blessed06 Posted January 26, 2005 Report Share Posted January 26, 2005 I'm in the middle of Dv-ing all of my paid off collections. Should I apply for new credit now! I read about the secured credit cards from a bank. Would this be a good move now? Link to comment Share on other sites More sharing options...
momof5 Posted January 26, 2005 Report Share Posted January 26, 2005 NO. Wait until after the DV process is complete. BTW, did you remember to 1 - 2 punch? (Dispute with CRAs as soon as you got green cards) Link to comment Share on other sites More sharing options...
miracle Posted January 26, 2005 Report Share Posted January 26, 2005 Wait until you have got your credit cleaned up a bit and pull your Ficos before you do this. I would reccomend waiting at least a couple months as long as things are coming off and correcting on your report before you start applying. It just works more to your benefit. Link to comment Share on other sites More sharing options...
blessed06 Posted January 26, 2005 Author Report Share Posted January 26, 2005 Thanks A bunch!!! Link to comment Share on other sites More sharing options...
miracle Posted January 26, 2005 Report Share Posted January 26, 2005 You are certianly welcome! Link to comment Share on other sites More sharing options...
J_Snow Posted January 26, 2005 Report Share Posted January 26, 2005 remember too that your new credit apps are going to create inquiries that are going to ding your credit as well... Link to comment Share on other sites More sharing options...
lakpr Posted January 26, 2005 Report Share Posted January 26, 2005 I beg to differ from others on this. I view credit repair as a two pronged battle, on one hand you should remove your negatives, on the other hand you should increase your positive TLs. You don't have to wait until ALL negs are removed before starting to apply.The trick is to apply for only those credit cards which you have a high chance of being approved with your current scores. A little judicious choice of cards can get you a positive trade line to show for the inquiry. Try not to apply to places where there is a high chance that you may get rejected -- you'd have incurred a hard pull with nothing to show for it.With secured cards, since it's your own money you are borrowing, you have a high chance of being approved.Good banks offering secured cards are: National City, and Digital Credit Union. Both are prime ..... DCU does not require credit pull for a secured card. Although if you are not already a member, they require a credit pull -- they say Patriot Act requirements -- to accept you as a member. But they don't base their decision to grant a secured Visa card on the basis of the report. Link to comment Share on other sites More sharing options...
miracle Posted January 26, 2005 Report Share Posted January 26, 2005 While I agree that you should be rebuilding your credit, I don't think it is a good idea to apply in the first couple of months. I would see what you can accomplish before a couple of rounds of disputes before applying and any TL you have currently should be paid on and on time. Then after a couple of months you can get the stuff off that is a bit "easier" and go from there, that way you will be more likely to be approved and with a lower interest rate. Link to comment Share on other sites More sharing options...
workinninetofive Posted January 26, 2005 Report Share Posted January 26, 2005 I have been put as an AU while repairing...... Link to comment Share on other sites More sharing options...
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