Doing Good...Next Step Advise Needed

Discussion in 'Credit Talk' started by shavit87, Apr 8, 2014.

  1. shavit87

    shavit87 Member


    Very proud to say in a matter of months my credit score left the lower mid 500s and entered the lower mid 600s. Woohoo!

    (632, 65-, and 67-)

    I want to get a car first ever and I'm told by my credit union a lot of times they like to at least see 3 revolving accounts.

    December last year I got approved for a Walmart credit card with a 500 limit.

    1. Should I see a secured credit card, a secured loan, or possibly another store card like Home Depot, Best Buy, Macy, etc.

    2. If I got declined would it hurt me significantly?

    3. If I get approved will the inquiry hurt me?

    Thanks in advance for any advance lent :)
  2. mindcrime

    mindcrime Well-Known Member

    With mid-600 FICO's you should be able to qualify for Capital One, or maybe a Barclays Rewards card. If the Walmart card is the STORE card, don't both getting another store card, instead look for regular VISA/MC's.

    A secured card would be more of a sure thing, but depending on the issuer, the card may never "graduate" to unsecured. I'm surprised the CU didn't offer you their own CC to become one of the three revolvers.

    How many inquiries do you have now? A decline and an approval weigh the same in the inquiry boat. If one or more of your reports is heavier on INQ's than the other(s), you could always place a security freeze on it/them and "push" the creditor to pull from the other one. Generally speaking though, INQ's only ding you by a few points, it's more of an issuer from the potential creditor what is their eyes is considered "too many inquiries" that could potentially affect chances of approval.

    Where did you get your scores BTW? Are they true FICOs?
  3. shavit87

    shavit87 Member

    These are not FICO, I got them from Wells Fargo Monitoring program. And I haven't applied for credit in a while, just in December when I did the Walmart card and when my internet provider checked when getting their service.

    My CU does offer secured card but wants 50% deposit. In one year I can turn it unsecured. So if I want a $300 card, I gotta put up $450

    On a side note: I hired a credit repair company to help but I'm thinking with things falling off in 2 years, I should just be building credit. I think I'm going to cancel it...I signed up with them yesterday I have 5 days to change my mind
  4. mindcrime

    mindcrime Well-Known Member

    So they're FAKOs, and useless pretty much. If you're saying you only have 1 INQ, then that's fine, I wouldn't be concerned with inquiries hurting you at this point. You can list your negative accounts for some feedback to see if we can help.

    50% or 150%? If it's a $300CL, 50% is $150, not $450. 150% is out of line IMO. If you bank anywhere else, try them as well.

    Change your mind. Today. Waste of money. Nothing they can do you cannot already do for yourself by asking away. Depending on your state, you may already be past the state SOL and be in a much safer position to DV any CA's on your report.
  5. BrainCramp

    BrainCramp Active Member

    You'll be surprised how far off those FAKO scores may really be. I recently checked mine against a real FICO score, and they were off as much as 40 points.
    My score from CRA to the other varies immensely too.
  6. shavit87

    shavit87 Member

    The good news is I got approved for an unsecured credit card for $500 with capital one and yea 50% of whatever credit limit I want as a deposit is high in my opinion as well.

    Okay so below are some harmful things on my credit...due to drop off 2016

    A judgement for eviction in collections by National Credit Systems

    A defaulted Chase Bank credit card in collections by Midland

    A defaulted Credit One Bank credit card in collections by Midland

    A defaulted Bank of America credit card in collections by Midland

    A defaulted Verizon Wireless account in collections by Midland
  7. mindcrime

    mindcrime Well-Known Member

    So you need one more revolver before your CU will approve? I'm guessing though they want to see some history too? Getting added as an AU to an aged account with positive history will help in boosting your scores as well -- even though on manual review for your car loan it may not be factored since it's an AU account, but would still help FICO's.

    Due to drop off 2016, so it's safe to safe it's been approx 5 years since DOFD. What is the state SOL for collecting on these? Considering their age, they're likely not affecting your scores as hard as they could -- say if they were 1 or 2 years old. Are you currently being contacted by Midland? Have you ever?
  8. shavit87

    shavit87 Member

    I am an authorized user on my dad's credit card for Chase and it's in good standing and reports (25k limit owes 1k on it)

    Yes approx 5 years. I thought Ga was 6 years for the SOL but was later told 7 so not sure on that one.

    I have been contacted by Midland in the past. Some special offers. Pay half of what you owe and we'll post as paid in full type offer for 2 of my credit cards the most recent December of last year.
  9. mindcrime

    mindcrime Well-Known Member

  10. shavit87

    shavit87 Member

    Exactly... I don't want to stir up anything with it being so close for it to fall off. Now that second question I'm unsure of how to answer. Like view the last update period? I'm seeing a lot of 2012 but not sure if that's what ya mean
  11. mindcrime

    mindcrime Well-Known Member

    Look for Date Reported or Date of Last Activity.

    That's another thing "helping" your scores, these accounts not updating regularly.

    Are the OC's reporting as well, or is it just collection accounts on your reports?
  12. shavit87

    shavit87 Member

    All except a BOA card and Verizon state 2012. Those two 2013.

    It's only collection agency reporting at this time.
  13. mindcrime

    mindcrime Well-Known Member

    Interesting that no OC's are reporting. Were they ever? While account like Verizon (OC) usually do not report, other's like BOA always do. If they were previously reporting, what did you do to get them off?
  14. shavit87

    shavit87 Member

    They were reporting and I did nothing...I kinda move a lot but other than that nothing's yet dropped
  15. shavit87

    shavit87 Member

    Also I just signed up for Walmarts online statements and got free access to my FICO score, my TU FICO is 630.
  16. mindcrime

    mindcrime Well-Known Member

    Walmart is great for the free TU FICO. Considering all the negative accounts you have reporting, it's not such a bad score.

    Going over your earlier posts, you now have 3 revolving accounts right? Walmart/Chase(AU)/C1? That's what your CU needed in order to get an installment auto loan?
  17. shavit87

    shavit87 Member

    That's correct they say they look for at least 3 revolving accounts

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