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Newbie here trying to gain new credit lines TU score 589

The last post in this topic was posted 2217 days ago. 

 

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Hello all,

bk discharged 5/2011, I lost my job, divorced had to depend on govt assistance. Was never able to rebuild credit after bankruptcy. 2013 with my taxes I opened a secured card with nfcu however I used the card as a way to pay myself first by increasing the limit with my bill $$ then paying bills with the card, then paying the minimum every month, not the best idea since I am maxed @$4900 this year tax checks I opened 2 secured loans with nfcu $4800 & $5000. I am trying to create positive activities on my credit reports. As of today my TU score via ck is 589, with 5 closed collection accts & 2 public records, 1 is the bk & the other is a judgment that should have been in the bankruptcy, I plan to dispute in writing.

I recently bought a car financed through chase, I have been making my auto payments early in hopes of a cc offer from them in the future. My question for the experts is: what should I do in order to get offers for cc's or approved? Capital 1 sent me a pre approval for a card however due to a fraud alert on my Ex, they ignored the information contained on the application I submitted and claimed they tried to call me based on #'s from my credit report which were all old and out dated, so I was declined and have a hp on my credit for nothing. I did call Ex yesterday and delete the fraud alert and update my #, what move should I make now? I recently opened pnc accounts however not knowing that there secured card hp my credit they denied me for a secured card. That was my only other strategy, open more secure cards and don't used them, like I did my nf secure mastercard. How can I add new accounts with the score I have? I dont know my other two credit scores yet.

thanks for your assistance, I am trying to rebuild so that I can eventually buy a home for my kids.

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You need to start attacking the negatives, one or two at a time.

 

You have three revolving tradelines (your secured cards), so you have positive history being built.

 

The negatives are holding you back. Have you gotten all three hard copy reports and read the newbie threads?

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I would not worry about new credit since your utilization is so high. Any credit you get will not be worth it in the long run. A lower limit card is most likely what you would receive right now if anything. Attacking your Neg TL and getting Utilization down will be your best bet for obtaining quality TL's. Once you get your utilization down your score will increase from that alone. Then every negative TL deletion score will most likely increase. Patience is detrimental in credit repair and rebuilding.

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Hello CV91915,

thanks for the response, I have not read the entire newbie section however I am working my way through it. I have disputed some accounts on EX, however my only report did not come with a score however when I called Ex on sunday I was told that old addresses are never deleted, I have never used ck until yesterday thanks to the board. My bk only reports on TU, no other reports how I will admit that each report has a little something different, so I am working each report very carefully.

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My mistake I have three installment loans all created this year with nfcu and 1 revolving secure cc maxed out that is 15 months old. I know that I need to buy down the balance, easier said than done'lol

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Also, high util after a BK may indicate to creditors that you haven't learned your lesson and are living on credit again.

 

RE: the judgment....what do you mean "should have been"? Was the OC of the judgment included? If so, I can show you how to get the judgment vacated.

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Going to echo the idea that you don't need any new TLs right now. Your time/energy would be better spent on cleaning up the derogs as much as possible AND working on generating any additional cash to get those balances down.

 

 

The baddies are probably dragging you down most, with utilization a close second. Also keep in mind that credit is a financial tool. Paying those balances down is in your best financial interest, regardless of effect on FICO. Work on those two areas and you'll make big strides.

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Thanks board members for your prompt responses,

I agree that I need to remember why I became bankrupt in the beginning, it's still a little hard to swallow. Yes Mono5 the

Judgement was included in the filing of the bankruptcy I just need to get a copy of my paperwork from the court, any advice would be appreciated. EYKAY, because they are closed collections accounts Verizon wireless, fingerhut, Salle Mae how should I approached them? Settlements or dv first?

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:swoon: 'Mono5'? lol! :rofl:

 

Anyway, send me a PM with the details and I will try to help you get that judgment vacated (and removed). :wave:

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If the judgement was IIB, it can not be vacated - at least that is what the judge told me when I tried. So after sending the vacating Judgement request to the courts and being denied - I used the Why Chat Judgement removal letter and am awaiting the results now.

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MrDonivan, I guess it is a YMMV situation. I did the following:

 

I filed a Motion to Vacate against the original judgment. Sent a copy to the opposing lawyer. Basically, what I did was specify that the OC's debt was included in BK (case # included). Next paragraph I specified that per 11 U.S. Code § 524 - Effect of discharge:

(a) A discharge in a case under this title—

(1) voids any judgment at any time obtained, to the extent that such judgment is a determination of the personal liability of the debtor with respect to any debt discharged under section 727, 944, 1141, 1228, or 1328 of this title, whether or not discharge of such debt is waived;
Then next paragraph:
Per Merriam Webster: "Voids -
transitive verb
1
a : to make empty or vacant : clear
b: vacate, leave
3

 

(emphasis mine).

 

I stated that per US Code, the discharge "voids", aka: "vacates", the judgment.

 

Then I attached an order vacating the judgment for the judge to sign. I mailed it to the court.

 

Judgment vacated. :)

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