shifter's Rebuilding Thread

[shifter]

On 4/8/2020 at 11:29 AM, shifter said:

after 90 days on my wife's NFCU account with the paltry $3k limit, requested a CLI.

 

declined with "Your NFCU CC account is too new".

 

I don't know why they don't like her. I applied with several 30DL showing and they gave me $25k right off the bat and up to $50k in 6 months. she had a completely clean report, 760 FICO and they give her $3k and won't budget. very strange.

got a letter from NFCU. "Under updated review criteria, we approved your account for a credit limit increase of $500". obviously COVID related, but kind of annoying because I was going to request another CLI next week, but obviously if they only are offering $500, they are not interested.

[shifter]

On 4/7/2020 at 8:33 AM, shifter said:

Got a bug yesterday and decided to test the Chase BL, so I apped the Freedom card. Got an immediate decline. Tried to call some backdoor numbers and they are all closed for the pandemic. Called the EO and they transferred me to a standard line with an hour wait. Recon isn't what it used to be in this climate. 

 

Found out this morning they pulled EQ. 

got a standard decline letter in the mail referencing my "previous relationship".

 

I went ahead today and tried to open a small business bank account as I used to bank with them and am tired of SunTrust, but got an auto-decline. I didn't have any issues with my bank account and don't have any Chex issues, so not sure why they wouldn't want to open an account. I guess they check their internal BL for bank accounts also.

[shifter]

On 2/7/2020 at 11:46 AM, shifter said:

yep, declined for insufficient use of existing credit line and too many inqs. guess I'll try again in another 3 months.

C1 CLI declined again for insufficient use of existing credit line. the only thing that goes on that card is a $64 auto debit each month. I guess I'll try again in another 3 months. certainly not going to put any additional spend on it.

[shifter]

On 3/13/2020 at 1:44 AM, Olmi said:

Early in your journey, you considered a settlement strategy that you ultimately rejected because of the hit to your credit score.  You eventually were forced to go down the BK path.  Given what you know now, if the debt settlement option would have been an alternative to BK, would you have chosen debt settlement or BK?   

 

I ask because I am at the point where I have to either (i) negotiate debt settlements (ii) file BK (iii) get a reduced APR/ payment  plan or (iv) grind it out to my next bonus ~$100k at YE and pay down half my debt and then attempt a debt consolidation loan for the other $100k.  

 

Thanks for any thoughts you may have in advance.  

wow, I have no idea how I missed this post and never responded. probably too late for any advice, but the reason I went down the BK path is because the big contract I was working on fell through and I knew I had no other choice. BK is the nuclear option and when you have as ugly a situation as I did, anything short of nuclear might not be enough. however, if you have a legitimate payday that is coming, cutting everything and grinding it out and saving your credit is definitely the way to go.

 

debt settlement is overrated. I went that option many years ago and it didn't work out the way all of those "easy settlement" firm ads make it out to be. if you are legitimately bankrupt, file BK, don't mess around with settlements. settlements are ok if your credit is already wrecked because you missed payments and your debt load is small enough that it's manageable i.e. just a short term cash flow issue caused your debt. if you have debt caused by years and years of neglect and poor financial decisions, it's unlikely to be a good option.

Edited June 11, 2020 by shifter

[shifter]

My wife got a pre-app email from DCU for a 10k Visa. Not a great product, but decided it made sense at this point in her journey, as she only has 2 open cards and it's one of the only Visas she can get given all the creditors burned. Also, no FTF makes it a good backup option for a travel card since so many places don't accept Amex. Got instantly approved.

[shifter]

On 6/15/2020 at 3:33 PM, shifter said:

My wife got a pre-app email from DCU for a 10k Visa. Not a great product, but decided it made sense at this point in her journey, as she only has 2 open cards and it's one of the only Visas she can get given all the creditors burned. Also, no FTF makes it a good backup option for a travel card since so many places don't accept Amex. Got instantly approved.

shocked to find out they didn't even pull a hard. considering how pull happy they've always been this is a real shock. guess pre-app = done deal.

[shifter]

It seemed with the DCU here, but no inq and it hasn't show up yet on the reports, time for a mini app spree for the wife.

 

Not lots of choices, but went with Citi Simplicity. Was hoping for a decent limit, but only got $4,300.

 

At least she doubled her card total to 4.

Edited June 24, 2020 by shifter

[Rogue]

7 hours ago, shifter said:

It seemed with the DCU here, but no inq and it hasn't show up yet on the reports, time for a mini app spree for the wife.

 

Not lots of choices, but went with Citi Simplicity. Was hoping for a decent limit, but only got $4,300.

 

At least she doubled her card total to 4.

Congrats on the progress! And get your wife that critical 5th card, it will make a difference....

 

Citibank has been really stingy the last few months, so not too surprised about the limit, however it's a good start and she should be able to get a no-pull CLI in six months.

[RehabbingANDBlabbing]

On 6/24/2020 at 6:32 PM, shifter said:

It seemed with the DCU here, but no inq and it hasn't show up yet on the reports, time for a mini app spree for the wife.

 

Not lots of choices, but went with Citi Simplicity. Was hoping for a decent limit, but only got $4,300.

 

At least she doubled her card total to 4.

I got a DCU Visa recently as well. They offered it to me as a pre-approval when I opened the membership/checking. I took it on that app. They later said I needed to call and finalize the loan. I did that and they asked me about which card I wanted, told me the rate and limit, and that was it. They never pulled a hard inquiry for the account and I have had it for nearly a month now.

[shifter]

On 6/25/2020 at 3:05 AM, Rogue said:

Congrats on the progress! And get your wife that critical 5th card, it will make a difference....

 

Citibank has been really stingy the last few months, so not too surprised about the limit, however it's a good start and she should be able to get a no-pull CLI in six months.

Thanks. Hopefully on the CLI but Citi has been weird. We both IIB'd them for a large amount. But we both have had no problem getting instant approvals on 2 new cards each. However when it comes to CLIs, they've been much less generous. I've been declined most times with only the smallest increases when they do approve. So we'll see how it goes with her on this one. 

[shifter]

On 4/14/2020 at 3:15 PM, shifter said:

got a letter from NFCU. "Under updated review criteria, we approved your account for a credit limit increase of $500". obviously COVID related, but kind of annoying because I was going to request another CLI next week, but obviously if they only are offering $500, they are not interested.

The strangeness continues. Requested another CLI after 90 days since the last decline. Got a letter with "you have reached the maximum unsecured credit limit". $3500 really? I really can't make sense of why they dislike her so much. The letter references an 804 FICO 04. It really makes no sense at all unless somehow they did some research via PACER or maybe softed her via TU and found her BK? But even if that happened later I'm not sure how that would have given her the initial paltry $3k CL.

[ValleyGuyTX]

On 9/8/2017 at 3:14 PM, shifter said:

I was thinking about that as well. not sure what the good options are?

 

I just realized the spreadsheet in my other thread had the creditors redacted.

 

I IIB'd pretty much everyone worth anything.

 

Amex

Barclay

BofA

C1

Chase

Citi

Comenity

FNBO

Nordstrom

PenFed

PNC

Synchrony

US Bank

USAA

Discover should be a good secured option, they helped with my recovery and automatically send your deposit back (if your credits getting better) after 6mos or a year, they report to all 3.

 

[shifter]

Interesting development today. My wife got a pre-app in the mail from Discover for the it card. 5% rotating + CB match for a year is nice. My first year just ended, so it's a good time to re-up. Plus apping in Sept means you can double dip on Amazon which is easy to hit the max in one day with a GC.

 

Problem is she technically IIB'd Disco because I forgot to close the $0 balance card before she filed. She app'd Disco after her discharge and was insta-declined for a previous relationship.

 

Decided to try the pre-app anyway and she scored an $11,500 CL! Shocker from Disco to say the least.

[shifter]

In other news, she tried for a CLI on her Citi card this week. Got declined and I was a bit surprised. Just got the reason.

 

They pulled TU! No idea they used TU for AR. They've always used EQ only. That's unfortunate since TU has the BK.

[shifter]

Even funnier, I just tried for a CLI on her other Citi card.

 

Insta-approved!

 

New Credit Limit: $5,800

Prior Credit Limit: $4,300

[shifter]

Pulled down my CCT to review. Citi hasn't updated my DC account since August when it was maxed out at 91% util even though it's been much lower the past 3 months. They updated my Costco Visa. Thanks, Citi!

[shifter]

On 9/24/2020 at 6:53 PM, shifter said:

In other news, she tried for a CLI on her Citi card this week. Got declined and I was a bit surprised. Just got the reason.

 

They pulled TU! No idea they used TU for AR. They've always used EQ only. That's unfortunate since TU has the BK.

Tried again today and same decline since they pulled TU again. I don't know how this card got "stuck" on the TU track, but it seems it's going to be a roadblock to further CLIs.

[shifter]

On 6/27/2020 at 1:02 PM, shifter said:

The strangeness continues. Requested another CLI after 90 days since the last decline. Got a letter with "you have reached the maximum unsecured credit limit". $3500 really? I really can't make sense of why they dislike her so much. The letter references an 804 FICO 04. It really makes no sense at all unless somehow they did some research via PACER or maybe softed her via TU and found her BK? But even if that happened later I'm not sure how that would have given her the initial paltry $3k CL.

Waited 6 months after this decline to try again with NFCU. Requested $25k and got the same message "you have reached the maximum unsecured credit limit", but at least they increased it to $7500. So, making progress.

Edited December 20, 2020 by shifter

[Rogue]

On ‎12‎/‎14‎/‎2020 at 9:22 AM, shifter said:

Tried again today and same decline since they pulled TU again. I don't know how this card got "stuck" on the TU track, but it seems it's going to be a roadblock to further CLIs.

Just freeze TU prior to your next request and see if they automatically pull a different CRA! You have nothing to lose here if they don't and a potential CLI to gain if they do......

[shifter]

On 12/20/2020 at 10:42 PM, Rogue said:

Just freeze TU prior to your next request and see if they automatically pull a different CRA! You have nothing to lose here if they don't and a potential CLI to gain if they do......

TU has been frozen for ages. They are using their monthly AR pull for the review.

[shifter]

Wife with CLI request on Citi Simplicity finally got a small bump 5.8k -> 7.8k.

[shifter]

With interest rates continuing to be low, I've been looking to refi and in a few days it will be 4 years from discharge. EX is going to be my middle score, so I checked my FICO 2 available on my CCT subscription. I've checked it a few times in the past year and as recently as last month it's been 680-700 depending on my CC balances at the time.

 

Well, I check it for this first time this month and it's at 719! Certainly wasn't expecting a random 40 point bump. It looks like I just hit a threshold. Some things I can think of:

 

• 4 years from discharge
  • Not sure if that's a thing.
• 5 years from my last negative, which was July 2016 when I filed.
  • Seems though that one would be a month early.
• 5 years from my last late payment
  • I had 30DL on my accounts in June 2016.

 

I'm not sure if there's any specific data on this particular post BK threshold w/r/t FICO 2? My EX FICO8 hasn't changed.

 

Looking at the graph thread, it does appear 5 years from a derog is a big threshold. A 90DL reaching 5 years is exactly a 40 point bump. That would make perfect sense, but it's odd my FICO08 hasn't moved.

 

Edited June 13, 2021 by shifter

[shifter]

Crazy difference in EX FICO2 and 08 with balances.

 

Had a card report at 87% yesterday.

 

FICO08 drops 1 point. FICO2 drops 23 points.

[althes]

yeah I hate FICO2.

Between my FICO8 and FICO2 is about a 90 point difference.

[shifter]

CLI day with NFCU for the wife.

 

Got another small boost $7.5k -> $11.5k.

 

That's two $4k increases in a row. At least things are finally moving forward after they kept her capped so low for the first 18 months.

Edited June 28, 2021 by shifter