get A·non·y·mous Posted June 26, 2005 Report Share Posted June 26, 2005 I have just sent out my first round of 8 DVs. I am willing to go for PFD on at least half if I can get it. I want to start rebuilding as soon as possible via secured CC and Secured CD loans but, for obvious reasonse, I don't want CAs knowing I have any money. Do you all think I need to wait until some of these TLs are cleaned up and I'm through dealing with CAs, or can I start rebuilding now? Link to comment Share on other sites More sharing options...
CreditDiva Posted June 26, 2005 Report Share Posted June 26, 2005 my 2cents...you might want to wait until some of these disppear ..monitor your FAKO or FICO scores...even after you deal with some of these TL...some of these might re-appear Link to comment Share on other sites More sharing options...
Revco Posted June 27, 2005 Report Share Posted June 27, 2005 Depending on your scores, it will benfit you to rebuild as early as possible. A significant part of your credit score and evaluations go into length of credit history. If you establish history now, that means when you're done with the disputes, you'll have 2-6 months of credit history behind you and that will help you to make your next leap.Now, that really all depends on your credit score and history. If we're talking anything in the 400's or less, chances are not good that even a secured credit card company will extend credit. If you're 500 or above, check into companies like Orchard Bank - which I feel has one of the most reasonable (fee-wise) "rebuilding" companies out there.I don't think there's any proof that has determined that CA's know how much money you have - and most secured CC's don't report as secured.Good luck & thanks for joining us. Link to comment Share on other sites More sharing options...
get A·non·y·mous Posted June 27, 2005 Author Report Share Posted June 27, 2005 Link to comment Share on other sites More sharing options...
Radio_Guy Posted June 27, 2005 Report Share Posted June 27, 2005 I don't think there's any proof that has determined that CA's know how much money you have - and most secured CC's don't report as secured.But if I do a CD secured loan, won't it report as such, and therefore a CA who looked at my report would know I have a CD that will reach maturity, thereby giving me the ability to pay? Maybe I'm worrying to much?! Yeah you're worring too much.Get the secured card and get started rebuilding your credit. Link to comment Share on other sites More sharing options...
Revco Posted June 27, 2005 Report Share Posted June 27, 2005 I honestly think you're worrying too much. First of all, it would cost CA's money to even check your CR - and most don't. Second...so what if they see a CC and/or a secured loan? Many people (myself included) had good accounts while going through the repair process. I even had a couple CA's check my CR - they wasted their money as far as I'm concerned. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted June 27, 2005 Report Share Posted June 27, 2005 A mortgage means you have a house, but it says nothing of your equity. A car loan is a secured loan. A credit card secured by a CD will not show up as such in any CR I know of. Don't worry. You want PFD for these lines? DOn't hold your breath that any CA will agree or actually do it. There is no incentive. If you can get to the OC, you might have a better chance. Link to comment Share on other sites More sharing options...
get A·non·y·mous Posted June 27, 2005 Author Report Share Posted June 27, 2005 You want PFD for these lines? DOn't hold your breath that any CA will agree or actually do it. There is no incentive. If you can get to the OC, you might have a better chance. PFD is truly a rarity then huh? That doesn't leave any incentive for the consumer then either. Why settle unless your credit improves or you will actually be slapped with a judgement? That sucks Link to comment Share on other sites More sharing options...
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