Hi!
I just wanted to give a little bit of hope to some on this forum who feel hopeless.
My file still has bad things on it that I'm working hard to remove. After paying off a chunk of debt on a repossession, my score plummeted from the low 500s into the 400s. FICO scores went to: 493 (Equifax) 488 (Transunion) and 482 (Experian)
I have been consulting with an attorney regarding the repossession and he believes it sounds like I have a case against the credit union for an unlawful repossession. (I have never been late paying the bill and have continued to pay it since the repo.) We are moving forward with a case.
Two months ago I opened and Open Sky Credit Card with a $700 limit. I used the card about twice and let it report a tiny balance of $35. (I then paid this off.)
My scores went to: 495 (Equifax) 491 (Transunion) and 488 (Experian)
This month it reported again, with a balance of $70. (I paid this in full as soon it reported.)
My scores this month are: 544 (Equifax) (577) Transunion 534 (Experian)
Yesterday, I decided to follow the advice regarding having three revolving accounts and applied for two secured cards. The Capital One Secured Card and Discover It Secured. To my delight and surprise, I was instantly approved for both. I put a $600 deposit on Capital One for a credit limit of $701 and $700 deposit on Discover It.
The inquiries for these have already been reported and have not caused any hits to my scores. Capital One pulled all three bureaus and Discover pulled Equifax.
I will report more on how these affect my scores as time goes. But I hope this can serve as a little hope to those who are feeling as hopeless and helpless as I did. Don't give up! With work, these two new cars should graduate and I'll be on my way to home ownership. An awesome light at the end of this tunnel.
Thank you SOOOO much to you all who post here, answer questions and ask them. It is so very helpful to be able to read about others experiences. Good luck to all of you!
