Jump to content

MarcuzAgrippa's Rebuilding Quest!


MarcuzAgrippa
 Share

Recommended Posts

6 hours ago, cv91915 said:

 

As I understand the 1099 aspects of the second option, there will only be a tax implication if you were solvent at the time (had more assets than liabilities).

 

As a practical matter I'd want to put this behind me, and I'd take option 2.  Not only is it going to be less expensive, it's a settled matter and once less thing to obsess about (maybe you aren't obsessing, but I would... it's an individual thing).

 

Either credit reporting outcome is going to impact your scores the same, and I don't see you paying much (if any) additional interest on future installment credit while this is reporting -- or if you do, it certainly wouldn't be the $10,000 difference if your household has relatively moderate credit needs.

 

Even if you plan to get a large mortgage, any incremental cost impact will be from what the TL does to your scores, which will be the same with either option.

 

Good luck with your decision.

 

 

 

@cv91915 Makes sense. My plan was option 2 and then to pay it off in a lump sum down the line. I don't have any assets at all so the second option works for me from a tax perspective. Especially since even if I did, this would be something I would settle on my 2021 taxes down the line. 

 

A friend of mine mentioned they probably sent this offer since they periodically do soft pulls on an account holder (current or priors) credit and saw I am rebuilding and all the positive lines I've added. I pulled my free annual report and saw them and few other creditors on there with soft pulls (Bank of America, Discover, etc.) all of who I owe but the debt will be disputed for early obsolete in a few months. Have you or anyone else seen this before? Thoughts on this? Is it even legal for them to keep soft pulling like this? 

Link to comment
Share on other sites


2 hours ago, MarcuzAgrippa said:

I pulled my free annual report and saw them and few other creditors on there with soft pulls (Bank of America, Discover, etc.) all of who I owe but the debt will be disputed for early obsolete in a few months. Have you or anyone else seen this before? Thoughts on this? Is it even legal for them to keep soft pulling like this?

Yes, completely legal.

Link to comment
Share on other sites

2 hours ago, cv91915 said:

Yes, completely legal.

I figured as much. Had a friend apply for a mortgage and within days calls, letters, and emails were coming out of the woodworks to try and collect on older balances OC and CA thought he may need to pay to get a loan and close on his property.

Link to comment
Share on other sites

2 hours ago, MarcuzAgrippa said:

I figured as much. Had a friend apply for a mortgage and within days calls, letters, and emails were coming out of the woodworks to try and collect on older balances OC and CA thought he may need to pay to get a loan and close on his property.

That's another level beyond softing your reports.  Companies can subscribe to be notified of key changes on your credit reports, like mortgage inquiries, that signal a higher likelihood of repayment. 

 

Some will suddenly start reporting after this happens, because they know there's a decent chance that a mortgage underwriter will require the account to be settled before giving final approval on the loan.  

Link to comment
Share on other sites

  • 4 weeks later...
On 2/19/2020 at 1:26 AM, MarcuzAgrippa said:
Hey there everyone! I've been a lurker for way to long and decided it's time to get to rebuilding my credit. Thank you to everyone who has contributed on this forum! It has been a help to many and will to me also. So here are my details....🤕
 
Background
About May 2014 I lost my job of 5 years and my apartment all in a 30 day span because life happens of course. I had some savings to stay afloat but it ran out and I couldn't run to a well paying job like the one I had fast enough. Hence, my credit went down the drain over the next year.
 
Baddies
I sucked it up and went to MyFico to get a real snapshot of my situation after pulling my three annual reports. At this time I have about 10 baddies on my CR s.
 
Bank of America - CC that is a CO
  • Hey there everyone! I've been a lurker for way to long and decided it's time to get to rebuilding my credit. Thank you to everyone who has contributed on this forum! It has been a help to many and will to me also. So here are my details....
     
    Background
    About May 2014 I lost my job of 5 years and my apartment all in a 30 day span because life happens of course. I had some savings to stay afloat but it ran out and I couldn't run to a well paying job like the one I had fast enough. Hence, my credit went down the drain over the next year.
     
    Baddies
    I sucked it up and went to MyFico to get a real snapshot of my situation after pulling my three annual reports. At this time I have about 10 baddies on my CR s.
     
    Bank of America - CC that is a CO
  • DOFD - 12/2014
  • DOLA - 01/2015
  • CL - $2,100
  • Deficient Balance - $2,342
  • Getting emails over the last few month directly from CCC trying to settle the account. Started at $1,200 or so now trying to settle account for around $700. Account falls off report in 2021.
 
Capital One Auto Finance - Auto Loan that is a CO
  • DOFD - 11/2018
  • DOLA - EQ shows 09/2018 and TU shows 07/2019
  • Deficient Balance - $11,767 after repo and auction
  • Offered to settle for $2,354 in 08/2019 via lump sum or payments of up to 12 installments.
 
Delta Community Credit Union - Auto Loan that is a CO
  • DOFD - 08/2014
  • DOLA - EQ shows 08/2014 and TU shows 06/2014
  • Deficient Balance - $1,881 after repo auction
  • Never offered to settle debt
 
Dept of Ed/Nelnet - Student Loan
  • DOFD - 04/2015
  • DOLA - 01/2018
  • Paid as agreed with only 90 days late derogs showing
    • EQ 08/2015, 07/2015, 06/2015
    • TU 04/2015 - 08/2015
    • EXP only 08/2015
 
Discover Bank - CC that is a CO
  • DOFD - EQ 04/2015, EXP 12/2017?
  • DOLA - EQ 11/2014, TU 06/2014
  • Deficient Balance - $1,413
  • No offer to settle. CCC tried to get judgement in small claims court. CCC's attorney no showed and case was dismissed. Didn't even know about the case until maybe 2018 cause they sent court notice to prior address.
 
Georgia Power - Utility Company
  • DOFD - 06/2014
  • DOLA - 10/2015
  • Deficient Balance - $0
  • Paid balance in full after CO. Only shows on EQ on CR.
 
Georgia's Own Credit Union - CC that is a CO
  • DOFD - 08/2014
  • DOLA - 09/2014
  • Deficient Balance - $0 (prior $1,222)
  • No offer to settle. Only reports to EQ and EXP. No reporting from CCC since 02/2015.
 
Macy's - CC that is a CO
  • DOFD - EQ 10/2014, EXP 12/2017
  • DOLA - EQ 07/2014, TU 06/2014
  • Deficient Balance - $0
  • Used to call like crazy but I went off on the CA and mentioned the FCRA and CFPB and they never called or sent a letter again back around 2015/2016.
 
Portfolio Recovery - CA for OC
  • DOFD - 02/2015 (date CA was assigned)
  • DOLA - 08/2018 (stupidly made a payment to CA)
  • Deficient Balance - $474 (started as $624)
  • Made a payment in late 2018 to CA then stopped. Got a letter or two from them then they went away. OC was Synchrony Bank for a Care Credit CC.
 
Progressive Insurance - Place with CA by OC
  • DOFD - 04/2019 (date CA was assigned)
  • Deficient Balance - $212
  • Assigned with CA Caine Weiner. Had a car repo'd and forgot to cancel the insurance. OC for car called file claim and insurance company cancelled policy once notified of the repo.
  •  
    In addition to the baddies I have about 8 old addresses listed under the CRAs
     
    Inquiries
    EQ
  • 3 hard from two car dealers (10/12/2018, 10/16/2018, 10/19/2018)
    • Never signed anything and it looks like dealer pulled over the phone when calling about trying to trade in car to avoid repo by Cap1 from above.
  • 15 soft
    • Mostly Credit Karma and Lexis Nexis from shopping auto insurance rates.
  • TU
  • 1 hard from 10/19/2018 car dealer
  • 17 soft (same reasons as EQ)
  •  
    EXP
  • 1 hard from 10/19/2018 car dealer
  • 29 soft
    • Same reason as above and some skip tracing via repo companies.
  •  
    Scores
    Fico 8 Scores
  • EQ - 490
  • TU - 496
  • EXP - 523
  •  
    Next Steps Taken
  • Opt'd Out - 02/2020
  • Gearing up to get old addresses removed from CR
  • Approved for Self Lender Account
    • 12 installments at $48
  •  
    Goals
  • Get scores of to 600.
    • No specific timeframe but, to be accountable 12-18 month in my case seems fair.
  •  
    Questions
  • With derogs this old should I just rebuild for the year via Self Lender and maybe a Secure CC in 3-6 month and let the derogs fall off in late 2021?
  • EXP has the complete wrong date of birth listed for me as 12/31/1987. Trying to age me I guess. Dispute this at the same time as the addresses showing proof via license?
  • Should I settle any of these accounts? If any I would consider the Cap1 Auto loan since they offered $2358 and the balance is over $11k.
  • PFD on the CAs or DV first?
  • - 12/2014
  • DOLA - 01/2015
  • CL - $2,100
  • Deficient Balance - $2,342
  • Getting emails over the last few month directly from CCC trying to settle the account. Started at $1,200 or so now trying to settle account for around $700. Account falls off report in 2021.
 
Capital One Auto Finance - Auto Loan that is a CO
  • DoFD - 11/2018
  • DOLA - EQ shows 09/2018 and TU shows 07/2019
  • Deficient Balance - $11,767 after repo and auction
  • Offered to settle for $2,354 in 08/2019 via lump sum or payments of up to 12 installments.
 
Delta Community Credit Union - Auto Loan that is a CO
  • DoFD - 08/2014
  • DOLA - EQ shows 08/2014 and TU shows 06/2014
  • Deficient Balance - $1,881 after repo auction
  • Never offered to settle debt
 
Dept of Ed/Nelnet - Student Loan
  • DoFD - 04/2015
  • DOLA - 01/2018
  • Paid as agreed with only 90 days late derogs showing
    • EQ 08/2015, 07/2015, 06/2015
    • TU 04/2015 - 08/2015
    • EXP only 08/2015
 
Discover Bank - CC that is a CO
  • DoFD - EQ 04/2015, EXP 12/2017?
  • DOLA - EQ 11/2014, TU 06/2014
  • Deficient Balance - $1,413
  • No offer to settle. CCC tried to get judgement in small claims court. CCC's attorney no showed and case was dismissed. Didn't even know about the case until maybe 2018 cause they sent court notice to prior address.
 
Georgia Power - Utility Company
  • DoFD - 06/2014
  • DOLA - 10/2015
  • Deficient Balance - $0
  • Paid balance in full after CO. Only shows on EQ on CR.
 
Georgia's Own Credit Union - CC that is a CO
  • DoFD - 08/2014
  • DOLA - 09/2014
  • Deficient Balance - $0 (prior $1,222)
  • No offer to settle. Only reports to EQ and EXP. No reporting from CCC since 02/2015.
 
Macy's - CC that is a CO
  • DoFD - EQ 10/2014, EXP 12/2017
  • DOLA - EQ 07/2014, TU 06/2014
  • Deficient Balance - $0
  • Used to call like crazy but I went off on the CA and mentioned the FCRA and CFPB and they never called or sent a letter again back around 2015/2016.
 
Portfolio Recovery - CA for OC
  • DoFD - 02/2015 (date CA was assigned)
  • DOLA - 08/2018 (stupidly made a payment to CA)
  • Deficient Balance - $474 (started as $624)
  • Made a payment in late 2018 to CA then stopped. Got a letter or two from them then they went away. OC was Synchrony Bank for a Care Credit CC.
 
Progressive Insurance - Place with CA by OC
  • DoFD - 04/2019 (date CA was assigned)
  • Deficient Balance - $212
  • Assigned with CA Caine Weiner. Had a car repo'd and forgot to cancel the insurance. OC for car called file claim and insurance company cancelled policy once notified of the repo.
 
In addition to the baddies I have about 8 old addresses listed under the CRAs
 
Inquiries
EQ
  • 3 hard from two car dealers (10/12/2018, 10/16/2018, 10/19/2018)
    • Never signed anything and it looks like dealer pulled over the phone when calling about trying to trade in car to avoid repo by Cap1 from above.
  • 15 soft
    • Mostly Credit Karma and Lexis Nexis from shopping auto insurance rates.
TU
  • 1 hard from 10/19/2018 car dealer
  • 17 soft (same reasons as EQ)
 
EXP
  • 1 hard from 10/19/2018 car dealer
  • 29 soft
    • Same reason as above and some skip tracing via repo companies.
 
Scores
Fico 8 Scores
  • EQ - 490
  • TU - 496
  • EXP - 523
 
Next Steps Taken
  • Opt'd Out - 02/2020
  • Gearing up to get old addresses removed from CR
  • Approved for Self Lender Account
    • 12 installments at $48
 
Goals
  • Get scores of to 600.
    • No specific time frame but, to be accountable 12-18 month in my case seems fair.
 
Questions
  • With derogs this old should I just rebuild for the year via Self Lender and maybe a Secure CC in 3-6 month and let the derogs fall off in late 2021?
  • EXP has the complete wrong date of birth listed for me as 12/31/1987. Trying to age me I guess. Dispute this at the same time as the addresses showing proof via license?
  • Should I settle any of these accounts? If any I would consider the Cap1 Auto loan since they offered $2358 and the balance is over $11k.
  • PFD on the CAs or DV first?
 
Any guidance looking at my credit profile is appreciated!! 🤗

 

UPDATE!!!

 

Above is where I started...

 

Below is what is where we are at now....

😁

Bank of America - CC that is a CO
  • Removed From TU - Did online dispute for early exclusion / early obsolete and it came right off in real time. Literally sent the dispute and it came off 60 seconds later. Still on EQ and EX until I get closer to their dates of removal due to them being less lenient than TU.
 
Capital One Auto Finance - Auto Loan that is a CO
  • DOFD - 11/2018
  • DOLA - EQ shows 09/2018 and TU shows 07/2019
  • Deficient Balance - $11,767 after repo and auction
  • Offered to settle for $2,354 in 08/2019 via lump sum or payments of up to 12 installments.
  • UPDATE - New settlement offer January 21 for $1765 (15% of the balance). Probably going to take it and make payments to get the balance behind me and move on. Looking up SOL but I believe we are outside of the window for a lawsuit. Hence them offering a lower settlement plus they did a soft pull and probably saw I checked out some financing for Carvana lol
 
Delta Community Credit Union - Auto Loan that is a CO
  • Removed From TU - Did online dispute for early exclusion / early obsolete and it came right off in real time. Literally sent the dispute and it came off 60 seconds later. Still on EQ and EX until I get closer to their dates of removal due to them being less lenient than TU.
 
Dept of Ed/Nelnet - Student Loan
  • Going to try a goodwill letter here and see if I can get the late pays from this student loan updated. 
  • Paid as agreed with only 90 days late derogs showing
    • EQ 08/2015, 07/2015, 06/2015
    • TU 04/2015 - 08/2015
    • EXP only 08/2015
 
Discover Bank - CC that is a CO
  • Still on TU , EX , EQ at this time. Set to fall off in fall 2021.
 
Georgia Power - Utility Company
  • EQ still showing account despite disputes. Still working to get this off as the account has been paid, doesn't show a balance or history. It just says CO
 
Georgia's Own Credit Union - CC that is a CO
  • Removed From TU - Did online dispute for early exclusion / early obsolete and it came right off in real time. Literally sent the dispute and it came off 60 seconds later. Still on EQ and EX until I get closer to their dates of removal due to them being less lenient than TU.
 
Macy's - CC that is a CO
  • Removed From TU - Did online dispute for early exclusion / early obsolete and it came right off in real time. Literally sent the dispute and it came off 60 seconds later. Still on EQ and EX until I get closer to their dates of removal due to them being less lenient than TU.
 
Portfolio Recovery - CA for OC
  • DELETED - Did PFD w/ CA due to low balance and fell off report in 30-45 days
 
Progressive Insurance - Place with CA by OC
  • DELETED- Did PFD w/ CA due to low balance and fell off report in 30-45 days

 

3 Revolving accounts - NFCU , SDFCU , Greylock FCU, Andrews FCU

Self Lender will be paid off in March after 12 months

 

Should I just let the revolving accounts age or add another installment account since the Self account is ending? Something like a share secured loan from NFCU or another good CU or bank? Not going back to Self Lender but still trying to keep the mix flexible to build up my FICO to purchase a vehicle in the near future. 

 

Link to comment
Share on other sites

2 hours ago, MarcuzAgrippa said:

Thank you!! Trying to stay consistent and remember it's a marathon and not a sprint with improving my credits health. Any further advice to help get my FICO higher is greatly appreciated! 😊

Forgive me if you've already been asked and answered this already, but how many open, positive accounts do you have reporting?  What types of accounts are they?

 

Link to comment
Share on other sites

8 hours ago, cv91915 said:

Forgive me if you've already been asked and answered this already, but how many open, positive accounts do you have reporting?  What types of accounts are they?

 

@cv91915 No worries at all. Right now I have the following:

 

Installment Accounts 

  • Self Lender
    • Opened 02/2020 and matures 03/2021
    • All payments on time
    • $539 limit

Revolving Accounts

  • NFCU
    • Opened 09/2020
    • $300 limit, NFCU increased on their own to $600 limit in 12/2020 w/ utilization never above 3%
    • NFCU said in a letter then will review the CC history for potential movement from secured to unsecured 03/2021
  • SDFCU
    • Opened 10/2020
    • $250 Limit w/ utilization never above 3%
  • Greylock FCU
    • Opened 09/2020
    • $250 limit w/ utilization never above 3%
  • Andrews FCU
    • Opened 11/2020
    • $500 limit w/ utilization never above 3%

These are all the positive open accounts I have right now. Since my rebuild started, no new negative accounts have been added and no late pays at all. 

Link to comment
Share on other sites

2 hours ago, MarcuzAgrippa said:

@cv91915 No worries at all. Right now I have the following:

 

Installment Accounts 

  • Self Lender
    • Opened 02/2020 and matures 03/2021
    • All payments on time
    • $539 limit

Revolving Accounts

  • NFCU
    • Opened 09/2020
    • $300 limit, NFCU increased on their own to $600 limit in 12/2020 w/ utilization never above 3%
    • NFCU said in a letter then will review the CC history for potential movement from secured to unsecured 03/2021
  • SDFCU
    • Opened 10/2020
    • $250 Limit w/ utilization never above 3%
  • Greylock FCU
    • Opened 09/2020
    • $250 limit w/ utilization never above 3%
  • Andrews FCU
    • Opened 11/2020
    • $500 limit w/ utilization never above 3%

These are all the positive open accounts I have right now. Since my rebuild started, no new negative accounts have been added and no late pays at all. 

Good to see a healthy quantity of accounts. 

 

The more headroom you have with available credit the easier it is to keep your utilization under control, and the low limits on these cards will be reflected in future approvals.

 

So... looking toward the longer term, you'll want to start growing your revolving limits.  If any of those are secured cards that allow you to make additional deposits, that's one tactic that's available.  

 

One of my biggest regrets when I was thickening my file was NOT maxing out the limit on my secured card (the one I had would go to $100k) and letting that limit report for a few months before I closed the card.  I understand that $100k isn't realistic for most people, but a high limit reporting will help you get other higher limits later.

 

The NFCU card, upon graduation, is probably the most fertile ground for organic growth to your limit.  Five revolvers is optimal, but since you already have four I wouldn't rush out to get #5 until you've made some progress on your limits.

 

Link to comment
Share on other sites

20 hours ago, cv91915 said:

Good to see a healthy quantity of accounts. 

 

The more headroom you have with available credit the easier it is to keep your utilization under control, and the low limits on these cards will be reflected in future approvals.

 

So... looking toward the longer term, you'll want to start growing your revolving limits.  If any of those are secured cards that allow you to make additional deposits, that's one tactic that's available.  

 

One of my biggest regrets when I was thickening my file was NOT maxing out the limit on my secured card (the one I had would go to $100k) and letting that limit report for a few months before I closed the card.  I understand that $100k isn't realistic for most people, but a high limit reporting will help you get other higher limits later.

 

The NFCU card, upon graduation, is probably the most fertile ground for organic growth to your limit.  Five revolvers is optimal, but since you already have four I wouldn't rush out to get #5 until you've made some progress on your limits.

 

@cv91915 This makes perfect sense. When I was going the secured route, I wanted to get as many lines open and reporting positively as possible. Dropping large $$$ on each one up front wasn't possible. I believe they all allow for me to increase the limit with an additional deposit though. 1-2 of them may have a cap around $2-5k. 

 

The NFCU card is certainly the best of them all for me. They doubled my limit the first 3 months on their own which was a good sign. If I make an additional deposit in the next week or two it would be on this card first since it is the closest to graduating and I know I get the funds back. Then I can repeat the process with the other cards since to my knowledge they all graduate at various times ranging from 6-18 months. 

Link to comment
Share on other sites

4 hours ago, MarcuzAgrippa said:

@cv91915 This makes perfect sense. When I was going the secured route, I wanted to get as many lines open and reporting positively as possible. Dropping large $$$ on each one up front wasn't possible. I believe they all allow for me to increase the limit with an additional deposit though. 1-2 of them may have a cap around $2-5k. 

 

The NFCU card is certainly the best of them all for me. They doubled my limit the first 3 months on their own which was a good sign. If I make an additional deposit in the next week or two it would be on this card first since it is the closest to graduating and I know I get the funds back. Then I can repeat the process with the other cards since to my knowledge they all graduate at various times ranging from 6-18 months. 

Sounds like a solid plan.  👍

Link to comment
Share on other sites

  • 4 weeks later...
On 12/30/2020 at 10:15 PM, MarcuzAgrippa said:

Quick update on my quest as we close out 2020.....

 

Got a letter in the mail from NFCU today. They increased the limit on my secured card after 3 months with them. They doubled the available limit. Card is still secured and they will review the card in 3 more months to an upgrade to their non-secured option. 

 

I added one more card to my portfolio. A secured card with Andrews FCU. Process was simple and no credit check was required since I had a savings account with them. 

 

The two collection accounts have completely come off my reports after I did the PFD with them which is great as well. 

 

Haven't paid anything to Cap1 or called to set up an arrangement yet for my prior auto loan I defaulted on. They haven't sent me anything either so I will look to tackle this baddie next to try and get it squared away before all the other baddies  are gone this time next year. 

 

My score has remained pretty much the same. I figured this is due to the charge off w/ Cap1 I mentioned above and the other baddies are having baddies outfit. Plus my AAoA is low due to the new accounts I have right now. Going to keep paying on time and keeping the utilization low. Any suggestions to help move me up the FICO ladder besides waiting out the baddies? 

This happens at times, I have seen this many times. happy for you that your limit is increased.

Link to comment
Share on other sites

  • 4 weeks later...

UPDATE!!!

 

So NFCU graduated my secured nrewards card to an unsecured cash rewards card (the green one, the one I actually wanted!!!)!!! 🤑

 

I got this card in 09/2020 and secured it for $300 (all I could spare) and about 3 months in they doubled that to $600 without an additional deposit needed. Now in 03/2021 (6 months later, after the statement date) they unsecured it and took it to a $2000 limit. I know it isn't a huge limit but for me its a huge accomplishment. I will deal with working on a CLI down the line since I am just focused on progress and small victories. For my research, NFCU has their own internal scoring and since I have checking (with direct deposit to show cash flow and support what I said my annual income is), savings, and the CC w/ them they like the relationship on top of the low usage % of the card (always under 3%). 

 

I still have 3 other secured cards I am waiting to see if they graduated in the near future. Hopefully the next 12 months. All of those have limits of $500 and under right now. 

 

I no longer have an installment loan since my Self Build Loan matured in Feb 2021. I am looking at doing a Savings Pledge Loan (basically a SSL) w/ NFCU to support credit mix and not just show the 4 cards. Any thoughts on the loan? Thinking I will just use the funds returned from the secured card and add some to it and roll this into the SSL. They pay it down right away show 90% of the balance paid to help with scoring. Thoughts?? 🤔

Link to comment
Share on other sites

X4CBOs2.jpg 

 

Congratulations on the card upgrade!!

 

What did you observe with your FICO scores when your previous installment loan reported as paid/closed?

 

With a dirty profile, I'd be surprised if it made much difference.

Link to comment
Share on other sites

3 hours ago, cv91915 said:

X4CBOs2.jpg 

 

Congratulations on the card upgrade!!

 

What did you observe with your FICO scores when your previous installment loan reported as paid/closed?

 

With a dirty profile, I'd be surprised if it made much difference.

 

I'm not sure yet since it just closed and nothing has reported since it has. I expect to see some change next month with everything. Getting it did jump my FICO up 30 points so hopefully I don't lose everything with it closing on me lol. We will see though. 

Link to comment
Share on other sites

  • 2 weeks later...

Quick Update

 

Did a dispute w/ TU for the Discover baddie on my report and got it removed as an early obsolete. Dispute was done online. 

 

For TU this only leaves my most recent CO from Cap1 on an auto loan on the report as a baddie. Set to fall off in 2025. Haven't took their settlement yet. 

 

Tried for an early obsolete with EX on 3 accounts. They removed Macys, confirmed GA's Own CU, and BOA hasn't responded / fallen off yet. All 3 are set to come off in May 2021 so I may need to give them a call to nudge these off sooner if BOA comes back verified as well. I think GA's Own CU used eOscar and the system just verified the info because it happened in hours of disputing late at night. 

 

In other news...It has been 24 months since Cap1 repo'd my vehicle and charged it off...they emailed me last week saying I am pre-approved for an auto loan via a specific dealership with them. They also just emailed me and said I am pre-approved for a CC with them as well. Any thoughts group? Is it worth it to app Cap1 for the CC at least? Not really hard pressed about the auto and for the CC I would only consider it if it is unsecured. Especially since my aaoa is about 5-6 months since I opened all my new positive lines. 

 

Speaking of aaoa, I did have my mother add me as an AU to her current Cap1 card with a decent limit and her AMEX with a small limit as well. My utilization has still be 3% or lower upon reporting since I pay 4-5 days before the statement date. 

Link to comment
Share on other sites

10 hours ago, MarcuzAgrippa said:

Any thoughts group? Is it worth it to app Cap1 for the CC at least?

 

On 2/4/2021 at 2:44 PM, MarcuzAgrippa said:

Revolving Accounts

  • NFCU
    • Opened 09/2020
    • $300 limit, NFCU increased on their own to $600 limit in 12/2020 w/ utilization never above 3%
    • NFCU said in a letter then will review the CC history for potential movement from secured to unsecured 03/2021
  • SDFCU
    • Opened 10/2020
    • $250 Limit w/ utilization never above 3%
  • Greylock FCU
    • Opened 09/2020
    • $250 limit w/ utilization never above 3%
  • Andrews FCU
    • Opened 11/2020
    • $500 limit w/ utilization never above 3%

 

 

Is the Capital One card a rewards card, and if so, is the reward structure better than the ones you already have (I'm assuming at least one of the secured cards pays nothing)?

 

So potentially in the "pro" column would be better rewards than you're currently getting.

 

On the con side:

  • The card will likely have limited long-term potential.  
    • The Capital One card I have was issued when my credit was less than prime, and ~10 years later I can't get a CLI > $1,000.
    • Make sure you understand your future PC options (I don't know these off the top of my head with this issuer).  Even if you get a Quicksilver, which pays a flat 1.5%, it's the first rewards card you'll stop using when you can get better ones, and the card's usefulness may just end there (with nothing appealing to PC to).

If you didn't already have four open revolvers my response would have been different.

Link to comment
Share on other sites

17 hours ago, cv91915 said:

 

 

Is the Capital One card a rewards card, and if so, is the reward structure better than the ones you already have (I'm assuming at least one of the secured cards pays nothing)?

 

So potentially in the "pro" column would be better rewards than you're currently getting.

 

On the con side:

  • The card will likely have limited long-term potential.  
    • The Capital One card I have was issued when my credit was less than prime, and ~10 years later I can't get a CLI > $1,000.
    • Make sure you understand your future PC options (I don't know these off the top of my head with this issuer).  Even if you get a Quicksilver, which pays a flat 1.5%, it's the first rewards card you'll stop using when you can get better ones, and the card's usefulness may just end there (with nothing appealing to PC to).

If you didn't already have four open revolvers my response would have been different.

 

@cv91915 Makes perfect sense from an awards standpoint. I did the pre=approval to see what they even offered and it was just their secured card at that. Hard pass for me. I'd rather build with what I have then dumb a ton of funds into another secured card and wait on graduation to get the funds back. Especially with my plans for a CLI after 91 days w/ NFCU on the card the just upgraded and increased my limit on last month. 

 

I think they just want my business again since its been 2 years since I defaulted with them. I know creditors and banks like to keep the relationship in hopes of recouping any losses...

Edited by MarcuzAgrippa
More info
Link to comment
Share on other sites

3 hours ago, MarcuzAgrippa said:

 

@cv91915 Makes perfect sense from an awards standpoint. I did the pre=approval to see what they even offered and it was just their secured card at that. Hard pass for me. I'd rather build with what I have then dumb a ton of funds into another secured card and wait on graduation to get the funds back. 

 

I think they just want my business again since its been 2 years since I defaulted with them. I know creditors and banks like to keep the relationship in hopes of recouping any losses...

 

Capital One will let you back in about five minutes after a charge-off.   Whether or not it's worth it is another matter, which you clearly grasp.  :) 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      184741
    • Most Online
      2046

    Newest Member
    Dave22
    Joined
×
×
  • Create New...

Important Information

Guidelines