Hello everyone:
I have been reading the threads here for almost two months now, and already I'm addicted!
My story:
I have been an eternal student, working my way through nursing school while raising my two children alone. I am also disabled but only to other people, my handicap will not get in my way now that I'm not going to let it.
So, now that I've graduated and have a better paying job (1 1/2 years as a Registered Nurse), I really need to work on my credit health! My credit was shot, just awful after a year on bedrest 7 years ago. I had two premature children and so I devoted my everything to them. We didn't have much of anything but we had plenty of love!!! I think my FICOs were around 460, just really bad. All of my accounts maxed out and over the limit, closed, charged off. Nobody in their right mind would give me a credit card. I only applied for credit to get instant discounts at department stores even though I knew I would be declined. Before coming here, I had absolutely no idea about utility, inquiries, anything.
In January 07, I applied to Wells Fargo, and I was at last able to get a card, secured of course, but finally a card. My FICOs were around 560-603. Not great, but when you've been at the bottom any improvement is encouraging. Now that I've been reading I know that this is a result of old bad debt falling off the reports. I also have student loans on automatic payment so that is also helping, maybe?
I also got a small loan at a jewelry store in Jan 07. I didn't even want any jewelry, I just wanted someone to pay every month so I could send out a message, "I am worthy!!!" And last but not least, when I applied to JC Penney to "get a discount" low and behold I was approved. I almost fell over. All of this in January. I'm not even sure what my scores were, I think they said high 500s.
When I first started reading this wonderful forum, I was using my credit cards regularly and PIF monthly, not even knowing that when they reported my balance it wouldn't reflect that. I was denied an auto loan in July. I had thought surely after making all of my payments on time for 6 months my score would be at least a little better, to get a used car. It's always a surprise when they have all of the information and you have none.
So now that I've read all of your advice, I just want to say thank you. Thank you so very much for sharing your experiences and knowledge. I have since signed up with Score Watch and True Credit so that I can monitor my reports. My utility is now at 9%, and Capital One has approved me for a card, subprime, yes, $45 annual fee, but much, much better than the other crazy expensive offers I've received. I'm going to follow your advice to a "T", and I WILL be a success story.
Watch and see!!!
Thank you!
Misti
10/3/07
EQ FICO: 611
TU FAKOs: TU 573; EX 613; EQ 612
11/2/2019: EQ 699, TU 649, EX 652. 6/15/2019: EQ 682, TU 621, EX 630 "The journey of a million miles begins with a single step"