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100 points in 29 days!

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JMomz85
Member

Re: 100 points in 29 days!

That's awesome!!!!!  Congratulations!!!

Message 11 of 14
kgwinn
New Contributor

Re: 100 points in 29 days!


@Anonymous wrote:

Congrats!! Inspiring! I'm in the same boat and in the process of getting FHA!!

 

Can I ask how you got your utilization so good? I'm trying to figure that out.

 

How do you calculate charge, interest, payment, timing to keep the $50 balance?

 

Congrats!!!


This was all done in a relatively short amount of time, so I haven't had to worry about maintaining the balance over time. I don't think it's necessary to keep the balance exactly at $50, just under 10%. It's hovered all around there. I actually paid it down to $41, then my monthly interest and finance charges hit and it went to $56. Made a payment of $25, then put a tank of gas on it. There will be another $25 payment in a couple of weeks, so it all balances out.

 

For those curious, here's what I had to start with.

 

 

Card                                Balance                    Limit

Capital One                      743                           750

Capital One                      483                           500

Milestone                          309                           300

First Premiere                   208                           300

Credit One                        258                           300

Care Credit                       496                           500

Amazon                            475                           490

 

So my overall utilization was about 95% and my individual cards were mostly over 95% as well. There were two accounts (an old Amazon and a Macy's card) that were charged off but still showing a balance and listed as closed revolving accounts, so they were inpacting my utilization as well. They also both reported out of the blue a couple of months ago leading me to believe that the debt had recently been sold or was assigned to a collection agency. This turned out to be true. I chose to settle them before they showed up as new collections. Both were settled for about 50% of the balance.

 

I also had some medical collections that were due to fall off my report in a couple of months, along with a BK7 from 2005 that was due off as well. I got early exclusions on all of those, although it took a few tries demanding various supervisors before I found someone who would do it. Caution: One of the medical collections isn't due too fall off until November and only reports to EQ. My attempt to early exclude resulted in EQ treating it as a dispute, contacting the OC who then updated for the first time in years, making it look a lot more recent. I foolishly thought I had nothing to lose by asking, and I was wrong. EQ is dead serious about not excluding anything more than a month early, so be patient.

 

I also had a collection from 2012 that had recently been sent to collection and was reporting monthly. It was for an old cable bill I never knew I had. I settled it for about 65% of the balance and then came back 2 weeks later with a GW letter explaining that I hadn't known about it and paid it as soon as I did. I told them I only found it because my credit was pulled for a home loan and that I was sad that this issue I never knew I had could impact my family's quality of life for years to come. They answered within the hour saying they would delete from all three CRAs. WOOT!

 

Badness that remains: The stupid newly reporting medical collection that will fall off in about 3 months and 4 accounts with Portfolio that I DV'd and got documentation for. I also tried PFD with no luck. Now that I no longer need them gone to move forward, they can suck it, because rudeness does not put you on the top of my repayment list. There is also a JCPenney account that is listed as a charge off with $0 balance from 2012. I recently learned it was sold to Portfolio (God help me!) back in 2013, but they have never reported it or tried to contact me. Now that I know this, I won't be contacting them anymore because I don't want them to look too closely and suddenly find it.

 

 

Total cash spent: $3,707.

100 point jump on EQ, 88 point jump in TU, still waiting for my final rescore with EX.

 

Honestly, every time a new issue came up, I just did a keyword search in these forums and took the group concensus on the best way to handle it. I fired a couple of lenders for fighting me on what I knew was the right thing to do. These so called "experts" have only a general knowledge of how this all works and gave some spectacularly bad advice that would have derailed me a couple of times if I'd followed it. Trust these forums. Don't rely on a single thread, there are usually multiple threads on any given topic and you'll see a pattern of what people agree is the best course.

 

It can be done.

 

When I got my scores yesterday, my current lender said "You really couldn't have done anything more right. Where did you learn all of this?" I told him about MyFICO and he said he may join so that he can get more educated in order to better help his clients.

 

 

 

 

Message 12 of 14
Anonymous
Not applicable

Re: 100 points in 29 days!

Congrats!Smiley Wink 

Message 13 of 14
Anonymous
Not applicable

Re: 100 points in 29 days!

Fantastic news. I am trying not to cry because that is such a great point gain in such a short amount of time. Thtat's what dreams are made of. 

Message 14 of 14
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