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My Rebuild aka Recovery from 20s Stupidity

Frequent Contributor

My Rebuild aka Recovery from 20s Stupidity

I absolutely screwed myself over in my 20s. My credit was great, but then my eyes got bigger than my bank account and everything went to pot. Quite a few accounts went into collections, of which I eventually paid off. I then swore off credit. Now in my mid 30s, I didn't think about my credit until last summer, when I went to get a car loan and was denied. After pulling my credit report, I realized I was going to have to wait to apply again until some baddies had fallen off. 

 

I applied for a car loan this summer and was approved with a 640ish car FICO score at 5.9%. Not a horrible interest rate but not great either. I'd like to refinance the loan in the next few months, once I take care of a few issues. 

 

FICO scores via credit check total today:

 

Experian - 644

Equifax - 615

TransUnion - 626

 

Loans

Student Loan 1 - $6800 Aug '08

Student Loan 2 - $1025 Aug '08

Car Loan - $21K Apr '17

Self Lender - $460 Jun '17

 

Authorized User Accounts

Lowe's - $189/$8500 Jul '10

Costco Visa - $6937/$10500 Jul '16

Amazon Visa - $548/$3000 Jul '17

Kohl's - $0/$1000 Aug '17

 

Credit Cards & Lines of Credit

Discount Tire - $31/$400 Aug '15

Capital One - $1921/$2000 May '17

Discover (Secured) - $138/$200 Jun '17

Fingerhut - $0/$300 Jun '17

Lane Bryant - $46/$300 Aug '17

Overstock - $149/$250

 

Closed, but listed current:

Bank of America $0/$1500 Jun 1998

Federal Loans 1 & 2

 

Baddies:

- (1) 90 date late on each student loan, August 2015. 

- (1) medical collection $803, DOFD May 2012

- (1) medical collection $300 July 2017

 

Obvious:

- I need to get the balances down. I'm currently at 38% credit use. Lane Bryant and Overstock will be paid off by next billing cycle. I use the Discover a lot, and then pay it off. The Capital One was a dental emergency and it's the next balance I'll be working on. The Costco Visa will be after that. 

 

- Collections. Ugh. The one that popped up in July 2017 should not have gone to my credit report (it was in collections but the CA said they wouldn't report it as long as the OC was paid). I had been paying the OC but not fast enough evidently. I've been told by the OC that the collection will be deleted when the account is paid. I'm hoping to pay it off in the next two months. 

 

The collection from May 2012 is a mystery. I know I went to the hospital but I thought the insurance had taken care of it. I haven't touched it yet but will be sending off a debt verification letter soon. Removal dates are Feb 2019 for Experian, Apr 2019 for TransUnion and May 2019 for Equifax. Weird. 

     

Why are the FICO score so different? Experian has all my accounts and only the one $803 collection. Equifax has both collections showing plus lates on the original federal student loans (they've been sold to someone else). The lates are due to fall off in November 2017 so I'm just leaving them. TransUnion shows both collections, and is missing a credit card (I've called and it should be added back in the next 90 days) with lots of history. 

 

I'll update my scores in a month, hopefully showing an improvement. Thanks for reading! 

 

 

 

 

24 REPLIES
Valued Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

Welcome to the forums, it seems you're on the right path. I'll be looking forward to your post next month. Dv


     $500         $1,000        $1,300        $1,500        $1,850         $3,400        $3,500                            $9,500        $1,000
Frequent Contributor

Re: My Rebuild aka Recovery from 20s Stupidity


Disabled-Vet wrote:
Welcome to the forums, it seems you're on the right path. I'll be looking forward to your post next month. Dv

Thanks for the welcome! I've lurked for a few months and figured it was time to post. 

Regular Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

You might consider losing that Costco AU. It's not old enough to really help you and it's got a high (percentage wise) balance.
2017-09-09 08: EQ 677, TU 640, EX 705
2017-09-22 08: EQ 675, TU 689, EX 706
2017-11 08: TU 700, EX 716
Gardening until Jan 1, 2018
Approvals Data Dump: https://pastebin.com/Lz7yZZvv
Frequent Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

I forgot to add that I tried GW letters for the lates on the student loans in August, but it was a very firm no. I've decided not to try again right now, and instead concentrate on getting the collections taken care of. 

Frequent Contributor

Re: My Rebuild aka Recovery from 20s Stupidity


Ardecko wrote:
You might consider losing that Costco AU. It's not old enough to really help you and it's got a high (percentage wise) balance.

I've actually thought about doing that now that I have other lines of credit available. I would eventually needed to be added back though. 

Regular Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

It depends on how long you think it will be until that account is paid down, and when you need someone to see your score. If it will be paid down soon, it may not be worth the hassle of removing and then re-adding.
2017-09-09 08: EQ 677, TU 640, EX 705
2017-09-22 08: EQ 675, TU 689, EX 706
2017-11 08: TU 700, EX 716
Gardening until Jan 1, 2018
Approvals Data Dump: https://pastebin.com/Lz7yZZvv
Frequent Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

Excellent point, thanks! I'll have to discuss this possibility with the account holder this weekend.
Frequent Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

It took a 55 minute hold to get credit check total cancelled. Although it was nice to get a snap shot of my current FICO 8 scores, I can get them at no charge through the various cards I have.

Currently:

Experian - 644
Equifax - 625
TransUnion - 626

Experian Auto 3 - 609 (as of 07/01, update on 10/1)
Community Leader
Super Contributor

Re: My Rebuild aka Recovery from 20s Stupidity

Frankly, I'd kill for a 5.9% car loan.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200