Hello Everybody, so after reading and reading, I'm afraid I may be more confused before I found this great forum. Very quickly a little about me. I come from the school of hard knocks and poor youthful choices. After 4 years of being off of the "hard stuff" it became time to make "finacial ammends." It was suggested that I get my credit reports and begin to pay off what I owed. I did this and began with the small ones. The $23 here and the $89 there were easy. The $1000's were a little bit harder. I've managed to pay off almost all of my debt. I ordered my credit reports again (yearly) and things are looking up. I don't know my scores. Too chicken to look right now. The bankruptcy will remain until 2013. Most all of the rest will drop off before then. I'm still waiting on TransUnion. They didnt have my current address so they're being a littlle finicky about getting it to me. I did find their "secret" number so I'll be calling come Monday. My debt wasn't that big, maybe 5k total. It's almost to zero now. (we'll see what TU has to say about that) So now I have this crazy idea that i might be able to begin re-building while waiting for the magical date of 2013. Any idea's as to how to slowly begin? I have a little savings available and also, because I've kept my nose clean, my Father has agreed to help by loaning me his signature (co-signer) on a small auto loan. Nothing too big. I need to be realistic. (this is so stupid) Will subscribing to a high finance/profile magazine really have the CC companys sending me applications? (from a Youtube video) So, great forum. I lied when I said I was confused. This site has helped so much. But more than that... It's given me hope. Thanks guys and gals. Kendall
It was a Youtube video (Credit Secrets Bible) trying to sell me credit repair services. Part of my beginning attempts to gleen some kind of info from the web. Glad I finally found this site. So the video said I should subscribe to a high finance magazine (didnt specify which ones) because they exchange information with CC companies. The idea is that the CC companies are more likely to extend credit to someone who reads Forbes as compared to Monster Truck. Yeah. I know I know... Desperation and impatience can lead us down the wrong path.
Welcome to the forum Kendall, and I'm happy to hear you've been able to find some help here. So, why would you want to junk up your mailbox with random credit card offers? If you're really interested in getting a secured credit card or a credit card for bad credit, you might as well just compare and apply for offers online. Also, the fact that you read Forbes over Monster Truck would have no bearing on whether a credit issuer would approve you for a new card. On the other hand, responsibly managing your new auto loan and securing a credit card or two (that you'll use sparingly and pay off each month) will help you improve your scores as you clean up your credit reports and wait for other negatives to age. Do you think your father would also be willing to add you as an authorized user on one of his credit card accounts in good standing? If so, that will help give your credit scores a boost as well.
Thanks Joshua, the idea was, I think, that prime cards would come shopping for you. So thanks for the confirm on my plan. The plan is to put 1k down on a 4k-5k car with my father (an 800 club member) as co-signer. Pay it off in one year, then use it, plus cash (or card), as down payment on say, a car valued at 10k. Then carry that loan 3 years. I like what I've read here about secured subprime cards. I have not had a credit card in 30+ years (screwed that one up as a teenager) it is very new territory for me. I'm a little scared about applying, being denied and having too many of those on my reports. My Father might go for the authorized user, but I have to get by Mom first. I know, chicken!!!! My scores last year were in the high 500's. I had a poor, a poor and a very poor rating. This years reports show less in the collections column. I paid off two in December and disputed 2 by phone (EXP says it was discharged by BK, EQ says I still owe. Waiting on TU.) And to all of you guys/gals who have been here a while, you're right.... READ, READ, READ!!!!!!
Prime cards may "come shopping for you," but I can guarantee you that every one will say that this preapproved offer is subject to a favorable credit report. Because you get the offer doesn't mean you'll get the card. If you qualify for the card you can get it by applying through a web site. All that the preapprovals will do is produce a bunch of inquiries, which will actually lower your score. So, just save your money that you were going to spend on that subscription.
