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WHAT CAN I GET??? :(


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Hi ALL,

Ok here is my situation,

I am recently returning to the US from Canada. I had 3 revolving acct's in 2000. AMEX (supplementary user) COMPUSA (supplementary user) CAP1 (mine). The AMEX and COMPUSA were all paid, never late. However, When i moved to Canada, I didnt realise I had a balance on my CAP1 card:(. Therefore, I found it 2 months ago as charge-off/collections. I quickly called them and settled for 40%. Now that I am moving back to the US i desperately need tradelines of any kind. I pulled my Credit report a few weeks ago to find that I am a high risk because of the late payments to the CAP1, high utilization of 509% (average american has 35%) and derogatory information. Although I settled it. I dont know why it is still there. I made disputes to all 3 CBA's a few days ago as "not mine" in hopes that they will delete them totally. However, if they dont, will I never be able to get tradelines again? I have read through posts after posts, and decided to apply for the patelco card which I heard were even BK friendly (I have no BK) and got denied. Also denied from Household, Orchard Bank. Target Guest Card is still pending but I have a feeling I will be denied for that aswell.

CAN SOMEONE GIVE ME ADVICE PLEASE?? I cant even get a secured card. If anyone can tell me which card to apply for or why I keep getting denied I WOULD REALLY APPRECIATE IT!!

THANX SO MUCH

BTW...my fico scores are EQ581 EX 596 and TU 630

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You have to look at the factors that are causing these denials and work on those. The credit will come. Your scores really are not that bad, but with inquiries costing 3-5 points on your FICO, it's not a good idea to keep applying right now. Plus, lenders will see your "desperation" to get new credit, and will not look favorably upon it.

If you can, get your current balances to between 7% and 34% of your credit limit. Continue to focus on getting those negatives deleted too.

Try getting a secured card by joining your local credit union. Because they are membership driven (not corporate account driven), many have relaxed guidelines. Many have found luck getting a secured card from National City as well. There are many threads on the topic - a search of "secured card" may give you some better insight.

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Sorry about that - to answer your other question, if the dispute comes back and it remains, look for something in the way the negative tradeline is listed and dispute it again - if any information is being reported (and verified) incorrectly, it is a violation of the FCRA.

You may be able to get other tradelines, but your APR is going to be high, and you'll be left going with a predatory lender - not worth it at all. On the other edge of the sword, the prime creditors will not extend you credit because they frown on charge offs.

Look through the posts on secured cards and see what you think.

By the way, welcome aboard!

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THANX fer ur advice DOCDON,

Unfortunately I do not have any balances because i have no tradelines. If I open a secured card with a union, can it be any union? or does it have to be located in the state which i live (FLorida)??

Thanx Again

I think the problem is that after I made the payment to CAP1, on my credit report, it still shows i owe $850 on a $200 CL. Could that be it? On my CR it says that my utilization is too high 509%....as it should be under 35% ??

If that is the case, why wont CAP1 report it to the CRA's so they can have the updated information? I also found out that CAP1 still made a report to the CRA on this account in the unpaid charge-off status? Can they do this?

THanx

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Unfortunately I do not have any balances because i have no tradelines. If I open a secured card with a union, can it be any union? or does it have to be located in the state which i live (FLorida)??

While there are "online" credit unions, best bet would be to walk into a hometown CU and open a membership. Most will only cost about $5 to join.

I think the problem is that after I made the payment to CAP1, on my credit report, it still shows i owe $850 on a $200 CL. Could that be it? On my CR it says that my utilization is too high 509%....as it should be under 35% ??

If that is the case, why wont CAP1 report it to the CRA's so they can have the updated information? I also found out that CAP1 still made a report to the CRA on this account in the unpaid charge-off status? Can they do this?

THanx

It should technically say "settled" or something to that effect with a $0 balance. It is not at all uncommon for a rep or CA to offer you a bogus "settlement" just to get a few bucks from you, and then come after you for the rest (which is why everything must be done in writing). If they are reporting incorrect information, it is a violation of:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies

There is a link to the FCRA at the top of the page. Using this as your upper hand, the penalty for the violation outweighs the $850 owed to them by $150. It wouldn't hurt to use this fact to your advantage and try to get it deleted.

Post the results of the dispute, and we can go from there - you never know, it could be deleted.

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Yes, they must change it immediately. However, if they are in violation, you want to keep the upper hand. Simply telling them of the mistake and the penalty will allow them to simply change the info which does you no good - there's still a derogatory on your reports.

I would suggest reporting them to the FTC and the Florida Attorney General's Office if it comes back verified.

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THANX SO MUCH DOC DON fer ur time and all ur helpful information!!

I greatly appreciate it. Im actually a Dual Citizen however, Born , raised and lived in Canada for most of my life and dont really know anything about the credit processes in the US. I just really wanna thank you again!!

Also, u mentioned to get a validation?? When would I do this? And where can I do this? Is it possible for me to check this online??

Thanx Again

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You're welcome, part of my roots are in the Great White North (Grandma's side was from Peterborough). Shhhhhh. :wink:

Sorry if I didn't make that part clear - validation is something reserved for CA's. Creditors verify information (to the CRA's). CA's validate debts they are collecting on.

If you disputed the items with the CRAs, the information will either be updated, verified, or deleted. The investigation has to be done within 30 days or the info is deleted as "unverifiable". Give 3-5 days or so for snail mail.

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