Rebuilding my Credit -- how long to wait?

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sunnyb
 
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Rebuilding my Credit -- how long to wait?

Postby sunnyb » Thu Apr 09, 2015 10:15 am

I am trying to rebuild my credit. after losing my job and being completely absent from my credit for five years I am finally in the place where I have a stable job and everything is some what back to normal.

I started September 2014 with a 539 credit score, 7 accounts in collections.
Now I have a 591 Experian, 602 TransUnion, 668 Equifax according to myFico.

Credit one gave me my first card after 5 years in September CL 300, they increase it to CL 400 in march. now I currently have a GAP CL 300, VS CL 350, Fingerhut CL 500.

I'm scared to apply for a full visa/ MasterCard because I think they are going to deny me and then I will have that inquiry on my credit.

Oh I forgot to mention 5 of those collection accounts were taken off my credit, don't know why, and the other two left I settle them but they haven't been reported to my credit yet because I have to wait 30 days they said.

So my question is, should I wait to apply for a normal credit card? should I get a secured credit card? and which card would be more easy to qualify?

Any advised would be extremely appreciated, thank you in advance. :)


takeshi
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Postby takeshi » Fri Apr 10, 2015 9:52 am

It's not really a matter of time but those derogs. You want them off your reports if possible. if you've already settled then you don't have the leverage to negotiate a PFD and should look into GW letters.

sunnyb wrote:So my question is, should I wait to apply for a normal credit card? should I get a secured credit card? and which card would be more easy to qualify?

No question secured with no credit check. You could go ahead and apply for one but, again, you need to get your derogs addresses to really make any progress.

amex007
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Postby amex007 » Fri Apr 10, 2015 11:45 am

Personally i would go with a secured credit card for now and put down what limit you can handle. If they see you are paying your bills on time and account is healthy, capitalone will probably send you an offer for a Platinum.
This way you can work on your credit in the meantime and not have to worry about HPs yet. The credit bureaus will generally report your basic credentials to creditors, who then send out pre-approved offers. If you're not signed up to receive them, you can do so thru http://www.optoutprescreen.com but make sure you select the opt-in option. Dont worry if you dont get offers right away since it takes 60 days to get in system since you have to build your credit anyways. But when the time is right, you'll get some offers with an annual fee involved. Capitalone sends out a lot.
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JamesMS
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Postby JamesMS » Tue Apr 14, 2015 6:33 pm

I agree with amex007, apply for a secured card at first. While you seem to have a couple of lines of credit right now, they are "store" level cards. The good thing is that most of your derogs have fallen off, which is a good thing. You could apply to one of Capital Ones entry level cards, Classic Platinum, and you have a chance of being approved. The fact that you have, I believe, 2 collections left on your credit is bad, but not world ending. If you are going to go ahead and apply for a mv/vs card now, I would at least wait until the 2 remaining derogs show paid.
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Chase Freedom
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MemberSince99
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Postby MemberSince99 » Wed Apr 15, 2015 9:20 am

Just be careful before you open that box that your current derogs are past the statute of limitations. If they are not and the collectors chasing you see a new account on your reports, they will know where you are and that you are actively seeking credit and that will likely rekindle their interest in you, in ways you won't care for.

JamesMS
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Postby JamesMS » Wed Apr 15, 2015 9:55 am

MemberSince99 wrote:Just be careful before you open that box that your current derogs are past the statute of limitations. If they are not and the collectors chasing you see a new account on your reports, they will know where you are and that you are actively seeking credit and that will likely rekindle their interest in you, in ways you won't care for.


This is very true!
Main Cards:
Amex BCE
Amex Everyday
Bank of America Cash Rewards
Chase Freedom
Capital One Quicksilver
Citi Thank You Preferred

Spark Cash Back (Business), Amex Plum (Business)



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