Background: 4/08 fico was 577. had 4 subprime ccs w/low cls (1.2k total)- 2 first premiers/2 orchards. Tried my luck @ target- denied and hooters- denied. Felt a little frustrated (mainly b/c my current + tls are just subprime ccs and old paid off car loans that are going to drop off in the next 1-2 yrs) and wondered if I would/will be stuck in subprime land for forever. I am still in the land of subprime ccs (first premier is going bye bye in early 09; orchards will be combined or go bye bye), but it looks like I am nudging up/making some progress.
Since april 08, ficos have risen +70. all I have done is-
app for cap 1- approved for a whopping 300
app for ba- denied (expected it) but got offered the 99/500. total available credit is now 2k across 6 ccs
pif the 4 suprime ccs (they had balances of roughly 700 for about 1.5 mos. due to an emergency.
Idk if either ba or cap 1 are reporting the credit bureaus yet since I haven’t received the ba cc yet and just got cap 1 cc the last week of april.
Can’t think of any recent old ‘baddies’ that have come off of my reports, but maybe some old 30-90 day lates from late 2001-early 2002 dropped off
Current utilization= 5/6 ccs are 0 balances, cap 1 has a balance of 70 (will PIF after I get the statement).
Still have some major baddies (tax lien- since 05- on reports til 2020 unless it gets resolved) that are keeping me down fico wise, so I still have work to do. Trying to resolve those baddies, but that is a long, frustrating road.
I never thought I would break the 600s (been ‘stuck’ in the mid-high 500s for what seemed like AGES), so it is nice to finally see that after all this time, 600 (actually I am now in the 640s) WAS in reach. Here is hoping I continue and see a 4 digit CL sometime in my lifetime again.
I have not had that many inquires and so far, since my app spree in 4/08 (hooters/target/cap 1/ba), my scores have not dropped? First premier/orchards are approx 1.5 yrs old (and were the only inquiries I initiated in 2007) and from 1/07-4/08, there were no inquiries initiated by me. Am not apping for anything new for quite awhile. Next plan is to dump 2 first premiers in early 2009 b/c that is my 2 yr mark of ‘perfect history’ w/them and reality is, the fees are killer and the ccs will not grow w/me. Hopefully by then, my ba 99/500 will have graduated (or will within a short time later) and I will have my 1st 4 digit CL assuming BA gives me a CLI @ graduation. Orchards are my oldest + cc and so I am on the fence about what to do w/them. would like to dump them b/c they will not grow w/me, but I don’t want to wipe out all 4 of my oldest cc tradelines @ 1x in early 2009.
Have thought of GW/PFD, but most of my lingering bads are ready to drop off in 1-2 yrs and I have heard sometimes that can stir up more trouble (restart the clock/delete the entire TL/bad reporting/etc.), so I am just laying low on those right now. Tax lien is my biggest dinger and trying to resolve that, but it is much harder than dealing w/old bad ccs.
If things keep going as they are, in about 1-2 yrs, my reports should be baddie free (outside of the tax lien- which will hopefully be resolved by then- but even if PIF, it lingers on my report unless they voluntarily remove it).