Am I headed in the right way?

Discussion in 'Credit Talk' started by Mirage, Mar 26, 2001.

  1. Mirage

    Mirage Well-Known Member

    This board is a god send, as I have found more information here than all the other boards combined. The purpose of my posting is seeking comments and suggestions on my plight towards better credit. I classify myself as in the rebuiding stage.


    I filed BK 13 in 1996, and have been discharged in Aug. of 2000. I have been carrying a Cap 1 (secured) since 1996. I have only seen one increase in all those years ($200.00, cl now stands at $700.00) which occured last summner. Since Oct.
    I have been keeping a close eye on the over limit fees and posting of payments. In reviewing the past postings here, I have mailed in and online paided more than the min to bring down my owed balance to credit line ratio. I also called Cap 1 for a increase but the rep told me that my account is due for a review in the first week of April and that I should wait for that. I also have received a letter for Cap 1 last month for a 5-1 secrued credit line. The upshot is for every $100.00 I deposit they will increase my cl by $500.00. I rather not goes this route as it can tie up to $600.00 more of my money. They alreadly have $500.00 secured.

    My second cc is a Providian Gold, with a starting line of 2K, which was increased to 2.2k last Nov. I think I am either due for a review or had one and did not get one b/c of my nearly maxed balance. I am also taking steps to lower that balance to 50% by mid-summer. I have never gone over limit or late with this card. I also applied for their invite only MC with the $1000.00 cl, but still have not received it yet. The purpose is to booster my rating. This card will be used for emergencies and reservations, as it carries no grace period.

    I also have a AT&T wireless account which was opened in 1998, and they have been reporting my status every month. Happy to see that as I have been paying my cell account on time. Btw when I opened my account in 1998 no deposit or cc was required.

    My bank has finally allowed me to joined account with my wife. So now my credit reports show that I have a over draft account (owe 700.00/cl 1000). My brother in-law has allowed me to AU his Fleet Gold. But he recently show his balance up on a extensive vacation. So now the CRs show a high balance. I am hoping that he will lower is balance in the near future. I also have a few cc that were considered closed by me.

    As for FICO score, it is 645. I have pulled all three of my CRs, two online and one must be mailed to me. As for inquires I think I have applied for three cc in the last six months (Nextcard- rejected BK, First Card- rejected BK, Citgo gas card- rejected).

    As I stated earlier, I have pulled my CRs and did noticed a few problems. One does not have me completing my BK-13, another has my BK-13 as dimissed (which it was, but my attorney got me reinstated and I finished the payments). Another problem is Citibank. I know from reading this board that the chances of me getting a Citibank is nil since I BK'em. The problem is that I had three Citibank CCs and the BK trustee combined them. Once of the Citibank CC is labled in collection and as recently as last summer a collection agency tried to collect this. I told them this was part of a BK-13, and after many phone conversations with them they have stopped calling. But this derog is still there.

    Last summer I managed to remove three of my derogs from one CRA, and plan to tackle the rest. My goals are to bring my FICO score up, seek a solid home mortgage, buy a new car and reward myself for a AMEX green. I know about the postings of what people think about AMEX and the status. But for me it is my reward to myself that I did arrive. Btw I did have a Amex account in the 1980s, but Amex closed the account due to me with a bad paying habits. I owe them nothing, and they were not involved in the BK-13.

    So that's my story. Should I use a credit repair agency or do this myself? Am I headed in the right direction? Will I get my Amex card somtime soon? Any comments and suggestions are welcomed.

    Best regards,
  2. marci

    marci Well-Known Member

    Re: Am I headed in the right w

    Hi Sam,

    You may benefit from Junum or Lexington re the remaining negative
    accounts on the reports. There is a good chance the multiple
    Citi entries would get deleted based on "duplicate accounts". About
    getting a new card, you could call Citibank credit department
    301-733-5501, press "1", and ask about whether Citibank could
    approve you with the BK history.

    I'm sorry that Cap One has been sooooo stingy. I'd pay that card's
    balance off, call retention at 1-800-889-9939, and ask to have the
    account totally unsecured and CL increased, or you will close it.
    Five years is a long time to have a secured card. If that doesn't
    work, e-mail the Consumer Advocate at Cap One using and tell him that keeing the card secured
    for so long is unacceptable.

    I should say that I have never declared BK, so my advice is limited. There
    are many others on this board who have a BK and have succeeded in
    rebuilding credit, so maybe they will answer.

    AmEx, I'd think would be next to impossible with derogs on the reports, but
    I have read of people who got new AmEx cards with BKs reported, previous
    bad AmEx relationships and/or collections on the reports.

    I hope things go well for you.

  3. Mirage

    Mirage Well-Known Member

    Re: Am I headed in the right w

    Merci, thanks for the advice. Yes, I plan to call Cap 1 and remove the security deposit or move on. After reading quite a few messages, I found a resource that is truly helpful.

    Best regards,

Share This Page