Posted on: 10th Sep, 2012 12:18 am
Went today after working diligently to submit all information to the CRA to apply for my first CC. The app said that some information could not be verified... Does anyone know what that means? I was super excited to get a card... ANY CARD after this fiasco and start using it and building some type of positive history. Now, I am in the dumps about it and wondering if CH.7 was the best thing and where to start with the credit rebuilding process. I want to get something reporting to show that I am getting some positive history going. I don't want to have 450-500 credit scores forever. Help me, please!!
Hi Diamond,
If your creditor said that the information cannot be verified, then it may mean that the account is old and the creditor does not have any record of it. You can take out a secured card and make the payments on time. This will help you improve your credit record.
Thanks,
Jerry
If your creditor said that the information cannot be verified, then it may mean that the account is old and the creditor does not have any record of it. You can take out a secured card and make the payments on time. This will help you improve your credit record.
Thanks,
Jerry
I had this same problem after filing Chap. 7 three years ago. What you need to do is re-establish your credit. You do this by getting a secured credit card. What this means is that you send in a check for approx. $300 - $500 to a credit card company, usually sponsored by a bank. This $300 - $500 is put into a savings account for you, which will draw interest. Your credit limit on that card will now be $300 - $500. Begin charging immediately and pay off each month. After two years (yes, I know that sounds like a long time), the bank credit card company will send you a letter notifying you that your secured card has now become a regular credit card, along with a check for your original $300- $500, plus interest. Make sure you acquire a credit card from a company that states that it will report all payments to Equifax, Transunion and Experian; not all do. This will start you on the road to improving your credit score. I used orchardbank.com. They were very easy to deal with. Hope this helps.
Thanks Gracie for sharing this with us!! :) People can really learn from your experience!!
Go through this page to get better insight on credit repair : http://www.mortgagefit.com/credit-rating/credit-repair.html
Forgot to mention that Orchard Bank is now Capital One.