Hi everyone. I'm new here and needing some help. I am trying to rebuild my credit, but haven't had any luck. Right not I have a Orchard Bank MC and a BoA Secured Visa. I have had the Orchard Mc since 2006 and pay the bill in full every month. I just receive the BoA Visa. I did have a First Premier Visa and MC, but closed both out because of the crazy fees. Credit scores went up when I closed both out.

My problem is that I would like to continue to build my credit, but keep getting denied. I applied for a Target Red Card (had one 5 years ago, closed out, always paid on time) and was denied. I also applied for a Exxon gas card, but have not received an reply.

My scores as of date are

• You deposit a minimum of $300 into a Public Savings Bank FDIC insured deposit account.
• You can then make purchases with your card up to the amount you have in your security deposit account.
• You must pay at least the minimum payment before the due date each month. Your security deposit does not cover minimum payments.
• Your payments are reported to all major credit bureaus so you can begin to establish your credit immediately.

VALUE AND PRICING *

• Qualify with a deposit as little as $300!
• No Annual fees! Just a $75 one time application fee.
• 0% APR on all purchases for the first 6 months, then a variable rate at Prime plus 7.99% - currently 11.24% APR.
• 25 day grace period. If you pay your balance in full, there will be no interest charges.

• You deposit a minimum of $300 into a Public Savings Bank FDIC insured deposit account.
• You can then make purchases with your card up to the amount you have in your security deposit account.
• You must pay at least the minimum payment before the due date each month. Your security deposit does not cover minimum payments.
• Your payments are reported to all major credit bureaus so you can begin to establish your credit immediately.

VALUE AND PRICING *

• Qualify with a deposit as little as $300!
• No Annual fees! Just a $75 one time application fee.
• 0% APR on all purchases for the first 6 months, then a variable rate at Prime plus 7.99% - currently 11.24% APR.
• 25 day grace period. If you pay your balance in full, there will be no interest charges.

the first plan for action is to sign up at credit karma.com and get a free credit score from trans union as i see that you dont know that particiular score
next get a public bank visa secured card RIGHT NOW!!!

• You deposit a minimum of $300 into a Public Savings Bank FDIC insured deposit account.
• You can then make purchases with your card up to the amount you have in your security deposit account.
• You must pay at least the minimum payment before the due date each month. Your security deposit does not cover minimum payments.
• Your payments are reported to all major credit bureaus so you can begin to establish your credit immediately.

VALUE AND PRICING *

• Qualify with a deposit as little as $300!
• No Annual fees! Just a $75 one time application fee.
• 0% APR on all purchases for the first 6 months, then a variable rate at Prime plus 7.99% - currently 11.24% APR.
• 25 day grace period. If you pay your balance in full, there will be no interest charges.

Opening numerous accounts at once will lower your score because of the "hard hits" to your account.

I'm a current BOA customer and once you prove to them that your responsible with your secured card, they will offer a unsecured Visa and then the sky's the limit as far as Credit Line Increases!

Thanks for the insights smcc.

I would have thought that they'd be more lenient with a phone call application than a paper application.

joeyman - I submitted through my bank for an Elan Credit Card and got denied. Reason was too many inquirys, too much available credit and...? Can't remember. It is correct but since it was a paper application through my local bank it seemed I might have a better chance. Wrong! You make a good point, a telephone call gets a hard inquiry but a paper app doesn't?

Elan sucks anyway! LOL, you're better off trust me.

joeyman - I submitted through my bank for an Elan Credit Card and got denied. Reason was too many inquirys, too much available credit and...? Can't remember. It is correct but since it was a paper application through my local bank it seemed I might have a better chance. Wrong! You make a good point, a telephone call gets a hard inquiry but a paper app doesn't?

Joeyman - what you said is correct in the perfect world. For myself I have had Bank of America, Wells Fargo Bank and HSBC all pulled "hard inquirys" and then deny the credit line increase. Like you said, you never know. Frustrating.

With Elan Financial Services, if you ask for an increase over the phone with the automated system, you'll get a hard pull. Rather, submit the form online and wait a few days with no inquire. It doesn't make sense. What about all the illiterate people out there? I feel terrible for them.

Joeyman - what you said is correct in the perfect world. For myself I have had Bank of America, Wells Fargo Bank and HSBC all pulled "hard inquirys" and then deny the credit line increase. Like you said, you never know. Frustrating.

My best friends is building his credit and just got approved for this card http://www.cardlabconnect.com/AffinityPortal/visitorAction.do?affinityName=volunteerinyourcommunity

I've been trying to repair my credit over the last 2 years which was previously pretty bad. According to mycreditkeeper my collective score is 662 (TU=662, EQ=657, EX=700). I don't know how accurate that info is but that's what I've been following. I have 1 credit card with a 600$ credit limit from HSBC and 2 loans from my credit union totalling roughly 8k. I was late by a day or 2 on a cc payment about 4 months ago though I sent the payment in 12 days before the due date. I guess it was held up in the mail. It doesn't show up as a negative on my report and I disputed the late charge which they cut in half. I haven't had any collections in the last 12-18 months. I want to improve my credit rating before I go looking to finance a new car which I desperately need. My annual salary is about 36,500k by my hourly rate but with o.t. I clear 50+ and maybe closer to 60K if that's taken into consideration. I know I need to get a higher credit limit but i'm afraid to ask for 1 in case I get denied and the denial get's reported and I'm afraid to apply for other card's for the same reason. Any advice would be greatly appreciated. Please forgive my ignorance as this is all very new to me. Thanks in advance to all replies.

A denial for a credit limit increase will not be posted onto your credit report. Most banks don't even pull your credit report when you ask for increases. The only risk nowadays is getting a credit limit decrease. Sometimes a bank takes it as an opportunity to review your account fully, and they find you don't deserve a increase -- rather a decrease in your credit line. This is typically in cases where consumers have American Express accounts. However, you never know. You shouldn't ask for a increase if your balance is high. Your balance should probably be payed in full every month since it's such a small limit. That will help your scores raise. Keeping balances under 15% of the available credit limit is good (e.g. $90 is 15% of $600). I would defiantly talk to you credit union about helping re-built. My credit union actually has credit classes or seminars for free. For your next card, I would go to the credit union. They're not-for-profit and will provide you with lower rates. I have a card with a 9.5% APR from my credit union, and about 19 months of credit history (19 years old). I am very pleased. Not to mention, I can do 'instant' payments online from my credit union checking account. So you'll never be late! I would also suggest banking fully with the credit union if possible. Later on, when you apply for that auto loan they can see your checking, saving, and direct deposit amounts. It may increase your chance for being approved. If you need the auto loan now, they can use the same credit report for both the card & auto loan (saves you a inquire!).


I hope this helps,
Joey

I've been trying to repair my credit over the last 2 years which was previously pretty bad. According to mycreditkeeper my collective score is 662 (TU=662, EQ=657, EX=700). I don't know how accurate that info is but that's what I've been following. I have 1 credit card with a 600$ credit limit from HSBC and 2 loans from my credit union totalling roughly 8k. I was late by a day or 2 on a cc payment about 4 months ago though I sent the payment in 12 days before the due date. I guess it was held up in the mail. It doesn't show up as a negative on my report and I disputed the late charge which they cut in half. I haven't had any collections in the last 12-18 months. I want to improve my credit rating before I go looking to finance a new car which I desperately need. My annual salary is about 36,500k by my hourly rate but with o.t. I clear 50+ and maybe closer to 60K if that's taken into consideration. I know I need to get a higher credit limit but i'm afraid to ask for 1 in case I get denied and the denial get's reported and I'm afraid to apply for other card's for the same reason. Any advice would be greatly appreciated. Please forgive my ignorance as this is all very new to me. Thanks in advance to all replies.

ahh awesome that is exactly what I was wondering I'm going to wait until June... thanks for the info because it takes a month (sometimes longer?) thanks for the headsup

Basically to get a summary i had good credit, had to do debt consolidation.. during this time i had 3 credit cards (i found out i wasn't suppose to apply or use them from these forums) but I did and they never contacted me I stopped after i found out though.. anyways last payment is next month.. last time i pulled Equifax in Feb i had a 648 credit score.. do you think it will go up dramatically because right now I have no debit besides 6k in student loans... should I wait to pull it? will this hurt my score If i do pull it? because one of the 2 cards I wants says I need 720 to get it.. and I will be free of deliquences unpaid by then.. so I was just curious.. thanks

When you pull a copy of your own CS, it doesnt show up on your reports. The only time it shows up on ur reports is when a creditor pulls it in consideration of an application/increase.

Give it a try and see what you get.

Basically to get a summary i had good credit, had to do debt consolidation.. during this time i had 3 credit cards (i found out i wasn't suppose to apply or use them from these forums) but I did and they never contacted me I stopped after i found out though.. anyways last payment is next month.. last time i pulled Equifax in Feb i had a 648 credit score.. do you think it will go up dramatically because right now I have no debit besides 6k in student loans... should I wait to pull it? will this hurt my score If i do pull it? because one of the 2 cards I wants says I need 720 to get it.. and I will be free of deliquences unpaid by then.. so I was just curious.. thanks

ctbcvp, you're going to end up paying about $200 in fees with the First Premier credit card so I would recommend taking that $200 and using it to open a secured account with one of the big banks because unlike First Premier, you will get your deposit back.

punkarella
i too filed bk in 07...i filed may 07...I hear at the 2 year mark it has less of an impact on your credit report but it is still there...will let you know what my scores look like after next month.
also DO check out correcting your report..I have the same problem..experian is making me crazy!! they fix something and then a few months later it is back..they have accounts showing as included in bankruptcy that are current opened account that I didn't even have when I filed!! they have balances where there shouldnt be any..I am just disputing it and if necessary will call and get this all straightened out if it is the last thing I do..they have late pays and charge off show a few months after my filing which should have all stopped the day I filed...and transunion and equifax dont...just one problem with equifax which I know I can fix..so stay on them and get corrected no matter what and they will help
also try orchard bank and best buy mastercard..I got hooters 11 months after my bk with $500 limit...