Stuck In The 690s - Strategy To Get to 720?

[redsfaithful]

I've had poor credit for years, but I've made a lot of progress in the past year. My scores are now in the 690s for Experian and TransUnion, and in the 670s for Equifax. I'd like to get a Home Equity Line of Credit and access to better credit cards in the near future, if possible. Here's my current info, I can add anything else that's necessary if someone asks:

 

No Collections

 

Four Credit Cards, all small limits (2 $750 Capital One cards, an HSBC $300, and a Best Buy $300 - so I guess it's four Capital One cards now that they've bought HSBC) - oldest 3 years

 

Public Records - 3 released state liens (2 Ohio, 1 Georgia), 1 federal lien that has been withdrawn but Equifax has thus far refused to remove, one paid judgment from 2007, one judgment I just paid last week but hasn't been updated yet from 2006 - not sure if this will give me any boost at all, but I'm assuming it won't.

 

I own a van, a car, and a house all bought with cash, so no loans reporting

 

1 inquiry in the last year, 2 from 2011, 2 from 2010

 

As of the second paid judgment from last week I have no unpaid debt, and all derogatory info is paid. I can try to get the state liens off, but I can't count on that. Really would like to get a home equity LOC(have at least $160k of equity) in the next three months, and have it be a fairly pain free process. US Bank denied me 2 months ago when my score was 666 and I had some medical collections and more federal liens showing, so I've cleaned up a lot since then and had a 30 point boost.

 

Should I be looking at bank signature loans? Different credit cards? Is it just a waiting game? I feel like I've come a long way but that due to my public records a score in the upper 600s isn't all that different from sub 650, is that about right? Any advice or opinions would be much appreciated.

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[LKH]

ttt

[Chad3304]

a member of any credit unions?

[redsfaithful]

a member of any credit unions?

 

Yes, USAA.

[Jeremy09]

a member of any credit unions?

 

Yes, USAA.

 

 

USAA, while they *seem* like a CU, is not a CU.

[redsfaithful]

Ha, ok. I have access to an employee credit union through my wife's mother, but I am switching all of my banking to USAA from US Bank currently.

[jaybee]

Should I be looking at bank signature loans? Different credit cards? Is it just a waiting game? I feel like I've come a long way but that due to my public records a score in the upper 600s isn't all that different from sub 650, is that about right? Any advice or opinions would be much appreciated.

No, I would definitely say there is a big difference between a score of 690 and 650. I would also say that having a score of 690 with 4-5 judgements and liens reporting as public records is pretty good. I'm assuming these scores are FICOs?

 

For any major jumps, you are going to have to get rid of those public records (not easy, I know, I know). The good news is a 690 FICO should be good enough for a home equity line at a decent rate. It should also be good enough for a credit card from a CU, check the Creditpulls database and make sure to recon if you get denied.

Edited July 2, 2012 by jaybee

[redsfaithful]

I'm assuming these scores are FICOs?

 

The TransUnion and Equifax scores are from MyFico. I believe I read somewhere in this forum that their TU scores aren't the model that lenders use, but it matched up exactly with the score US Bank showed me 2 months ago (the 666), so I'm assuming the 696 it's showing me now is still in the neighborhood of what a lender might pull. The Experian score is from the official Experian site.

 

Just as a data point, in case anyone cares, USAA's credit monitoring has my score roughly 25 points higher than the real thing for TU and Experian, and about 35 points higher for Equifax. 722 for TU and Experian, 713 for Equifax. I was hopeful when I saw those and bought the real things to see if they lined up, but sadly they're a bit too optimistic.

 

I'll check around for credit union credit cards. I'm assuming USAA wouldn't be worth an app?

[syncracirca]

I'm assuming these scores are FICOs?

 

The TransUnion and Equifax scores are from MyFico. I believe I read somewhere in this forum that their TU scores aren't the model that lenders use, but it matched up exactly with the score US Bank showed me 2 months ago (the 666), so I'm assuming the 696 it's showing me now is still in the neighborhood of what a lender might pull. The Experian score is from the official Experian site.

 

Just as a data point, in case anyone cares, USAA's credit monitoring has my score roughly 25 points higher than the real thing for TU and Experian, and about 35 points higher for Equifax. 722 for TU and Experian, 713 for Equifax. I was hopeful when I saw those and bought the real things to see if they lined up, but sadly they're a bit too optimistic.

 

I'll check around for credit union credit cards. I'm assuming USAA wouldn't be worth an app?

 

USAA is worth an app. Try the mastercard Check my sig! Also check the credit pulls database to see what kind of a chance you would have with any card.

[redsfaithful]

Would like to add positive tradelines, but having trouble. Just denied by USAA. Sent an email asking if they'd consider manually underwriting, mentioned decent income, paid off house, that everything derogatory is paid, etc. Will see if that does anything, and will also look into credit unions. I need someone who will actually look into my app I think, because I'm going to get auto denied everywhere.

 

I need to formulate a plan for trying to get the state liens withdrawn. Ohio and Georgia doesn't normally do that from what I understand, but maybe if I start writing letters I might get someone to surprise me.

[breeze]

That's what's holding you back.

[hegemony]

secured cards are a good option.

 

50% of credit repair is adding new positive trade lines.

 

not sure what was wrong with my last post, but I'll stand by my assertion that buying trade lines is STUPID

Edited July 3, 2012 by hegemony

[mendelssohn]

secured cards are a good option.

 

50% of credit repair is adding new positive trade lines.

 

not sure what was wrong with my last post, but I'll stand by my assertion that buying trade lines is STUPID

+1

 

I waited too long to add positive tradelines and when all my negatives are removed, I will not be as far as I could have been if I had added new credit a few years ago.

 

I have to admit that I considered buying tradelines at one point, but all of those websites seem shady and there is no guarantee that they will work. You are much better off establishing your own new credit, even if it is with secured cards.

[wanabe]

How are your 4 CC reporting? Any bal. reporting and how many

are reporting. You may can get a few points if they are optimized

by only 1 cc reporting a bal. and less that <10%.

[jaybee]

Would like to add positive tradelines, but having trouble. Just denied by USAA. Sent an email asking if they'd consider manually underwriting, mentioned decent income, paid off house, that everything derogatory is paid, etc. Will see if that does anything, and will also look into credit unions. I need someone who will actually look into my app I think, because I'm going to get auto denied everywhere.

 

I need to formulate a plan for trying to get the state liens withdrawn. Ohio and Georgia doesn't normally do that from what I understand, but maybe if I start writing letters I might get someone to surprise me.

Yeah focus on getting the liens off. Adding more sub-prime cards won't improve your score much if those liens are still there, and may even lower it short-term.

 

How are your 4 CC reporting? Any bal. reporting and how many

are reporting. You may can get a few points if they are optimized

by only 1 cc reporting a bal. and less that <10%.

The few points gained from that aren't going to help much with 4 public records showing.

Edited July 3, 2012 by jaybee

[redsfaithful]

How are your 4 CC reporting? Any bal. reporting and how many

are reporting. You may can get a few points if they are optimized

by only 1 cc reporting a bal. and less that <10%.

 

Yeah, less than 5% utilization generally, and I only use 1 of the cards. I'd have closed the two with $300 balances by now except for fear it'd drop my score.

[Stockstar]

 

Yeah, less than 5% utilization generally, and I only use 1 of the cards. I'd have closed the two with $300 balances by now except for fear it'd drop my score.

 

 

 

Yeah. Don't close them.

Edited July 3, 2012 by Stockstar

[redsfaithful]

I called Georgia today. Originally I had one tax lien for $2600 that I paid, and they released it (it's stamped satisfied and cancelled). It came off of Experian and TransUnion, but Equifax, of course, kept it on.

 

All three also mysteriously had a $920 lien from Georgia that I have no knowledge of, so I called Georgia to ask, and they also have no knowledge of it. So I wrote all three CRAs saying I had no knowledge of it and asking them to remove it. I also wrote Equifax to ask, for the second time, that they remove the Georgia lien I did have, using the cancelled stamp as my argument. We'll see on that, I'm not holding my breath, but it's worth a shot.

 

I also filed a complaint with the BBB and Ohio Attorney General against Equifax since they have twice refused to remove a withdrawn federal tax lien.

 

Finally, I wrote the Ohio Attorney General asking if they would consider withdrawing my two Ohio released liens. My argument there was that it would be in Ohio's best economic interests, and that I've been denied for a home equity loan and that I'm trying to start a new business venture and need access to credit (both true statements.)

 

We'll see what happens, if anyone else has ideas or input feel free to chime in.

 

I guess I also need to explore credit unions that might be willing to give me a credit card. I did appeal USAA's decision but haven't heard back, I'm assuming possibly due to the holiday this week.

[redsfaithful]

The Georgia tax lien is now reporting the correct amount on Equifax and Experian, but no luck getting them to delete based on the "Cancelled" stamp on the letter I received from Georgia.

 

Equifax refused to delete my withdrawn federal tax lien when the Ohio Attorney General contacted them and also refused through the BBB dispute. I called them as a final step before taking them to small claims court and supposedly that did it, the guy said it would be deleted. They also released information about my Georgia tax lien to the Ohio attorney general's office, when that wasn't part of the dispute. Isn't that some sort of violation?

 

Why it takes a phone call where 3 certified letters, and disputes with BBB and Attorney General were not good enough I do not understand. These companies are terrible.

 

My judgment for $1100 has been satisfied since July 6th, but of course none of the three bureaus have picked it up on their own, so I will have to write the court (I live hours away) and request the documentation and then send that in to them. At that point I'll have 2 satisfied judgments and 3 released state tax liens.

 

I just don't see how I will be able to do much about those 5 public records. The 2 Ohio liens are reporting correctly and Ohio more than likely isn't going to withdraw them. The Georgia lien has a big "Satisfied, released, and cancelled" stamp on the documents they sent me, but none of the 3 bureaus seem to care about the word cancelled. Anyone know if it's even possible to get a home equity loan with black marks like these these days?

[redsfaithful]

They also released information about my Georgia tax lien to the Ohio attorney general's office, when that wasn't part of the dispute. Isn't that some sort of violation?

 

If I were feeling punitive, is this a violation I could take to small claims court with a reasonable expectation of success?

[cookiemommy]

Take 200 dollars. Get a capital one secured. If you can get into Navy federal also take 500 there and get a secured. For three months let nine percent of your CL report and PIF. By six months you will be golden and then you can start applying confidently. But if nothing else, I cannot stress this enough, click a new browser window and apply for capital one secured TODAY, do not let another day pass.

 

 

http://www.capitalone.com/creditcards/mastercard-secured-credit-card/

 

 

 

Best of luck!

[Link2k]

Take 200 dollars. Get a capital one secured. If you can get into Navy federal also take 500 there and get a secured. For three months let nine percent of your CL report and PIF. By six months you will be golden and then you can start applying confidently. But if nothing else, I cannot stress this enough, click a new browser window and apply for capital one secured TODAY, do not let another day pass.

 

 

http://www.capitalon...ed-credit-card/

 

 

 

Best of luck!

 

They pull all 3 and charge an annual fee. There are much better secured options if that is indeed what the OP needs.

[Mr. Media]

Hey OP... on the topic of secured cards, also check out Capital Bank (formerly Public Savings Bank). That card was a huge game changer in my scores, and it has the ability to add more funds over time to increase the limits. There's a saying around these parts that "higher limits beget higher limits" and its very true. As you can, increase the limit on your secured card so your available "credit" goes up over time.

 

I also got a secured card with a Credit Union that they pledged to unsecure at the end of a year, should my use history be positive, so its likely that will happen for me soon. What a difference a year makes!

[redsfaithful]

Take 200 dollars. Get a capital one secured. If you can get into Navy federal also take 500 there and get a secured. For three months let nine percent of your CL report and PIF. By six months you will be golden and then you can start applying confidently. But if nothing else, I cannot stress this enough, click a new browser window and apply for capital one secured TODAY, do not let another day pass.

 

 

http://www.capitalone.com/creditcards/mastercard-secured-credit-card/

 

 

 

Best of luck!

 

You recommend this even though I already have two Capital One cards? I have a Rewards and a Platinum, both with small limits ($750).