credit plan

[Anonymous]

Hello everyone, I been lurking these forums for quite some time and must say i love it here. It has made me become a credit addict which can be bad lol. Anyways i'm joining the garden as I just gained walmart-900, vs-250, target-350, lowes -350, I have a capital one qs -1300, cap one platinum - 2000, cap one spark visa- 1500, amex- 1000, lendmark loan- around 4000, fingerhut- 1300 so my plan now is to lower all this to under 30 percent usage as some is kind of high at the moment. Now I have a repossesion on my credit and a judgement, discover turned me down because of them and showed my fico as 651. I think I have enough credit to make my scores get better but at the same time kind of lost what to do.

[AverageJoesCredit]

Just slow and steady , lower your balances and use your credit responsibly and most important, pay on time. Your on the right path just set some goals and your gardening will bloom forrests

[Anonymous]

1st) AverageJoe is right. You're on the right path. Slow and Steady wins the credit race. Work on getting your utilization down below 30% overall and no more than that on each card if possible. 

2nd) The Repo & Judgement - are they related -> repo & then judgment because of a deficiency? How long ago, are all the amounts/dates/ correct? Look over your reports carefully. Depending on answers to those questions it might be a good idea to work on getting the judgement paid / released & possibly removed from your credit reports.

[Anonymous]

Thanks, actually the judgement was a auto opened in 2006 and the repo was a mobile home opened in 2002

[SouthJamaica]

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@Anonymous wrote:

Hello everyone, I been lurking these forums for quite some time and must say i love it here. It has made me become a credit addict which can be bad lol. Anyways i'm joining the garden as I just gained walmart-900, vs-250, target-350, lowes -350, I have a capital one qs -1300, cap one platinum - 2000, cap one spark visa- 1500, amex- 1000, lendmark loan- around 4000, fingerhut- 1300 so my plan now is to lower all this to under 30 percent usage as some is kind of high at the moment. Now I have a repossesion on my credit and a judgement, discover turned me down because of them and showed my fico as 651. I think I have enough credit to make my scores get better but at the same time kind of lost what to do.

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Don't feel lost.

There's a very clear plan for you.

1. Don't apply for anything at this point.

2. Pay things down.

Your scores will go up. That's all you need to do. The passage of time + on time payments + no new inquiries + no new new accounts = surefire formula for score to keep going up.

If you want to do extra work to possibly speed up the process a little, there are some other things:

(a) send occasional verification letters to the credit bureaus over the negatives, sometimes that will knock off a negative here and there

(b) open up a $500 or greater savings account at an outfit such as Alliant Credit Union, then take out a 48 or 60 months share secured loan secured by the savings acct, then disable autopay, then pay off the loan down to a balance of $45 or 9%... that will pick up points for sure.

IMHO you should avoid getting any more store cards

[Anonymous]

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@Anonymous wrote:

Thanks, actually the judgement was a auto opened in 2006 and the repo was a mobile home opened in 2002

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Well, just on the surface it sounds like they're older...and could be in a position to age off or possibly disputed if the info is no longer correct. Follow the advice you're getting in this thread and if you want some help with those negatives send me a PM.

[grillandwinemaster]

OP, it does sound like your judgment and repo are about to age off. 

Garden for a year, keep your uti in check and when that stuff falls off, you should be in the 720's+

Keep up the good work. No more credit cards for one year +!

Best credit wishes to you!

[Anonymous]

Keep up the great work!!!  Slow credit Rebuilds are just that; SLOW but in the

End worth it.  12 Months from now your scores will be over 700 you'll have the

PICK OF THE LITTER for just about any great rewards Card you want!!!  Good Luck.