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Credit Repair- if it's written, it's real


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The last post in this topic was posted 3476 days ago. 

 

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Hi,

 

I'm a Newbie and this site was reco'd by my BF bc I need to work on my credit. I wrote down my credit score goal as 750. I was told once, if it's written its real. That kept me on top of goals in life and has been a successful tool in my life thus far. It's pretty much a twist on a vision board. Anywho, with all that said, I would love opinions and recos on what, how, and when I should do certain things to reach this goal. I have read difft posts, but there is so much info that helps, but also pushes me one more step away from achieving my goal bc I just don't understand certain things mentioned.

 

Here's what I'm working with:

 

When I was younger, I did what most recent grads did to ruin their credit-- I applied and was approved for every cc and store card I could possibly get. I rem counting it to be approx 11 cards. I was under the impression that this gave me credit history and would help build my credit. I obviously maxed them all out, made late payments and eventually stopped paying on them. Probly brought my CS to high 400s, low 500s

 

In 2009/2010, I was able to pay them all off giving myself $0 debt. Once again thinking, if I have zero debt my CS will be better. Mistakes doing that involved paying charged off accts, settling accts and speaking to CAs that bullied and talked me into handling things their way or no way, which now I know...wrong thing to do.

 

I fig'd that by time I finish my advanced degree (2009-2013), my credit would get better esp if I stayed away fr CCs. The only time my CR was touched were inquiries for car loan leases in between that time.

 

Finally my most recent car lease inquiry in 6/2013 revealed EQ beacon 611, EX FICO 641, TU FICO 681.

 

This is where I am stuck on what to do.

I pulled EX CR that says 8 potentially negative items. These include CCs and store cards that had late payments and closed per CGR, 2 late payments on car note ( which I think only one is valid), and late payments on 2 store cards that I still have open and am able to use ( which I do on one of them, currently at less than 10% UR bc they gave a CLI out of nowhere)

 

I joined CK, score has been at 648 the whole time since i joined abt 6 moths ago, just joined Credit sesame, which my score is 641. I have my advanced degree student loans which are roughly abt $200,000+ (Yikes), the low balance store card, and car loan as my debt. I have 4 hard inquiries, which were made by the same car loan companies (2 in June 2013, then 2 again in Sept 2013), car actually purchased in Sept 2013.

 

I NEED HELP at this point!! I searched CB for what my next steps should be to increase my credit score, but too many options, I just don't know which is best for my situation. I was thinking to get a secured card and/or sign up for a credit card, but I really just don't know what to do! HELP ME PLEASE! I've seen the wonderful advice given by the community and hope that I can receive the same. Thx in advance to all :)

 

PS I thought I had one negative item falling off of my acct last year, but it seems to have showed up under a different company name, but same acct number. And I will have about 2-3 items falling off by the end of next year.

 

Tx again

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The fall off date is 7 years after the account first went bad (the first payment you missed and never caught up, leading to eventual charge off). Making payments on a charged off account or having it transfer to another company doesn't reset the fall-off.

 

So if you have any accounts which are that old and still reporting, dispute as obsolete.

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I would clean reports first, then apply .

Actually, he/she needs to have some real revolving credit to improve scores (not store cards). So, IMO, I would get a good secured card to use during the cleanup time.

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If you have no credit cards, maybe you should open a secured card or 2 and let them age while you finish credit repair. That way when your reports are better you will have a jump start and can hit the ground running.

 

Yea, that's what I was thinking as well. It'll be like killin 2 birds with one stone. Great advice

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You need 3 non-store cards preferably

 

I would then Start Report triage... Start with the easiest and move to the hardest.

 

Read some of the pinned threads they will give you some direction

Sounds like a plan! Now to fig out what's the easiest and what's the hardest. Sigh!

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  • 2 weeks later...

Applied for the chase freedom and was denied due to 'delinquency or other derogatory relationship with our bank'. Would I call the recon line in this type of situation? Only reason I can think this occurred is bc I closed my checking acct with them because I could not afford the monthly fees. Could there be any other reason, because I have never had a card with them in the past...

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Applied for the chase freedom and was denied due to 'delinquency or other derogatory relationship with our bank'. Would I call the recon line in this type of situation? Only reason I can think this occurred is bc I closed my checking acct with them because I could not afford the monthly fees. Could there be any other reason, because I have never had a card with them in the past...

 

You need to app for secured cards first then wait 6 months or so before going for unsecured cards. The Freedom card is not secured and it is a rewards card. Both of those make it much harder to get than secured cards.

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Applied for the chase freedom and was denied due to 'delinquency or other derogatory relationship with our bank'. Would I call the recon line in this type of situation? Only reason I can think this occurred is bc I closed my checking acct with them because I could not afford the monthly fees. Could there be any other reason, because I have never had a card with them in the past...

 

You need to app for secured cards first then wait 6 months or so before going for unsecured cards. The Freedom card is not secured and it is a rewards card. Both of those make it much harder to get than secured cards.

Yea, I will just do that. I called recon and they told me a had a c/o with them in 2008. I don't even remember ever having a chase card and especially not paying that charge off. They gave me a number to their recovery agency, but not sure what that will do to prove it's not me. And none of this is on my credit report, so not sure how they even see this.

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Applied for the chase freedom and was denied due to 'delinquency or other derogatory relationship with our bank'. Would I call the recon line in this type of situation? Only reason I can think this occurred is bc I closed my checking acct with them because I could not afford the monthly fees. Could there be any other reason, because I have never had a card with them in the past...

You need to app for secured cards first then wait 6 months or so before going for unsecured cards. The Freedom card is not secured and it is a rewards card. Both of those make it much harder to get than secured cards.

Yea, I will just do that. I called recon and they told me a had a c/o with them in 2008. I don't even remember ever having a chase card and especially not paying that charge off. They gave me a number to their recovery agency, but not sure what that will do to prove it's not me. And none of this is on my credit report, so not sure how they even see this.

 

 

Creditors have their own records. While federal law results in removal of most negatives after 7 years from credit reports there is no limitation on how long creditors can retain account information. Refusing an app based on their own records is known as blacklisting and some places are more forgiving than others. You can search here on "blacklisting" for further info.

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Creditors have their own records. While federal law results in removal of most negatives after 7 years from credit reports there is no limitation on how long creditors can retain account information. Refusing an app based on their own records is known as blacklisting and some places are more forgiving than others. You can search here on "blacklisting" for further info.

 

Oh Ok. Good to know. Thanks for the info. Will look into that :-)

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The Chase Freedom is a prime card. You are not in that league yet because your CR shows charged off accounts as well as no recent good credit. Even if you were off the Chase blacklist they still would not have approved you for that card.

 

You need to start with secured cards and "rebuilder" type accounts like the others recommended.

Edited by mk_378
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The Chase Freedom is a prime card. You are not in that league yet because your CR shows charged off accounts as well as no recent good credit. Even if you were off the Chase blacklist they still would not have approved you for that card.

 

You need to start with secured cards and "rebuilder" type accounts like the others recommended.

I guess I was shooting for the cards instead of shooting for the clouds. :-/. Baby steps, baby steps...secured cards it is.

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