Wanting to get ahead

For just about anything you want to get off your chest about credit cards.
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Wanting to get ahead

Postby 2004ep3hatch » Thu Jun 06, 2013 8:45 pm

Hi everyone

This is my dilemma, I filed for chapter 7 back in June 2009. Since then I have 4 credit cards and they have all had the same credit limits since 2010. One of them, my Wells Fargo card I thought I would of had the limit increased by now. Capital one will never increase me, they don't increase almost anyone from what I understand.

I started with the Wells Fargo secured card and then after a year they did graduate me to the unsecured card. This happend in November of 2012, i just asked them for a line increase of 500.00. They said no due to my bankruptcy? i got the card and have had it for 2 years now and they are pulling the bankrupcy card. What I don't get is I have been with them for 10 years and have had a credit card since 2011 with them.

I have been perfect with them and my others, not a single late payment and I always pay ahead. I make a decent living and have had a solid credit life with what I have since my bankruptcy.

My scores are in the mid 600s now, not sure if that is good or not. But since Wells Fargo told me know and I have been wanting to switch, I went to a credit union and applied there. I'm thinking if getting rid of Wells Fargo altogether because of the ridiculous fees they charge with regular banking ect....

I applied with the credit union and waned to get the card they offer since its a low interest card and I would have transferred my balances to it. But what they told me made me very upset seeing I'm trying my best and I even pay for services to the credit bureaus.

They told me today that my score was 6 points below what they want and they see bad accounts from 2006-2008 time. I was like yes I know that, that was before my bankruptcy . Why are they even looking at it? Post bankruptcy is what should be counting, I have been 100 percent perfect. Now with the 6 points, they require a 630 score to get the credit card, my score was according to experian 648. This is what I pay for every month from them direct. I go experian.com and log in and get my report updated whenever. Need and my updated score.

The credit union says my score is 624 according to their findings?? Where is this coming from? They use experian in my case to determine my score. I checked my score the same day I Gave them my application. They said financial institutions have a different scoring system? Is this some kind of scam? Is there another part of experian and the 2 other credit bureau worked very had to get where I am today and just want to advance myself. Should I quite paying for the services from experian? Where do I find my real score then? I don't have a lot of credit and cards are not low intrest. This credit union card would have been perfect.

Thank you for reading and hopefully understanding, I'm not in a great mood becuse of all this, I understand I have a bad past but I have turned it around 100% and feel I'm not getting anywhere. If it asking for to much to soon then let me know.

Any advice is welcome, sorry for any typos


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Postby rockyrock » Fri Jun 07, 2013 1:04 am

Welcome to the forum, Tommy.

First off you are in a tough spot and will be for quite a while. Ch 7 doesn't erase negative items from your report it just draws a line so you can start fresh. You still have to wait the standard amount of time for those previous items to fall off your report.

You should expect the Ch 7 to be with you and affect credit worthiness for up to 10 years. Your score may improve but you will likely be ineligible for the lowest rates and high limits being advertised. Credit grantors don’t really like seeing that Ch 7—well they don’t like Ch 13 either but 13 is probably the lesser of the evils.

This forum has much to offer, the regular posters are very knowledgeable. I suggest you dig around as many of your questions have been covered in previous threads. Info in this forum can help you be proactive in the second half of your recovery phase of Ch 7.

Good luck!
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Postby MemberSince99 » Fri Jun 07, 2013 9:45 am

Bankruptcy is a harsh solution. Sometimes a necessary one. But try to look at it from their point of view as they are - previous companies who lent you money did not get paid back in the recent past (to you it's old but it is still on your reports making it relatively recent). Thus you are a risk in their eyes.
And if you counter with well I can't declare BK again anytime soon, that may be true, however, it will still take time for you to default, and for their collections to go after you and by the time they do that, you may be able to declare BK again and sting them.
So they have reasons to feel as they do.
And as far as the score goes it's the same for everyone.
Now as far as your EX score you are buying a FAKO not a real FICO which they are buying. It's kind of misleading but that's why it's different - only lenders can get an EX FICO right now, you can't buy it, not even from EX themselves. That's how they do it. And that's why it is different and you should not take what you are buying as gospel.
And if you are wondering why am I buying it that may be a good question. It gives you an idea but bear in mind it's not what lenders use. For example, in April when FNBO gave me my EX FICO it was 782 according to them, but the score I bought from EX was 746.
So I would say you need to continue with your credit repair. One tradeline is not giving you the highest score, you would want at least 2 maybe 3 and show you can handle that for a bit. With that score my guess is you need to stick to the easiest things to be approved for, such as another secured card, First Premiere or Credit One, POSSIBLY a store type card, even most gas cards require at least 640 or so according to what I've read. So you might need another secured card. You need to give it time and the bad stuff will fall off and that will boost you but yeah to just expect the baddies to no longer affect you isn't realistic until they fall off your report.

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Postby Ratfacedudeguy » Fri Jun 07, 2013 11:06 am

To piggyback on the score issue, Experian uses their own scoring system known as PLUS. Somewhere on their site, it should say something along the lines of "for educational/informational purposes only [...] not used by lenders." As MemberSince99 said, most major lenders (not all -- I have no clue what scoring model Chase uses) use scores that are based upon the FICO scoring model. It's my opinion that if you're only paying for a score, anything other than a FICO is basically throwing money away.

I will diverge from his advice above a bit, however, and implore you not to waste your time with thieves such as First Premiere or Credit One if you haven't already. The fees they charge are simply outlandish. I've heard some people try and brush it off, saying things like "it costs money to rebuild credit," but it should never be the exorbitant amounts that those types of lenders charge. You're definitely on the right track looking into a credit union. To be honest with you though, you have acquired 4 cards post-BK -- that's plenty. Letting that BK age more before going app happy would be my advice to you.

You also mentioned transferring balances to the prospective card. Are you carrying balances on your existing cards? If so, what are the balances and limits of each? That can be another huge hurdle if you're utilizing a large portion of your available credit, especially after BK. It might not even be that you're carrying high balances so much as letting the high balances report. If you're the type to use a card throughout the month and PiF when you get your bill, try adjusting your technique to paying those balances off before your statement cuts (since accounts usually report to the credit bureaus on the statement closing dates -- verify this with your respective accounts' institutions before you commit to this strategy). That way it will look like you're using a very small amount (or none, either is good) of your available credit which greatly helps your score.
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