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Rebuilt my credit now back to the garden.

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Anonymous
Not applicable

Rebuilt my credit now back to the garden.

I had bad credit for several years from 20yr old till I was 26. For the last 2 years (im 28 now) I have been fixing my credit. I hired a company to send rounds of valadation letters to have baddies removed. I paid every bad debt i owed, only settled with one. I never filed BK.
After the point I didn't owe any bad debt and items were getting removed monthly my score started going up little by little every month.
I was approved for a 50k vehicle in May then another 21k car loan in July. This past month I applied for 2 more credit cards (chase & Discover) which i was both approved and that added to my 2 other cards (Cap 1 & Navy Federal) both my current cards gave me CLI totaling 11.5k additional.

With all the new credit and accounts plus several inquiries across the board my score has taken a good hit. I average to date 650s Fico.

My report is pretty clean showing good payment history and 25% credit utilization. I have no mortgage and thats my next goal.

I think it is time to let this ferment for a while. I plan to "garden" this till my scores are back up and debts are lower. Then i will tackle the mortgage goal.

Thoughts?
Message 1 of 5
4 REPLIES 4
gdale6
Moderator Emeritus

Re: Rebuilt my credit now back to the garden.


@Anonymous wrote:
I had bad credit for several years from 20yr old till I was 26. For the last 2 years (im 28 now) I have been fixing my credit. I hired a company to send rounds of valadation letters to have baddies removed. I paid every bad debt i owed, only settled with one. I never filed BK.
After the point I didn't owe any bad debt and items were getting removed monthly my score started going up little by little every month.
I was approved for a 50k vehicle in May then another 21k car loan in July. This past month I applied for 2 more credit cards (chase & Discover) which i was both approved and that added to my 2 other cards (Cap 1 & Navy Federal) both my current cards gave me CLI totaling 11.5k additional.

With all the new credit and accounts plus several inquiries across the board my score has taken a good hit. I average to date 650s Fico.

My report is pretty clean showing good payment history and 25% credit utilization. I have no mortgage and thats my next goal.

I think it is time to let this ferment for a while. I plan to "garden" this till my scores are back up and debts are lower. Then i will tackle the mortgage goal.

Thoughts?

A good plan, get that 25% util down to just 1 card reporting 1-9% of its CL and your score should rise even further, 30% of the Fico score is based on revolving card balances alone. Great job so far Smiley Happy

Message 2 of 5
Anonymous
Not applicable

Re: Rebuilt my credit now back to the garden.

Thank you gdale6.
Message 3 of 5
Creditwiser
Valued Contributor

Re: Rebuilt my credit now back to the garden.

Congrats. You have a good plan so you need just to simply follow it.   Hang out here and learn all you can with some of your free time and you'll be amazed how quickly you will begin to make improvements in your scores and overall credit health.  Welcome to the forum Smiley Wink

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 4 of 5
Anonymous
Not applicable

Re: Rebuilt my credit now back to the garden.

Thank you Creditwiser. I stumbled upon this site reading about my NFCU Credit cards.
Message 5 of 5
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