Credit Rebuilding Update

[chryanna]

I started trying to rebuild my credit in March of last year with all three scores in the low 600s, five collections (2 medical, 1 utlity, 2 cards), several 30 day lates, a 90 day late and no real credit to speak of. The first card I appliedfor  in May 2012  gave me a $500 limit.

For the last six months, my scores have ranged from 700 to 720 from all three agencies. I currently have the following cards: 

Citi American Airlines Amex - $25,000

Citi American Airlines Visa - $25,000

Barclay's US Airways Mastercard - $8,500

Barclay's US Airways Mastercard - $5,000

Barclay's US Airways Mastercard - $5,000

Bank of America Visa - $5,000

USAA Platinum MC - $4,000

Capital One Credit Builder - $750 (this card almost wouldn't approve me for $500 when I first applied)

Additionally: Corp Amex that doesn't report and am an AU on parents' USAA card with $20k limit.

I also have two car loans at .9% (with a cosignor) and 3.1% (just me). 

I suspect my score would be higher if I didn't keep applying for new credit cards every three months. But the difference is amazing. I used to be so disorganized- my collections were often due to ridiculous oversights such as moving and forgetting to change my address or something equally indefensible. Now I'm on top of everything with calendar notifications and Excel spreadsheets tracking each of my credit cards, so I know when I need to cancel/downgrade them to a no-annual fee card. The fact that I've gone from completely lost when it comes to credit to secure enough in my credit management, that I can use credit cards strategically to never have to pay for airline miles again (I've currently amassed over 225,000 (or apx 10 roundtrip domestic flights) in airline miles at no cost), is amazing to me. 

I was able to erase every single piece of derogatory information from my accounts with the exception of one CO from Macy's, that I'm still working on. I think my odds of getting this goodwilled are slim at this point, but it takes very little to send of a new round of emails and faxes every month. If nothing happens earlier, that CO will fall off in July 2014. (I also have one 30 day late on TU, but not EX or EQ).

I just wanted to say, it really is possible. And it really is worth it, but it really is a lot more work than I thought it'd be. I had to go from being massively disorganized, to being actively on top of all my accounts on a daily basis. I had to email, to call, to be adversarial, be conciliatory, seek out new people if the first (or second or tenth) weren't receptive. I've spent at least 200 hours in rehabilitating my credit. How much easier if I never had to do it to begin with. But you know? It sure beats spending 7 years with bad credit. And 10 free flights? Yeah, that's worth some time investment. Poor credit really does cost you, in every way. I'll never have it again.

[NewbieReed]

Great testimony. Inspirational story! Really motivating to those of us still in the rebuilding phase! thank you for sharing! 

Also, would you mind sharing the spreadsheet that u use to track it all? I'm an organization lover, but I am still trying to find the best way to organize this kind of stuff. i havent found my niche yet. 

[toodles12]

Awesome to hear!

Your journey is a true inspiration. Congratulations!!

[ficophobic]

That is very inspiring! If you don't mind sharing, could you send the Excel spreadsheet? Thanks.

[kherch13]

That's awesome. Would you be able to provide a template of the spreadsheets you worked with? I've tried making them on my own, but obviously coming from someone who has been there and done that, it would probably turn out a lot better.

[jlcd]

I also wouldnt mind a copy if youre sharing,please.

[TARHEELGIRL82]

So happy for you! Thanks for the reminder that good things come to those who bust their tail for it 

[NibblesTreats]

@chyranna, very inspirational and it makes me look forward to the day that I am in the same boat that you are in!  I was actually looking for a spreadsheet to keep track of my cards. Would you mind sharing the one you have used?  I know i'm a bit late in this post, but I'm hoping you'll still see it and be willing to share.

[Hannahsmom]

That is an amazing testimony!! Really gives hope to those of us just beginning this journey! Could I please also get a copy of your spreadsheet? I could use asomething to help organize things better!!