pat Posted February 12, 2005 Report Share Posted February 12, 2005 Hello!I have been reading the posts and have learned so much already! But, I wonder if I could obtain some specific advice. I am a 22 year old full time college student. The Quasi Good News. . . I obtained an auto loan one year ago to assist in improving my credit rating. I have never made a late payment. It has worked because in less than one year, my score has increased from 490 to Eq617/TU618. The Bad News. . . I still have four COs (Target,CellPhone,BOA,CITI) but they all have zero balances. One is in dispute. I have serious late payment histories for all four CO accounts. (1.5 yrs. old) If you thought that was bad, I also have a CHEXsystem notation with BankOne, which is almost four years old.Phew. . .So, I have no open revolving accounts. I haven't applied for any lines of revolving credit for almost 2 years.I understand that the next step in rebuilding is to apply for a secured card. Should I wait until my score increases to apply for a secured card? What are my chances of obtaining one with my current credit ratings and student status? How should I approach re-establishing credit with my old creditors?Thanks,Patty ____________________Ex-unknownEq-617TU-618 Link to comment Share on other sites More sharing options...
jq26 Posted February 14, 2005 Report Share Posted February 14, 2005 i'd say pretty good. Since it is secured, the creditor won't get burned since you agree to forfeit the money they are holding. Think about what a great deal it is for the bank that issues you a secured card. They have no risk, but get 3% of your monthly purchases from merchants, and collect annual fees from you. Plus, as an added bonus, they also get to hose you on any balances carried over monthly. What a great business to be in! Some are better than others, IMO. Personally my favorite is American Pacific Bank. I applied online and sent the $300 check to them (2 weeks post BK7). They approved and reported to all three CRAs within two weeks. The only fee I pay is an annual $29 or $39 fee (I forget which). Customer service is friendly and they are great to deal with. Just remember to send your payments EARLY if you are on the east coast- it took about 10 days for my payment to make it from my mailbox in PA to their payment dept in Oregon! Link to comment Share on other sites More sharing options...
jq26 Posted February 14, 2005 Report Share Posted February 14, 2005 Also, I would apply right away and get started. The longer the TL has been reporting for you, the better. But while you are re-establishing credit, I would work hard on cleaning up the old stuff. And, by no means, can you afford to make any late payments from this point forward!! I'm in a different situation than you since I don't have OPEN charge-offs anymore, but after my bk7 in 10/04 my middle credit score was 492 (11/04). As of last week, it was 606. I started with American Pacific Secured, then two months later got a Target Card (unsecured) and a Household Bank (unsecured). My next project is a secured installment loan from a bank. I think its wise to start with secured then sub-sub-prime unsecured credit, then work your way up! Link to comment Share on other sites More sharing options...
pat Posted February 15, 2005 Author Report Share Posted February 15, 2005 Thanks for the advice! Patty Link to comment Share on other sites More sharing options...
Anonymous Posted February 15, 2005 Report Share Posted February 15, 2005 edited for spam Link to comment Share on other sites More sharing options...
DocDon Posted February 15, 2005 Report Share Posted February 15, 2005 This website helped me rebuild my credit go to or click http://bogussite hopefully it can help you toogood luckSay "bye". Link to comment Share on other sites More sharing options...
edubb007 Posted February 15, 2005 Report Share Posted February 15, 2005 This website helped me rebuild my credit go to or click http://bogussite hopefully it can help you toogood luckF-IN SPAMMERS!!!!!! :'> Link to comment Share on other sites More sharing options...
jq26 Posted February 15, 2005 Report Share Posted February 15, 2005 DocDon, you crack me up. I love the can of spam!! Link to comment Share on other sites More sharing options...
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