In Feb '17, I began the long trek of repairing my credit. Couldn't even purchase a car with the damage I've done to my Credit with a 567 FICO Score. A. Secured Cards - Opened the Discover Secured It Acct with a $300 Deposit on 02.03.17. Opened up a Capital One Secured Credit Card with $75 for a $200 Credit Limit on 02.10.17. Credit Limit increased to $500 in Aug ’17. Opened up a CreditOne Acct with a $75 Annual Fee for an initial $300 Credit Limit. Credit Limit increased to $450 in Aug ‘17. On 08.02.17 EQFX: 597 TU: 624 EXPN: 602. At the end of Aug on 08.31.17 EQFX: 636 TU: 627 EXPN: 625. I had managed all accts by either 1.) Charging it to the limit several times and paid it completely off prior to the Statement Date of – or – 2.) Keeping the Balance well below 30%. Now, here comes the hard part of getting bad credit accts deleted: B. Charged Off Utilities - I had two small utility accts that were sent over to Collection Agencies. Paid the Original Creditor in Full, NOT the Collection Agency. Doing this saves you money because the Balance reported includes the Agency’s Fee and paying the Original Creditor gives you a much greater chance at a Deletion, instead of a 7 Yr “Paid in Full” remark. As a Result, both were deleted the following Month of Jun ‘17. One additional negative collections of $147 was paid to Original Creditor resulting in an additional deletion in Jul ’17. C. Charged Off Cards - I had an old Capital One and an Orchard Bank Card charged off in 2010. Both were purchased by Portfolio Recovery and Calvary, respectively. Wrote all 3 Credit Bureaus to challenge the 7 yr time limit. As a result, both are now deleted from my Credit Report. Got a Car Note via BBVA Compass Bank for $10,102 with an 7.86% APR because they use TransUnion and it had the highest of all three at time 05.20.17 with a FICO of 586. EQFX: 558 EXPRN: 512. D. Credit Monitoring – Enrolled in Equifax monthly credit report prior to the data breach for $19.95 to get a new credit report with Score every day since 06.01.17 with no adverse impact to my score. Signed up with Experian as well. Signed up with Credit Karma because the Site displays a weekly point graph of your credit progress. Today on 09.10.17, I received e-mail from Discover Congratulating me on good credit management and notifying me that my $300 Dep is being returned to me in the mail with a credit line increase of $1,200 for a total $1,500 Credit Limit. I hope this guidance helps someone who is negotiating the perilous journey of credit repair because it’s not easy, at all, but then again nothing truly valuable is easy in life.
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I have had the Discover Card since June of 2016. I called today after having the card for 14 months to see when they would issue a non secure card. I've made my payments in full every month, I've never missed a payment, never had a late fee, never paid an interest fee. In the past six months I've been issued a non secure card from Capital one, had my credit limit raised on another Capital One card. I received two credit cards from my bank, Navy Federal Credit Union, one with a $4700 limit and one with a $3400 limit. My credit score is almost 100 points more than it was 14 months ago. Yet Discover is still refusing to issue me a non secure card. Seems they are happy just keeping my $300? I asked them today what I had to do to cancel the card and they told me that would damage my credit score worse than anything? They won't tell you why they won't tell you why they won't convert to a non secure card. Not happy with Discover I couldn't recommend at this time.
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