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Valued Member
JPmorgan
Posts: 59
Registered: ‎05-06-2012

$500 in credit to $200,000 in one year! My personal credit story of 2012.

[ Edited ]

Hello My Fico,

 

As 2012 winds down, I always like to take a day off and review the past years events.  Personal, family, professional, financial, health,  and religion are the topics that I reflect back on.  And for financial, credit is a large portion of it. 

 

Looking back, on January 1, 2012, I had 2 credit cards to my name.  A Bank of America secured card for $200, and a Capital One secured card for $300.  Currently, I have:

 

NPSL  American Express Gold Premier Rewards  (My credit spending ability exceeds 40k.)

37.5k  JP Morgan Palladium

25k     American Express Blue

15k     DCU Visa

13.2k  Ameriprise World Elite Mastercard

12.3k  Bank of America Privileges Visa Signature

9.1k    Citi AAdvantage Visa Signature

8k       Discover More

7.5k    Chase Sapphire Preferred

7k       Capital One Venture World Mastercard

6k       American Express BCP

5k       Capital One Visa

3.5k    Barclays Apple Financing Visa

 

Store Cards

.5k      Nordstroms

1.2k    Walmart

10k     Best Buy

 

Vehicle loans

38.8k  Hyundai

14.2k  Nissan

6k       Kawasaki

 

All of the above accounts were obtained in 2012.  (I know, I have major gardening time ahead!!!)

 

My credit scores went from the low 500's to mid 750's this year.  I started with over 17 baddies on my credit reports, and now I am down to 2.  In the past, my credit was so poor, I was getting declined for secured cards, cell phone leases and apartment leases.  I was so sick of it, my goal in 2012 was to get them all removed this year, but I'll get this in the beginning of 2013.  For those of you starting credit repair, my advice is this.

 

1.  Read EVERY single posting on the credit repair forum.  It took me two weeks to do so, but I had more knowledge about credit than 99% of Americans, even more knowledge than the credit analysts.

 

2.  Live, breathe, and sleep credit repair.  It must consume your life.

 

3.  You must truly want it.  I started lurking on credit repair sites from 2008, and started it a few times.  But last year, I decided 2012 would be the year I finally finish it.

 

4.  Utilize the backdoor phone numbers.  The backdoor numbers are an incredible tool for you to take advantage of.

 

5.  Keep a paper trail of everything.  I have a separate folder that I put copies into.

 

Credit repair really works.  But its not easy.  Be prepared for months of hard work.  You may feel like progress is slow, when you gain momentun, they fall off rapidly.   

 

Good luck MYFICO, and make it a great 2013!

American Express Blue | American Express PRG | Barclays Apple Financing Visa | Citi AAdvantage Visa Signature | Discover More | JP Morgan Palladium | Ameriprise World Elite Mastercard | Chase Sapphire Preferred

Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.


JPmorgan wrote:

Hello My Fico,

 

As 2012 winds down, I always like to take a day off and review the past years events.  Personal, family, professional, financial, health,  and religion are the topics that I reflect back on.  And for financial, credit is a large portion of it. 

 

Looking back, on January 1, 2012, I had 2 credit cards to my name.  A Bank of America secured card for $200, and a Capital One secured card for $300.  Currently, I have:

 

NPSL  American Express Gold Premier Rewards  (My credit spending ability exceeds 40k.)

37.5k  JP Morgan Palladium

25k     American Express Blue

15k     DCU Visa

13.2k  Ameriprise World Elite Mastercard

12.3k  Bank of America Privileges Visa Signature

9.1k    Citi AAdvantage Visa Signature

8k       Discover More

7.5k    Chase Sapphire Preferred

7k       Capital One Venture World Mastercard

6k       American Express BCP

5k       Capital One Visa

3.5k    Barclays Apple Financing Visa

 

Store Cards

.5k      Nordstroms

1.2k    Walmart

10k     Best Buy

 

Vehicle loans

38.8k  Hyundai

14.2k  Nissan

6k       Kawasaki

 

All of the above accounts were obtained in 2012.  (I know, I have major gardening time ahead!!!)

 

My credit scores went from the low 500's to mid 750's this year.  I started with over 17 baddies on my credit reports, and now I am down to 2.  In the past, my credit was so poor, I was getting declined for secured cards, cell phone leases and apartment leases.  I was so sick of it, my goal in 2012 was to get them all removed this year, but I'll get this in the beginning of 2013.  For those of you starting credit repair, my advice is this.

 

1.  Read EVERY single posting on the credit repair forum.  It took me two weeks to do so, but I had more knowledge about credit than 99% of Americans, even more knowledge than the credit analysts.

 

2.  Live, breathe, and sleep credit repair.  It must consume your life.

 

3.  You must truly want it.  I started lurking on credit repair sites from 2008, and started it a few times.  But last year, I decided 2012 would be the year I finally finish it.

 

4.  Utilize the backdoor phone numbers.  The backdoor numbers are an incredible tool for you to take advantage of.

 

5.  Keep a paper trail of everything.  I have a separate folder that I put copies into.

 

Credit repair really works.  But its not easy.  Be prepared for months of hard work.  You may feel like progress is slow, when you gain momentun, they fall off rapidly.   

 

Good luck MYFICO, and make it a great 2013!


Well said and well done. This year in Feb I was at 633 TU, now I am at about 741 TU. I sleep credit also but I can't eat it. :smileysurprised:

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

Wow that is an incredible story. Congrats on all your success! It must feel so rewarded seeing where you came from to where you are now. Hard work always pays off!

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Established Member
GoRavens
Posts: 23
Registered: ‎11-02-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

Congrats on the credit.  May I ask the motivations for applying for so many cards with AFs?  Are you going to spend enough to offset the costs?

Valued Member
JPmorgan
Posts: 59
Registered: ‎05-06-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

I realize that many forum members here shy away from cards with AF's.  Ultimately for me, having poor credit for such a long time didn't prevent me signing up for cards with AF's.  Compared to the AF's and limits of the secured cards such as First Premier and Applied Bank, prime AF's are cheap to me!  I don't mind paying the AF because I feel that credit cards have two purposes.  #1 is to use them and pay off in one month.  #2 is to keep them open as insurance.  Who knows what might happen in the future?  Paying $50 for an AF for a credit line of 10k is perfectly reasonable for me, and cheap!

 

However, in the future I might close or PC some cards with AF's.  I'm still in the free first year for most of them.  Except the Palladium.  It cost me a hefty $595.  I don't know what I'll do next year wit this one. 

American Express Blue | American Express PRG | Barclays Apple Financing Visa | Citi AAdvantage Visa Signature | Discover More | JP Morgan Palladium | Ameriprise World Elite Mastercard | Chase Sapphire Preferred

Established Contributor
tennisfan78
Posts: 629
Registered: ‎09-18-2011

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

wow, what an amazing comeback.

 

If you dont mind, I am curious to know what your annual income is.

 

Anyway, Congratulations!!!


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Valued Member
JPmorgan
Posts: 59
Registered: ‎05-06-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

I believe my income was a factor with credit being available to me.  My income jumped from 25k to over 130k yearly.  (I was still in school last year)

American Express Blue | American Express PRG | Barclays Apple Financing Visa | Citi AAdvantage Visa Signature | Discover More | JP Morgan Palladium | Ameriprise World Elite Mastercard | Chase Sapphire Preferred

Established Contributor
eviLution
Posts: 704
Registered: ‎06-11-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

2012 was my credit repair year also, but it's also the year I started actual credit.

 

I just had collections from sprint, my old bank, and a car repo. I never had an actual credit card in my life, EVER.

 

I started by paying off my collections and got my first CC from Capital One in July. My repo fell off in October and I was back to a thin file again.

 

I applied for a DCU Platinum Visa in November and I will be getting my first Fico Scores this January. I can't wait to see what it is!!!

 

All my life I only depended on cash and I wasn't getting anywhere. The things I could do and get was so limited. I knew if I ever wanted to buy a house in my life I'm gonna need credit and that's why I'm here now. :smileywink:


Current Score: DCU EQ 714 - EX+ 746 - WM TU 746
Goal Score: 750+

DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 6000 - Chase Freedom: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

How did you get the palladium? From what ive read you need private banking with J.P. Morgan?
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: $500 in credit to $200,000 in one year! My personal credit story of 2012.

WOW! Congrats OP!!! Your post gives me motivation to stick with it. I also started out in the 500's in 2007 & now I am at a 703 fico. I app'd three years apart in 2008/2009 & 2012. My score went up primarily by paying bills, paying bills, and paying bills. In August, my credit report will be BK free!!! Can't believe it! The road was very long due to DOUBLE BKs filed in 2003 & 2005. First one was a 7 to liquidate my stupidness from college. Second one was a 13 to save an enormous home (4500 sq ft with 67,000 gross income = STUPID!) that I couldn't afford that but was approved for through predatory lending...house foreclosed anyway after that 2 yr ARM expired. Next year we are closing for the second time on a house we can afford - paid on time rent payments for 3 1/2 years. We know the mortgage payment with all the trimmings on top will be cheaper. Very very long road of paying cash only and we also got denied for everything too (apartment leases...they looked at us like we were crazy!, had to pay $400 deposit on a phone contract...now they run it and keep moving, had to settle for whatever car fit the auto loan agreement...and yes, it was usually just ONE car!). So 2013 will be a great year to really start making moves. I hope by end of next year, I will have a similar story.

CONGRATS again OP! Great work!
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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