Need to make my credit stronge

Discussion in 'Credit Talk' started by Carrot, Oct 5, 2000.

  1. Carrot

    Carrot Guest

    Hi everyone!

    I'm fairly new to posting, but I've been reading this board for a while. Here's my situation:

    --BK in 1996
    2 Judgements in 1999(roommate turned out to be a con artist, is in prison, and stuck me with the rent)--both satisfied
    --1 collection from Bell Atlantic (lunatic roommate stole calling card)--paid
    --A few other pre-BK negative items due to fall off by 8/01.
    --Providian Visa since 1998--$4700 limit, never late
    --Capital One Visa since 6/00- recently received limit increase from $200 to $700--never late
    --Car loan with Credit Acceptance Corp (best I could do!)since 12/99--never late
    --Unnaturally large student loans--currently deferred--never late
    --FICO scores as of 3/00--620. Probably has changed since car loan was not being reported and credit report had numerous inaccuracies(now mostly corrected)

    In any event, I'm a full-time student now, and adverse to taking on additional debt, but I would like to establish some "meaningful" (i.e., not totally sub- prime) credit before I graduate in 2002. I'm considering applying for a secured AMEX Optima or a secured card through First Union or another well-known bank. Do you guys have any other suggestions on improving my creditworthiness? I don't want to be an executive and have to pull out my Providian Classic card during business functions, plus I would like to own a home some day!
  2. RichGuy

    RichGuy Guest

    RE: Need to make my credit str

    Partly in jest, I would say that you need to select your roommates more carefully.

    I assume that being a student has reduced your income. That could make some obvious credit choices like Citibank more difficult to obtain.

    Providian has done to you what I used to warn people about. They have given you so much subprime credit that there's no room for prime credit. But you can't cancel the card because it's your oldest good account. If you still have a balance, you can't cancel anyway.

    Getting free of Providian to reduce your total credit is the only quick move I can think of, and not a great one at that. I think time, maybe waiting until the 1999 judgments are 3 years old or so, could be what makes your credit stronger. There's also the possibility of credit repair. Landlords may not be highly motivated to verify paid judgments, so you could get off easy sooner than you think.

    I wish you the very best. I hope others can offer you more hopeful advice.
  3. Cathy

    Cathy Well-Known Member

    RE: Need to make my credit str

    I would suggest applying for student cards if you are student. Just be prepared to show proof that you are a student if asked (ie a photocopy of your class registration or your student ID card). Since Citibank was mentioned previously try one of their student cards although a lot of the "Majors" have student programs as well. Feel free to e-mail me if you would like me to reccommend student programs I've used in the past.
  4. Kathy

    Kathy Guest

    RE: Need to make my credit str

    Sounds like you're on the right track, but it does take time. I've been trying to repair my credit for 10 years, and still have a way to go.

    May I ask how you got your FICO score? I'd like to know what my rating is.

    Good luck, and keep up the good work.
  5. Carrot

    Carrot Guest

    RE: Need to make my credit str

    I got my FICO score when I was applying for a mortgage.

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