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Scully's Rebuilding Journey! - UPDATE 11/19/15

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Anonymous
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Scully's Rebuilding Journey! - UPDATE 11/19/15

Hi all! I've recently started on the credit rebuilding journey, and have begun to make some progress, but I have oh so much more to go. I'd like to use this thread as a way for me to keep track of my progress, as well as to receive any and all feedback and tips any of you great members have to offer! I've created a chart to outline my current credit profile to show where I stand, as well as what I have done so far and what I plan to do in the future.

 

I work full-time and I am a full-time student in nursing school. My goal is to be able to finance a new car next year (because my old clunker broke down and taking the city bus at the moment is just, ugh). I have NO revolving credit. None. Student loans on deferrment are all the credit I have, other than that I have a bunch of medical collections. So here is what I have and what I am currently doing.

 

For the record, I live in Louisiana, and my state's current SOL for debts, including medical, is 3 years.

 

Currently:

 

  • I have 4 student loans in good standing, on deferrment as I am a full-time student.
  • I was approved on 09/19/2015 for a Capital One Secured Visa card, I put down a $200 deposit. My deposit was cleared on 09/21/15, currently waiting on the card.
  • I was approved on 09/19/2015 for a Discover It secured card, I put down a $200 deposit. My deposit was cleared on 09/21/2015, currently waiting on the card.
  • I was approved on 09/08/2015 for a small $250 installment loan for 6 months, and I just made the 1st payment yesterday. 
  • I am looking to possibly add one more secured card -- US Bank's HD secured card, so that I will have 3 revolving lines of credit to get me started.
  • I applied to a local CU but was denied yesterday due to a flag in the Chex system. I should have no flags, and I've had the same bank in good standing for 8 years. Waiting on the Chex report to arrive so I can move forward with that.
  • I originally had 22 medical items and one Midland collection for an old Citibank card. In September, Midland fell off, as did 3 medical items. I then disputed several of the medical accounts for inaccuracies, and asked a few to be verified as I did not recall the debts. A few were verified, and several removed. 

So, here is where I currently stand, as of 09/24/2015.

 

Here are the deliquent accounts that are currently in collections:



CAReported to:Date of Delinq.BalanceLast Reported:Notes:
ALPATEQ, EX, TU01/13/2012$6708/26/2015Currently attempting PFD
AMERICOLLECTEQ, EX01/27/2015$3208/31/2015Never received a bill – attempting PFD
AMERICOLLECTEQ, EX02/20/2015$2708/31/2015Never received a bill – attempting PFD
AMERICOLLECTEQ, EX02/20/2015$3508/31/2015Never received a bill – attempting PFD
ARMSTRGASCEQ, EX05/05/2015$50907/08/2015May attempt a payment plan in the future when I can afford it
C BUR S COEQ, EX10/04/2014$4509/02/2015Currently attempting PFD
CSD-COLLEQ, EX, TU05/08/2015$16006/15/2015Currently attempting PFD
LA RECOVEREQ, EX10/14/2011$3208/31/2015Currently attempting PFD
LA RECOVEREQ, EX, TU02/24/2015$10008/31/2015Currently attempting PFD
SYNERPRISEEQ, EX03/06/2015$1,80505/16/2015May attempt a payment plan in the future when I can afford it
TRANSFINANCIALEQ, EX, TU01/07/2015$3,19208/04/2015I’ll have to tackle this one last, and attempt to do a payment
plan with the CA when I can afford it.

 

 

Message 1 of 12
11 REPLIES 11
Anonymous
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Re: Scully's Rebuilding Journey!

I had my first big score increase yesterday (10/10/15)! 

 

I had my first positive revolving credit account hit my credit report--my new Discover IT Secured card! It hit all 3 agency's and my score jumped across the board! These are my  FICO 8 scores as of yesterday, with the point increases in parenthesis:

 

 

EX: 592 (+26)
TU : 610 (+37)
EQ: 584 (+25)

 

This is the first time I've ever seen any of my scores in the 600+ range, so excited!

 

At the end of September, I also applied and received a Capital One Secured Mastercard, which I'm already actively using. However, it has not hit any of the credit reporting agency's yet, so I'm hoping for another nice size increase once it does! As soon as both are reporting for 30 days, I'm going to try for my first unsecured CC with Capital One.

Message 2 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Congrats

Message 3 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Just a suggestion -

 

Sometimes when you have multiple charges with one CA, they can combine them and you could offer them an immediate PFD at less than full value.

 

PFD is most successful at full value, but can be done for less.

 

I have been successful at the 80% level, but not always.  My results were 2 out of 3, but that is by no means typical.  I was very lucky and have not been able to get it to work again.

 

I was thinking the ones with Americollect and also LA Recover.  It also might work on the larger ones.

 

HTH

 

Message 4 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Great advice, thank you! I am trying to PDF them all at once. since they are with the same CA. So far no luck, but we shall see.

 

In updated news, my Capital One Secured MC has not hit my reports yet, despite getting it back in September. Discover IT secured hit within just a few days after I got it (got it the same day as Capital One), so hopefully Capital One hits soon. I'm hoping for a nice score increase.

 

I've also never been able to get the shopping cart trick to work at any store, and I've tried many. However, today I got the pre-approved pop-up for both Simply Be and Marisota, both for a small $200 limit. I'm happy to add these to my revolving credit line. And I'm a plus size gal so I will actually shop at these two places--win/win!

Message 5 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Congratulations.. 

Message 6 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Well my re-building journey took a nose dive for the month of October. Simple mistakes, I think. My TU score plunged 19 points and my EQ score plunged 32(!!!!) points. Two reasons for this: first my Capital One secured card FINALLY decided to report over a month after I received and activated it. I mixed up my statement dates with my payment dates on both the secured Discover and the secured Capital One cards, and both were almost maxed out. I payed them on the due dates, not realizing those balances reported before I paid, and so it reported as having maxed out utility on both (even though they are now back to a $0 balance because I paid them). So, I will make sure that doesn't happen again and I will get my statement and due dates sorted out.

 

Secondly, before it reported and the scores dropped, I did the pre-approval page for Capital One and was actually told that I was pre-approved for the QS1 card. So I app'd. And I was denied. I'm thinking because the utilitization issue was about to hit and it maybe showed on their end. So I ended up with a HP and denial, which dropped my score as well.

 

Ugh. I feel horrible right now. My scores are just in the bottom pit and I was so happy to see the 600's on my TU. I'm hoping once the balances report as $0 next month that my score will improve. I hope. Smiley Sad

Message 7 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

Things will improve... All that matters is progress =-) ... Learn from your mistakes and don't make them again. #TakingMyOwnAdvice #BeKindToYourself 

Message 8 of 12
Anonymous
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Re: Scully's Rebuilding Journey!


@Anonymous wrote:

Well my re-building journey took a nose dive for the month of October. Simple mistakes, I think. My TU score plunged 19 points and my EQ score plunged 32(!!!!) points. Two reasons for this: first my Capital One secured card FINALLY decided to report over a month after I received and activated it. I mixed up my statement dates with my payment dates on both the secured Discover and the secured Capital One cards, and both were almost maxed out. I payed them on the due dates, not realizing those balances reported before I paid, and so it reported as having maxed out utility on both (even though they are now back to a $0 balance because I paid them). So, I will make sure that doesn't happen again and I will get my statement and due dates sorted out.

 

Secondly, before it reported and the scores dropped, I did the pre-approval page for Capital One and was actually told that I was pre-approved for the QS1 card. So I app'd. And I was denied. I'm thinking because the utilitization issue was about to hit and it maybe showed on their end. So I ended up with a HP and denial, which dropped my score as well.

 

Ugh. I feel horrible right now. My scores are just in the bottom pit and I was so happy to see the 600's on my TU. I'm hoping once the balances report as $0 next month that my score will improve. I hope. Smiley Sad


The UTI portion of your score changes as each account is reported and it does not have a memory.

 

So if your UTI was high in September and you pay it down and the CCC has reported to the CRAs, it will improve, regardless of what it was before.

 

UTI is 30% of the Fico score and is the one place we have the best control to fix quickly.

 

HTH

 

Message 9 of 12
Anonymous
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Re: Scully's Rebuilding Journey!

GREAT update! I paid down all of my balances to 0 and left just $2 on my Cap. 1 card. Also nearly every collection on my Experian report has been removed except for 2, and a few more have been removed from TU. EQ has been my kryptonite. Also, both of my new Comenity cards have hit my reports. I'm just waiting for all my scores to update and I'm hoping for nice increases!

Message 10 of 12
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