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New Contributor
theagent26
Posts: 57
Registered: ‎03-01-2010
0

Done with Bad Credit!

Hello all! I've been lurking around the forum for a long time now as a visitor, and now I'm ready to be more proactive about my credit. I've really enjoyed the posts and advice given by all of you, but now I think I need to hear some thoughts on my situation in particular so here is my current situation.

 

Fico Scores: Eq 606 (but the score I get on the Equifax website is 570), TU 606

 

Credit Cards:

Capital One Platinum $1000 CL

Capital One No Hassle $1000 CL (got this one last month)

USAA Secured MasterCard $1500 CL

Orchard Bank $300 CL (got this one 2 months ago)

BofA 99/500 $500 CL (partially secured, but reports as secured. got this one last month)

 

Lines of Credit:

Local Credit Union gave me a $5000 line when I joined last month.

 

Baddies:

 

I have a couple of baddies on my report: 2 old (5 years+ collections that have been paid), some late payments up until about 16 months ago when I started getting my act together (I just recieved a 30 day from 1st Premier for mixing up my autodraft. They promptly closed both of my cards with them with no warning, which kinda sucks).

 

 

That's all I can think of right now. I guess I am just extremely frustrated because I had been doing good all year the past year, and my score had only gone up maybe 15 points. I kept hearing that my score would never improve until I had more available credit so I started apping a couple of places the last couple of months and I was surprised that I got approved and recieved new cards. I did get a decline email from CITI for the Diamond Preferred Card this month (too many inquries). But it wasn't instant so I sent my recon fax to the number they provided when I called the backdoor number.

 

Whew! Sorry for spilling my guts out like this, but I am tired of sitting around and feeling sorry for myself. I would appreciate any advice you all have :smileyhappy:

 



Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


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Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Done with Bad Credit!

Welcome to the forums!

 

I think your mix of credit is great. If your goal is a higher score, then I wouldn't add anything because that'll just drag your credit down in the short-term. If your goal are more CCs, then I'd improve on your credit, let what you have age for a year or so, then apply again when util is in check.

Established Contributor
fusioncredit
Posts: 614
Registered: ‎10-23-2011
0

Re: Done with Bad Credit!


theagent26 wrote:

Hello all! I've been lurking around the forum for a long time now as a visitor, and now I'm ready to be more proactive about my credit. I've really enjoyed the posts and advice given by all of you, but now I think I need to hear some thoughts on my situation in particular so here is my current situation.

 

Fico Scores: Eq 606 (but the score I get on the Equifax website is 570), TU 606

 

Credit Cards:

Capital One Platinum $1000 CL

Capital One No Hassle $1000 CL (got this one last month)

USAA Secured MasterCard $1500 CL

Orchard Bank $300 CL (got this one 2 months ago)

BofA 99/500 $500 CL (partially secured, but reports as secured. got this one last month)

 

Lines of Credit:

Local Credit Union gave me a $5000 line when I joined last month.

 

Baddies:

 

I have a couple of baddies on my report: 2 old (5 years+ collections that have been paid), some late payments up until about 16 months ago when I started getting my act together (I just recieved a 30 day from 1st Premier for mixing up my autodraft. They promptly closed both of my cards with them with no warning, which kinda sucks).

 

 

That's all I can think of right now. I guess I am just extremely frustrated because I had been doing good all year the past year, and my score had only gone up maybe 15 points. I kept hearing that my score would never improve until I had more available credit so I started apping a couple of places the last couple of months and I was surprised that I got approved and recieved new cards. I did get a decline email from CITI for the Diamond Preferred Card this month (too many inquries). But it wasn't instant so I sent my recon fax to the number they provided when I called the backdoor number.

 

Whew! Sorry for spilling my guts out like this, but I am tired of sitting around and feeling sorry for myself. I would appreciate any advice you all have :smileyhappy:

 


First Welcome as a Member to the community! Second from what I read you are definitely making strides and moving in the right direction.

 

What are the current amounts on the cards and what's your overall UTL?

 

Have you heard from CIti yet regarding reconsideration?

 

The best advice I can give is keep up the great job of rebuilding your credit and don't worry about premier...you are better off without them and their fees. Capital One will treat you better and possibly give you CLI in the next 90 days and maybe even in 6 months too. 

 

Regarding the lates though...have you tried sending a goodwill letter to remove explaining how you are only human and have learned how important credit is that you are making an effort to rebuild and would like a second chance from them.

 

If you have any specific questions don't hesitate to post them on here or you are welcome to PM if you like

 

 


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
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New Contributor
theagent26
Posts: 57
Registered: ‎03-01-2010
0

Re: Done with Bad Credit!

Thanks IIecs. I think I will see how this recon goes with CITI. I think I'm headed straight to the garden club after that.



Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


Take the FICO Fitness Challenge
New Contributor
theagent26
Posts: 57
Registered: ‎03-01-2010
0

Re: Done with Bad Credit!

Thanks Fusion.

 

I'm not sure how to reply specifically to one person, or how to PM. But my util is fairly low (~5%). I try to keep it low and make moves with debit and cash. I think I will try to goodwill some companies again (Had 6 old hospital collections removed last year thanks to myfico). I've just been getting antsy, because I've seen how some people's scores jump over the course of a year. Mine is moving at a snail's pace.........



Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


Take the FICO Fitness Challenge
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Done with Bad Credit!

It is called credit history for a reason.   You need time for the good and bad accounts to age.

New Contributor
theagent26
Posts: 57
Registered: ‎03-01-2010
0

Re: Done with Bad Credit!


Wolf3 wrote:

It is called credit history for a reason.   You need time for the good and bad accounts to age.


I get that. I figured maybe I should seek advice from the forum members since you all have a great resource here.


Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


Take the FICO Fitness Challenge
Established Contributor
teenastie
Posts: 638
Registered: ‎07-28-2011
0

Re: Done with Bad Credit!

Hello theagent26,

 

Let me preface by saying Screw FP and their fees! They need you more than you could ever need them!

 

Now for Fico Scoring...

 

Short Term:

1. Pay down your revoling TL's to under 10% and keep them there.

2. You should see an increase in score in about 6 months as your new accounts age.

3. Attempt to DV all inaccurate debt. If debts are accurate attempt to GW or offer PFD. (could end up being a long term)

 

Long Term:

1. Allow the recent 30 day late to turn 1 year old.

2. Allow current INQ's to turn 1 year old

3. Wait Patiently and Pay Bills on time :smileyhappy:

4. Allow for recent 30 day late to turn 2 years old.

5. (by this time your CA should fall off by this time) receive huge score increase!

 

 

 

Scores should climb in no time!!!



New Contributor
theagent26
Posts: 57
Registered: ‎03-01-2010
0

Re: Done with Bad Credit!


teenastie wrote:

Hello theagent26,

 

Let me preface by saying Screw FP and their fees! They need you more than you could ever need them!

 

Now for Fico Scoring...

 

Short Term:

1. Pay down your revoling TL's to under 10% and keep them there.

2. You should see an increase in score in about 6 months as your new accounts age.

3. Attempt to DV all inaccurate debt. If debts are accurate attempt to GW or offer PFD. (could end up being a long term)

 

Long Term:

1. Allow the recent 30 day late to turn 1 year old.

2. Allow current INQ's to turn 1 year old

3. Wait Patiently and Pay Bills on time :smileyhappy:

4. Allow for recent 30 day late to turn 2 years old.

5. (by this time your CA should fall off by this time) receive huge score increase!

 

 

 

Scores should climb in no time!!!


Thanks for the tips teenastie! I will put em to good use.


Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


Take the FICO Fitness Challenge
Established Contributor
CreditCrusader
Posts: 799
Registered: ‎09-27-2011
0

Re: Done with Bad Credit!

[ Edited ]

Wolf3 wrote:

It is called credit history for a reason.   You need time for the good and bad accounts to age.


Wow...that wasn't snotty or anything...sheesh

 

To the OP, a more respectful way to convey that message is as follows:

 

Allowing accounts to age over time demonstrates responsible credit behavior - which in turn results in increased credit scores. This also holds true for any baddies on your report, as the further removed you are from them the less of a negative impact they have on your credit score.

 

You have an impressive assortment of credit. My advice would be to use it responsibly and be patient... you're on your way! :smileyhappy:

I'm Spartacus!

hr>Starting Score: EQ 546, EX 547, TU 580
Current Scores (lender): EQ 725 , EX FICO 720, TU 737 FICO scores>
Goal Score: 750
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