My Credit is only 6 months old, have a few Q's FINAL UPDATE

For just about anything you want to get off your chest about credit cards.
16 posts
Elijahmex
Centurion Member
Centurion Member
 
Posts: 180
Joined: Mon Sep 29, 2014 1:10 am
Location: EURO-US

My Credit is only 6 months old, have a few Q's FINAL UPDATE

Postby Elijahmex » Mon Sep 07, 2015 7:53 pm

Hello ladies & gentlement,

Granted I am a American I always lived abroad. Last February I moved to NY and started the whole Increase your credit process. It's now been 6 months now, all I have is one account with Capital One and 1 CC with them. I checked my credit score TU: 708 EQ:702 and the other one I don't know it.

It says my CC Utilization is EXCELLENT (the first two months I maxed out my CC, last 4 months I use use 10-15% of my available credit), Payment History EXCELLENT (always PIF before due date), Derogatory Marks FAIR (bc of some non paid bills back in 2010), Age of Credit VERY POOR (understandable) & Total accounts VERY POOR.

Later this year I will try to get a loan for business reasons. I want my profile to look good so what are some things that I can do?
Should I open another account b/c apparently having just 1 CC does not look good? I use my CC for groceries, gas and restaurants here & there.

I would love to have an AMEX (I travel A LOT for work) but at this point my history is too short. When do you think I should apply?

Basically I just want my numbers to look good for when I apply for a loan. So far I think I am doing alright. Back in February my Credit was at a very low 580 & today im at 708.
Last edited by Elijahmex on Tue Oct 06, 2015 4:52 pm, edited 2 times in total.
Image


Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: My Credit is only 6 months old, have a few Q's

Postby Kevin86475391 » Tue Sep 08, 2015 5:03 pm

It sounds like you have made a lot of progress in only 6 months time. Way to go! :D

I absolutely think it is time to open a second card. In fact I think it's the optimal time. It may be a bit early, but I think I'd go for a Chase Freedom if I were you. Although, I'm not the best to ask about travel cards in general since I do zero traveling, and admittedly that card isn't geared to travel, but I think it's a really solid card and will help you get a foot in the door with Chase. I know they do have other travel-oriented cards such as the Sapphire Preferred - which it would definitely be too early to apply for - and the Southwest Airlines card - no idea what the requirements are on that.

Regarding both the derogatory remarks and the age of credit, unfortunately those are both things that are only going to get better with time. I assume the unpaid bills are now paid though and aren't in collections? If so you could try writing a good will letter to get them removed. You wouldn't be out anything if they said no, but at least you only have a couple more years on them regardless.

The longer you can wait to get the business loan the better since it will give your new account(s) time to age and lessen the effects of the derogs.

ingramjuan
Centurion Member
Centurion Member
 
Posts: 266
Joined: Thu Nov 20, 2014 5:32 pm
Location: EARTH

Re: My Credit is only 6 months old, have a few Q's

Postby ingramjuan » Tue Sep 08, 2015 5:39 pm

Looks like things are moving in the right direction and I defiantly can relate to your current situation. For a travel card suggestion there is a lot out there. When it came time for me to make the same decision and based on where I lived (major airport hub) it made since for me to have Delta card with American Express. The card works for me and fit my needs.

Suggest waiting a little longer on the business loans and get everything else cleaned up on your CR.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Elijahmex
Centurion Member
Centurion Member
 
Posts: 180
Joined: Mon Sep 29, 2014 1:10 am
Location: EURO-US

Re: My Credit is only 6 months old, have a few Q's

Postby Elijahmex » Tue Sep 08, 2015 6:55 pm

Kevin86475391 wrote:It sounds like you have made a lot of progress in only 6 months time. Way to go! :D

I absolutely think it is time to open a second card. In fact I think it's the optimal time. It may be a bit early, but I think I'd go for a Chase Freedom if I were you. Although, I'm not the best to ask about travel cards in general since I do zero traveling, and admittedly that card isn't geared to travel, but I think it's a really solid card and will help you get a foot in the door with Chase. I know they do have other travel-oriented cards such as the Sapphire Preferred - which it would definitely be too early to apply for - and the Southwest Airlines card - no idea what the requirements are on that.


Thank you. I want to stay away from Chase because that derogatory remark was actually with/because of them.
To make a long story short, I was living abroad and asked them to send my bill overseas. They never did and found out later that they couldnt so my bill went to collections and had to fly back to the US just to take care of this mess.

Kevin86475391 wrote:Regarding both the derogatory remarks and the age of credit, unfortunately those are both things that are only going to get better with time. I assume the unpaid bills are now paid though and aren't in collections? If so you could try writing a good will letter to get them removed. You wouldn't be out anything if they said no, but at least you only have a couple more years on them regardless.

The longer you can wait to get the business loan the better since it will give your new account(s) time to age and lessen the effects of the derogs.

The unpaid bill was taken care of about 5-6 years ago. Who are you suggesting I write to in order get that removed from my credit report? That sounds like a good idea.
Image

Elijahmex
Centurion Member
Centurion Member
 
Posts: 180
Joined: Mon Sep 29, 2014 1:10 am
Location: EURO-US

Re: My Credit is only 6 months old, have a few Q's

Postby Elijahmex » Tue Sep 08, 2015 6:59 pm

ingramjuan wrote:Looks like things are moving in the right direction and I defiantly can relate to your current situation. For a travel card suggestion there is a lot out there. When it came time for me to make the same decision and based on where I lived (major airport hub) it made since for me to have Delta card with American Express. The card works for me and fit my needs.

Suggest waiting a little longer on the business loans and get everything else cleaned up on your CR.


I just applied for an AMEX PRG and got denied so I plan on waiting another 3-4 months before I go back to AMEX.

For sure. I want to make sure everything on my CR looks good before I apply & the loan can wait it's not that urgent
Image

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: My Credit is only 6 months old, have a few Q's

Postby Vermonster » Wed Sep 09, 2015 8:39 am

Elijahmex wrote:The unpaid bill was taken care of about 5-6 years ago. Who are you suggesting I write to in order get that removed from my credit report? That sounds like a good idea.


You should leave it alone. It is almost off your report, I believe it stops having an impact at year 7, and completely falls off at year 10. There is a very, very small chance that you can get it removed.


As for travel cards. The Amex decline isn't great as it tells me you don't have the profile to support a high end card. I would suggest you consider the Cap One Venture for a general travel card. I generally try to steer people away from Cap One, but I think you have a decent chance of getting this. You already have a good history with them and they tend to be a little more relaxed on their requirements. From what I have heard, the Cap One pre qualified site is a good indicator, so try that and let us know what it says.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Kevin86475391
Centurion Member
Centurion Member
 
Posts: 237
Joined: Wed Feb 18, 2015 9:04 pm
Location: Texas

Re: My Credit is only 6 months old, have a few Q's

Postby Kevin86475391 » Wed Sep 09, 2015 11:04 am

Vermonster wrote:
Elijahmex wrote:The unpaid bill was taken care of about 5-6 years ago. Who are you suggesting I write to in order get that removed from my credit report? That sounds like a good idea.


You should leave it alone. It is almost off your report, I believe it stops having an impact at year 7, and completely falls off at year 10. There is a very, very small chance that you can get it removed.


Yeah, I agree with this actually. I personally wouldn't bother either if it's already been 5-6 years since you're so close to the 7-year mark. Probably not worth the hassle and I believe there is a fairly slim chance of success. I just thought I'd mention the option in case you did want to explore it. If you do want to look into it further you can Google, "credit card goodwill letter" and in particular "Chase goodwill letter" for more information. I'm sorry I can't be more specific; I've never actually done one. Unfortunately a bit of preliminary research indicates Chase might be a bit harder than most creditors to GW. So yeah, I'd probably just wait since it won't be that much longer anyway.

Elijahmex
Centurion Member
Centurion Member
 
Posts: 180
Joined: Mon Sep 29, 2014 1:10 am
Location: EURO-US

Re: My Credit is only 6 months old, have a few Q's

Postby Elijahmex » Mon Sep 21, 2015 12:39 pm

So today I applied for a pretty basic Citi Bank credit card since I only have 1 CC with CapOne and got denied. Thank god it was a soft pull however I was very surprised because my credit is good (just recently joined the 700 club).

I called TransUnion to find out about that derogatory remark that's on my credit report and to my surprise, it's a civil court case that was filed on Oct 27th 2010 by Capital One with an unpaid amount of 1,497$. I told them to open an investigation bc
1) I wasnt even living in the US back in 2010, I only moved here in 2015
2) I never had an account with Capital One until February 2015 so I fail to see how this is possible

How did Capital One even let me open an account with them if I supposedly have a civil court case with an unpaid balance?

What is my next move? Should I apply for a secured CC?

I applied for 2 CC this month and got denied, I don't want to go nuts with the apps

I
Image

Vermonster
Centurion Member
Centurion Member
 
Posts: 725
Joined: Mon Oct 01, 2012 11:09 pm
Location: NJ

Re: My Credit is only 6 months old, have a few Q's

Postby Vermonster » Mon Sep 21, 2015 1:17 pm

You should make sure to get your reports from Experian and Equifax too. If there is a derog on them you need to deal with it on all 3.

I would wait on doing anything until you deal with this derog. It will be really, really hard to do much of anything until this is fixed. Plus you should be in much better shape after it is cleared up and you would hate to have a secured card at that point.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Elijahmex
Centurion Member
Centurion Member
 
Posts: 180
Joined: Mon Sep 29, 2014 1:10 am
Location: EURO-US

Re: My Credit is only 6 months old, have a few Q's

Postby Elijahmex » Mon Sep 21, 2015 1:50 pm

Vermonster wrote:You should make sure to get your reports from Experian and Equifax too. If there is a derog on them you need to deal with it on all 3.

I would wait on doing anything until you deal with this derog. It will be really, really hard to do much of anything until this is fixed. Plus you should be in much better shape after it is cleared up and you would hate to have a secured card at that point.


Snap I automatically assumed it would be taken care of for all 3.

So I need to contact the other 2 and file investigations? I hate this situation. I'm actually thinking about getting a lawyer involved
Image



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests