topic Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE? in Rebuilding Your Credit

REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:15:14 GMT

Hi everyone, Im new here, and MY CREDIT IS HORRIBLE!! This seems like such a helpful sight..so here is goes

my score is 465(ridiculous, I know)..and im embarrased to even say my score, but I have to start somewhere

I have a repo, many charge offs, and a private school loan sent to collections, I recently disputed things off my score, so Im waiting for that response,

Also, i recently was approved for a secure capital one credit card, so I am being extra careful with that

any other ideas/suggestions, is greatly appreciated!

When I first had credit, it was excellent, but my my score being so good, I was getting approved for everything, leased a new car, not thinking about the furture..well here I am now, out of college, and I just dont know what to do..I know there is a way to get me back on the right track, but how!?!? :smileyembarrassed:

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

injustifiiable — Thu, 26 Apr 2012 01:21:08 GMT

I was in the same boat. All I can tell you is to take things day-by-day.

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:22:50 GMT

thank you..im trying..its just sooo devistating...especially going from excellent credit, to beyond poor credit...

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

jordanmedical — Thu, 26 Apr 2012 01:28:34 GMT

How much of a deposit did you have to pay with capital one? (I know there are 3 levels)

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:31:02 GMT

I only had to put down $99 for a $200 credit line..my friend had to put down $200, i was shocked because her credit is wayyy better than mines!

jordanmedical wrote:
How much of a deposit did you have to pay with capital one? (I know there are 3 levels)

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

jordanmedical — Thu, 26 Apr 2012 01:34:03 GMT

Which report did they pull?

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:36:02 GMT

jordanmedical wrote:
Which report did they pull?

Im not exactly sure

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

jordanmedical — Thu, 26 Apr 2012 01:37:37 GMT

I'd suggest you start where I did an in just a couple weeks have already had 3 things removed. DVs and GWs

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:41:09 GMT

jordanmedical wrote:
I'd suggest you start where I did an in just a couple weeks have already had 3 things removed. DVs and GWs

Thank you!! Sorry, im still new, so im not up to date with the my fico "lingo" lol..so what exactly is "dvs" and "gws"?

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

injustifiiable — Thu, 26 Apr 2012 01:42:16 GMT

platnumeyes wrote:
jordanmedical wrote:
I'd suggest you start where I did an in just a couple weeks have already had 3 things removed. DVs and GWs

Thank you!! Sorry, im still new, so im not up to date with the my fico "lingo" lol..so what exactly is "dvs" and "gws"?

DV = Debt Validation

GW = Goodwill Letter

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

jordanmedical — Thu, 26 Apr 2012 01:43:55 GMT

There's a ink to abbrev. somewhere it'll serve you well here :)

DV=Dispute Verification, examples posted, you send it CMRR (Cert. Mail Return Receipt)

GW=Goodwill , letters with current creditors asking them to remove late payments in the like

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 01:47:29 GMT

jordanmedical wrote:
There's a ink to abbrev. somewhere it'll serve you well here :)

DV=Dispute Verification, examples posted, you send it CMRR (Cert. Mail Return Receipt)
GW=Goodwill , letters with current creditors asking them to remove late payments in the like
OOO..thanks again, I dont feel as slow any more, ok..well after my dispute results comes back, ill try the dispute verification, and see how that works!

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

llecs — Thu, 26 Apr 2012 02:14:03 GMT

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

firsttimemama — Thu, 26 Apr 2012 02:27:21 GMT

Welcome! I'm fairly new here (less than a week) and have already learned TONS from these forums. I'm sure you will too. Best of luck with everything!

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 03:15:51 GMT

Thank you very much!! I will def check them out :-)

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 03:17:02 GMT

Thanks firstime!! I love this site already!! Everyone is soo knowledgeable, and helpful!!

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

Lasardo — Thu, 26 Apr 2012 07:20:23 GMT

I am starting to rebuild my credit with capital one. They gave me a $300 credit line, pathetic huh? Unfortunately i thought I needed to use it to have a good credit score, big mistake. They report it to the credit bureau as maxed out! So get the card and throw it in the drawer! Use cash.

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

firsttimemama — Thu, 26 Apr 2012 11:32:43 GMT

What's your balance on the CC? If you read through these forums, there's nothing wrong with having & using CCs. In fact, they can help with your CR and scores and a lot of people recommend having 3 open trade lines. Just make sure to keep your utilization low (between 1-9% seems to work the best for most).

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

dobirdsmommy — Thu, 26 Apr 2012 11:44:04 GMT

I started in January after I got my loan approved for my car in October ( i did not know how bad my credit was. DH just had nothing out there)... I was in the lower 400's. I have been working on my DH and my own Credit.

I just keep telling myself that I did not default on everything overnight so I can not fix it over night. Rome was not built in a day and neither is good credit. My lowest score was Equifax at 402 I am now at 609 with them.

Breathe, take your time, If you get frustrated, think about something else. The capital one card is a great card to start out with. I got it with only paying 49.00, and I have been increasing the balance every other month.

Keep your utilization low!

I have my DH use his AU card for emergencies while he is out on the road as a day trucker. I pay it off that night when I get handed the receipts.

It is all about building their trust back. If someone hurt and cheated in the past you would not be so quick to trust again would you? They just bundle us all into that category no matter how we got there. One step at a time.

Re: REALLY BAD CREDIT SCORE..CAN ANYONE GIVE ME POSITIVE ADVICE?

platnumeyes — Thu, 26 Apr 2012 12:56:29 GMT

Lasardo wrote:
I am starting to rebuild my credit with capital one. They gave me a $300 credit line, pathetic huh? Unfortunately i thought I needed to use it to have a good credit score, big mistake. They report it to the credit bureau as maxed out! So get the card and throw it in the drawer! Use cash.

O wow, I havent heard bad stories about this card yet..my credit limit is $200..im just greatful they gave me something, so I cant complain! Im going to use it, and monitor my score, and see what happens! Thanks for the headsup though!