Just want to encourage others & be encouraged by sharing my credit rebuild story.
I'm unemployed. I don't think that is unusual for MyFico members or others seeking/rebuilding credit. But I wonder how many are also homeless?
That's my situation. Tragedy knocked me off my feet several years ago and I fell apart. I went from running my own business to renting an apartment to renting a room and now, for the past year, I live in a shelter.
Back in 2012 I regained some hope and decided to rebuild my life by going back to school. I consolidated my student loans in order to return to school and thus began my credit rebuild journey.
I could not afford school (ineligible for FA) plus my room so I chose to go into a shelter and put living expenses into school expenses.
I had not looked at my credit in years and was shocked to see it tanked so badly. So I determined to pay old debts and become credit worthy again. Back in June 2012 I opened a secured Capital One account and started on the straight and narrow path.
Now I have unsecured no-AF cards with very low limits (Barclay, Chase, Walmart) and 1 secured card with AF (Bank of America). I closed my Cap One this month. My credit reports are almost pristine--just 2 collections left on EX, EQ, & TU (plus a paid landlord judgment on TU); all these are scheduled to fall off by June 2014.
So my rebuild journey has been going well. But reading many posts of people granted $5000 opening CLs or having $100,000 jobs and just not being grateful for their lot is sometimes discouraging. I try to keep things in perspective. I make a paltry sum of money selling old inventory on eBay so my status doesn't warrant a large CL. But it is discouraging because I work diligently to overcome the hurdles life throws at me, including the inability to get a job (that's a longer story, but the short version is I am on probation for a crime I didn't commit & that crim record seems to scare employers off; for the curious no, I was never in prison, just on probation).
Besides venting I am trying to encourage those who are feeling stuck at the bottom of the rebuild ladder. It takes time and diligent effort, but it can be done--even if you are homeless like me!
Just pick one task and stick to it until its complete and then follow-up with another, etc. Be patient and seek encouragement and guidance here or from friends. Most importantly: do not take on debt you cannot immediately pay (unless its a true emergency).
Thanks for reading.
Thanks for the encouragement! Yep, I will get those higher CL in time. I don't feel I need them, yet, but they will be a marker of my progress to some degree. My goal is to get the cards I want later now and garden them so that when I finally land a job (and that degree), I will have the credit available and history to match my new income and start enjoying the perks of each credit card through travel, dining or a nice cologne from Sephora. As of now I'm struggling to figure which card to buy my toothpaste on to show some sort of activity, lol!
I made my kids read both your stories. Sometimes we stumble, sometimes we fall, sometimes we roll down the hill. It's how we pick ourselves up and continue that matters. I hope the best for you, and bless you both.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@alexl22 wrote:Good story! I'm a recovering addict who has been homeless, jobless, jailed, and institutionalized. It has been an upward climb but nothing worth having is given to you. I needed to work my ass off at my job which I am very grateful for, started as a temp worker and was hired on full time 7 months ago at 30k salary with benifits. Persistance and hard work is key, in life as well as in credit rebuilding and as long as I keep moving forward and dont let the road bumbs life throws at me knock me off my square, things can only get better and better.
Thanks for sharing your story & congrats on your recovery! Life certainly gives us all our own struggles and adversity to overcome & lessons to learn. Part of the irony of my homelessness is that I used to feed the homeless before I got "too" busy; in reality I simply became more focused on my own happiness (not that that is wrong). I am pleased you were given an opportunity and you made the most of it; way to go! Keep up the good, hard work. You are an inspiration!
@Shogun, @DaBears: thank you both for your positive input. Shogun, I applaud you helping your children understand the precariousness of life through illustration. I really think it helps people (adults as well as children) to be exposed to unpleasant realities with the purprose of strengthening them through education and even empathy.
Reading your story brought tears to my eyes. Too often, people look past those who are less than fortunate as beneath them, worthless etc. Your ability to keep going when others may have blamed everyone and everything is inspiring.
Wishing you continued success and hopefully others can be as inspired as I.
Wishing you continued success and hopefully others can be as inspired as I.
