Hey y'all,
My last post was in April 2013. Since then, life has gotten in the way. I'm trying to figure out how to move forward with this credit thing to prepare for military retirement next year.
Long story short, a divorce in 2009 really jacked up my credit. I was stuck with all the bills. I had to do a military move in 2010 and leave a house that I was able to rent out for 2 years after that. Because the housing market where I was stationed was so bad, I was paying $400 a month beyond the revenue generated from renting the house out. I attempted a short sale, but Wells Fargo denied it (twice). So I had to choose between my family at the new duty station or paying on a house I would never live in again. I chose my family and let the house go into foreclosure in 2013. Wells Fargo reported a 0 blance in 2015. However, I just now received a court date for next month for the foreclosure proceedings. Is this going to renew the hit to my credit? It's been 4 years since I told Wells Fargo to take the property.
Continuing my journey beyond that, My scores have been improving over the years. I've got a paid $500 collection from 2 years ago for a school semester that I thought the GI Bill had already paid. I've got a paid collection of $56 for a sub account from Verizon. Last, but not least, I've got 2 30 day lates from 2011 on a store card that I don't think really affects my credit too badly. The baddies that are on there right now are being worked on with SkyBlue credit since I'm currently overseas and don't have the time nor the mailbox to do my own goodwill campaigns.
I just dropped my revolving credit util from 89% to 41% almost overnight. I'm waiting for all of those payments and statements to post to my credit report. All of my revolving credit cards are showing 2% util and below, except one store card, which is showing 83%. It's sitting at about $7200 balance with a an $8700 limit. That's the next one I'm hitting over the next few months to drop the util. I have a total of 9 cards with a combined limit of $19k. Some of them could be closed, but I'm afraid that will hurt my AAoA. My oldest account is the large store card, which is 22 years old. The newest is 1 year old.
As far as my installment credit goes, I've got a truck payment that I've never missed for almost 2 years now (balance approx $28k) I've got a personal loan (with a really crappy interest rate) that I haven't missed a payment on (balance approx $6100). And finally, I've got 4 deferred student loans (balance approx $4k).
I just opened an account with NFCU. I'm planning on moving my direct deposit from USAA to NFCU in the next month. There seems to be a whole lot more branches for NFCU around than USAA. Plus, USAA hasn't extended me credit in years. I'm waiting for all of the payments for this month to hit my credit report, then I'm applying for a NFCU rewards card. My wife and I are also looking at an RV to use during our transition from the military into the civilian market over the course of the next 18 months. I've also got an account with PenFed that I opened in 2001 that I haven't used in forever. I think the last time I checked, unused bank fees have actually put me in the negative on that account. I'm going to call them tonight to get my member number and security code to log in online so I can put a few hundred dollars in there.
Given the new revolving balance, my total DTI should be about 40%
My current FICO scores are listed below. I'm asking all of you experts on here what should be my next move? My goal is to get a decent rate on an RV and build to over 700 points. According to the FICO score sim, my TU will be over 700 when the lowered util hits, my EQ will be 695, and my EX will be 680.
Thank you credit gurus!
Tim
Gardening as of: 23 JUL 2017 / FICO 8 (As of 14 Jul 2017): EQ: 663, TU: 723, EX: 680
Champ,
Thanks for the encouragement. Divorce in the military coupled with mortgages and PCS moves really do a whole lot damage to alot of us. I just couldn't get out from under that dang house! I'm hoping it doesn't hurt me all over again after they finish the judicial proceedings.
I got tired of looking at balances this morning and paid everything down to zero, except the Military Star Card.... That one is going to take a few months to pay off. My ending util, after everything reports at the end of the month, will be $39.9%, with one card reporting a balance at 87% util. Lets see what that does to the score at the end of the month!
Champ,
Going off of my EQ report, the lates and charges are reported as follows:
Negative accounts - 3
Military Star: Pays as agreed
Everything is current.
2x 30 days late Aug and Sep 2011
Comments: Variable interest rate
Verizon Wirelss/Southeast: Collection account
DOFD: 05/2016
High Credit: $56
Balance: $0
Comments: Consumer disputes this account information, Paid Collection
Wells Fargo Home Mortgage: 120+ Days Past Due
DOFD: 03/2012
Date Closed: 01/2015
High Credit: 150,423
Balance: $0
Comments: Consumer Disputes after resolution, Foreclosure
Account Control Technology: Collection account
DOFD: 09/2014
Original amount owed: $571
Balance owed: $0
Status: P - Paid
Comments: Consumer disputes this account information, Collection account
I might still have documentation. I'd have to look through some files. They might have been thrown away since I was deployed when all that was going on. In any event, the hearing is scheduled a few days after I'm scheduled to get back from this deployment, and it's half the country away.