Updated 6/10/2015 Current Equifax Credit Score: 544
Hello, I'm new but have been following the threads on this forum for years. I'm finally ready to get serious about repairing my credit, so I joined and created this thread to track my own progress for the next year or two- as well as share anything that I've learned or experienced with anyone interested.
Personal Story:
Got first CC when I was 19 from Wells Fargo with no job. $800 limit. One month later got approved for Amazon Chase card while shopping online, still no income. $1000 limit. a month after that I was enrolled in Paypal's bill me later program for $1000. Did I mention no job? Needless to say, I maxed out all these credit lines, then failed to pay them. Chase card was CO, no collections. Wells Fargo and Paypall sent to CA. Im 23 now and I'm starting to realize the harsh reality of having bad credit. I am limited in everything that I want to do financially, and it sucks. I am ready to own up to mistakes and start making a change for the better. Starting today.
My GOAL (Primary):
- 700 Credit Score in 24 months or less
Secondary GOALS:
- Refinance Auto Loan
- Add American Express to Wallet
- $0 Balance on all Revolving Lines of Credit
- Add Cash Back Reward CC to Wallet
- Add Prime Credit Line ($10,000) to Portfolio
- PFD Collections/CO's
MONTHLY UPDATES/CHECK-INS
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5-19-2015
Current MYFICO EQ: 498
Yeah I know, ouch. The hardest part of this whole ordeal is admitting that my score is so low. But the good news is, the simulator estimates that if I pay off all my credit card balances, my score would jump ~70 points to 568. This is going to be my focus over the next few months. PAYING OFF CC BALANCES.
Credit Portfolio:
OPEN
First Premier(1) $268/300 (CC; Three 30 day lates, One 60 day late)
First Premier(2) $382/400 (CC; No Missed Payments)
Capital One $484/500 (CC; No Missed Payments)
Santander Consumer $15,399 (AUTO; No Missed Payments)
Great Lakes $28,984 (STUDNT LOAN; No Missed Payments)
CLOSED
Chase Bank CC- $1394 (Charge Off)
First Progress CC- $0 (Closed)
SyncBPaypalSmartConn CC- $0 (Collection)
Wells Fargo CC- $0 (Collection)
CBACollBur- $211 (CA)
Midland Funding- $1601 (CA)
Portfolio Recovery A- $1073 (CA)
6/9/2015
CURRENT MYFICO EQ: 521
It hasn't been a full month yet, but MyFico has already updated my score so here I am. Since my last update my Credit Score has jumped 23 points to 521. Without pulling my credit report from MyFico I used Credit Karma's credit report to find the two major events that led to score boost:
1.) Santander Auto (Who had not reported any payments up until now) Finally updated my payment history to show that I have been on time for my first two payments. This is my only installment loan, and my 2nd largest balance behind my Student Loans.
2.) Speaking of Student Loans, Great Lakes had actually reported a deliquency on my Credit Report, despite going into forebearance the same month. So previously, my payment status was reporting late instead of current. Since my last update, they have reverted back to reporting as current- but there is now a late on my CR from the creditor. I should be able to GoodWill this... I cannot have my oldest line reporting a negative. On the plus side though, the switch back to current improved my payment status on the loan.
Like the fool that I am, I took this boost of confidence as a sign to try and refinance my auto loan and apply for the quicksilver one, both through Capital One. They both came back as a decline 
I will probably wait until im in the 600 ball park to try again, this auto loan is killing my DTI at a $396 payment for 22.00% apr
6/10/2015
CURRENT MYFICO EQ: 544
Shortly after updating yesterday. Got an Email saying my score adjusted. I thought it probably dropped from the inquiries I added. Instead it went up 23 points again. Hopefully not a glitch *crosses fingers*
6/11/2015
Hit 1 year Mark on Capital One Platinum. No missed Payments. So I hit the CLI button and was offered a $100 Line Increase on my card boosting the Limit to $600. Yay 
6/16/2015
Sent in Goodwill Letter to First Premier, They Denied the Goodwill. I will try again in July.
Congratulations on tackling this task head on. Stay focused and even temprered throughout. Dilligence. Consistency. Patience.
Updated for June. Score Increase
@Anonymous wrote:Updated 6/9/2015 Current Equifax Credit Score: 521
Like the fool that I am, I took this boost of confidence as a sign to try and refinance my auto loan and apply for the quicksilver one, both through Capital One. They both came back as a decline
Just so you know, DTI is not a part of FICO scoring. Get your UTI in order (one card only reporting a small balance, all others reporting $0), get any closed, charged off accounts settled and reporting $0 before apping for anything else.
@Anonymous wrote:
@Anonymous wrote:Updated 6/9/2015 Current Equifax Credit Score: 521
Like the fool that I am, I took this boost of confidence as a sign to try and refinance my auto loan and apply for the quicksilver one, both through Capital One. They both came back as a decline
Just so you know, DTI is not a part of FICO scoring. Get your UTI in order (one card only reporting a small balance, all others reporting $0), get any closed, charged off accounts settled and reporting $0 before apping for anything else.
Yeah I know its not apart of scoring. But working at a bank, I've seen clients with perfect credit scores (780+) get denied on loans because of their DTI. And also, it puts a stretch on my ability to repay my cards faster.
So to me lower DTI = more money to pay down cards with = lower utilitization = Credit Score Boost