One year of rebuilding

[LionLaw]

Looking back on the past year, I realized that it was exactly one year ago today that I was approved for my Wells Fargo Visa.  That got me thinking about how far my credit has come in the past year, and so I thought this would be a good place to share my story.

Last fall, my credit was a complete mess... minimal income, student loans on the verge of default, thousands of dollars in back taxes piled up, and all of my credit cards long since either charged off or cancelled, except for my long-held Discover, which had been CLD'ed to $500 and was maxed out.  I'm not exactly sure where my FICO was at this point, but I'm sure it was well south of 600.

Thankfully, I landed a well-paying job and started cleaning things up.  It took some serious budgeting--enough pasta dinners to last a lifetime--but I started getting caught up on my student loans and my taxes, and I got my Discover balance down to zero.  When my third paycheck got direct deposited into my Wells Fargo checking account on December 30, I got an e-mail from Wells Fargo inviting me to apply for a Visa.  I was very surprised, but figuring I had nothing to lose, I applied online.  I figured that having multiple accounts in good standing with them continuously since 1997 might work in my favor a little, despite my woeful credit history.  But when I got approved instantly with a $3000 CL, I nearly fell out of my chair.

That was the spark I needed to start getting serious about cleaning up my credit.  It took some work; even after months of on-time payments and low CC balances, when I finally mustered the courage to check my FICO this spring, it was at 617.  But now, my WF Visa is up to $4200, my Discover is up to $2000, and I have new cards from Amex and Citi.  My credit report has been clean for over a year, and my scores will soon be up above 700.  My goal is to buy a house by the end of 2013, and to have scores over 720 when I do.  Not long ago, such things seemed hopelessly out of reach; today, they are perfectly attainable.  Here's to a successful 2012, and to an even more successful 2013!

[Anonymous]

That's very inspiring especially for people who are looking to fix there credit. I used to think for years I didn't need credit because I always paid cash for everything and that was a huge mistake that has actually cost me a substancial amount of money trying to fix up to this point.

I decided last Febuary to start fixing my credit and I've come a longs ways since then. It's a slow process but I like to think of credit as planting a seed and everytime I water it "pay my bills on time"  it grows!

[NICKI183]

LionLaw I read your story twice and it really made me think.  If I had stayed on the path of reconstruction of my credit I would be at 700.  However, when I started here in 2008 most of the moderators were just regular people contributing.  Now looking back I realized that I should have stayed focused and worked hard on restoring my credit.  As soon as the NEW credit cards came in I repeated bad habits and am back at the start again.  During the last quarter of 2012 I had a epiphany.  I am the reason that my credit is a wreck and I am the only person that can fix it.  I have a very good job working in healthcare and finishing my degree at Drexel.  I want to me a success with my credit as well so I made a decision to stick with this!  I want to be able to look back on my post of success too.  

You deserve it after your hardwork.   Enjoy ...The world is your oyster.