Reply
New Visitor
Posts: 4
Registered: ‎01-10-2013
0

Help improving my credit after paying 26k in cc debt in 3 yrs

Hello All,

I have read your blog posts for the past few months and have loved them.  I am hoping to buy a house in about 6 months and I would like some help.  I paid off about 26k in cc debt in a short time and got a secured card to help build credit. I still have a tremendous amount of student loan debt but my DTI isn't too bad. I don't know hat else I can do to help my credit. My current TU score is 655 and I would prefer to get the best rate. The vast majority of my negatives are past late payments. Am I being unrealistic?

 

TU-655

Credit sesame - 692

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

 

Congrats on paying off $26k in CC debt! Since you opened a secured CC, am I right to assume that the CC debt was on closed accounts or charged-off accounts? In any case, send GW letters on any paid account that shows a late or is a derog. Keep the age of the account in mind on any closed account. Avoid messing with the oldest. Make sure you have a FICO.

New Visitor
Posts: 4
Registered: ‎01-10-2013
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Thanks to this blog, I was able to send 4 letters. One from citi is requesting more info, two said the debt was accurate ( nelnet and boa) waiting  on one more.  Will follow up with citi.  TU is a FICO score

New Visitor
Posts: 4
Registered: ‎01-10-2013
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Sent GW letters.

 

Moderator
Posts: 13,892
Registered: ‎04-15-2011
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Good work, let's hope those GWs get some results!

Starting Score: 504
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!
New Visitor
Posts: 4
Registered: ‎01-10-2013
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Thanks. I just don't know if I am on the right track. 

Moderator
Posts: 13,892
Registered: ‎04-15-2011
0

Re: Help improving my credit after paying 26k in cc debt in 3 yrs

Definitely looks like it to me.

Starting Score: 504
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!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.