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tweak1

Need Guidance / Progress Thread

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So I've decided to start a progress thread and I feel like I'm stuck right now as well.

 

EQ - My cleanest report, I've deleted all of my previous addresses.

 

Discover Secured - Balance 2000/2500 - Current/working on paying this balance down

Capital One - 0/300 - Current with 0 balance

Comenity - 0/300 - Current with 0 balance

 

Negatives

Nissan - Repoed, DOFD - 11/2012 - Balance $9000

Calvary - This account I was sued, and settled. Date opened on 10/2014 - OC was Syncrony, DOFD with them was 10/2012

Diversified Consultants - 0 Balance, Date opened 03/23/17 - paid in full to OC in 12/2017

PRA - Balance 1082. OC Capital One. DOFD was 05/2013. Just sent a DV letter to PRA.

PRA - Balance $1888. - not sure what to do with this account, sent a validation letter, but PRA just sent a generic letter with the last statement from the OC. But the balance amount that was sold to PRA from the OC was 40.00 more. Date Opened 11/15. From Feb 2016/Jan 2017, they were reporting 40.00 more due to the incorrect amount from the OC. It was than corrected to 1888 on Feb of 17. OC was Comenity, and first DOFD was on 11/2013

 

Experian - They won't delete any addresses that has a trade line attached to it.

 

Discover Secured - Balance 2000/2500 - Current/working on paying this balance down

Capital One - 0/300 - Current with 0 balance

Comenity - 0/300 - Current with 0 balance

 

Negatives

Alliant Credit Union - Loan, Balance 1450.00 - DOFD 03/2013 C/O

Alliant Credit Union CC - Balance 1183 - DOFD 03/2013 C/O

Chase CC - Balance 2800 - DOFD 04/2013 C/O

Diversified Consultants - 0 Balance, Date opened 03/23/17 - paid in full to OC in 12/2017

Nissan - Repoed, DOFD - 11/2012 - Balance $9000

PRA - Balance 1888 - Same story as above

PRA - Balance 1082 - Same story as above

Synchrony - Balance 0.00 DOFD 10/2012 C/O sold to Calvary

Calvary - This account I was sued, and settled. Date opened on 10/2014 - OC was Syncrony, DOFD with them was 10/2012

 

Transunion

 

Discover Secured - Balance 2000/2500 - Current/working on paying this balance down

Capital One - 0/300 - Current with 0 balance

Comenity - 0/300 - Current with 0 balance

 

Negative

Alliant Credit Union - Loan, Balance 1450.00 - DOFD 03/2013 C/O

Alliant Credit Union CC - Balance 1183 - DOFD 03/2013 C/O

Chase CC - Balance 2800 - DOFD 04/2013 C/O

Nissan - Repoed, DOFD - 11/2012 - Balance $9000

Synchrony - Balance 0.00 DOFD 10/2012 C/O sold to Calvary

PRA - Balance 1082 - Same story as above

Calvary - This account I was sued, and settled. Date opened on 10/2014 - OC was Syncrony, DOFD with them was 10/2012

PRA - Balance 1888 - Same story as above

Diversified Consultants - 0 Balance, Date opened 03/23/17 - paid in full to OC in 12/2017

 

Short Term Goals -

Apply for a secured NFCU after I pay off the Discover

 

Long Term Goals (2 years plus)

Unsecure the NFCU

Apply for Amex Cash Everyday Card

Possibly a charge card.

Purchase a home

 

I'll keep these updated as I go. Any advice going forward would be fantastic. I'm located in AZ, but all of these tradelines were originally from when I lived in Illinois.

 

 

 

 

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First thing I would do (if you haven't already) is figure out which of those (if any) are within SOL. The $9k balance on the car repo would be a good place to start.

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Cancel the Discover Card and use the security deposit to pay it off. That $2,000/$2,500 is killing you. You also have two open cards. I assume (hope?) that you use them every month. Personally, I prefer keeping a $1 balance on each of my cards. When the statement comes out, I charge something, and then pay the amount I charged, bringing the balance back down to $1.

 

I also wonder why you want to get a secured card from NFCU. Is this an institution that you desire to build a relationship with or are you under the mistaken notion that a new secured credit card will magically solve your credit problems?

 

What are your goals? Are you trying to get credit now? Do you hope to buy a car/house in the foreseeable future? Or do you just want to have an improved credit score in case you need it in the future?

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I've actually thought about closing the Discover. It's not really an institution that I planned on using the long term. Initially I was paying the Discover in full, but I lost my job and ended up using it for essential needs (car repairs and such). I'm currently employed again.

 

I currently bank with NFCU, and I've seen lots of people on this board have had good results with them.

 

I don't need credit now but I am working to remove as many baddies as I can, to improve my score so I can purchase a home in 2-3 years.

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Closing the Discover card makes zero sense. It just needs to be paid off asap.

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I've actually thought about closing the Discover. It's not really an institution that I planned on using the long term. Initially I was paying the Discover in full, but I lost my job and ended up using it for essential needs (car repairs and such). I'm currently employed again.

 

I currently bank with NFCU, and I've seen lots of people on this board have had good results with them.

 

I don't need credit now but I am working to remove as many baddies as I can, to improve my score so I can purchase a home in 2-3 years.

 

Absolutely 100%% DO NOT close any open revolving accounts.

 

While you are cleaning things up you need to methodically build a thick file of positive accounts, and over time you will need at least five (don't rush to get there).

 

If you had fee-sucking bottom feeder cards the conversation would be different.

 

Closing one of your current cards is a terrible idea.

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I'll keep it open. I should be able to pay it off by mid-March.

 

Do you think Discover would lower my limit to 500 and apply my original deposit to offset the balance?

 

After I pay it off, I'll apply for a secured card with NFCU.

Edited by tweak1

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I'll keep it open. I should be able to pay it off by mid-March.

 

Do you think Discover would lower my limit to 500 and apply my original deposit to offset the balance?

 

After I pay it off, I'll apply for a secured card with NFCU.

 

No, they won't do that. Pay if off and don't run it up again.

 

You have three open accounts. Let them age for a bit and you may not need to get another secured card.

 

Work on CLIs on your other two accounts, although I'd wait until you get your Discovery balance paid way down. March is right around the corner.

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I'll keep it open. I should be able to pay it off by mid-March.

 

Do you think Discover would lower my limit to 500 and apply my original deposit to offset the balance?

 

After I pay it off, I'll apply for a secured card with NFCU.

 

No, they won't do that. Pay if off and don't run it up again.

 

You have three open accounts. Let them age for a bit and you may not need to get another secured card.

 

Work on CLIs on your other two accounts, although I'd wait until you get your Discovery balance paid way down. March is right around the corner.

 

Thank you for your advice.

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I still say you should use your security deposit with Discover Card to pay off your debt. I googled the card, and apparently the interest rate is around 24 percent. So basically you are paying $40 a month to use your own money.

 

Additionally, Discover Card will let you have a secured card with as little as $200. I don't know whether Discover Card will let you cash out part of your security deposit and keep the card open at a lower limit, but it doesn't hurt to ask.

 

How long will it take you to pay the card off under your own steam?

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I still say you should use your security deposit with Discover Card to pay off your debt. I googled the card, and apparently the interest rate is around 24 percent. So basically you are paying $40 a month to use your own money.

 

Additionally, Discover Card will let you have a secured card with as little as $200. I don't know whether Discover Card will let you cash out part of your security deposit and keep the card open at a lower limit, but it doesn't hurt to ask.

 

How long will it take you to pay the card off under your own steam?

 

I'll keep it open. I should be able to pay it off by mid-March.

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So during the time while I'm trying to pay down the balance of the Discover, I'm trying to tackle at least one of the two PRAs.

 

PRA purchased the account 1888 from Express (store card). Does this account have a different SOL than a regular credit card in Arizona?

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So provide a little update, it's been over a year since my initial post...

 

I ended up closing the discover.

At the time, my capital one went from a limit of 300 to 500.

Comenity, never used it. 

 

Over the past year, I used my capital one a lot. I usually maxed it but then paid it off right away. I asked if I could convert from platinum to quicksilver so I can utilize the cash back.

 

January of this year, I opened a secured card with NFCU for 250.00. I literally used it twice from January until now, it always had a zero balance.

 

So as of January, I had NFCU card for with a limit of $250, and a QS card with a limit of $500.

 

Less than 2 weeks ago, Capital one gave me a CLI from 500 to 1500. 

This week, I decided to pull a trigger on 2 apps. the first app was Discover IT cash back card, was approved for 1500.00.

I also applied for NFCU cash card as well. This was denied instantly. The next morning, I saw that my savings account had a little more cash but didn't think much of it. Then I saw that my limit for the nrewards card went from $250 to $2000! They graduated my secured card in 6 months! I asked to have that converted to the cash back card as well and that card is on its way now. 

 

I'm freaking excited obviously, in a span of 2 weeks, I went from a total CL of 750 to 5K... Especially since the NFCU cash card was 1 of 3 cards I really wanted. All 3 CR went from high 500's to now mid 600's. I'm going to garden the QS and IT cards and just use the NFCU card. Time to wait and let them age. Hopefully, my next approval is the AMEX gold next year. Still need to clean up all 3 reports but I'm very excited.

 

 

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13 hours ago, tweak1 said:

So provide a little update, it's been over a year since my initial post...

 

I ended up closing the discover.

At the time, my capital one went from a limit of 300 to 500.

Comenity, never used it. 

 

Over the past year, I used my capital one a lot. I usually maxed it but then paid it off right away. I asked if I could convert from platinum to quicksilver so I can utilize the cash back.

 

January of this year, I opened a secured card with NFCU for 250.00. I literally used it twice from January until now, it always had a zero balance.

 

So as of January, I had NFCU card for with a limit of $250, and a QS card with a limit of $500.

 

Less than 2 weeks ago, Capital one gave me a CLI from 500 to 1500. 

This week, I decided to pull a trigger on 2 apps. the first app was Discover IT cash back card, was approved for 1500.00.

I also applied for NFCU cash card as well. This was denied instantly. The next morning, I saw that my savings account had a little more cash but didn't think much of it. Then I saw that my limit for the nrewards card went from $250 to $2000! They graduated my secured card in 6 months! I asked to have that converted to the cash back card as well and that card is on its way now. 

 

I'm freaking excited obviously, in a span of 2 weeks, I went from a total CL of 750 to 5K... Especially since the NFCU cash card was 1 of 3 cards I really wanted. All 3 CR went from high 500's to now mid 600's. I'm going to garden the QS and IT cards and just use the NFCU card. Time to wait and let them age. Hopefully, my next approval is the AMEX gold next year. Still need to clean up all 3 reports but I'm very excited.

 

 

Thank you for the update, and congrats on your progress!  It takes some patience to get to the finish line...  Keep up the good work!!

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