Hey guys – thanks so much for your feedback! It is greatly appreciated. I will answer your questions, first some history: Lost my job due to downsizing in Sept 2005 and then was unemployed for 18 months. In that span, was evicted from my apartment, car repossessed, pretty much lost everything (but did not file bankruptcy). Went back to work Mar 2007 and since then, have been focused on rebuilding. And that is my focus – long term health. All of the negatives I have currently, including the judgment filed for the eviction and the repossession, will be off my report by Oct 2013. My professional background is, ironically, in financial services, and in order to land another big job like I lost in 2005, I will need a clean report. Once that’s secured, sometime maybe in 2015 I would like to buy a house.
I use TrueCredit through TransUnion to monitor everything on a monthly basis, and pull my reports and FICO scores the first of each year, in fact, just did all this on Sunday. My current scores are: TU 633 EX 648 EQ 647 FICO TU 611 FICO EQ 624
So, given all that, here are answers to your questions:
My open accounts right now are my car loan (opened Apr 2008, matures Oct 2013, all payments on time, $8800 balance), a credit card (opened Oct 2008, all payments on time, earn CL raises every 6 months of $75, CL $600, balance is $300) and my student loans (consolidated and current), balance $26k.
My other positives are two closed and paid credit cards (AMEX and a Chase) and a paid off car loan. The cards will come off in 2014 and the car loan will come off this October.
My negatives are the judgment (eviction from apartment) and was paid off in Sep 2010 due to come off Mar 2013, repossession of my SUV ($775 left, will be paid off in March), will come off Oct 2012. Two recently paid off medical bills, will come of Jan 2012, recently paid off utility bills (gas, cable, phone), all will come off by Jun 2013. Two checking account balances that I’m currently paying off, total left of $400, will come off June 2012, and one other banking account balance paid off in Oct 2009 that will come off Dec 2012. Lastly, 2 BMG and 1 Columbia House accounts that just hit my report last month – in contacting the collection agency, they have assured me that once the balances are paid ($200 for each BMG, $100 for CH) they will be removed from the bureau.
That’s what’s out there now, and what I’ve been able to do so far. I have time to accomplish my goals, and my main concern is making the right decisions to rebuild things and set myself up for 2014 / 2015. A long way off, understandably, but from where I was and what I’ve been through, I do not want to go back! From what you have said here Robert, I understand that with opening new accounts now, it may lower the score initially, but I will be better off in the long run. The overdraft line of credit will generate an inquiry, and will most likely have a CL of $500 to $1000. I’m really in no hurry to get it or another credit card, but reading everything out here, 2-3 cards would be a good idea. I’m thinking of another VISA, and/or maybe a dept store card or gas card. I will have my current credit card balance paid off by mid-year.
Lastly, credit inquiries. Right now I have 6 – 4 of which will be gone by June 2011. Of the two remaining (which will be gone by Jun 2012), one is an employment verification and the other is for Dish Network! So I think that once things continue to improve and I only have 2 inquires out there, that I might try for the new card(s) and credit line next year.
