Hi, I have been reading all of your great messages for the last few weeks. I figured maybe some of you could provide some insight and advice for me. I had some credit problems a few years ago (too young, too stupid). I have been working at trying to obtain some credit so that someday I can be proud of my credit record. I have a full time, permanant job (2yrs, 3mths), earn approx. 30000.00 per year and have lived in the same place for well over 5 years. I have a CCB account that is listed charge off, but I have made a written request for a repayment arrangement. I have a Capital One card (200.00 limit) which was reopened when I made an agreement to repay the old debt I had with them. I have never missed or been late with a payment in 18 months. I opened an FCNB secured account six months ago (150.00 limit); was late once, payment was lost in the mail. I now have a car loan (opened 03/00) at an INCREDIBLY high interest rate (don't ask, it's embarrassing). I have never been late on this payment. I plan to stick it out for a year or so and then try to refinance at a lower rate. I do have 5 - 7 inquiries on my credit report (most of those came from the dealer trying to secure a car loan). My problem is that I am being turned down for credit cards. Any advise as to what I should do to regain some credit? Thanks, CR
RE: Trying to restore good cre Sounds like the passage of time would benefit you the most. Don't be too concerned about the inquiries. Multiple inquiries within a short time for a car loan are supposed to count as one. Inquiries lose most of their negative impact after six months anyway. Looks like you could use a card with a higher limit or one that will grow fast. This would help to improve your credit score as long as you keep your balances low (no more than 50% of the total available credit). With a total limit of $350, you don't have the flexibility to build a decent ratio of balance to credit limit and your income justifies much higher limits than you now have. To avoid late payment, try paying online. Why let the post office destroy your credit? My suggestions for cards are Providian (for fast, huge increases) and Orchard which is more conservative about them but far better than Capital One. Both of these companies have relaxed approval standards. Give them a try and tell us what happens. Congrats. on your last 18 months of impeccable credit. This is a great start.
RE: Trying to restore good cre I also would add that you should try to put $100.00 (or More) a month towards your FCNB limit and increase your credit limit. In one year you can go from a $350.00 card to a card of over $2,000.00 (with the secured and more programme). I would keep the FCNB card, why switch cards now and pay more application/annual fees? Try the ARIA/Providian in a few months when your FCNB card shows (on the credit report) at least $600.00 limit on it, as this should get you a limit of about $1,000.00 from Aria. Aria will look at increasing your limit after 3 months of on time payments no late payments, and no over limit's. After the Aria & FCNB accounts are set up do try and lower the car payments and you may have to wait still another 18 months or so to start geting some approvals, remember creditors want you to prove yourself over a period of time, and not a short one! After you do get your accounts in order like I sujest post another inquiry to the many others in your shoes and ask for sujestions on which banks to apply with. Of course you may find they will start comming to you!
RE: Trying to restore good cre If you try FCNB or Providian you will have larger limits in no time and if you play your "cards" right you can get the APR lowered on them too, along with the annual fees.
