02-28-2013 08:16 AM
I thought I would share some information that might encourage others who have been on a credit comeback. In April of 2012 I had a few crappy credit cards with toy limits, in fact, my highest limit was $1,100.00, sad I know. I decided to begin the process to purchase a new car in February and was fortunate enough to find this site. I spent two months learning the ins and outs of rebuilding credit and how to improve one’s score. I was able to improve my score from the high 500’s to the very high 600’s within two months. In April I applied for my loan and was approved for 4.75% 72 month loan, at the same time I applied for a visa and was approved for a $7,500.00 CL. When I started the process in February I didn’t expect the results I got, and was amazed how powerful good information can be. As May rolled around I was feeling confident about my credit scores so I applied for a Chase Freedom and although my scores were near 700, I only received a $500 CL, and I was very disappointed to be honest. After doing some research, I decided to not apply for any more credit until my BK completely fell off of my reports and then I would have an almost clean CR. In November of 2012 my reports were finally clean and my scores were moving up slightly. I will tell you that I have a State tax lien that is released but is only 9 months old, so I am sure that is affecting my score somewhat.
So with the knowledge of a clean credit report I applied for an AMEX BCP and PRG card and was approved for both. The BCP was opened with a $10,000 CL. The best part was, I had an AMEX when I was 17 back in 1991 so they backdated both accounts to 1991 which really helped my AAoA. Then I waited like everyone else for that amazing 61 Day CLI and an early February I requested an increase to $25,000 (not a cent over, don’t need an FR’s) and was instantly approved!
Once I received my AMEX CLI I decided to apply for the additional cards I wanted before firmly planting myself in the garden, so over the past two weeks here are my results:
Called Capital One’s EO and got them to raise the limits on my 2 cards from $500 & $1000 to $5000 each-approved! Don’t give up on Capital One, their EO is awesome!
CSP Approved for $12,500
CITI Thank You Preferred Approved for $10,500
PenFed Rewards Visa Approved for $12,000
Costco TE Approved for $2,000 (I guess it is low because of my recent CLI on my BCP)
Kohl’s Approved for $1,000
Delta CU Visa CLI from $7,500 to $10,000
Called Chase EO and asked them to take a look at my Freedom card and its sad $500 limit and asked them to use the CSP application which they did, new limit, $10,000! No HP for the CLI
So keep working hard and stay focused! To recap, since April of last year, I have purchased a BMW 550i and raised my credit limits from $4,500 to over $84,000 while keeping my utilization around 10%-15% You can do it, use this board for guidance and direction and no question is a dumb question. Have a great day!
02-28-2013 08:31 AM
That is a wonderful success story! I'm very happy for you.
Congratulations on your new cards, your increases, and your new FICO scores!!
02-28-2013 08:45 AM
02-28-2013 08:53 AM
Wow! Very inspiring story, thank you for sharing. I hope to have a similar credit comeback in the future!
02-28-2013 08:57 AM
What a great story! Big big congrats. I agree that asking questions here is the #1 thing that has helped me rebuild.
Maybe you should change your name on here to BobBEAMER, heh?
02-28-2013 09:03 AM
02-28-2013 09:19 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.