Sephiroth0327's Credit Rebuild
Two months ago, I decided it was time to finally buy my first house for myself and my three daugthers. I went through a divorce last year and was not looking forward to what my credit report would say (I avoided looking at it for too long). Here is what I found after signing up for MyFICO Premier 3B:
| as of 4/4/2017 | Equifax | Experian | TransUnion |
| FICO08 | 600 | 600 | 590 |
| Mortage Scores | 594 | 571 | 600 |
My Baddies:
Collections
Trident Asset Management (Verizon) - $1360
AR Resources (Children's Dental Health) - $999
National Collegiate Trust (American Education Services - $15,000 appx - Charged Off Private Student Loans)
Transworld Systems - Long story but had 6 accts appearing on Experian only. These were duplicates of the above NCT private loans when they were with another debt collector for a while - even though Transworld did not hold the debt any longer (and never contacted me), it was still on my Experian credit report
Late Payments
Capital One CC - 30 Day Late Payment in Oct 2015
CFNA (Tires Plus CC) - 60 Day Late Payment in Nov 2015
Kay Jewelers CC - 30 Day Late Payment in Sep 2016, Dec 2016
Continental Finance CC - 30 Day Late Payment in Jan 2015, Oct 2015
Equiant Financial (Timeshare) - 30 Day Late Payment in Oct 2015
My Open Accounts as of 4/4/2017:
| Name | Type | Balance | Limit |
| Capital One CC | Revolving | $701 | $750 |
| CFNA (Tires Plus CC) | Revolving | $0 | $1200 |
| Kay Jewelers CC | Revolving | $478 | $1000 |
| Continental Finance CC | Revolving | $714 | $750 |
| Wells Fargo Dealer Services (Car) | Installment | $31,443 | NA |
| Equiant Financial (Timeshare) | Installment | $5818 | NA |
| US Dept of Education (Student Loan) | Installment | $15,731 | NA |
Here are the steps I have taken since 4/4/2017:
Disputed all Transworld collections - All were removed from my credit report!
Paid all Credit Cards to $0 except for Capital One, which I paid down to $62
Arranged a PFD for both Trident Asset Management and AR Resources collections - they were removed from my credit reports last week!
Contacted National Collegiate Trust and worked out a settlement where I paid $11k to fully satisfy the debt. Credit Report now reflects $0 balance though the item is still there
Sent a Goodwill letter to Equiant Financial CEO - the 30 Day Late was removed within 1 week! I also sent Goodwill letters for all the other late payments but none were adjusted so those still remain
Joined NFCU and was approved for a $24k credit card - I made sure to wait for all of the above things to update on my credit report before applying. This new credit card is now reporting on my credit report
With all of these things being done and having waited for everything to report to the bureaus, I pulled my credit again:
| as of 5/26/2017 | Equifax | Experian | TransUnion |
| FICO08 | 676 (+76) | 679 (+79) | 680 (+90) |
| Mortage Scores | 634 (+40) | 683 (+112) | 659 (+59) |
Now I have a bit more work to do but I am very excited about my progress so far. My biggest frustration so far is that my credit card balances reported as $0 on 5/19 but then the very next day on 5/20, the dispute results from my April dispute were processed and my Equifax and Transunion credit reports were updated to reflect my old April balances - so for 1 day, they showed 0 and then they reverted back to the previous balances. I have called Equifax and Transunion multiple times and am told each time they cannot fix the mistake and I just need to wait for the companies to report in June to fix it (or I can dispute it but that would take longer). So my scores would be a bit higher but I will take what I can get for now.
I have an appointment tomorrow with a mortgage broker to look at getting qualified for a mortgage - perhaps it will make sense to Rapid Rescore to get me the points I should have gotten if not for the Dispute issue above. I will make sure to post updates here in regards to my rebuild as I make progress with the reamining baddies. Thank you to everyone here as you al lhave provided me with a lot of knowledge which has helped me greatly in this process.
