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

The last post in this topic was posted 1197 days ago. 

 

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I don't feel too much loss by US Alliance apparently withdrawing the loan approval for $5000 cuz of me asking if they would bump it to $10,000. When I applied, I put that it was for debt consolidation and they put a restriction that they would disburse the funds, and to provide them statements for the accounts that are to be paid. That foils the strategy I was going to use of paying each of them off, except for $200 or so, to keep my connection with them, and then apply for credit cards. Plus, any payments made to my loans, I want coming directly from me, so I get the recognition. They don't need to know I'm getting the money to pay them off from another loan. So don't put debt consolidation as a reason for any loan.

 

 

PCM

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I just got a call from State Dept. The rep said that my LOC app was declined, as well as my credit card app. She recommended not applying for any more credit because, according to them, I opened 19 new accounts in the last 6 months. I asked how long they would be considered "new". She said to wait at least a year because any application I submit WILL be declined.

 

 

 

So far, the app spree has resulted in about a dozen inquiries, and only 2 approvals. The US Alliance card and the First Commonwealth LOC. Ouch! I think I'm going to have to garden for a while. At least a month til TU is clear of inquiries again. At that time, I may try to get a card from USPS. I will have 4 payment made on their personal loan by that time, and each payment made was / will be, more than the due amount. And the 2 new accounts should be reporting by that time, the balances will be lower, the AAOA will be a month longer, and the score will most certainly be higher. When the TU FAKO was in the 600's 3 months ago, USPS's score was 709. By next month, they will probably score my TU at 720 or more, cuz my FAKO is 708 now.

 

 

I admit I do stupid stuff. I also applied for 2 known TU pullers. Nationwide and State Farm credit cards. We all know what those answers will be, but what the hey? The inquiries will be gone next month. No harm done.

 

 

PCM

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I just got a call from State Dept. The rep said that my LOC app was declined, as well as my credit card app. She recommended not applying for any more credit because, according to them, I opened 19 new accounts in the last 6 months. I asked how long they would be considered "new". She said to wait at least a year because any application I submit WILL be declined.

 

 

 

So far, the app spree has resulted in about a dozen inquiries, and only 2 approvals. The US Alliance card and the First Commonwealth LOC. Ouch! I think I'm going to have to garden for a while. At least a month til TU is clear of inquiries again. At that time, I may try to get a card from USPS. I will have 4 payment made on their personal loan by that time, and each payment made was / will be, more than the due amount. And the 2 new accounts should be reporting by that time, the balances will be lower, the AAOA will be a month longer, and the score will most certainly be higher. When the TU FAKO was in the 600's 3 months ago, USPS's score was 709. By next month, they will probably score my TU at 720 or more, cuz my FAKO is 708 now.

 

 

I admit I do stupid stuff. I also applied for 2 known TU pullers. Nationwide and State Farm credit cards. We all know what those answers will be, but what the hey? The inquiries will be gone next month. No harm done.

 

 

PCM

You gotta roll the dice on TU pullers.

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Beware if any of you apply for stuff with State Dept or Security Plus. Both of them pulled 4 days ago for the credit card apps, and yesterday for the LOC apps. These 2 are like Navy. They don't use the same inquiry for 30, 60, or 90 days, like I assumed they would. OUCH!!! in 6 days my EX freeze goes back into effect. I should have waited til then to reapply for any EX puller.

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SCM,

 

I admire your efforts.

 

However, I strongly advise you to slow down and as you said, garden for a while. Let those accounts age a little.

 

Heck, I don't apply as frequently and even with high FICOs, I'm getting denials for CLI from Chase and Barclays because of "too many new accounts." They cited the 9 accounts I opened in past 12 months. LOL I think they missed a few.

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Too many new accounts! That's the most recent reason for denial from most of these. I just got a letter from Allegacy citing that as the reason for denial. I take that as a positive sign cuz they aren't mentioning the BK as being a factor. That means I'm past the hard part of overcoming the BK. Hopefully Cap 1 will give me another auto cli, and Sportmansguide when the 6th statement is cut, after I hit the LUV button. Other than that, It looks like I'm stuck for a while.

 

 

 

Barclays probably won't give me a cli. Any of the GE accounts I'm using will eventually give me a cli, but I'm probably wasting my time calling the backdoor number cuz the accounts are only going on 5 months old.

 

 

All that credit union joining was a waste of time. Only a couple cut me a break. Hopefully they do softs and will someday give me a preapproved offer. My total revolving credit adds up to $26000, until I get the two pending $3000 credit lines opened. And the $1000 secured card. Then I'll be up to $33,000, plus the $8000 and $3000 loans. Most of you guys have more credit limits on 1 card than I have on dozens combined.

 

 

Oh well, back to the drawing board!

 

 

PCM

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Why not try letting your lines age for a bit.. And in the mean time, build an emergency fund. Like minimum $5000-$10000, so in the case the unexpected happens, you'll be ready this time. Personal Finance 101: Have an emergency fund!!

 

 

SCFM

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People that tell you to do nothing for a year or 2 are people that are either young or lazy, or both. I am getting old. I don't have the time to wait for small improvement in my credit score or to save up money. I need to take action. I did this before & I will do it again.

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I know the feeling I'm getting old and don't have alot of time waiting for things to garden. But, I control my app spree's so far. Unless I can get my EQ totally clean then I will do another app spree.

 

So far 7 new accounts this year.

 

I remember my app spree's back in 2006 I had 20+ new accounts in one year but a lot was store cards. Back then as SCM said before it was easier to clean EQ inq's you just had to call in and dispute them. They closed that door!

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People that tell you to do nothing for a year or 2 are people that are either young or lazy, or both. I am getting old. I don't have the time to wait for small improvement in my credit score or to save up money. I need to take action. I did this before & I will do it again.

 

This is the first thing in this thread that I 100% agree with. So often people on this site say save for a year or 2 and make sure you have a safety net. What happens if you lose your job yadda yadda yadda. I could drop dead from a heart attack tomorrow or get hit by a snow plow. Maybe having a bunch of money in reserves is the ultimate goal but most of us that work a normal 9-5 for mediocre money would never own a house or a business if we just sat by and waited till we had that safety net. I like to live in the now and not in the what ifs.

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People that tell you to do nothing for a year or 2 are people that are either young or lazy, or both. I am getting old. I don't have the time to wait for small improvement in my credit score or to save up money. I need to take action. I did this before & I will do it again.

Amen!! Love it!

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I know the feeling I'm getting old and don't have alot of time waiting for things to garden. But, I control my app spree's so far. Unless I can get my EQ totally clean then I will do another app spree.

 

So far 7 new accounts this year.

 

I remember my app spree's back in 2006 I had 20+ new accounts in one year but a lot was store cards. Back then as SCM said before it was easier to clean EQ inq's you just had to call in and dispute them. They closed that door!

SW--What's wrong with your EQ report?

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People that tell you to do nothing for a year or 2 are people that are either young or lazy, or both. I am getting old. I don't have the time to wait for small improvement in my credit score or to save up money. I need to take action. I did this before & I will do it again.

The people telling you to garden for a while aren't young or lazy. Good credit is not built overnight. The process can't be sped up by an endless app spree. Applying for credit is not the same today as it was the last time you were rebuilding. You have to balance new apps with age of accounts or you will keep spinning your wheels. Don't forget the alternative credit bureaus that track credit card apps. B* will not help that.

 

Trust me, I understand your impatience. I have about 40 negative accounts left on my reports that are all student loan related (loan and collections) that I simply have to wait out. I haven't sat by doing nothing, I have been building credit, and I think the credit lines I have now are due to a decent balance between new accounts and aging of accounts. I would rather have the limits I have now over a small amount of accounts that the same or less over 30 accounts. Building good credit is not just opening a ton of accounts, it is showing positive payment history over time. I know you don't want to wait, but time is necessary. You didn't get into a position to declare BK overnight and credit repair is not going to happen overnight.

 

No one here is busting your balls, although you and some of the people following this topic seem to feel that way. I love the helping spirit of CB. Everyone supports each other here. It drives a lot of people crazy to see someone doing things that will hinder current and future progress. The "fast" way to credit repair often involves some patience and waiting. Not 2 years, but more than a few days. Had you not opened so many cards early on, I bet you would be getting approvals for decent limits now instead of denials across the board.

 

We are all pulling for you. Consider changing your approach to achieve your goals faster. There are a lot of great resources here.

Edited by mendelssohn

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Against everybody's advice, I accepted a secured card offer. I applied for a BOA card a couple of days ago. The sent a reply in the mail. They won't give me the regular card, but they said my EX score is 673 and they would give me a $500 secured card if I send the completed paper app back to them with a $99 deposit. Done. After a year, they'll consider refunding the deposit. The point is, to me, I'm back in with them! I have IIB'd them for 5 accounts that added up to $150,000. I am shocked they are not blacklisting me, and thrilled with this offer. It may not take a year for them to show me some "LUV". Another riskly inquiry that proved to be worth the hit, IMHO.

 

 

I just came back from a First Commonwealth branch where I signed the loan agreement for the personal LOC for $3,000. All good!

 

 

 

PCM

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Against everybody's advice, I accepted a secured card offer. I applied for a BOA card a couple of days ago. The sent a reply in the mail. They won't give me the regular card, but they said my EX score is 673 and they would give me a $500 secured card if I send the completed paper app back to them with a $99 deposit. Done. After a year, they'll consider refunding the deposit. The point is, to me, I'm back in with them! I have IIB'd them for 5 accounts that added up to $150,000. I am shocked they are not blacklisting me, and thrilled with this offer. It may not take a year for them to show me some "LUV". Another riskly inquiry that proved to be worth the hit, IMHO.

 

 

I just came back from a First Commonwealth branch where I signed the loan agreement for the personal LOC for $3,000. All good!

 

 

 

PCM

This card was good to me.

 

I asked to unsecure it at 6 months and they did. On the 7th statement I asked for a CLI and they bumped it to $1,500.

 

On an even better note both of those inquiries were TU...

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I think that BOA approval had something to do with the fact that I'm an account holder with a $300 balance in a savings account. The application I got even said about if I wanted to debit the security deposit for the credit card from the savings account.

 

 

 

Rooster, did you use the card a lot?

 

 

 

I tried for a USAA card. Of course, no go. But then, I thought, I'll use the same inquiry the same day to open a secured card. I called and was forwarded to a voicemail. I l left the guy a message. No reply. This pisses me off! I have my direct deposit going to USAA and they NEVER lost a penny on me. They gave me a $25,000 card years ago, and decreased it to $1000 when my credit went south, but I never owed them a penny. I am PFB'ing them and tell them that, if they don't give me a secured card, I will move my direct deposit to another financial institution. I have dozens of other unsecured accounts that gave me credit with me having direct deposit with them. I will probably go with Navy.

 

 

PCM

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Update,

 

US Alliance resent the $5000 debt consolidation loan to me again through DocuSign. I went ahead and signed it. My USPS loan has a balance of $2417 and the Logix loan is at $7036. I told them to distribute $2300 to USPS and $2700 to Logix. Once USPS has all but $117 paid back, I'll hit them up for a credit card. Of course, I'll wait until all inquiries are bumped from TU. I think a paid off installment loan will look pretty good on my reports and bring the score up.

 

 

PCM

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Update,

 

US Alliance resent the $5000 debt consolidation loan to me again through DocuSign. I went ahead and signed it. My USPS loan has a balance of $2417 and the Logix loan is at $7036. I told them to distribute $2300 to USPS and $2700 to Logix. Once USPS has all but $117 paid back, I'll hit them up for a credit card. Of course, I'll wait until all inquiries are bumped from TU. I think a paid off installment loan will look pretty good on my reports and bring the score up.

 

 

PCM

Hey SCM -

 

I always need a cocktail before returning to this thread!

 

First, congrats on the US Alliance loan....Now for some FICO advice. If you have any current revolving debt, you will be better served by applying the loan proceeds to that instead of the installment loan debt in regards to FICO scoring. However, I do like your strategy of paying USPS $2300 on their loan and subsequently applying for a credit card with them. Even if you don't get any FICO increase with this move, USPS will most likely manually review your CC application and the loan payment should be a positive for them, plus their credit exposure to you will have dropped with the payment.

 

Don't forget that FICO is heavily weighted in favor of revolving lines over installment loans. You could even experience a slight FICO drop if you pay off the USPS loan. And in regards to FICO scoring installment loans, you REALLY need to have ANY installment loan open for a minimum of six months and optimally at least twelve months before paying off if you want to maximize FICO benefits...Good Luck!!

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And by the way SCM.....

 

You have still NOT read my PM to you from September 4, 2013!!!! :swoon:

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I think that BOA approval had something to do with the fact that I'm an account holder with a $300 balance in a savings account. The application I got even said about if I wanted to debit the security deposit for the credit card from the savings account.

 

 

 

Rooster, did you use the card a lot?

 

 

 

 

 

PCM

It has 3% cash back on gas so I put about $200-$300 a month in fuel charges on it and always paid in full. If I put too much on it in a month I would make a payment to bring down the reported balance.

 

I was feeling lucky after the CLI and applied for another card through them but it was a no go.

 

Interestingly the new app was Ex an the unsecure and CLI pulls were TU.

 

 

That's good news on your consolidation loan coming through. You're persevering!

Edited by 12lbRooster

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All the EX pullers that recently turned me down say my EX score is 695. All the recent TU pullers say the TU score is 723. Not bad, considering. Most turned me down for too many new accounts, escalating debt, delinquent past or present accounts, remains balance on loans too high, & sufficient available credit. Few mentioned bk.

 

I agree with you Rouge. I should have paid off all cards. I will hit them harder as i get paid now that my electric bill will be lower.

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USAlliance disbursed the $5000 loan funds already. They sent me check stubs for the 2 checks they sent out to Logix and USPS. USPS got the check and deposited it in my USPS checking instead of applying it to the loan. If I wanted, I could have paid credit card accounts with the money cuz it was available for anything, however, I stuck with the plan and transferred only $2000 of the $2300 to the loan and the balance instantly dropped to $453. Interestingly, the due date for the next payment changed from March 31, 2014, but I already had the payment in the account to cover that payment, that now the next payment isn't due 'til July 31, 2015. I'm going to wait 'til they cut the statement for the March 2014 payment, and until all, or at least most, of my TU inquiries are 'b'd to apply for the card. Once they cut the next statement, I'll transfer the other $300 over from the checking to the savings, plus I'll send them the balance of the loan. Logix isn't showing receipt of the check from USAlliance yet.

 

 

I did another foolish thing. I went to a car auction and bought a 2000 BMW 740il on my Navy FCU credit card. Purchase price,tax, tags, buyers fee, document fee, notary fees, and everything came up to $1650. I've been driving a very beat looking 260,000 mile Grand Cherokee. Now I feel like I have a little class again, for very cheap. And, this car is beautiful, except for a couple of small things. It will look brand new when I get done with it, and will be worth at least $5,000.

 

 

And, I paid almost my entire pay toward my Cap 1 cards. I owe Cap 1 $600, and I'm going to stop using those cards, so I can work the hell out of the Navy one. Does Navy give auto CLI's or does everybody have to apply for the CLI, and, how long do I have to wait to give them a shot on the CLI request?

 

 

Thanks,

 

 

PCM

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Yes, I'm going to flip cars. If I buy the right ones, they won't need much "fixing up". This car only needs a drivers door mirror, a little doctoring of the headliner, and to figure out why all the salamander lights are on. But I've driven it about 150 miles and it runs great, and it is in really great shape, body wise. I can make it look fantastic. The consignor didn't wash it, and all the lights on scared the people from bidding. I just washed it, and it already looks 50% better. I use black wax on black cars. I will not lose on this one. But, until I get more credit to invest, and pay down on some of the debt, I'm laying low a little while longer before I start flipping. If I flip a couple of the right cars I can go from negative debt to positive cashflow in a matter of weeks. I know how to do it.

 

 

PCM

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Yes, I'm going to flip cars. If I buy the right ones, they won't need much "fixing up". This car only needs a drivers door mirror, a little doctoring of the headliner, and to figure out why all the salamander lights are on. But I've driven it about 150 miles and it runs great, and it is in really great shape, body wise. I can make it look fantastic. The consignor didn't wash it, and all the lights on scared the people from bidding. I just washed it, and it already looks 50% better. I use black wax on black cars. I will not lose on this one. But, until I get more credit to invest, and pay down on some of the debt, I'm laying low a little while longer before I start flipping. If I flip a couple of the right cars I can go from negative debt to positive cashflow in a matter of weeks. I know how to do it.

 

 

PCM

 

Pics?

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The last post in this topic was posted 1197 days ago. 

 

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