Roni---credit Bldg Advice Needed

Discussion in 'Credit Talk' started by texastrini, Jul 14, 2001.

  1. texastrini

    texastrini Well-Known Member


    I read in your post congratulation Liz on his new 10K chase card, that you were somewhat of a guru in bulding credit or rebuilding.

    Can you offer any adivce?

    I have done a search on this board and I frankly can't keep up with all of your posts. :=)
  2. Dustin

    Dustin Well-Known Member

    I am not Roni, but I think one of her big stategies was to get a secured installment loan at a bank ($1000 savings account or CD as collateral). This works great!

    I haven't seen Roni here since I got back. Does she still lurk or post every once in a while?

  3. MartysGirl

    MartysGirl Well-Known Member

    I haven't seen Roni in FOREVER.... I don't think she posts on this board anymore.... :-(

    I Miss her..

  4. texastrini

    texastrini Well-Known Member

    Sorry to hear that.

    Thanks for updating me.

    I will pose the question to the public.
  5. roni

    roni Well-Known Member

    How is your credit? I mean what kinds of bad credit do you have, if any? What are the balances on the accounts that you have now? Do you know your scores?
  6. creditwork

    creditwork Well-Known Member

  7. texastrini

    texastrini Well-Known Member

    HI Roni---credit Bldg Advice Needed

    Hi Roni:

    My fico is 571 (but I have had 5 deletions since that have not updated as yet)

    I have one credit card limit $1300.

    Citibank Visa: I use this card pretty heavy but the full balance whether $1 or $1300

    I have two student loan that show paid

    One duplicate charge off account that is shows for $727.

    One Car loan paid off $11K in 1995
  8. roni

    roni Well-Known Member

    Re: HI Roni---credit Bldg Advice Needed

    From what you reported, you dont have any recent delinquencies. By recent I mean in the last 12 months. This would mean that you have NO 30 days or more late, charge offs or collections reported in the last year. If that is the case you should be able to get any subprime card that you want. Your score would limit you from prime for a little while.

    I started when my score was 594 with a bunch of subprime cards. You dont have to do what I did though. I learned thru trial and error. You should be able to get Orchard bank, with a $300 limit and even Capital one. You might be offered a secured card from C1 if they turn you down for some reason. Capital one uses experian or equifax for approval. Do you know which bureau your score is from.

    As for me, I got the subprime cards and then worked on deletions. In a few short months my most recent late was 12 months old and I was able to get a Chase card and a Citibank card. I recommend Orchard, Capital one, and one other......most everyone has been pleased with a First Consumers National Bank Secured card.

    I closed my Providian, Orchard, 2 capital ones, Household after they reported all the good credit history for me for one year. They helped me tremendously. I am left now with 1 chase card, 2 citi cards, and a capital one card plus 3 retail and 1 gas card (new). Remember to ALWAYS keep you oldest account. This counts for history. Use subprime for your benefit. Dont run them up because the interest will kill you. Believe me, the offers pour in with a little time. I think your score is so low because you dont have enough Good accounts countering your bad ones. Any Questions?

    Good Luck!
  9. texastrini

    texastrini Well-Known Member

    Re: HI Roni---credit Bldg Advice Needed

    Thank you.

    I looked at Providian and turned down a phone offer for Cap1. I think I should call them back to take them up on it.

    I have to be careful because I plan to open my own business in September and don't want to want any inquiries.

    I forgot to mention My "newest" collection debt was reported in 1999 and I paid it in 4/01. (Still don't know what is was for but it was on my report so I had to take care of it.)

    Will that make a difference?

    Does the date you speak off refer to charge off date or activity date?
  10. roni

    roni Well-Known Member

    Re: HI Roni---credit Bldg Advice Needed

    The date of chargeoff. I had no problems getting subprimes after my charge offs were paid. Before they were paid, I could only get secured. Although paying chargeoffs will not help your score, I think that some banks want to see no recent bad accounts and 0 balances on the recent ones to some extent. At least that was my experience.
  11. texastrini

    texastrini Well-Known Member

    Re: HI Roni---credit Bldg Advice Needed

    I appreciate your advice so much.

    My plan on action is to apply for the Capitol one personal and Providian for business.

    Good luck and catch you on the next post go round.

    Thanks for taking the time.

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