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Finally starting the rebuilding process

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FixingMyCreditASAP
Established Member

Finally starting the rebuilding process

First off, I wanna thank all of the posters here for sharing their credit rebuilding process. For the past 2 months I've been reading thread after thread, trying to put together the perfect game-plan. Some of the success stories here are pretty amazing.

 

At the beginning of last month I decided that I was gonna be more proactive in my credit score. Up until then, I chose to ignore my credit score, and the collection agencies that were after me. Going through life with bad credit got to be pretty embarrassing. 

 

As of April 1st, I have about 10 baddies all in collections. All but 2 were medical bills, and will fall off my credit report within 2 years. I've always used cash, and have never financed anything, so it was mainly medical bills, and a Verizon bill that destroyed my credit. I've disputed a few of the baddies, and am waiting for the outcome. I almost feel like I should wait out the two years, and stay on path with what I currently have. 8300 would pay off 100% of my past debt.

 

I started by going into my bank and getting a secured loan for 2k. my first payment hits today. I also applied and was approved for the Harley Visa secured card 300lmt, which really helped to boost my scores since I had never had any revolving credit. My current scores reflect those 2 new accounts.

 

 

Last night I got approved for the First Premiere unsecured card, which hasn't hit any of my reports. I'm hoping that will give me another slight boost. I was trying to stay away from First Premiere due to their fees.  I was denied for a capital one, and tried applying from creditors that pull from transunion since that's my highest score. Unfortunately, I was denied approval from Walmart and Barclays. Both did pull from TU, and I guess my 622 wasn't enough.

 

I make decent money, and everything I have is paid for. My biggest monthly bill is my T-Mobile bill, which isn't much. My company pays most of my living expenses due to the amount I travel. I have the money to pay off my past debt, which is 2-5 years old. I've kinda hit a wall in which direction I should go next. Do I pay off the old debt, do I stick with the current cards I have and just turn in on-time payments, or something different. My utilization will stay between 10-15% on my 2 cards. I'll probably buy a tank of gas on each or something, and pay it off at the end of the month.

 

I've tried to be as detailed as possible, so if you need anymore details let me know. Thanks!

4/13 Scores - EQ 521 - TU 541 - EX-592
2/2015 Scores EQ 677 TU 650
Current Cards - Chase Freedom 3.5K / 4K Barclays reward /American Express 500 / DiscoverIT 1500 / QuickSilver / 1.3K Walmart / Auto Loan of 24k really helped my scores
Message 1 of 3
2 REPLIES 2
antdave93
Regular Contributor

Re: Finally starting the rebuilding process

I say pay off old debt first.
Also it will feel better rewarding then attaining a new small credit line.
Message 2 of 3
antdave93
Regular Contributor

Re: Finally starting the rebuilding process

Also there is a chance those old accounts can turn into judgements or wage garnishment before the two years are up.
If you check your credit report carefully you may see a old creditors pull your credit reports to look for assets.

Good luck.
Message 3 of 3
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