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New Contributor
Posts: 52
Registered: ‎02-22-2012
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Off to a good start... I think...

Hey!  I’ve been over in the Rebuilding Credit section of the forums for the past year or so, and while I’ve not yet met all of my “credit clean-up” goals, I realize that part of increasing my score would mean opening new accounts.  I have a Cap 1 (secured) in good standing, and am an AU on a couple of chase cards (long histories, sky high limits, and low balances).   And those were the only positive open lines I had.  My vehicle is paid for, and I have no mortgage, although that’s priority one on my list of goals. 

 

Last month I started lurking around this section of the forum, and decided to app for a few cards.  I got approved for Target, Kohl’s, Macy’s, NY & Co., and The Limited store cards—all with low limits (less than $500).  My plan is to rotate use on them, keeping utilization below 10% on one or two of them for a couple of months, and then paying off and using another one in the same fashion.  I plan to do this for the next 6-8 months, and then go for CLI.  Good idea? Bad idea?  Any other thoughts for me in this rebuilding stage I’m entering?

 

I’m excited to hang out over here for awhile and get some encouragement in my gardening phase. 


Starting Score: 498
Current Score: 660
Goal Score: 720


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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: Off to a good start... I think...

That sounds good but remember 2% is ideal Smiley Wink


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
Posts: 455
Registered: ‎01-04-2012
0

Re: Off to a good start... I think...


movinup1 wrote:

Hey!  I’ve been over in the Rebuilding Credit section of the forums for the past year or so, and while I’ve not yet met all of my “credit clean-up” goals, I realize that part of increasing my score would mean opening new accounts.  I have a Cap 1 (secured) in good standing, and am an AU on a couple of chase cards (long histories, sky high limits, and low balances).   And those were the only positive open lines I had.  My vehicle is paid for, and I have no mortgage, although that’s priority one on my list of goals. 

 

Last month I started lurking around this section of the forum, and decided to app for a few cards.  I got approved for Target, Kohl’s, Macy’s, NY & Co., and The Limited store cards—all with low limits (less than $500).  My plan is to rotate use on them, keeping utilization below 10% on one or two of them for a couple of months, and then paying off and using another one in the same fashion.  I plan to do this for the next 6-8 months, and then go for CLI.  Good idea? Bad idea?  Any other thoughts for me in this rebuilding stage I’m entering?

 

I’m excited to hang out over here for awhile and get some encouragement in my gardening phase. 


I love your store cards they are my favorite. You are on the right track. Good idea yes. have you pulled your report? Do you know your fico scores and how many baddies are on your repot? 

New Contributor
Posts: 52
Registered: ‎02-22-2012
0

Re: Off to a good start... I think...

Thanks! 

 

Yep, I'm very familiar with what's going on in my credit reports.  Been working at cleaning them up for several long, exhausting months!  I started below 500, and now am up to 645.  I got about a dozen baddies removed!  I just have two paid collections and one unpaid charge-off.  I'm trying to GW the paid collections and settle/PFD the charge-off, but am having no luck.  I'm just going to keep at it, while I build good history with my new lines.  I want to be in a house by this time next year, and I'm hoping my car holds up at least that long too, so a new monthly payment doesn't impact my debt/income ratio when it's time to get approved for the mortgage.  Fingers crossed I can just coast for a little while longer...


Starting Score: 498
Current Score: 660
Goal Score: 720


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Frequent Contributor
Posts: 455
Registered: ‎01-04-2012
0

Re: Off to a good start... I think...


movinup1 wrote:

Thanks! 

 

Yep, I'm very familiar with what's going on in my credit reports.  Been working at cleaning them up for several long, exhausting months!  I started below 500, and now am up to 645.  I got about a dozen baddies removed!  I just have two paid collections and one unpaid charge-off.  I'm trying to GW the paid collections and settle/PFD the charge-off, but am having no luck.  I'm just going to keep at it, while I build good history with my new lines.  I want to be in a house by this time next year, and I'm hoping my car holds up at least that long too, so a new monthly payment doesn't impact my debt/income ratio when it's time to get approved for the mortgage.  Fingers crossed I can just coast for a little while longer...


good for you. you are definitely on the right track. do you know when your unpaid charge off will fall off your report?

New Contributor
Posts: 52
Registered: ‎02-22-2012
0

Re: Off to a good start... I think...

They're all fairly recent... I went through a real rough patch about this time last year.  Got too far behind on a couple this particular CC and it was eventually charged off.  Unfortunately, I couldn't stop the bleeding until far too much damage had been done.  I've sent 2 settlement offers, and gotten no response.  I'm going to give it just a little while longer before I break down and PIF.  I'm going to try calling next, I just don't want to open up the flood gates for them to start blowing my phone up.  On the other hand, I don't want the debt to get sold again and show up as another CA on my reports. Maybe I'll just start sending in partial payments, then try my attempt to settle again... Oh well, that's for the Rebuilding Credit forum, I suppose.  

 

Bottom line, I hope & pray that I'm on the right track and that things will stay stable from now on!


Starting Score: 498
Current Score: 660
Goal Score: 720


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