Credit Tips: How to Get Good Credit Cards To Rebuild Credit

Posted On: August 7, 2006

Author: shortstop7
Posted: Mon Aug 07, 2006 5:58 pm
Post subject: How to get good cards? This is my situation…

I am in the process of rebuilding my credit and i have been on a roll so far, no negatives in 51 months says myfico.
But when i was a dumb 17 yr old in college, i discovered credit cards and went on an applying craze and managed to snag 4 major ones: Citibank, Discover, Capital One, and Providian all with around $1000 limits. I had no clue how bad it could backfire on me then, and i maxed them all out in like 3 months. They were all charged off, collections and i have gone through the whole thing of settling, Citibank actually sued me, but i have paid everything (had to work a year while in college and save up to $7000 to pay them all off).

Well now i am a responsible 23 yr old out of college with a good job and i know more than well the importance of good credit.

I recently acquired in april a car loan with Chase Auto Finance and they gave me 7.49%, which is better than what i thought i’d get with my credit picture, but its still a bit high. I want to refinance by next year and try to get 5% or less…

I also have a problem getting good cards. I am assuming Citibank, Discover, Capital One will blacklist me forever?

I have the following cards:

Applied Card (former cross country) - $1000 limit
Cortrust Bank - $350 limit
Target Visa - $500
Macys - $200 (what an insult, but i suppose i desrve it )
Walmart store card - $410 limit
Circuit City card - $1000 limit
HSBC Platinum - $1000 limit

My experian credit analyzer keeps saying my low limits is hurting my score, but all these cards wont raise my limit..(macys actually just raised it from 100)…

I want to get a high limit card, and i am afraid i’ll be stuck in low limit siberia for the rest of my life!

I keep my utilization below 35%.
Mty scores are:

Equifax: 659
Transunion: 628
Experian: 570

I have no idea why my experian is soooo low

When can i ever get a good card with like 5,000 or up limit??? Abd should i close the applied card bank? They charge me such high interest rate 23% and a $10 monthly fee, and $6 maintanence fee, and yet they wont raise my limit. But i have had them as a card for the longest amongst my current cards (2+ yrs) and have never had a negative.

Please advice. Thanks!

Author: shortstop7
Posted: Mon Aug 07, 2006 6:03 pm
Post subject: How to Get Good Credit Cards To Rebuild Credit

Also, can someone please make it clear to me?
I started the downward spiral just 3 months after acquiring these cards. I acquired most of them October 2000, so i the first missed payments show up latest January 2001 on all of them…

When should i expect them to fall off??

Also, i have heard soemthing about good will letters to remove them before they are scheduled to fall off.
But who would i be sending these letters to? Some of them circled the hands of several collection agencies before i settled…

And can someone shed some more light or an example of any such letter?
Thanks i really appreciate all help!

Author: shortstop7
Posted: Mon Aug 07, 2006 6:07 pm
Post subject: How to Get Good Credit Cards To Rebuild Credit

I forgot to mention, i am in a graduate engineering program. would anybody take a chance with me on a student card? thx

Author: jlrdc909
Posted: Tue Aug 08, 2006 6:00 am
Post subject:

engineering, doctor, PHD, etc, simply put, if your credit is messed up, it doesnt really matter what program of study or what your income is.