Just getting started... long way to go.

[Anonymous]

Like a lot of people, I've lurked around for a while now but I think it's time that I document the process and set goals. My credit has a chekered past... no financial guidance at all as a child and young adult lead to really poor credit and financial choices. I've been fortunate enough to be able to grow despite that, but it's taught me a lot and allowed me to establish foundations for my children to avoid the same mistakes. 

Anyway, that said, here I am. My 3B report is as follows:

Equifax: 555

TransUnion: 557

Experian: 542

My report shows collections, mostly medical but a couple of credit cards. I paid the cards and have chipped away at the medical, but unfortunately I primarily paid the collections to the agencies and did not seek payment to the original issuing bank or medical entity. I should have any past due/deragotory paid by the end of January, and so will begin the slow climb of on-time car and credit card payments. 

I have an auto loan opened three months ago with WFDS, one store card (Ann Taylor) with a 500 limit, approved and waiting for a Capital One Secure MasterCard and I'm an AU on two of my husband's cards that carry balances but I'd like to get off of those. We're working on paying them down but have a ways to go. For all of the above, every payment is made on time. I'm debating a Wells Fargo secured card, since I have checking, savings and a student loan account with them but I'm debating not going that route and spending time with my Capital One secured card until I can quailify for a Quicksilver. Advice on that is welcomed. 

Glad to be getting myself on track for the first time ever!

[Anonymous]

Welcome!! I've been down the same path with limited credit knowledge as a child and young adult and fell on hard times back in 2008. My scores were high 400s/low 500s back then and were as low as the low 600s in May of last year before I decided something needed to be done in order to get a house. Got on these forums and my scores are now in the 700s. Did the same for the wife and her scores went from high 500s to low/mid 700s as well. Took a good 6 months of endless reading and letter sending and disputes, but it is rewarding to see that the hard work paid off. Best advice I can give is to have at least 3 credit cards with all but oen showing a $0 balance and the card that reports a balance should be at 9% util or lower. If the AU accounts are helping your AAoA, then leave them and just pay down the balance if possible. Best of luck to ya!

[Anonymous]

Thank you... good advice on the number of cards. I was curious about that. Maybe I'll go with the Wells Fargo secured for now and then do the Capital One QS when I can qualify. As for the AU accounts, they are paid on time but balances are high - 8k of 10k on one and 21k of 25k on the other. We are separating so I am trying to pay them down and get agreement to remove me as a part of the divorce separation. I'm the sole income source and have been for nearly two years so I'm trying to be patient as he sorts out his employment and I sort out our finances. He brought good credit but lots of debt, I brought little debt but shady history. Ten years later, here we are. 

So to break it down:

Wells Fargo Auto loan: 40k - November 2015

Wells Fargo EFS (student loan): 2700 - opened 11/2010, always paid on time

Nelnet (student loan): 4500, always paid on time

Ann Taylor: 500, always paid on time

Capitol One Secured MC: Waiting... 500 secured

First Tech Credit Union Visa Platinum (AU): 21k of 25k limit

Elan FS Visa (AU): 8k of 10k limit

No other debts/collections but working to build after lots of spotty late payments and 4 CO's that are all paid, in addition to 4 medical collections, all under $400, all paid. 

So that should put it all out there.  

[Anonymous]

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@Anonymous wrote:

Thank you... good advice on the number of cards. I was curious about that. Maybe I'll go with the Wells Fargo secured for now and then do the Capital One QS when I can qualify. As for the AU accounts, they are paid on time but balances are high - 8k of 10k on one and 21k of 25k on the other. We are separating so I am trying to pay them down and get agreement to remove me as a part of the divorce separation. I'm the sole income source and have been for nearly two years so I'm trying to be patient as he sorts out his employment and I sort out our finances. He brought good credit but lots of debt, I brought little debt but shady history. Ten years later, here we are. 

So to break it down:

Wells Fargo Auto loan: 40k - November 2015

Wells Fargo EFS (student loan): 2700 - opened 11/2010, always paid on time

Nelnet (student loan): 4500, always paid on time

Ann Taylor: 500, always paid on time

Capitol One Secured MC: Waiting... 500 secured

First Tech Credit Union Visa Platinum (AU): 21k of 25k limit

Elan FS Visa (AU): 8k of 10k limit

No other debts/collections but working to build after lots of spotty late payments and 4 CO's that are all paid, in addition to 4 medical collections, all under $400, all paid. 

So that should put it all out there.  

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You don't need any "agreement" to be removed as an AU on a card. Simply call the CC company and tell them you want to be removed. You should still be able to send them payments... just need the account info for that.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you... good advice on the number of cards. I was curious about that. Maybe I'll go with the Wells Fargo secured for now and then do the Capital One QS when I can qualify. As for the AU accounts, they are paid on time but balances are high - 8k of 10k on one and 21k of 25k on the other. We are separating so I am trying to pay them down and get agreement to remove me as a part of the divorce separation. I'm the sole income source and have been for nearly two years so I'm trying to be patient as he sorts out his employment and I sort out our finances. He brought good credit but lots of debt, I brought little debt but shady history. Ten years later, here we are. 

So to break it down:

Wells Fargo Auto loan: 40k - November 2015

Wells Fargo EFS (student loan): 2700 - opened 11/2010, always paid on time

Nelnet (student loan): 4500, always paid on time

Ann Taylor: 500, always paid on time

Capitol One Secured MC: Waiting... 500 secured

First Tech Credit Union Visa Platinum (AU): 21k of 25k limit

Elan FS Visa (AU): 8k of 10k limit

No other debts/collections but working to build after lots of spotty late payments and 4 CO's that are all paid, in addition to 4 medical collections, all under $400, all paid. 

So that should put it all out there.  

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You don't need any "agreement" to be removed as an AU on a card. Simply call the CC company and tell them you want to be removed. You should still be able to send them payments... just need the account info for that.

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Agreed - call the companies and get yourself off HIS cards if you are going to separate.   Too many times I've seen people get stuck for debts in a divorce because the spouse didn't make the payments as agreed.  (I work for a law firm and My brother was one of those who go burned because his ex didn't pay the bill!)  Creditors don't care about the divorce decree - only the terms of the contract.    Call the companies and remove yourself from the accounts! 

[Anonymous]

Wonderful advice... thank you! 

[Anonymous]

I've gotten two separate alerts on score updates... +4 on Eq and +10 on Ex due to collection account being updated as paid and $0, and then utilization decreasing bumped me 10 points! Small gains, but so happy.  

Updated scores: Eq: 559 TU: 557 Ex: 552