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Rebuilding Process Successes

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Anonymous
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Rebuilding Process Successes

My wife and I are going through the rebuilding process together and we've had a few milestone successes this week.

 

We both just received our 1st unsecured CC CLI: She got a Cap1 Platinum in November $500 CL; I got a Cap1 QS in January $500 CL. We've been using them and paying them and doing everything right. We're moving this summer and I'm starting to get a little nervous about having enough in savings and enough credit for emergencies. So I just decided to try for our first CLIs. Lo and behold we were both given $1000 CLIs. YES!!! I know the credit boost and lower utilization should come with a credit score boost. But we really needed that extra $2000 safety net. Whew! Maybe I'll try my BoA card soon, too.

 

Also, last week we both completed the required 9 months of rehabbing our defaulted student loans. During the process I was able to get an AWG ($400/month) removed and we both got to keep our tax returns this year. My loan has already been picked up by Navient (Sallie Mae) who was the original lender before they were consolidated under Direct Loans in 2005/6. I'm hoping once I make the first payment I'll see a cleanup of my TLs and a score boost. If nothing else, at least the default statuses will drop off the old TLs. My wife's loans are being sold this week. We'll see where those end up. But as soon as we get these set, we can send in our loan forgiveness paperwork (we are both teachers working in Title 1 schools for 5+ years). That'll drop my balance by $5000 and hers by $17500. Can't wait for that to happen.

 

Unfortunately we have 3 more months of rehabbing a student different loan (wife's), but that one is smaller. And in May we can request early exclusion of her bankruptcy from EX and EQ (set to fall off in June).

 

Since we started rebuilding last summer, my credit scores have stayed around 605 (except TU in the 650 range) up from starting at 574. My wife's scores have come up from 524 to between 600-630. We can't wait to see what the next few months have in store. Things are looking up. Tick, tock. Patience is key.

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gdale6
Moderator Emeritus

Re: Rebuilding Process Successes

Way to Go    Emoticon-Thumbs Up.png

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