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Pay Off Credit Card Balance to Avoid Problems Later
Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Post subject: Pay Off Credit Card Balance to Avoid Problems Later Posted: Sun Jun 25, 2006 10:26 am One more try at explaining my point. I'm not strictly coming from a holier-than-thou moral plane. I'm trying to be very practical. If you owed $550,000 or even $55,000 and could get away with that sort of settlement, I'd be more inclined to tell you to go for it. But you owe $5500. If you settle for $1700, you've saved $3800, which you might have to report as income and pay taxes on. And you'll be hounded by this bad credit line for 7 years, at a time of your life when you're just starting to enter the work world, establish credit, rent or buy your own place, lease or buy a car. Regardless of the morality, it just isn't worth it--in my opinion anyway. How long would it take for you to make/save $3800? A couple of months? You're going to risk 7 years of bad credit FOR THAT? _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 10:46 am People get a full deletion or "clean up" of derogatory entries all the time. It's not that hard to do. If you're speaking of this hounding him for 7 years, isn't that what's going to happen if he just pays off the balance without an agreement from the CC company to delete or adjust the entry? I'm probably reading you wrong, but you seem to imply that this is impossible to do. Might cost him more than $1700, but IMO, worth it.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 10:59 am [quote="JaneiR36"]People get a full deletion or "clean up" of derogatory entries all the time. It's not that hard to do. If you're speaking of this hounding him for 7 years, isn't that what's going to happen if he just pays off the balance without an agreement from the CC company to delete or adjust the entry? I'm probably reading you wrong, but you seem to imply that this is impossible to do. Might cost him more than $1700, but IMO, worth it.[/quote] If the account is marked as settled for less than full balance then it will be MUCH diffferent than paying it off in full. Some mortgage comps will require the balance satisfied in full. A manual review will show that the OP doesnt pay his/her bills. Score wise it is the same. Yes He/she MAY be able to get it deleted. That is not a sure thing. _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 11:48 am Well, in this case, it's an EASY thing! OP: Hey Collection agency. Mind if I give you MORE money? CA: Yes, mate, of course. OP: You just have to change your entry from whatever it is or whatever you were offering to "Paid in full." CA: [Reluctantly] I guess, I sure would like more money, though. What the hey, it's done. I'll send you a fax in a minute and I'll be getting my payment shortly? OP: [**Disco Stu style** ] OH, YEAH!!!
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Credit Card Settlement Now Might Come Back to Haunt You Later
Guest: QikPass Credit Expert (100+ Posts) Post subject: Credit Card Settlement Now Might Come Back to Haunt You Later Posted: Sat Jun 24, 2006 11:12 pm I'd have to say I agree with Polonious on this one.. Settlement might look good now, but when you finish school, you'll find it much harder to get where you want/need to be, because of this fairly easy way out. _________________ Fortune Favors The Bold...
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Guest: kemp06 Posted: Sun Jun 25, 2006 12:01 am Thanks to everyone for their responses! Yes, even you Polonius. I still don't know what I am going to do, but your opinions have been helpful. For the record, I am not trying to take the easy way out. If I was, I wouldn't have posted in this forum seeking advice. I am, however, looking for the cheapest way out. Fire3000, I am going to attempt to offer more money as you suggested, but the last I heard, it was the settlement they offered or the amount in full. I still have not received the exact information I am seeking. Does anyone know, for certain, what effect this will have on my credit record if I do take the settlement and agree to allow them to post "Account legally paid in full for less than the full balance" on my credit report?
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Guest: kemp06 Posted: Sun Jun 25, 2006 12:01 am Thanks to everyone for their responses! Yes, even you Polonius. I still don't know what I am going to do, but your opinions have been helpful. For the record, I am not trying to take the easy way out. If I was, I wouldn't have posted in this forum seeking advice. I am, however, looking for the cheapest way out. Fire3000, I am going to attempt to offer more money as you suggested, but the last I heard, it was the settlement they offered or the amount in full. I still have not received the exact information I am seeking. Does anyone know, for certain, what effect this will have on my credit record if I do take the settlement and agree to allow them to post "Account legally paid in full for less than the full balance" on my credit report?
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 4:25 am Scroll up and read hdporter's answer to my question (thanks, hdporter)... ...In which case I'm leaning towards fire3000's response on this one. I wouldn't quite offer to pay the full amount, but ask your Dad to do some more negotiation and come up with an amount where the notation on your credit report is "paid in full." Don't just start making payments, though, because just paying the balance without any agreement from a collections agency will lead to a notation like "paid collections" on your credit report, which is, in fact derogatory. As far as the exact impact of a derogatory entry on your credit report, I honestly don't know. Some lenders may reject any applications automatically, others may ask for an explanation. Yet others (subprime?) may not care. If you're already a home owner with a mortgage being reported on your credit report, the impact may be less because you're showing a huge asset (hehe.. that sounds naughty) that you could sell to pay back your debts if necessary. Just my opinion.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 7:17 am Love the thread...thanks for the post Kemp. Kemp..as for all that fine print that was the reason you got into trouble...well, it wasn;t the fine print. It was you lack of understanding of the credit world. It is a mistake many make - ignorance is NOT bliss I guess. Polonius is pretty dead on here. The is an important point in your life. Getting off easy may not teach you the lesson you neeed to learn. You also don't realize how long 7 years is and paid in full or not how long this will be an issue for you - or your potential emplyer - potential mate - potential mortgage - potential rental. Allthat being said. Take the pay-off and be aware they may hit you with a 1099 on the balance for which you will owe INCOME TAXES. And you better not screw with that. Hopefully, you will educate yourself and not do this again. _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Will credit card settlement hurt me in the future?
Guest: Evilbunny Post subject: Will credit card settlement hurt me in the future?Posted: Sat Jun 24, 2006 12:06 am Hmm, that was a harsh bash, Polonius. Yes, getting into debt sucks, but at least he has the sense to look around and get advise before doing anything else that may help/hinder his future. Maybe bailing out and settling a debt is the "easy" way out. But everyone is entitled to try to make up for past mistakes. At least this kid knows how to use punctuation!
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Guest: fire3000 Credit Expert (100+ Posts) Posted: Sat Jun 24, 2006 9:17 pm You should make them a better offer ( for both you and them). You should agree to pay back every cent you borrowed plus a reasonable amount of interest ($500) for a total of four grand if they agree to consider the debt paid in full and report it as such to the CRAs. Your lawyer dad can surely come up with the money and you can pay him back after you graduate. This will satisfy Polonius's argument and your credit will not be ruined for the next seven years.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sat Jun 24, 2006 9:38 pm Take the $1700 and run. Jesus, it's damn near un-American to turn down free money! The statement on your credit report that they're offering troubles me, though. Does anyone know how much worse this is than "paid in full" and if this can come back to bite him in the rear later?
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Guest: hdporter Credit Expert (100+ Posts) Posted: Sat Jun 24, 2006 10:56 pm I've been led to believe that a notation that an account was settled for less than the full amount due is almost damaging as an outstanding default. Frankly, this is understandable since you've still stuck the company for a balance. As I've indicated in another thread, barring any other means by which to get a creditor off your back, it's not a terrible option. But I'd consider later offering to settle the full balance in full if the firm agrees to clear the debt from your credit report entirely. Of course, ideally the creditor would be agreeable to a "Paid in Full" notation in exchange for partial payment. - Harry
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Jun 24, 2006 11:01 pm I take nothing back. You asked for opinions and information. I gave both. Sure, you made a mistake. But you were an adult, you signed an agreement, and it's no one's fault but your own that you didn't read the fine print and/or didn't understand its consequences. You want to use your youth and inexperience as an excuse to get out of paying what you owe. You let your dad/attorney handle the problem for you instead of handling it on your own. You are about to screw up your credit record for the next seven years just to save a few thousand dollars. All those things show immaturity and bad judgment. If you want to live a responsible life, start doing so now. It's just not worth the few thousand bucks you'll save. In the long run, you'll agree with me. I don't have pent up anger. It's not pent up at all! It's right out there when you touch a nerve. I've been on my own since I was 16 years old. I made my own decisions, paid my own way through college and grad school. I made mistakes. But I honored my word and I honored my commitments and I didn't ask people to let me out of debts because I was young or the deal was unfair or I didn't read the fine print. And believe me I'm glad I handled things that way. It's called character...scruples..integrity. It's a way of life. And now is the time for you to decide what kind of a life you wnat to live. Up to you. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Settling Credit Card Debt and Re-establishing Credit
Guest: kemp06 Post subject: Settling Credit Card Debt and Re-establishing CreditPosted: Fri Jun 23, 2006 5:08 pm Can someone please help me make a decision regarding what course of action I should take with my Credit Card Debt? Decision must be made by 6/26/06. I am only twenty two and have yet to establish any good credit. As of the beginning of this year I am $5,500 in debt, but only on one major credit card. This is the only source of bad credit that I have. I have not made any payments on the card in 6 months and my father/lawyer has convinced the company to settle my debt at a fraction of what I owe. They have agreed to settle on just under $1,700! This is terrific and all, but I am nervous that this could have unforeseen effects in the future that I am just too inexperienced and young to understand. The company has faxed us a letter stating that they will report this settlement to the credit bureaus used by their bank as "Account legally paid in full for less than the full balance". I appreciate anyone's advice regarding the current predicament I have placed myself in. Thanks Kemp06
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Guest: Evilbunny Posted: Fri Jun 23, 2006 6:43 pm from what i have heard, they report the amount that you dont pay as a charge-off.. Though thats totally not my department, so i really cant say for sure. Anyone else have any idea if that is true or not?
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Jun 23, 2006 8:37 pm Great idea! Start out young being a deadbeat with a bad tradeline on your credit report that will last seven years. Good thinking on the part of your dad! Now he can loan you money to buy your house or your car for the next seven years, or you'll pay far higher rates from commercial lenders--all to save a couple of thousand bucks. Good to know honesty and morality and ethics isn't part of what he's teaching you. He'll be so proud! You might think about what you're doing and whether you'll enjoy living your life this way. You might consider working harder, earning more, suffering a bit to make good on your promises and paying what you owe. Up to you. A little harsh? Oh, sure. But now is a good time for you to decide if you want to lead an honest life and build up your credit and reputation by making good on your promises and commitments, or let your dad bail you out of your jams as apparently he's doing without regard to the ethical issues involved. Does he control your thinking and your life in other ways too? Just asking. Does he pay his own bills on time or attempt to weasel out of them also? Just wondering. What a fine lesson to set for his child. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: kemp06 Posted: Fri Jun 23, 2006 9:50 pm WOW Polonius, you definitely have some pent up anger! Not trying to be rude or disrespectful, but you might want to speak with someone about that. All I wanted to do was obtain some advice. I didn't expect for someone to take it so personally. There is information that I left out. I didn't think this was pertinent for the advice I was seeking, but since you have forced me into defense mode, I will enlighten you. The amount that I "borrowed" from the credit card company was around $3500. The remainder is finance charges and an absurd 32% interest rate. This was all on a 0% fixed APR credit card. The catch, or fine print, was that this didn't include cash withdrawals. Being the non-credit-card-savvy youth that I am, I didn't realize the difference between using the credit card for purchases and using it to produce cash for similar purchases. I wrongly assumed a purchase, was a purchase, was a purchase. I was obviously very wrong. I do agree with some of what you are saying. I do think that I should pay what I owe. But, part of me feels like I was a little taken advantage of. Like so many other Americans in debt, I was unaware of the fine print. I am sure you would agree that credit card companies like it when you do what I did. That is how they make so much money. FEES! Now, if the credit card company is willing to settle with me, and I pay the amount, have I not paid the company what they now say I owe them? I do realize that I have not paid the amount in full, but this is the best option I have. Seeing that I am in school full-time and don't make very much money, it would take me years to pay off the debt. As Benjamin Franklin said, "Time is money." Isn't this one of the reasons credit card companies settle in the first place. They would rather have their money now than later. On the issue of you bashing my father's parenting style. He is only trying to help make the debt more affordable to me. I am sorry if he is good at what he does! He simply attempted to settle for less than what I owed, and as any good negotiator does, he started very low, they accepted, and I am here today. Again, do you have any actual information and advice for me, or am I going to get another scolding? Kemp06
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Chase and Citi Credit Cards with up to $600 Cash Back
Guest: JaneiR36 Credit Expert (100+ Posts) Post subject: Chase and Citi Credit Cards With up to $600 Cash BackPosted: Sun Jun 25, 2006 10:19 am On car repairs and part store purchases? Do tell, since I have those cards already.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 11:01 am [quote="JaneiR36"]On car repairs and part store purchases? Do tell, since I have those cards already. [/quote] I got a call about it about 5 or 6 weeks ago. I had already maxed out my cash back at the 5% rate and now I am using the card for the 0% offer so I didnt pay too much attention. _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 12:07 pm Quote: On car repairs and part store purchases? Do tell, since I have those cards already. Doesnt have info. on the discover website yet on what the "auto" portion of this will be, but when they had the "get more" promotion, it was only on specific auto retailers....and didnt include any of my local chains that I use. If it includes all auto purchases, this will be at least warm..
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Discover Gas Credit Card to Limit Rewards
Guest: glenn21 Post subject: Discover Gas Credit Card to Limit RewardsPosted: Sun Jun 25, 2006 8:55 am First post here. Nice site. Sorry if this information has already been discussed. I didn't see it on a search. I make most purchases with a Chase Amazon.com VISA card. But I have been using my Discover card for gas purchases since April 2005, when I got an offer from them to convert my dormant Discover account to the Gas Card program. Since then I've used the card exclusively for gasoline. In the past 12 months I've made about $2400 worth of gas purchases. I just got a letter from Discover, notifying me of changes to the Cashback Bonus Gas Card program to take effect in October. It will now earn the full 5% on the first $1200 in gas AND automotive purchases each year. Of course, they spin this as a great thing because now oil changes, automotive repairs, tires, etc., will all earn the 5%, but they downplay the fact that they are limiting it to $1200, which cuts the rewards in half for me. It also says that all other purchases will earn up to 1%, including gas and auto maintenance purchases over $1200. I guess I've been expecting that they would eventually limit this program. But ironically I found this site today via a link in this online newspaper story about how credit card programs are being improved lately: post-gazette.com/pg/06176/700822-68.stm It seems that the opposite is happening with Discover Gas Card, at least for me. Have others gotten this letter? Are there better alternatives I could pursue for gas purchases?
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 9:12 am No, this wasnt posted here and a good thread to start. I am concerned that the auto. purchases will only be for select places (like the last "get more" promotion so I am not very excited about this. There are a ton of cards that you can get 5% on gas (some are brand specific), but you should look at the Citibank cards including the dividend select....max of 300 in rebates per year (which if you used all on gas) would be 6000 in gas (and you can have multiple cards).
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 9:14 am Yes, there are! Chase has a rewards card but they're starting to phase out the program for new customers. Do a search and see if you can get on before it's too late. I especially like any deals involving a sign on bonus; I've heard of bonuses as high as $150! I only got $50 when I signed up Fatwallet.com also has huge on-going threads on this card. Citibank's gas card ("Dividends"; 5% back on gas and grocery purchases) is still going strong, as far as I know. I haven't heard too much about any sign on bonuses for this card, although I have gotten $100 on two seperate occasions for signing up for two other Citi cards. I really am quite thrilled to hear about Discover's expanded gas card. I wonder if they'll still give it to new customers? I didn't apply because I don't need a new gas card, however, it would be nice to get 5% back on any car repairs, impulse car purchases from Advance auto, etc.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 10:00 am My Discy gas card has been this way from the start. But its a fairly new account. I already amxed out the rewards at 5% and I am well into my CITI card which allows up to 300.00 in rewards _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jun 25, 2006 10:13 am Uh, are you folks really reading what was said? Your 5% on repairs/gas is limited to $1200 IN PURCHASES per year. In other words, you can get at most $60 back per year at the 5% rate. Cards like the Chase and Citi cards give you up to $300 or $600 back per year... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Visa Signature and World MasterCard Credit Card Credit Limit
Guest: QikPass Credit Expert (100+ Posts) Post subject: Visa Signature and World MasterCard Credit Card Credit LimitPosted: Sat Jun 24, 2006 11:15 pm Do we have a list of issuers of VISA Signature and World Mastercard who will show the credit limit upon request? _________________ Fortune Favors The Bold...
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Guest: Kajjers Posted: Sun Jun 25, 2006 6:03 am Only one I know of is Chase on the Visa Signature side...
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Guest: herky Posted: Sun Jun 25, 2006 8:00 am Bank of America has a couple of Visa Signatures, I think. Mercedes-Benz and US Airways.
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Guest: creditnewbie Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 9:09 am you can see a complete list at visa.com/signature and mastercard.com
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Guest: hdporter Credit Expert (100+ Posts) Posted: Sun Jun 25, 2006 9:37 am I don't think the request was for the names of issuers ... instead, the OP wants to know who will post credit limits upon request for these cards that otherwise only show high balance. - H.
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Comparison Shop for Credit Cards to Establish Credit
Guest: Board Monitor Board Monitor/ Administrator Post subject: Comparison Shop for Credit Cards to Establish CreditPosted: Tue Jun 06, 2006 7:44 am You can comparison shop for credit cards that will help you establish/reestablish credit here: http://www.cardratings.com/poorinfohome.html _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: cardsgalore Posted: Sat Jun 10, 2006 7:38 pm These are the cards I have applied for since May 2004: Merrick Bank Approved: yes Credit Score: not sure at the time, guess in the 500's credit limit: started at $750 today my limit is $1800 Interest: 23%...ouch!! Bank of America Approved: yes Credit Score: not sure at the time, guess in the 500's credit limit: $ started at $250, now $500 Interest Rate: 12.9% This account started as a Fleet secured account and was converted over. Had to write the CEO to get limit raised from $250 to $500. First Premier Bank Approved: yes Credit Score: not sure at the time, guess in the 500's credit limit: started at $250, now $525 (very stingy with limit increases) Interest: 9.9% Plains Commerce Bank Total Visa Approved: yes Credit Score: not sure at the time, guess in the 500's credit limit: started at $250, now $600 CLI Approved: yes SC State Credit Union Visa Approved: Yes Credit Score: not sure at the time, guess in the 500's Credit Limit: $800 Interest: 13.9% Orchard Bank Platinum Mastercard Approved: Yes Credit Score: exactly 578 at the time of application Credit Limit: $750 Interest: 0% for six months, after intro 15.9% This is the first 0% offer I ever received!! My credit score has come along way. Back in 2003 my score was 410. I have raised my score to 578. It is normally about 610, but my credit card debt is high. I am trying to pay it down. I am getting offers for captial one cards but I'd rather pass since they do not report credit limits. I have been visiting this form for a year. Please keep up the good work!!!! I love this site!!
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Guest: rebuildingblocks Posted: Mon Jun 12, 2006 4:38 pm I am new and I have been reading here last couple days and have learned so much. Thank you.. I am in the middle of reestablishing / BK7 my husband and MY credit reports are scores are low . So far I have been approved for Orchard 3 months he has been premier bank 1 month .. We added each other on as authorized users. But we need more credit lines I applied today capital one and macy's for Him ..He has nothing really established . the mortgage is in my name. His scores are around 532 588 593 (mortage pull) mine are 554 637 623 ( mortage pull) last time we checked but we have had car dealers pull it ... lots of inquirys.. When applied for a car loan on my husband they said he had no FICO .. I found odd , and when ordered his credit report they have his DOB year wrong just transunion. if anyone has any suggestions please help..
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Guest: chriswufgator Posted: Thu Jun 15, 2006 1:03 pm Secured: First Premier Bank cl:1000 (now closed, HIGH fees) HSBC Mastercard cl:1500 $29 annual fee. Unsecured: Orchard Bank Mastercard cl:400 (1mo out of Bk discharge) Target Red Card cl:200 (05/06) 22% $0 annual or other fees. Credit One Bank Visa cl:400 (05/06) 23.95% $49 annual fee. Merrick Bank Visa cl: 750 (04/06) 21.75% $0 annual or other fees. Total Visa cl:250 (approved during bankruptcy), now closed HIGH fees. Kay Jewelers Card cl: Don't know yet, new acct. $0 fees. The above creditors are, as I know from experience, bankruptcy friendly and will accept higher credit risks. Hope this helps! Declined for: Shell Gas Card (06/05) Chevron Gas Card (06/06) Zions Bank Visa (06/06)
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Guest: femlove200 Posted: Sat Jun 17, 2006 12:01 am I read on this board that being added as an AU would boost up my credit score. Its true! I had my mom add me on her Target Visa Card as an AU and it boosted up my score 21 points immediately! My mom has a credit limit of 3,000 on her targer visa, so i'm sure it helped the drastic score jump. They also reported the card to my credit report in 3 weeks. My previous scores: TU: 611 Experian: 643 Equifax: 616 After Score Jump: Equifax: 637 I haven't checked the others yet. I was wondering if anyone knows of credit cards that only pull Experian, since my highest score is my experian score. I'm estimating my experian to be approx. 660. Do any of you know of credit cards that will approve me with a 660 experian score? Thanks in advance!
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Credit Card Credit Line Increased
Guest: herky Post subject: Credit Card Credit Line Increased Posted: Thu May 25, 2006 2:22 pm I think you can try again in June. I got my 9 month CLI in Jan and I am due up soon, I know. Will probably try after my statement cycles in June.
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Guest: herky Posted: Thu May 25, 2006 2:33 pm So I have been rebuilding my credit from several tax liens that were paid in full no later than May 2004 (2 years ago for the last action date on any of them). I started with a secured card from Chase that was later sold to Merrick Bank. I was declined a couple of times, but then got a Direct Merchants Bank MC with a $5,000 limit. A Bank One Amazon Visa card followed that. Most of the pre-approved app's i was getting were for orchard bank and banks that were pretty much just thieves (low cl's, high fees and apr's). After 18 months of perfect history, Amex came knocking for a green card. 6 months after that Amex sent me pre-approval for a Starwood Card, a nice rewards feature. Last week, Citi sent me a pre-approval for a Premier Pass MC. Finally, Prime heaven! It can be done! If your credit is down and out, you can recover! I did it, even though I doubted I ever could and there were a few rejections along the way. Keep your head up!
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Guest: femlove200 Posted: Fri May 26, 2006 10:38 pm I went to Wells Fargo today to get a secured visa, but I walked out with a unsecured credit card. The teller told me I needed a checking account to get the secured visa, I told her that was fine. She then opened a college account for me and they immediately offered me an unsecured card with a $700 credit limit. I was shock because I have a two negatives on my report and a low credit score. I have been turned down in the past so I'm so pleased to have this card. I think getting a college account worked to my advantage. Experian: 643 Transunion: 611 Equifax: 620
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Guest: Brammy Posted: Mon Jun 05, 2006 10:32 pm After bankruptcy Household Bank - Instant was 300 now 1500 - annual fee will close Good card for rebuilding after bankruptcy raised the limit but don't need it now. WalMart - Intant 200 WaMu invitation Platinum- Instant 1500 0% for 12 mos no annual fee Target - Instant 300 Local Bank Visa platinum - 300 (I knew someone ) and it just probably got me started to get the other instants that and the nosebleed car loan I had to take out Cap one - denied - says no bk history allowed Chase - denied forgot to pull the other bureaus which were still reporting items that should have been included in BK Last edited by Brammy on Sat Jun 10, 2006 8:39 am; edited 1 time in total
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Want Credit Card for Business Opportunities
Guest: sd1973 Post subject: Want Credit Card for Business OpportunitiesPosted: Sun Apr 23, 2006 10:02 pm Polonious? Mouse? Ira? I know that you guys have been at this for quite sometime and in keeping up with your posts, I see that you guys are very well-versed when it comes to credit. I would really appreciate if you'd give me your take on my situation. I am really anxious to put myself in a better position credit-wise as it is hurting me in my business as well as losing out on other investment opportunities. Thanks all!
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Guest: sd1973 Posted: Tue Apr 25, 2006 3:48 pm I just received the Chevron card in the mail. The limit is only 400 but I guess thats okay for a gas card...it'll definitely come in handy especially with the gas prices these days.
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Guest: BobbyChimpo Posted: Fri Apr 28, 2006 9:09 am I have been working on re-establishing my credit for a bout 6 months now...I got a car loan last march from JD byrider and never missed a payment......I've had one charge off from capitol one and 3 or 4 collections account..ALL PAID.....these are the cards that i've recently got Target Guest Card Approved Limit:200 Score:TU 579 EX527 Eq 586 Chevron Gas Card Approved Limit: Not sure,Just payed annual fee. Score:Same as above Macy's Approved Limit:203 Score:Same as above Kay Jewlers Approved Limit:2500 Score:Same as above Leroys Jewlers Approved Limit:1400 CLI 1500 Score: Same Orchard BAnk Gold Card Approved Limit:300 Score: Same Capitol One Approved Limit:500 Score:Same
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Guest: RacieRacer Credit Expert (100+ Posts) Posted: Wed May 10, 2006 12:04 pm That is so untrue about negative information only affecting your score adversely if it is reported in the last 6 months. Maybe it's the case with the Sunnybabies' Mortgage Co's scoring model, but it's definately not the norm. I've gotten denial letters in the past for items that were almost 7 years & ready to fall off. While it is true that creditors each have different scoring models and some may consider certain things within certain time periods. For example, many CC issuers only consider INQ's that happened within the last 6 months, (some last 12 months), many places only hold against you late payments (ie; 30 day late) that aren't older than 12 months, and some CC's will not hold against you that much other negative info that is older than 2 years, like Charge Off's and Collections but some will even if they are 6 years and 364 days old.
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Guest: RacieRacer Credit Expert (100+ Posts) Posted: Wed May 10, 2006 12:22 pm Also, FWIW, The Target card is not part of or issued by GEMB. It is issued by Target's bank called Retailer('s) National Bank AKA RNB and sometimes AKA Target National Bank.
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Guest: edubble Posted: Thu May 11, 2006 3:30 am I raised my BOFA limit in November, but forgot the exact date. I am trying to follow the 6 month rule and tried again in May, but got denied. I think I tried too soon. Do I have to wait another 6 months or should I be fine in June?
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Looking for Credit Card Offers to Build Credit
Guest: punkin Post subject: Looking for Credit Card Offers to Build CreditPosted: Sun Apr 02, 2006 11:15 am txQT Posted: Thu Mar 23, 2006 7:59 pm Post subject: -------------------------------------------------------------------------------- im so discouraged anyway here it goes, I applied for an oldnavy card(instant) on 3/21/06 I was approved (by my surpise) so I decided I would try for some other ones...blah Hang in there......... try aspire visa (since 12/04) credit limit $300(now $600) total visa (12/04) $250.00 they both have high fees with the card but it's a start. Now I'm up to 5 credit cards. Orchard Bank(since 3/06) $300 Centennial Matercard( since 3/06) $300 Continental Finance (since 3/06) $250 I just pulled credit score experian 529 I've tried credit getting other cards see now that hurt score when they review. I'm ok with the ones I have so far had no problems and now will not try for another year.
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Guest: punkin Posted: Sun Apr 02, 2006 11:24 am txQT Posted: Thu Mar 23, 2006 7:59 pm Post subject: -------------------------------------------------------------------------------- [Quote: color=red]im so discouraged anyway here it goes, I applied for an oldnavy card(instant) on 3/21/06 I was approved (by my surpise) so I decided I would try for some other ones...blah Hang in there......... try aspire visa (since 12/04) credit limit $300(now $600) total visa (12/04) $250.00 they both have high fees with the card but it's a start. Now I'm up to 5 credit cards. Orchard Bank(since 3/06) $300 Centennial Matercard( since 3/06) $300 Continental Finance (since 3/06) $250 I just pulled credit score experian 529 I've tried credit getting other cards see now that hurt score when they review. I'm ok with the ones I have so far had no problems and now will not try for another yearQuote:
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Guest: sd1973 Posted: Sun Apr 23, 2006 6:04 pm I am new to the board and have been finding some very useful information here. I just wanted to take a moment and post a little about my situation in hopes that someone on here could be of some help or insight. While in college, I ruined my credit and I ended up filing a BK in 1999. So, after years and years of having horrible credit, I am finally on the right track when it comes to appreciating credit and understanding how to use the leverage it gives you. However, I am trying to get to the point to where I am getting approved for premium cards with decent limits. Right now, I currently have the following: Orchard bank (non-secured) (600.00 limit) Wells Fargo Secured Visa (1100.00 limit) Credit Union Secured Visa (1k limit) Target (the infamous 200.00 limit) Auto Loan Mortgage 1 or 2 Collections on each bureau (collections are 3+ years old) Chevron (just accepted a pre-approved mail offer but haven't received card yet) *No lates on anything in the past 24-36 months and except for Target and Chevron all of the above accounts are just about 2 years old. Target is about 6 months old and Chevron is brand new. My current scores are: (FICO) Eq 615 TU 678 Ex 644 Yesterday a good friend of mine added me on her Citibank Visa as an authorized user, the account is over 10 years old, with a balance of $300.00-$400.00 and a limit of 13k. They took my S.S.# and said that they would report to all 3 bureaus. I am wondering......is this really going to bring my score up? And if so, how much? I am just so sick of the sub-prime cards, I get offers in the mail all the time but I don't want to waste my time with cards that can't offer me anything except a $300.00 limit. I am also a business owner so I need to get some cards with high limits on them to help me out with supplies and inventory. Everything I am doing now is cash and carry and it is limiting me because I don't have the buying power when it comes to inventory. Also, when the account does hit my credit, is it better for me to do an app-o-rama or wait for the offers to come in the mail? Which premium cards are easiest to get? Which business cards are easiest to get? Which business cards do not show up on personal credit report even if you signed as guarantor? Sorry for the long post but I just wanted to get some insight or suggestions on how to start getting better cards with better limits and what I can expect from the authorized user account. Any suggestions welcome. I am tired of sitting on the bench, I want to get into the game!!! Thanks!
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Apr 23, 2006 6:20 pm The AU card will bump up your scores. If you sit tight for a year and continue to pay perfectly AND keep your utilization rate very low you;ll get close to the prime card range. I know...I have been at the point where you are. My first good prime card with a decent limit was with Bank of AMerica. I have a checking account with them. WHen you sign off they sometimes make offers to you on things (insurance, special programs, credit cards) One day they offered me their Rewards Card. I thought, "what the heck," and went for it. It was approved for 7k. That approval jumpstarted my credit scores and pushed me over the 700 mark with all my fico's scores. I now have discover, citibank and others.... I;d guess you could be there in 14-24 months. Avoid the app o rama......it can get you declined and those inquiries stay on the report for two years. _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: sd1973 Posted: Sun Apr 23, 2006 9:53 pm I have read some of your previous posts and I know that you have been at this for awhile also. Thanks again for the input. I'll be anxiously waiting to see what the AU does to my score!
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Why are my credit card applications denied?
Guest: EnchantMe Post subject: Why are my credit card applications denied? Posted: Fri Mar 24, 2006 9:08 pm Quote: Hi enchant did you already have cards previously? Because I'm not understanding why i'm getting denied for credit...I've seen people on here with lower scores then me and still get approved for stuff, I guess there is more to it. Yes, I had previous cards... I have 13 total. Keep your Old Navy card for a while (in good standing), and you should start getting preapprovals for places like Cap. One and Orchard. They'll be lower limits probably, like your Old Navy Card, at first... but you'll build credit. As far as getting denied within the same bank... it's happened to me. Target took a while to give me the card, and I still haven't been able to get an Old Navy card. There's just so many things that go into approvals, and those things can differ from card to card within the same company.
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Guest: collazo Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 10:25 pm Does anyone know how many points you loose on your credit score with a hard inquiry. I don't think it's that much. I applied for a Macy's card and a few days later I saw the inquiry and my credit was 6 points lower. Is that about right?
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Guest: nunya Posted: Mon Mar 27, 2006 3:40 pm collazo wrote: Does anyone know how many points you loose on your credit score with a hard inquiry. I don't think it's that much. I applied for a Macy's card and a few days later I saw the inquiry and my credit was 6 points lower. Is that about right? I' m not entirely sure but I applied for 4-5 cards recently and got three of them. I only applied to these so that I could continue to re-establish my credit and the temporary drop doesn't bother me because I won't be applying for anymore cards for at least a year, probably longer. Anyway, I checked my score(s) after applying for them and it dropped 12 points so I don't think six points is accurate for just one inquiry, I think it's more like 2 points or so.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Tue Mar 28, 2006 11:15 am Quote: Does anyone know how many points you loose on your credit score with a hard inquiry. I don't think it's that much. I applied for a Macy's card and a few days later I saw the inquiry and my credit was 6 points lower. Is that about right? Sounds about right...give or take a point or two. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: happychic Posted: Thu Mar 30, 2006 5:01 pm History..Bankruptcy discharged 12/04. Orchard Bank Unsecrued Mastercard Approved: August 2005 Credit limit $300 Pulled Experian but reported new acct to both EX and EQ Score then was 620 ____ Target Guest Card 2/14/06 $200 limit Credit score 620 EQ _____ Emigrant direct visa $450 limit..Experian 610 EQ not pulled but is now 654(it went up after this account was reported) Fashion Bug Card $100 EQ -650 All the following were denied. Paypal visa-declined..pulled experian declined for shell gas card, Best buy card and rooms to go furniture card. I live in Alabama. Out of all the applications I did no one pulled Transunion.
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New Credit Card Accounts Cause Dip in Credit Score
Guest: arahad06 Credit Expert (100+ Posts) Post subject: New Credit Card Accounts Cause Dip in Credit Score Posted: Fri Mar 24, 2006 12:13 am since you are getting new cards your score goes down for a short time due to the hard inquieries...but no worries, keep paying your bills on time and keep the balance low and your score will go up....just dont apply for anymore cards that you dont need... or if you wanna follow curtis arnold and get 25-30 cards feel free i am sure he will support you (right curtis?) lol...
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Guest: txQT Posted: Fri Mar 24, 2006 12:44 am EnchantMe wrote: Capital One Approved: yes (instant online, preapproved) CR: Eq - 623 (not sure who they pulled from) credit limit: $ 300 (supposed to go up to $500 in 3 months... but that's for "new cardholders" and I have 2 others with Cap. One, so we'll see.) Home Depot Approved: yes (instant online, preapproved) CR: Eq- 623 (not sure who they pulled from) Credit limit: $ 500 These are the two I've gotten in the last 3 months. I've accumulated way too many cards over the course of trying to fix my credit since I turned 18 (4 years ago). My credit score dropped 16 points this quarter... it's quite depressing. I'm assuming it's because I have the new accounts, and a CLI (automatic) on my Victoria's Secret Card, plus that balance went up a little. Plus I applied for a few other things. I guess I just need to stop applying for things for a long time, and stop using my cards (I've taken most of them out of my wallet so they're not handy) and pay down the balances. If it keeps going down like this... I don't know what I'll do. Hi enchant did you already have cards previously? Because I'm not understanding why i'm getting denied for credit...I've seen people on here with lower scores then me and still get approved for stuff, I guess there is more to it.
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Guest: nunya Posted: Fri Mar 24, 2006 3:24 am I decided to apply to three cards all at once so that I could build them for the next twelve months and keep them in line so that one day I can upgrade! Now my credit score is even lower because of the hard pulls but I received the CapOne and Target card and I'm waiting to hear back about the Macy's card. Anyway, just to let you know, Capital One did a hard pull on ALL THREE bureaus which really sucks. The only good thing is that they did approve me instantly online but c'mon, THREE pulls?!?!?!?! For TX QT, I am in TX as well and I know JCPenney pulled from Equifax and they have the same lender as Target, GE Money Bank so maybe there's something funky going on there with not getting approved by JCPenney. Orchard pulled from Experian for me.
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Guest: txQT Posted: Fri Mar 24, 2006 1:30 pm nunya wrote: I decided to apply to three cards all at once so that I could build them for the next twelve months and keep them in line so that one day I can upgrade! Now my credit score is even lower because of the hard pulls but I received the CapOne and Target card and I'm waiting to hear back about the Macy's card. Anyway, just to let you know, Capital One did a hard pull on ALL THREE bureaus which really sucks. The only good thing is that they did approve me instantly online but c'mon, THREE pulls?!?!?!?! For TX QT, I am in TX as well and I know JCPenney pulled from Equifax and they have the same lender as Target, GE Money Bank so maybe there's something funky going on there with not getting approved by JCPenney. Orchard pulled from Experian for me. thanks nunya for the reply, yea there is something going on because GEMB also is the same bank for Old Navy so that is why I thought I could get approved...yea something is weird!
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Guest: nunya Posted: Fri Mar 24, 2006 8:59 pm TX QT, I forgot to add, I applied for the Banana Republic card (GEMB again!) and got rejected even though I had a year of perfect payments with JCPenney (GEMB!!!) and JCPenney just increased my credit limit from $300 to $500 this month so go figure. Or, try NOT to figure it out, doesn't make sense. I'm thinking maybe it's because I did one too many requests for credits and it automatically lowers my credit score, Banana Republic was the last one I did so they definitely saw a lower score than the others. Also, I applied for Target online and it also went for further review BUT, I checked the status the next day and it said I was approved. So don't worry, it will probably go through.
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Too Many Credit Cards to Repair Credit
Guest: txQT Post subject: Too Many Credit Cards to Repair CreditPosted: Thu Mar 23, 2006 7:59 pm im so discouraged anyway here it goes, I applied for an oldnavy card(instant) on 3/21/06 I was approved (by my surpise) so I decided I would try for some other ones...blah Target Red Card approved/denied - went for "further review" still waiting (instant) CR: TU-?, Equifax-580, Experian-625 JCPennys approved/denied: denied (instant) CR: TU - ? Equifax - 580, Experian - 625 Orchard Bank approved/denied: I guess denied it only offered me a secured CR: TU-?, Equifax - 580 Experian - 625 Old Navy approved/denied: approved(instant) CL: $400.00 CR: TU-?, Equifax-580, Experian-625
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Thu Mar 23, 2006 8:04 pm Now cutie..... don;t apply for anything for a while....9-12 months and be perfect in the mean time. and when you next go to apply, make sure all your statement read around 10-12 % utilization. and move to CT and have dinner with me _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: arahad06 Credit Expert (100+ Posts) Posted: Thu Mar 23, 2006 8:29 pm Orchard Bank (Unsecured) Approved: Yes CR: EX-637 credit limit: Don't Know Yet My First Card Since 2004 - Back In The Game Baby...
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Thu Mar 23, 2006 10:15 pm arahad06 wrote: Orchard Bank (Unsecured) Approved: Yes CR: EX-637 credit limit: Don't Know Yet My First Card Since 2004 - Back In The Game Baby... YEAAAAAAAAAAAAAAAaaaaaaaaaaaaaaaaaaaaaaaaa _________________ Humor free posting since June, 2006 Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: EnchantMe Posted: Thu Mar 23, 2006 11:48 pm Capital One Approved: yes (instant online, preapproved) CR: Eq - 623 (not sure who they pulled from) credit limit: $ 300 (supposed to go up to $500 in 3 months... but that's for "new cardholders" and I have 2 others with Cap. One, so we'll see.) Home Depot Approved: yes (instant online, preapproved) CR: Eq- 623 (not sure who they pulled from) Credit limit: $ 500 These are the two I've gotten in the last 3 months. I've accumulated way too many cards over the course of trying to fix my credit since I turned 18 (4 years ago). My credit score dropped 16 points this quarter... it's quite depressing. I'm assuming it's because I have the new accounts, and a CLI (automatic) on my Victoria's Secret Card, plus that balance went up a little. Plus I applied for a few other things. I guess I just need to stop applying for things for a long time, and stop using my cards (I've taken most of them out of my wallet so they're not handy) and pay down the balances. If it keeps going down like this... I don't know what I'll do.
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Can I change my secured credit card into an unsecured credit card?
Guest: Florydory Credit Expert (100+ Posts) Post subject: Can I change my secured credit card into an unsecured credit card?Posted: Sat Mar 04, 2006 8:59 pm sweetypeety76 wrote: My score was a 490 when I had a car accident and had to buy a new car. The only place that would even consider me was Credit Acceptance with a 25% down payment and 24% interest, and that was in September 2003. I was wondering: I currently have a car loan thru Credit Acceptance.............. did/was you ever successful in getting them to lower their interest rate? I can't see paying the high interest rate for the life of the loan, I will have to get mine lowered or find a way to refinince the loan _________________ Florydory does not like to be threatened and/or harrassed by creditors !
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Guest: sweetypeety76 Posted: Tue Mar 07, 2006 12:48 pm No, credit acceptance doesn't refinance their own loans. When I called to ask about it, they told me people rarely go any more than 18 months to 2 years before they refinance with another company. I think the point is that by the time you have a good record of payment for 2 years that another company will take a chance on you. I refinanced with Triad financial (triadfinancial.com). They were very very good with finding terms to suit me (called me to work out details instead of just denying me). Good luck.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Mar 12, 2006 2:03 pm ok.... my last bad debt was 2001 and thast the only one that hasnt cleard off yet but one CA pulls my credit every other month and that hurts my trans union.... Equi 713 Experian 707 Trans 657 Have had a cap one m/c for 2 1/2 years 700 limit 5 months ago: Pre-Approved Bank of America Rewards VISA 7,000 limit (BOA is my bank - my direct depositing might have helped) Pre-aproved Juniper Bank 0% 6 months intro rate/BT 350 limit (my regular rate will likely be much higher)
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Guest: gsr Posted: Thu Mar 16, 2006 8:34 pm quick question: when you get a secured card, and after 1 year they might consider you for a non secured card, do they pull your credit report at that one year point?
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Guest: nunya Posted: Wed Mar 22, 2006 5:27 pm i was one of those crazy college kids who racked up debt on anything and everything that was offered to me, it wasn't a lot of debt but i never paid it off and haven't been able to qualify for credit until JCPenney offered me a card a year ago, guess some older stuff got taken off my reports...my fico for all of these has hovered from 560-600 but mostly around 590, i'm working on getting it higher this year and will stop getting new cards now that i've got these, i've never missed a payment on the first two cards and i don't intend to now that i have a second chance JCPenney 12 months started at $300 cli (didn't ask for one) $200 a month ago after one year, $500 credit line Orchard Bank 5 months $29 annual fee $300 haven't asked for CLI Capital One $39 annual fee got approved a couple of days ago minimum credit line will be $300, haven't gotten exact amount because i haven't received the card yet, they did give me $200 to use right away online (i'm not dumb enough to do that though!) Target RED Card got approved today not sure of credit line, will post when i get the card
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Re-establish Credit With Secured Credit Card
Guest: needaloan Post subject: Re-establish Credit With Secured Credit CardPosted: Thu Oct 06, 2005 5:23 pm Hey tb33, Do you have any previous bad/negative credit history?
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Guest: tb33 Posted: Thu Oct 06, 2005 7:26 pm Yes needaloan, but it's all over 6 years old and due to fall off over the next couple of months. Credit prison has been rough.
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Guest: sweetypeety76 Posted: Wed Jan 04, 2006 10:17 am HSBC Union Plus Mastercard Approved: yes Credit Score: Exp - 517 TU - 616 EQ (FICO) - 587 credit limit: $ 2000 8.9 BT, 13.9 interest rate.
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Guest: alana Posted: Thu Feb 09, 2006 12:16 pm Target Guest Card Approved: yes, Instantly online CR: 629-pulled Equifax Credit limit: not sure yet F.Y.I. >I have equifax score watch and the inquiry cost 2 points so now the score is 627. Orchard Bank Approved: yes CR: Equifax-600 at the time Credit limit: $300 Ford Motor Credit Approved for a car with a good rate but definately not the car I want. CR: 629-Equifax
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Guest: iceman Posted: Thu Feb 23, 2006 1:49 am New Millennium Secured Card. Use this while repairing my credit Approved: Yes!!! CR: None was pulled, they do not pull your credit report Credit Limit: $655 Credit report repaired (All negative items deleted off my credit report) Orchard Bank Approve/Denied: Approved CR: Experian Credit Score:700 (Because of secured credit card) Because of credit repair Credit Limit: $750 Chase Flexible Rewards Visa Signature Card (pre-approved application) Approve/Denied: Approved Credit Report Pulled: Trans Union Credit Score: 700 Credit Limit: $3,000 To everyone who is trying to re-establish your credit or establish credit. I believe the best way to re-establish credit is to repair your credit first, I did this with the help of a law firm. They got all of my negative items deleted off my reports. While they were working on my credit report I was establishing credit with my secured credit card. Everything I've done, was with a plan to get to where I'm at now. Now the sky is the limit, I went from a credit score of 515 from all 3 credit bureaus to a 700 with all 3 credit bureaus. When those negative items was deleted my score was rising. Also: Dell Approved: Yes CR: Experian Credit Score: $700 Credit Limit: $2,500 Again, I chosing which credit I'm applying for, everything is with a plan. I want my credit score to be 800++. I'm also proud of the chase credit card, before repairing my credit I could not apply for chase, now I have their credit card.
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Increasing Credit Score with New Credit Card Approvals
Guest: ohsogirly Post subject: Increasing Credit Score with New Credit Card ApprovalsPosted: Thu Aug 25, 2005 11:05 pm I just want to say I agree w/ Sunnybabies. Hopefully i'm speaking for a vast majority of people who are reading your much appreciated advice in this forum. I've heard in the past about creditors looking at the past six months. Am i'm sure like the rest of us, you're probably one of the few that are in this forum who are required to take an 8hr class yearly. So, I thank you for sharing your input. *-* If anyone is interested, here's what I was approved for *-* Orchard bank.... $300 credit limit. (unsecured) NMB .... same thing, except this one is secured for $300. My current credit scores are: Exquifax: 538, Transunion 568, & Experian 551 I just receiv |
