Rebuilding Your Credit

[Shogun]

A foreclosure is a major derog that will keep your scores in a "dirty bucket" until it falls off.  Once it's gone, you will have room to grow.

[Slab]

Your math is correct. No, I am not looking to make a major purchase but should a home become available, I would like to maybe get a home. No problem getting vehicles because I have a great bank relationship and they give me low interest rates. I guess the main thing is joining the 760 or 800 club so I won't have to sweat it when trying to get a new good credit card.

[Slab]

Thanks Shogun. About how many points will I get with that clean bucket? I realize there are lots of variables but do you think 20 points might happen?

[Shogun]

I believe that's quite possible, and when the CO falls off, presuming that's your last baddie, you may see it skyrocket.  I got my last CO off and shot up 80+ points.

[Slab]

Thanks for the great encouragement Shogun. Nope, after the CO is gone, I will be totally clean. I'm too old to mess it up again I and stay on top of my finances now. I have 7 credit cards and only carry a balance on one at a time but use all of them. I pay in full a few days after charging. Do you think it is unwise to keep a 2 or 3 percent utilization or should it be 0% utilization? I thought it might help to let a couple of the cards make a few bucks off of me a year.

[annielorie]

I also had a CO deleted from about the same age as yours and a judgement and i went up over 90 points went into the clean people bucket. For me I have to pay off high cards now due to repairs and slow ins. companies re: the storm and get backdating with amex. for age of accounts then hopefukly I will skyrocket too.!!  Just be patient and keep trying anyone with the chargeoff. One letter email or call a week nothing ventured nothing gained. Good luck keep us aprised.

[Slab]

Good luck with your credit card utilization. Sounds like you could use a card with a high credit limit to help you out. If you were in the military or you have a family member that was in the military, I have a card to suggest that is liberal in their credit limits. Thanks much for the advice.

[annielorie]

My dad was in the army reseve about a million years ago does that count?

[Slab]

Google USAA. CAll them to see if you qualify. They are very easy to talk with and very friendly.

[annielorie]

I never thought of that duh I give it a try Thanks