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MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

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quairosun
New Contributor

MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

I have posted before how I went from just not really caring about credit and credit scores to finding this site in December and start the long journey to get my credit where it should be. I just want to help someone out there because many here have helped me with invaluable advice.  I am in no means out of the water yet, but I am on my way. My credit scores are still low, but as you can see in my sig, they are getting better.  SO I want to share what cards I have acquired since I began this rebuild. Hopefully this will inspire someone and help at the same time. I want to add, I have had the same job with a major airline for 25 years and I do make a decent salary, but I still did not care and sometimes did not know anything about credit scores or my credit. My goal is to get to the 700 club and buy a home next year.  Thanks to everyone on here! You guys are awesome!

 

I started in December 2010 with NO major credit card, no mortgage, no positive lines other than my car note which had some lates. I came to myfico and ordered my FICO scores. I pulled my free annual reports. I got three notebooks of different colors and placed my scores and baddies in the books. and dated it. I had seven collection and/or charge offs, hardly no inquires, but I was basically in no mans land.  I started by attacking the bad things. For a more specific list, just check out my first post. The one thing that I had going for me was that each of the three CA were all reporting the same thing. So I figured if I could get these hellions off my report. then that would be a good start.  I PFD and GW. I disputed some things that were not mine. I accepted responsibility for those things that were mine.  

 

As I waited on a responses to see if any of the baddies would be forgave or deleted, I joined the PSECU just so I could get my EX FICO.  I did not apply for any loans or CCs. I then applied and was approved for the CAP One Secured card. This was my first major credit card in years secured or unsecured.

 

I then just did the one thing that is hard for anyone rebuilding their credit to do - BE PATIENT. I took the time to read, read , read here at the forums.

 

A month later all but two things  dropped off on each report. I had the mean Continental Finance/First Bank Of Delaware chargeoff that is extremely hard to get off and I had the lates that were verified on my car loan.

 

My scores went up a little. I was on my way. I then made a small purchase with my Cap One Secured. before the bill came, I made a payment and have continued to do so since January. I also made every car payment on time since December.

 

 

So here I sit in May.  I finally saw a FICO score go over 600 (EX). I saw my others (EQ TU creep closer to 600.

 

Since I had very little iINQ, I decided to try some credit to help my trade lines.  Below are the results. I also included wether RECON worked or not.

 

APPROVED

CAPITAL ONE SECURED MASTER CARD: $200 CL pushed to $500 by me.

VICTORIAS SECRET ANGEL CARD: $300 CL

ORCHARD BANK MASTERCARD: $500 CL

FINGERHUT CREDIT CARD: $500 CL

 

DECLINED/NOT APPROVED

TARGET VISA

AMEX ZYNC

GEMB SAM ASH STORE CARD

 

BANKS/CREDIT UNION APPROVED

WACHOVIA: Checking & Savings

NFCU: Checking & Savings

PSECU: Savings - NOT approved for check card, they will reevaluate in six months if the ATM card for the Savings account is used correctly, meaning no overdraws.

I still get my EX FICO each month.

 

So as yo can see, I am on my way and I have learned two things:

1. Pay on time and pay your bills.

2. Be patient and good things will happen.

 

If any of the newbies want more information or need help, just get in touch. As far as what my scores were on the approvals and disapprovals, they are basically what you see now except for the Cap One card which I got with my starting scores and bad credit.

 


Starting Scores: TU 542 EQ 452 EX 560
Current Scores: TU 632 EQ 619 EX 643
Goal Score: All At 750


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Message 1 of 7
6 REPLIES 6
FinanceGuy007
New Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

Your on the right path.  As I have just started mine as well.  I look forward to keeping up with your progress! It will be worth the time invested in the long run.. :-)


Starting Score 12/29/2010: 475 EQ FICO
Current Score: 585 EQ FICO (10/10/11) 583 TU FICO (10/24/2011) 598 EX FICO (10/10/11)
Goal Score 12/29/2011: 600


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Message 2 of 7
tntexans72
Valued Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

My score was once in the low 500s..as you stated, pay your bills and over time, the score will rise.

Biggest mistake ppl do is try to continue to obtain too many new credit when their score is low.

Find 1 secured card if Orchard or Cap 1 won't give you one and start from there and pay all bills on time.

Congrats on your success !!

Message 3 of 7
bearsfan34
Regular Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

How long ago was the charge off? Do you think it still affects your credit standing a lot? I have an orchard bank card $300.00 that I've had for about seven months now, and I just recently got the secured capital one. I applied for JCP and got denied. I'm baffled because my score is higher than a lot of peoples who have gotten approved. So I think my charge off was the reason. Theres no way I'd get approved for Victoria Secrets card. Congrats on that, and keep us.updated!

Starting Score: EX 631 EQ 629 TU 646 1/18
Current Score: __
Goal Score: 710


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Message 4 of 7
quairosun
New Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

This charge off was in 2009. I really think that chargeoffs are the worst thing to lenders. I have seen people with good scores get denials because of them. I really wish I could get this Continental Finance off my three reports. It is almost impossible.


Starting Scores: TU 542 EQ 452 EX 560
Current Scores: TU 632 EQ 619 EX 643
Goal Score: All At 750


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Message 5 of 7
quairosun
New Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

Someone asked because I almost forgot. The RECONS.

 

RECONS:

Amex Zync: No, but they said try again in six months.

GEMB SAM Ash Music Card: They said they would approve with a co-signer.

TARGET VISA: They said they would gladly give me a TARGET DEBIT and if it went well they would reconsider. She could not answer what " went well" meant.


Starting Scores: TU 542 EQ 452 EX 560
Current Scores: TU 632 EQ 619 EX 643
Goal Score: All At 750


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Message 6 of 7
bearsfan34
Regular Contributor

Re: MAYBE THIS WILL HELP SOMEONE: MY CREDIT REBUILD DEC !0-MAY 11

I feel ya, I have a chargeoff from BOA......so no way of getting that off! If you ever find a process, please post it!


Starting Score: EX 631 EQ 629 TU 646 1/18
Current Score: __
Goal Score: 710


Take the FICO Fitness Challenge
Message 7 of 7
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