157 People Helped
Member Since: February 2014
I don't understand all the negative reviews. I have had this card since Nov 2014. The application process was extremely simple and fast. I was approved, deposited the funds and had my card within 7 days. I have never had to wait 14 days for payments to process, maybe 7 days but as of late, my payments are available within a few days. Listen folks, they have to make sure the money you are paying actually clears your bank. Remember, if we weren't sub prime account holders then maybe it would post same day. It doesn't matter that they have a secutiry deposit. Just like a landlord, who also has a security depost, won't allow you to be late with your rent. I have NEVER had a problem with this bank. You can even add funds to your account to increase your line of credit which I also have done with no problems. I haven't had to speak with any customer service reps so I can't comment on that aspect. Sure, you can't convert to a secured card with this bank but that is stated up front. I look at it as if I have another savings account somewhere that I can't touch. People need to read the terms and conditions of any card - read all the fine print before applying and you won't have any surprises. Do not use more than 30% utilization! Of course if there is an emergency you may have no choice but pay it down as fast as you can. Your credit score will drop if your utilization is high. If your a member of Credit Karma you should have learned that in the first few weeks of reading. My credit score rose 60 points within the first few months of having this card and 100 points within a year. It continues to rise as I take good care of my credit and spending habits, somthing I didn't do when I was younger. Another thing, before applying with a company read reviews as much as you can and not just this website, all over there are reviews on every credit card company. As I stated above it is very important to take the time to read the terms and conditions. I hear too often people claiming they were never told something, meanwhile they check the box stating they read the terms and conditions where that certain "something" was stated. That section contains all the information you need to know about the rules of their game. I wish everyone the best on rebuilding or establishing credit.
paycarefulattention's response was:
Excellent! And for those of you who need to dispute with the collection agency's or debtors like I did, I want to share with you what I wrote. Keep in mind if it is a legitimate debt, this won't work. There was no way I was paying anyone to do something I could do myself. Here is my letter of dispute and it worked:
When disputing errors on your report, here is a letter that worked for me.
Insert Date, your name and address
Insert debtors name and address
CERTIFIED MAIL RETURN RECEIPT
RE: (type what this letter is about) Account Number: Unkown (It was for me)
Dear Sir or Madam:
I have recently obtained a copy of my credit report, and it shows that you have reported
(fill in this blank) as "placed for collection". I have NEVER had an account with ......... (or explain your reason)
This reporting placed by you is very disturbing and it is doing serious damage to my credit rating. For the past two years, I have been working diligently at improving my credit.
As you know, you are required by law to make sure that bills are accurate and sent to
the correct address. I have never received any bills or I would have contacted you
immediately to notify you that I do not have an account with you.
I hereby request that you take the following steps to remedy this situation:
- Send me a notarized statement attesting to your compliance with all provisions of the
Fair Credit Billing Act with respect to this account.
- Provide any and all documentary evidence of my indebtedness for all charges you claim
Including billing statements to me.
Please attend to my requests promptly as time is of the essence.
If I do not receive the above requests within the period prescribed by law, I will expect to
receive written notification that you have, in fact, made the required deletions from your
reports and that you have removed from my file any reference to the disputed account.
If you cannot provide the statements and documentary evidence required, then I insist
you delete all negative references from your reports to Experian, Equifax, and
I also require that you communicate with me only in writing. Please do not contact me
by phone at any time for any reason.
To verify my ID and my address, I am enclosing copies of my Drivers License.
This was an actual dispute. I never had an account with them yet they were on my credit report. Save your letters. What happened in this case, was that they closed out the case, removed it from my credit report and sold it to another collection agency who reopened the entire case as if it were brand new. I had to write to the new collection agency. I used the same letter. Of course, I changed the name of who I was addressing the letter to. I also attached my original letter with the new letter serving as proof that this is now being disputed a second time, actually a 3rd time as I also disputed with the original creditor. In the end, everything was cleared up.
paycarefulattention's reply was:
The same thing happened to me. A few weeks ago I received a letter from an agency trying to collect on a debt that was very old. It was removed from my credit report 3 years ago. I have learned to read everything in a letter, don't miss a word. At the bottom of the letter, in the smallest type, it stated that "this is such an old debt we will not be suing you or making reports to the credit bureaus. This is an attempt to collect on an old debt" . Make sure you read everything. If it is in really small letters, pay special attention. They know no one reads the tiny print. Or you can dispute it. They have 30 days to answer your letter of dispute or they have to stop reporting, take it off your report, and cease all further actions.
Those inquiries do seem like forever but they only last 2 years. Not such an impact after the first year so I have been told. Make sure they fall off on the 2nd year. Congratulations on your road to rebuilding!
Log into Credit Karma
Click on either TRANS or EQUIFAX - your score is shown. Scroll to the bottom of the page and select SEE FULL CREDIT REPORT.
Next, select "ACCOUNTS" - Now you will see all of your accounts. To determine which day a company posts to the Credit reporting agencies, click on the account name. This will now open a window showing you all that you need to know about the account. It will also show you the Last reporting date. That date generally is the day of the month the company reports. It is also generally 2-3 days after your DUE date.
If it is a collection account, it will stay on your report and marked as "paid" or "paid as agreed" but not removed. Is it still showing unpaid? If it is, dispute it with the Reporting agencies - Trans, Equifax and Experian. You can do it online. Submit proof that these bills are paid and they will make the necessary corrections. Keep copies of all correspondence no matter how trivial you may think it is.
Perhaps in another few weeks it will update. If it doesn't, contact them again.
Start with the supplier. They may accept your payment or tell you that you have to contact the collection agency. Try to do a "pay for delete".
You didn't state the name of the dealership so we can't tell you if it is for real. If this is a buy here pay here, they generally don't report to the credit reporting agencies. If you are going to finance a car, make sure they report so you can build that history. Capitol One has some great financing as does your local credit union.
Do you have active credit being reported? Keep a small balance, like $10 on your cards to show credit activity.