Reply
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

My credit rebuild journal

[ Edited ]

I decided to start a journal of recovery since I filed bankruptcy and have started to rebuild my credit. Here is a little history. In the process learn my student loan was transferred to another lenders with no knowledge and one went into default. The other student loans are in forbearance. I moved and original lender got my address change, but NEVER told me they no longer have my accounts. New lender stated they got my new address from credit report.

 

  • Filed bankruptcy 4/2011
  • Discharged 10/2011
  • Entered Rehabilitation for student loan February 2012
  • Checked credit score (myFICO Equifax 523) March 2012
  • Finance a car 04/2012 (Capital One Auto 8%)
  • Read I needed revolving accounts 6/2012
  • Applied for Capitol One unsecured and approved $500 limit June 2012
  • Applied for Barclay and was denied (do not remember denial reason) Requested another letter to see why so I can work on it.
  • Applied for a secured Capitol One Card deposited $1000.00 June 2012
  • Pulled all three credit reports and clean up all items that were not IIB. Equifax score was 562 August 2012
  • After fixing all accounts Equifax is now 643 Transunions 628 (myFICO score)
  • still waiting on HSBC to correct on Transunion & Experian report (is showing as a collection and not IIB)
  • finished rehabilitation for HESC on October 27, 2012. Called and was told loan was picked up November 19, 2012. No changes to credit reports as of yet.
  • Sent GW letter to VP office Fed loans. Late removals denied. Received response November 2012

Right now my credit report has the following negative factors

 

Student loans lates (last late April 2012) in-school forbearance now

Student loan collections (waiting for rehabilitation completion to report)

 

Inquires: Last hard pull June 7, 2012

Tranunion: 0

Equifax: 10  (8 from car loan pulls)

Experian: 8 ( 3 from car loan pulls) (collection pulls. 2 fall off March 2013)

 

I wanted to try to apply for Barclay Apple since I am 6 months out with revolving credit, but think I should wait until student loan collections is removed. That can take up to 60 days according to HESC.

 

The BK "friendly" list doesn't work for me since Walmart, Lane Bryant, JCPenny, Orchard Bank, Credit One, Old Navy, and Macys were all IIB. So Comenity, GE, & HSBC are out of the question for me.

 

Also for thoose who don't like Capitol One. They have shown me much love! I have checking, savings, money market, two credit cards, and my car loan at 8% with my 523 credit score at the time of getting car! I love them :smileyhappy: Oh and I had three Capitol One cards IIB.

 

Any input will be greatly appreciated :smileyhappy:

 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Capitol One raised my unsecured credit card  to $750.00 today :smileyhappy:

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: My credit rebuild journal

Congrats!

 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Thanks Shogun,

 

I was wondering should I apply for Barclay Apple Card. Since I am hearing you need 3 revolving credit cards to maximize your score. What do you think? Only thing holding me back is the collection student loan is still on report and was told it take 30-60 days to update.

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: My credit rebuild journal

I was also thinking of adding a Barclay Apple card, I even have a post on it in the CC thread.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Got my letter fron HESC today! 

 

Stated "The NYSHESC is providing this letter as confirmation of payment in full on the educational loan account listed. This notification is also sent if your account was purchased by a lender through rehabiliation, as the debt owed to BYSHESC is paid in full. Defaulted student loans are reported to all national credit bureaus. NYSHESC will notify these credit bureaus to update your credit file to indicate that your loan is paid in full. If the debt has been rehabilitated, the loan is deleted from your credit history.

 

I am so happy to get the letter! It's dated November 25th. I wonder how long it's going to update with credit bureaus?

 

When it update the only baddies will be my lates on Fedloans and of course the bankruptcy.

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Tay09
Posts: 116
Registered: ‎09-02-2012
0

Re: My credit rebuild journal

Great news!!

 

I am also rehabilitating with NYSHESC, my 9th payment will be in February I can't wait to get them off my report.  They already told me which company will have my loans after February.  Glad to hear that they really remove the tradeline once rehab is over.

Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Thanks so much.

 

So far everything went very smooth. Just make sure you have completed all the forms they send you BEFORE 9th payment. They told me in October who picked up my loan as well. Haven't heard from new lender yet. Was shocked the letter was so detailed. I am still wondering if anything will happen with original lender besides it changing from "Collection Account" to "Paid in full". Was wondering if lates will be deleted? Either way, the collection noted is more important than lates. Will keep you posted on my status. Hope all goes well with you too! 

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Got approved for Barclay Apple. Got the pending application message. Called Recon number and a extremely nice lady went over my information and I was approved for $2000 :smileyhappy: Highest credit card now. I am going to enter gardening now until June 2013. I should be able to grow with 3 revolving credit limits :smileyhappy:

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013
Regular Contributor
Unique620
Posts: 233
Registered: ‎10-03-2009
0

Re: My credit rebuild journal

Just got a scorewatch alert!

 

Eq score went up 10 points :smileyhappy: 653 now

Filed BK 04/2011|BK Discharged 08/2011|Hard Pull I 12/05/2012 |


Starting Score: EQ 523 03/2012
Current Score: EQ 649 I TU 655 (02/2013) EX 672(01/2013)
Goal Score: 700 on all CR's 04/2013

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}