Just got my first real credit in almost 10 years!

[TampaJim]

Here's my story...

I'm a business owner, and many times over the years...my company and employees needs came before mine.  So, my personal bills sometimes suffered.  I have been basically using my corporate AMEX and Visa Debit card to get through life for the past decade.  Over 100K in IRS debt & a home forclosure finally got me to file for BK7.  I found this forum when looking for answers about my IRS tax liens.

I am following Soulmasters "7 to 700" plan with one minor variation.  I got a secured USAA card prior to discovering this forum.  If I had read his plan before, then I would not have picked up this secured card.  So, I am basically using the USAA card like the Credit One Card.  It has a $39 AF, and I will cancel it at the 11 month mark if USAA won't graduate it.

I have one very good trade line which is my student loan.  I defaulted on it years ago, but the loan was picked up by Suntrust bank.  I have been paying on it for over 2 years with an auto debit from my checking account.  This student loan ($6K) wasn't discharged via BK7, and the payments are still being made on time.

Here is my timeline:

Oct13 - filed BK7

02/11/14 - Discharge

02/12/14 - The day after my discharge, I got a $500 Secured Card from USAA.  I hadn't discovered this forum yet, and I just couldn't believe that someone would extend credit to me.

02/17/14 - Discovered myfico forums!

Scores Feb 2014: EX 586 EQ 579 TU 499

02/20/14 - Opened NFCU account - Started my $1000 Secured loan.

Then I sent off the letters to the CRAs.

03/03/14 - myfico alert - 596

03/06/14 - myfico alert - 630!

03/15/14 - my fico alert - 665!!!

03/17/14 - increased my USAA secured card to $1000 limit

I have a couple of problems still to be resolved on my Credit Reports.  I am sending out the approrpiate letters today.

On 04/01/14, I applied for Capital One after the pre-qual showed me eligible for the Quicksilver One Card.

I got instantly approved with a $2K credit limit!  My first real credit in almost 10 years!

I increased the credit limit on my USAA secured card to $2000 after receiving this approval, so that both of my trade lines will be similar.

I have myfico subscription going on the USAA card, so it will see some activity each month.

Now I'm just going to kick back, and use the Capital One card for the next 5 months while I Iet my accounts mature.

Thanks to everyone here who has shared their stories.  I have read as many as a can.  I am constantly coming back to this site daily to read new stories and get updates.

TampaJim

[simi_go]

Congrats.....

[somotao]

Congratulations.....soulmaster guide is a great guide, follow it and you will acheive great results.

[gdale6]

Great story and good luck in your journey

[youdontkillmoney]

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@TampaJim wrote:

Here's my story...

I'm a business owner, and many times over the years...my company and employees needs came before mine.  So, my personal bills sometimes suffered.  I have been basically using my corporate AMEX and Visa Debit card to get through life for the past decade.  Over 100K in IRS debt & a home forclosure finally got me to file for BK7.  I found this forum when looking for answers about my IRS tax liens.

I am following Soulmasters "7 to 700" plan with one minor variation.  I got a secured USAA card prior to discovering this forum.  If I had read his plan before, then I would not have picked up this secured card.  So, I am basically using the USAA card like the Credit One Card.  It has a $39 AF, and I will cancel it at the 11 month mark if USAA won't graduate it.

I have one very good trade line which is my student loan.  I defaulted on it years ago, but the loan was picked up by Suntrust bank.  I have been paying on it for over 2 years with an auto debit from my checking account.  This student loan ($6K) wasn't discharged via BK7, and the payments are still being made on time.

Here is my timeline:

Oct13 - filed BK7

02/11/14 - Discharge

02/12/14 - The day after my discharge, I got a $500 Secured Card from USAA.  I hadn't discovered this forum yet, and I just couldn't believe that someone would extend credit to me.

02/17/14 - Discovered myfico forums!

Scores Feb 2014: EX 586 EQ 579 TU 499

02/20/14 - Opened NFCU account - Started my $1000 Secured loan.

Then I sent off the letters to the CRAs.

03/03/14 - myfico alert - 596

03/06/14 - myfico alert - 630!

03/15/14 - my fico alert - 665!!!

03/17/14 - increased my USAA secured card to $1000 limit

I have a couple of problems still to be resolved on my Credit Reports.  I am sending out the approrpiate letters today.

On 04/01/14, I applied for Capital One after the pre-qual showed me eligible for the Quicksilver One Card.

I got instantly approved with a $2K credit limit!  My first real credit in almost 10 years!

I increased the credit limit on my USAA secured card to $2000 after receiving this approval, so that both of my trade lines will be similar.

I have myfico subscription going on the USAA card, so it will see some activity each month.

Now I'm just going to kick back, and use the Capital One card for the next 5 months while I Iet my accounts mature.

Thanks to everyone here who has shared their stories.  I have read as many as a can.  I am constantly coming back to this site daily to read new stories and get updates.

TampaJim

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very nice! Keep up the good work, this is just the beginning . . . 

[HomeNsight]

CONGRATS!!! That's great! You and Soulmaster give me hope that this can work for me.  Filing BK7 this month and will follow the plan..

[ezdriver]

It is very nice to see folks taking control of their credit porifle and being encouraged by others' stories posted here. For those who have not yet reached that crossroad of taking control of your creidt profile and moving forward, please know that it really is not very complicated. Availing yourself of an opportunity to get a freash start credit wise is an important first step. Be not afraid ... many of us have walked that path and we are here to help you walk it too. 

[heavenli]

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@TampaJim wrote:

Here's my story...

I'm a business owner, and many times over the years...my company and employees needs came before mine.  So, my personal bills sometimes suffered.  I have been basically using my corporate AMEX and Visa Debit card to get through life for the past decade.  Over 100K in IRS debt & a home forclosure finally got me to file for BK7.  I found this forum when looking for answers about my IRS tax liens.

I am following Soulmasters "7 to 700" plan with one minor variation.  I got a secured USAA card prior to discovering this forum.  If I had read his plan before, then I would not have picked up this secured card.  So, I am basically using the USAA card like the Credit One Card.  It has a $39 AF, and I will cancel it at the 11 month mark if USAA won't graduate it.

I have one very good trade line which is my student loan.  I defaulted on it years ago, but the loan was picked up by Suntrust bank.  I have been paying on it for over 2 years with an auto debit from my checking account.  This student loan ($6K) wasn't discharged via BK7, and the payments are still being made on time.

Here is my timeline:

Oct13 - filed BK7

02/11/14 - Discharge

02/12/14 - The day after my discharge, I got a $500 Secured Card from USAA.  I hadn't discovered this forum yet, and I just couldn't believe that someone would extend credit to me.

02/17/14 - Discovered myfico forums!

Scores Feb 2014: EX 586 EQ 579 TU 499

02/20/14 - Opened NFCU account - Started my $1000 Secured loan.

Then I sent off the letters to the CRAs.

03/03/14 - myfico alert - 596

03/06/14 - myfico alert - 630!

03/15/14 - my fico alert - 665!!!

03/17/14 - increased my USAA secured card to $1000 limit

I have a couple of problems still to be resolved on my Credit Reports.  I am sending out the approrpiate letters today.

On 04/01/14, I applied for Capital One after the pre-qual showed me eligible for the Quicksilver One Card.

I got instantly approved with a $2K credit limit!  My first real credit in almost 10 years!

I increased the credit limit on my USAA secured card to $2000 after receiving this approval, so that both of my trade lines will be similar.

I have myfico subscription going on the USAA card, so it will see some activity each month.

Now I'm just going to kick back, and use the Capital One card for the next 5 months while I Iet my accounts mature.

Thanks to everyone here who has shared their stories.  I have read as many as a can.  I am constantly coming back to this site daily to read new stories and get updates.

TampaJim

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Congrats!!!!!!