coldpacker Posted August 7, 2007 Share Posted August 7, 2007 Hello my ES community, I'm ashamed to say but through a series of bad decisions through 6 years of my life i've ruined my credit. I'm guessing i beat it to a bloody pulp. Recently i've gathered myself together got a great job and i'm normally a happier person. However my past haunts me.. I recently applied for a capitol one card b/c they tend to accept any applicants with a pulse. I called them up personally and asked for a card specific for improving credit. I got a follow-up letter saying i was declined though. Very sad . I'm desperate on finding a way to build my credit score but not entirely sure how. I'm afraid of using google b/c of an article i read on the ftc.org site talking about fraudulent websites claiming to improve your credit. I've recently paid all my debt, so i have a clean slate. Please advise. Please tell me your stories if you've been in a similar situation. Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 7, 2007 Share Posted August 7, 2007 What IS your credit score, if you dont mind posting that info on a public message board. Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 not exactly sure. Should i check? And if so, how can that information help me solve my problem? Should i just call other card companies and inquire about the HIGHEST interest rate cards? Link to comment Share on other sites More sharing options...
Ken Posted August 7, 2007 Share Posted August 7, 2007 Nothing to be ashamed about, happens to a lot of people. It is not like they teach this stuff in school. I have enjoyed using this site and have turned my credit into a strength following recommendations followed by most on it. http://www.creditboards.com/forums/ Link to comment Share on other sites More sharing options...
jrockster21 Posted August 7, 2007 Share Posted August 7, 2007 not exactly sure. Should i check? And if so, how can that information help me solve my problem? Should i just call other card companies and inquire about the HIGHEST interest rate cards? If you don't know your credit score, how do you know your credit is terrible? Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 If you don't know your credit score, how do you know your credit is terrible? b/c i got declined by capital one? and i specifically asked for a credit card aimed for people w/ VERY bad credit. Link to comment Share on other sites More sharing options...
jrockster21 Posted August 7, 2007 Share Posted August 7, 2007 b/c i got declined by capital one? and i specifically asked for a credit card aimed for people w/ VERY bad credit. Hmmm. I'M NOT AN EXPERT (for Major), but I think there are other reasons you could have been rejected as well. Incomplete or unverifiable information, for example? I dunno...but yeah, its probably bad. You should definitely check your credit score though - PleaseBlitz or one of the other financial gurus on here will help you out with that. Link to comment Share on other sites More sharing options...
RLeVan Posted August 7, 2007 Share Posted August 7, 2007 You're best bet right now would be to make sure you have bills in your name that are paid in full and on time (i.e. electric, water, insurance, etc.) Next thing to do is go to your bank and ask for a Secured Credit card. The nice thing about these is that if you want a $500-$2500 credit limit, you give them that amount of money and it works as collateral in case you miss payments. Also, stop applying for any type of credit aside from the secured card. Each application shows on your credit report. Also, pull all your credit reports from the big three to ensure any debt that has been paid off is reflected on those reports. These are just starter tips. A rule of thumb with credit is if you can't pay for it in cash, don't charge it until you've improved your financial situation. Even then, try not to carry a balance, EVER! Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 I'll look into this with my local bank. Thanks for the info! You're best bet right now would be to make sure you have bills in your name that are paid in full and on time (i.e. electric, water, insurance, etc.) Next thing to do is go to your bank and ask for a Secured Credit card. The nice thing about these is that if you want a $500-$2500 credit limit, you give them that amount of money and it works as collateral in case you miss payments.Also, stop applying for any type of credit aside from the secured card. Each application shows on your credit report. Also, pull all your credit reports from the big three to ensure any debt that has been paid off is reflected on those reports. These are just starter tips. A rule of thumb with credit is if you can't pay for it in cash, don't charge it until you've improved your financial situation. Even then, try not to carry a balance, EVER! Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 7, 2007 Share Posted August 7, 2007 not exactly sure. Should i check? And if so, how can that information help me solve my problem? Should i just call other card companies and inquire about the HIGHEST interest rate cards? You need to know what is still on your credit report to know the best way to go about fixing it. Stop calling companies and asking them to rape you, because they will. There are better ways to handle it. First step. www.equifax.com Buy Score Power. Its not expensive. Link to comment Share on other sites More sharing options...
DjTj Posted August 7, 2007 Share Posted August 7, 2007 I just checked my credit for the first time a few months ago. There was a power bill on there from a year ago that I'm pretty sure I had actually paid. I filed a dispute, and they removed it from my report, which raised my score 80 points. It's definitely worth checking out your report just to see if there's any stuff like that on it. https://www.annualcreditreport.com/cra/index.jsp Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 Get Score Power® for only $15.95 Add Equifax Credit Rankings™ for $8.95 shall i add the latter? Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 I just checked my credit for the first time a few months ago. There was a power bill on there from a year ago that I'm pretty sure I had actually paid. I filed a dispute, and they removed it from my report, which raised my score 80 points.It's definitely worth checking out your report just to see if there's any stuff like that on it. https://www.annualcreditreport.com/cra/index.jsp thanks djtj, but in my situation i dont' think i can say 'my bad to most of problems i experienced.' most of them were my fault for not being responsible. Link to comment Share on other sites More sharing options...
Major Harris Posted August 7, 2007 Share Posted August 7, 2007 Hmmm. I'M NOT AN EXPERT (for Major), i have taught you well. one good deed a day...... Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 7, 2007 Share Posted August 7, 2007 Get Score Power® for only $15.95Add Equifax Credit Rankings™ for $8.95 shall i add the latter? Thats new, i dont know what it does. :whoknows: Link to comment Share on other sites More sharing options...
DixieFlatline Posted August 7, 2007 Share Posted August 7, 2007 I just checked my credit for the first time a few months ago. There was a power bill on there from a year ago that I'm pretty sure I had actually paid. I filed a dispute, and they removed it from my report, which raised my score 80 points.It's definitely worth checking out your report just to see if there's any stuff like that on it. https://www.annualcreditreport.com/cra/index.jsp Fyi..if you hadn't yet seen on this site, you can get your credit report for free once a year from each of the big three. Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 Thats new, i dont know what it does. :whoknows: done deal. PM u results? Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 well since i'm that anxious to improve my credit score, i'll just post it. its 622 Link to comment Share on other sites More sharing options...
PleaseBlitz Posted August 7, 2007 Share Posted August 7, 2007 well since i'm that anxious to improve my credit score, i'll just post it. its 622 Thats not terrible. Its not that good either though. 680 is where you want to be, at the minimum. If im not mistaken, along with Score Power you get 1 free copy of your credit report. Is that still true? If so, go ahead and pull it. Then we can get down to the nitty gritty. Link to comment Share on other sites More sharing options...
JeffSchmeff Posted August 7, 2007 Share Posted August 7, 2007 I don't think 622 is actually that bad. Over 680 (with enough tradelines, etc) qualifies you for A paper loans. EDIT - PB beat me to it. Link to comment Share on other sites More sharing options...
stevenaa Posted August 7, 2007 Share Posted August 7, 2007 well since i'm that anxious to improve my credit score, i'll just post it. its 622 That's not basement bad, but you need to raise it. First thing is to make sure you are current on everything being reported on and stay current. Second, if you have any debts showing in collections, get them paid. Many times you can negotiate a lower payoff to satisfy the debt. Thirdly, if you have credit cards, get them paid down so you're only using about 30% of your available credit lines. And stop applying for credit. Inquiriers negatively affect your score. Remember, anything you dispute will be removed if the company fails to respond to the dispute. This is a frequent occurance, Hint Hint. Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 thanks for the positive words. maybe all hope wasn't lost after all. Link to comment Share on other sites More sharing options...
techboy Posted August 7, 2007 Share Posted August 7, 2007 Nothing to be ashamed about, happens to a lot of people. It is not like they teach this stuff in school.I have enjoyed using this site and have turned my credit into a strength following recommendations followed by most on it. http://www.creditboards.com/forums/ This is the best source for situations like yours. Their "credit" subforum has all kinds of techniques for improving credit. It's pretty much all they deal with. Link to comment Share on other sites More sharing options...
coldpacker Posted August 7, 2007 Author Share Posted August 7, 2007 i can sleep easy tonight. thanks pleaseblitz for the consult. i'll buy u a beer if i ever see u Link to comment Share on other sites More sharing options...
Destino Posted August 7, 2007 Share Posted August 7, 2007 You were declined by Capital One with a 622?! That's not a bad score... I see worse pretty much every day. PB is right about where you want to be. I hate to say it but look into OrchardBank... terrible credit card but I hear they'll give one to just about anyone. Why the sudden interest in your credit score? Is it just the credit card thing? There are many ways to increase your score, some easier and less annoying then others. If it's time sensitive you can do things like go to a credit repair service (mortgage companies use them all the time). The most basic way to do it is to get a copy of your credit score, see what negatives you can deal with or have removed. Then get a line of credit, and pay on time. Link to comment Share on other sites More sharing options...
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