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 08:33 AM
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 09:19 AM