it, half closed in good standing and half charged off or discharged in BK. The EQ and TU reports both show about 75 accounts each, About 55 on each report are favorable and the balance are negative.TU will not allow me to retrieve a report online from them with a report number that I can use for disputing because I used "b" on them. I subscribed to the USAA credit monitoring premium for daily triple bureau pulls to get "b". And also started using Credit Karma again for "b". Scores started out March 1, 2013 as EX-610, EQ-635, TU-687 according to USAA Credit Monitoring. I have had my EX report frozen for years.

 

I received numerous prequalified mail Capital One offers for unsecured cards recently. I applied and they pulled both EQ and TU reports on Mar. 7 and approved me for 2 card apps. One for $500 and one for $300. As you know, multiple inquiries from the same creditor, the same day, condense into one inquiry the following day. When i got the cards, I purchased $1 in gas on each, so they would start to report ASAP.

 

I also applied for CFNA Firestone and a couple other CFNA charge cards back to back. The first was approved for $1200 and is the first one of my new accounts to show up on my reports. They pulled the TU report. Once they started reporting my scores went up because now I show an available charge account instead of all closed accounts. EX-638, EQ-still not reporting, TU-700. I anticipate a much sharper increase in score once the Cap 1 accounts report because they are credit cards as opposed to charge cards.

 

I applied for Cabela's Visa. They pulled EQ and denied me due to BK. Kohl's but they couldn't access my EX report. Jared's Jewelers with an inquiry from Sterling on my EQ report, denied. Discover with a EQ pull, denied for BK (IIB'd them for over $10k). USAA for a credit card. They pulled EQ and denied for BK. Barclay's Bank pulled TU and denied for too many negative accounts and BK.

 

I also went on every Comenity backed retailer website to use the "shopping bag trick", but it only worked on 2 sites. I got JCrew for $250 and Express for $250 with no hard inquiry. I noticed Comenity did a soft in February on EQ. They are an EX puller, but again, my EX is frozen. Once they report, it should pump up the score a bit.

 

At the moment, I'm waiting for the Cap 1 cards to report, and for the EQ investigation to be completed by the end of March 2013, and of course, for "b". I disputed the 5 recent EQ inquiries as fraudulent by phone on the automated system, but they were verified and remain.

 

I transferred $100 to the Coastal Federal savings. Once I get my next direct deposit into the USAA savings of $850, I'm going to transfer another $200 to them, and apply for a secured Visa. Then, I'll transfer $200 over to Logix and apply for a secured Visa with them. I don't know if USAA has a secured Visa. They used to. If they do, I'll call and ask them to use the inquiry they already got when they denied my unsecured Visa app. I also am working on transferring money electronically into the PNC biz checking account, and I'm waiting or the tiny deposits to verify.

 

That's where I'm at. And no, I'm not bragging. I'm a blue collar worker @ Lowe's. I have nothing to brag about.

 

The once mighty, and now lowly,

 

SCM

"And no, I'm not bragging. I'm a blue collar worker @ Lowe's. I have nothing to brag about".

 

Hey, a blue collar job is NOTHING to be ashamed about! I grew up in a family of blue collar workers. My dad was one. My two brothers have been/are blue collar workers, as is my husband, and two of my three brothers in law. My older sister who has three college degrees (bachelor's through doctorate) and a professional, high earning career, married a plumber.

 

Don't let anyone make you feel bad for the kind of work you do.

 

And I'd say that $14 an hour for a job at Lowes is pretty darn good! Here in the Cleveland area where I am, store jobs generally start at minimum wage, or very, very rarely, maybe $10-$11 tops.

 

Oh, and good luck on your credit journey! Once you hit rock bottom, there's no where to go but up, right?

Edited by RedHairedLady

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Good luck to you.

 

Curious as to how your future credit needs intersect with you biz plans? Also, what would you do different if you could redo your old biz? When my partner and I started a biz we didn't use (read that "have") any credit at all, just dipped into savings. Eventually got an unsecured receivables line from BofA but it took 15 years, a couple years of audited financials, and 5mil/y of sales. That was all in the 80's and early 90's when credit wasn't quite as available.

 

I sometimes wonder if that long journey could have been shortened and we could have grown faster if our credit had been good. Or whether we would have crashed and burned. To this day I don't really know.

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Hey SCM, I remember reading a lot of your posts when I first joined. Sorry to hear that you have fallen but just remember it's how many times you get back up after you fall. You've decided to get back up and come back to those who can relate. I don't think I'll ever get to the peaks you reached but I know if you did it once you can certainly do it again. Keep your head up and welcome back to CB!!! :clapping::clapping::clapping:

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Oh, by the way, I just re-read my original post and see that I referred to my BK happening in 2013. Uh, I wasn't wearing my cheaters. I meant 2012, but I guess you guys figured that out. Every strategy I ever used was derived from knowledge I got from only a couple different forums, but mostly this one. I will try to be as accurate and complete with every detail of what I do as I have in the past, however, YMMV. But I'm not trying anything until those credit cards report and EQ completes the investigation. But, by April fools day, this fool will be going after the big boys hot and heavy!!

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Very much interested in seeing how you try to get back in the good graces of the IIB creditors. I burned quite a few creditors myself and having a hard time building up anything overly substantial.

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Wow SCM! Really sorry to hear about your business and subsequent BK. I really enjoyed reading your posts back in the day, IIRC you achieved over $1million in personal unsecured credit, is that about right? Anyway, best of luck to you and please keep posting here on your progress!

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Hi Rouge,

 

Actually, I had about $1.3 million in personal, and $1.7 million in biz credit. So, $3 million in unsecured credit. And, I used about $1.3 million of it. With interest after I stopped paying, the unsecured debt had escalated to $1.5 million. Citi was one of the banks that charged the highest default interest, over 35%, in the business credit cards. I avoided using the personal credit because i wanted to hide the debt. Most of my personal accounts had no balances. I would only buy $5 worth of gas once in a while on them, to keep them active, and I'd go after the CLI's. But, when I started using them because the biz credit was getting maxxed, and the utilization increased, and was reported to the credit bureaus, many of the creditors closed the accounts or did significant CLD's., which in turn hurt the score more.

 

I doubt I will be able to establish new relationships with some of my favorite institutions, the credit unions. My favorites were Patelco, DCU, Penfed, Nasa, Western, SECU of Md., and PSECU, off the top of my head. Same interest rate for cash advances as purchases, and no problem getting checks cut at a bank teller window for almost the entire credit limit, leaving room for interest, of course, so as not to go over limit the following month. For example, Nasa gave me a $50K limit, instantly, online, Unbelievably easy. And, of course, they helped set a new precident as to what limit creditors should approve me for when I apply. Many started giving me $25k limits, which may have been the max unsecured limit they extend per customer.

 

I just pulled CK and USAA monitoring. As I mentioned, I have online disputed almost all derrogatory information on my EQ report, and the investigation is due to be completed 3-27-13. I didn't figure out yet what they deleted or modified, but my score increased 10 points to 648 today. Hopefully, it will top maybe 675 by next week, just with those changes, not to mention Cap 1 may post the cards I opened by then too, which would probably push the score over 700.

 

SCM

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I didn't try yet, but EQ used to delete inquiries immediately if I disputed them over the phone, but I used to speak directly to a CSR. Now the automated system handles the requests. You can't dispute more than 5 through the system, or it tells you you are disputing too many and tells you to do it by mail or something, I don't think the automated system is as friendly and helpful as a CSR.

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I didn't try yet, but EQ used to delete inquiries immediately if I disputed them over the phone, but I used to speak directly to a CSR. Now the automated system handles the requests. You can't dispute more than 5 through the system, or it tells you you are disputing too many and tells you to do it by mail or something, I don't think the automated system is as friendly and helpful as a CSR.

Why would you dispute inquiries that you made? Surely by now you must know that disputing inquiries quite often has the unintended consequence of the account being CLOSED FOR FRAUD. :dntknw:

 

Stick with B* and keep your brand new TL's OPEN!!

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Update..

 

No change in credit reports today. I just applied online for a Logix Credit Union secured credit card with a $500 limit. They usually pull EX and mine is frozen. I got a message that a rep will be contacting me within 1 business day. I also called USAA about a secured credit card, and they told me I was not eligible for one, even though I'm doing most of my banking there and it's secured??????? Coastal will be next if Logix declines or insists on pulling EX. That's not getting unlocked for anybody. I can only do one at a time due to using a good bit of my pay to secure the cards I apply for.

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Update....

 

I am sitll waiting for the 2 Capital 1 credit cards to show up on my credit reports. That probably won't occur unti the first statement is generated. I paid off the $1 balance I charged on each of them online before the statements are cut. I also got a catalog from Fingerhut that had right on the front cover in big print that I'm Pre-Approved for $600 credit with Fingerhut, financing serviced by WebBank. I went and signed up for Fingerhut online, and went to buy something so I could see the offer show up, and the website said I'm pre-approved for $400 credit. I fell for the bait and hit the apply button. I got a message that the application required further review and I would be notified in 30 days, but if I wanted, I could still place a Fingerhut order and. if approved, the order would be shipped. If denied, the order would be cancelled. I don't know which bureau they pulled yet. I did my daily pulls already. I really want to find out, cuz, if possible, I'd like to apply for more WebBank serviced accounts during the same day, to get the most out of the inquiry. Al my disputes are completed with Equifax. I think I'll call in and do a dispute of inquiries and see if Webbank is in there, and if not, then they pulled TU.

 

I also applied for, and got, a new member number at Penfed again, and opened a new share account. I just got off the phone to apply for the secured Visa. They want $500 in the share account that they can freeze to secure the card. They put a 9 day hold on checks deposited in the share, and won't allow ACH funds transfers. cuz of the bankruptcy. The restriction will be lifted after 6 months. So, I have to wire the money to the share account, next week when I get paid again. As usual, Penfed pulled EQ, and the inquiry should be good for 3 months. They pulled my credit just to open the share account, and I applied for a regular credit card the next day, They did not pull a second credit report. So I want to go ahead with the secured card app while they still will use the same inquiry for it.

 

I'm getting ready to pull the trigger on the Coastal FCU secured Visa. I need to finish the Penfed one first, and I don't have money for both cards yet.

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"And when you stumble, you get back up. Then raise yourself higher than before. It's not easy and not everyone is up to it."

 

I wish you all the best!

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Ok. Here's the scoop. Fingerhut pulled my TU report. They will probably deny me. Hopefully, "b" will soon kick in. I've been pulling CK and USAA Monitoring Premium most of the month of March 2013. I figure when the two Cap 1 cards report, I may get some "b" due to making room for the new accounts. My CK score dropped 50 points to 650 today with just the 1 inquiry from Fingerhut. But on the USAA monitoring, no change in score.

 

I can't believe I fell for that temptation of them saying in bold print on the catalog that I was pre-approved. They are lame anyway. I'm also kicking the idea around of applying for credit at Lowe's, where I work, but that's GE, and I IIB'd them for at least $60K. A Sam's club line of credit, sam's discover, Lowe's biz and personal credit, and several GE serviced credit cards.

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supercreditman, I remember reading your posts in earlier years. Welcome back, and I also believe that you can bounce back! :clapping:

 

Resilience!

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Hey SMC you won't get ANY B* from USAA on your TU report. That doesn't work on TU. Neither will CK. CK doesn't count for any B* on EQ or TU. And if you just use USAA for EQ B* that won't work either as you'll be Chopped before you hit the 85 softs that you need. If you want to B* you'll have to add more too USAA,

 

I use USAA, EQ Complete (I think that's the name of it), My Privacy matters and AMEX Credit monitoring for all my B* on EQ. I get all the inq's in less than a month and when I don't need them anymore I just cancel my AMEX and EQ but keep MPM and USAA because it's a huge pain to re-up with MPM.

 

For TU, I pull Wal-Mart for free using a little trick and get B* in less than 90 days. If I want it sooner I just add another TU puller but haven't had to waste any money on doing that.

 

Just wanted you to know you won't be getting any B* doing what you're doing like you expect unless you add more to the daily pulling.

 

Good Luck on your journey back.

Edited by Art_Vandelay

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Hi Art_,

 

Thanks for the info. Let me get this straight. You are saying that, even though Credit Karma (CK) says right on their site that "score brought to you by TU", their softs won't add up to "b"? And you are also saying USAA Credit Check Monitoring Premium (CCMP), even though it pulls a triple bureau report, including TU, will not not accumulate softs toward "b"? That sucks! Here I was anticipating some love when my Cap 1 cards report.

 

On the Walmart, do you need a credit account to get that? I think with the Amex, you need an account with them to have access to their service.

 

Again, thanks very much for the heads up!

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Oh yea! I forgot to mention. My privacy matters cancelled me years ago for pulling too often, I I recall correctly. And some service through BOA, I think.

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