Permanent and Total Disability credit rebuild.

[Anonymous]

Let me start by saying I have always had horrible credit. It's usually been 550. I'm not good with money. I had roughly 10k in school loans. I found out a few years ago there is an option of having your student loans waived if you are disabled. About four years ago, I looked into this process and decided I wanted to go back to school and complete my degree. So, I did the 'rehab' thing and for 11 months I made perfect payments. The problem occurred when I was released from rehab and assigned a new loan officer. The payments tripled, and that's when I let it go thinking I had no hope. Well, this month I decided to go ahead and apply for the process of having my loans forgiven due to my disabilities. I started with the Nelnets online application. It took about 20 minutes to do. I followed up with a phone call about two weeks later. They were nice, and they informed me the Social Security had pre approved me. I was emailed the paper I need to sign and date, and was done that evening. It literally took 72 hours after that to see the 'green flag' next to my school loan. I believe it said 'paid in full'. I have had a really hard time with credit due to my school loans. That pretty much was my only debt..not true it said like $117. I realized after poking around, that my Fico is 659, the highest it's ever been. All of my old debt basically rolled off, and I only had my school loans. I know it's the third Sunday, when Experian gets the updated school loan info to update accounts...that's literally in two weeks. So now, I'm eager and excited to possibly see a raise in my Fico soon! I'm going to wait to apply for a new credit card till after I know what the updated score is. The research I've seen suggests that it may be very realistic for a Fico increase, wish me luck...see you soon.

[gdale6]

Good luck. Getting your first CC opened is going to likely do more for your Fico than these being paid to 0. Having no open installment loans typically leads to a Fico decrease of 10-17 points for model 8. You get a boost of Fico for opening your first 3 revolving cards. Welcome to the board

[Anonymous]

With a new thin file, do the research on credit cards that will let you in. May I suggest Capitalone platinum. After 3 to 6 months it can be product changed into a Quicksilver rather easily for most. You can also go the secured card route to get going if you have money for that. Say $200. But I think with the school loans now positive you can go the unsecured route. A thin file is what now may hold you back until you get established. I am in disability too, so I’m assuming like me your income is less than many. It will be best in my opinion to go slow and steady getting credit cards. Because there is only so much spending to spread out between cards. I’d say apply once every six months for a credit card until you get to three. Then you have a solid base to apply AZERO on credit cards. You can look it up in here to see how it works. Good luck.