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Question By
Sklawshe

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Was denied for a secured card others w/ similar score were apprvd for. Need to raise score. How?
I don't know where to start to ask a question so here goes:
I read many, many, many reviews before applying for a card to try and improve my credit score. I have a horrible score, as I was very irresponsible at a young age, had a thin file for a long time and basically ruined my credit before it was established. My score is 552. The card I settled on after reading reviews was a secured card that had many success stories from people like me with low scores needing help. I only have one (old collections) account on my file being paid off and the one credit card in my account that was past due 3x is being paid off with less than $100 to go. Now, with having applied to this card and being denied it will be another bad mark on my score... what do it do. I have really no way to build my credit if I can't even be approved for a secured card... HELP, Please!

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tryingtounderstand is giving you really good advice.  The only thing I would add is to try SDFCU secured card.  You might have to join some 3rd party org to get in with them (spend $10 - $15) but they don't do a credit check but they do report to all 3 credit burals.

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Once you get the collection account closed, that will help. It is probably a little late for a "pay for delete agreement" but do some reading on that anyway. Also do some reading on "Goodwill Letters" (these are letters asking creditors/collectors to kindly remove negative info from your reports.

There is more than one credit card company that issue secured cards, so search for another one. You did not mention what company you applied with, but check with Capital One or OpenSky if you haven't tried them yet. Worst case you may want to check with a company like Credit One or First Premiere, but they are very expensive and cards that you really want to avoid if possible. You may also want to check into a Secured loan as well, but make sure it would report to all three credit bureaus.

Give things some time, keep doing your homework on credit and you will find your way to improve your credit and have it where you want to someday. Any more questions please feel free to ask.

Reply by
Sklawshe

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Thanks!  The secured card I applied for was actually Capital One.  I am going to look into doing a Goodwill Letter, as well.  I know there are tons of companies to offer secured cards but I'm leery of applying again.  I took out several payday loans years ago (all paid off).  I know those are outrageously expensive but do they help if paid off on time?  

Also, I believe I fell victim of collection fraud about 2 years ago.  After researching more and more about it I'm becoming more confidant that I was scammed out of about 1,500 because of payday loans.  How would I go about taking action on investigating what I believe was a scam (x2). 

Thanks again for all your help!

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