Starting rebuild.

[Kizzel00]

Long story short, I'm wanting to rebuild my credit. I made a ton of mistakes straight out of high school and its personally effected me badly. I followed in my moms footsteps and got mixed up on gambling. It was horrible, I spent whole paychecks on it, neglected my bills. I blamed my mom for getting me started, did up until recently, but about 6 months ago, I took a step back, looked myself in the mirror, and hated what I was, what I had become. It was selfish of me, I was ultimately to blame. My first step was to quit gambling, which I have! It took awhile, but now that I'm passed that, I've started on different areas of my life, I've lot 27 pounds in the past 2 months, I've restarted college and I have a decent job. The problem is, the damage is done. I can't go back, I can't change what I did, I can move forward though and that's what im doing. I checked my report, and here is whats in there. Accounts: Cap One,charge off sold to another lender. First premiere bank, current with prior delinquencies ( 4 missed payments since account opened in April ly) piles peak national bank loan- paid, had 2 late payments. Us dept of education, paid as agreed. Collections: Att- 195. Mister Money- paid 2010. Progressive-163. Judgements: unfortunately, when I was losing my money in gambling, I got into payday loans, which I still currently have one. My judgement was against me from quik cash for 240. I was never given a summoms, but they say I was served. In thr end, its my fault for even being in that position. My credit scores are bad, Equifax: 537, Experian: 539, transunion:542. Because of the judgement two years ago, they started garnishing my paycheck about a month ago. So I started applying everywhere for credit (yes I know its bad, just didn't realize then.) I was late on my cc from first premiere for 60 days before this past month. It's paid showing a 91 balance on 300 Cl. I'm trying to rebuild. Once I get the funding in the next month I will be contacting the accounts in collection to see if they will settle and pay them off, if they won't settle, then I will pay them off over a couple payments. The judgement was for 1006, the balance owed was 240, but got up to over 1000 with court costs and lawyers fees I'm guessing. Either, through garnishment I have paid 600, so it will be paid off by the middle of Sept. I can't do anything about the inquiries other then stop applying places. I did apply at fingerhut, got approved for 130 with 30 down. My plans are to pay the fingerhut off over a couple payments and then continue using the account to build my credit and payment history. My first premiere card is maxed out now, but I plan on paying it off every month in full ( should I do that? Or leave a little balance?) There are a lot of things I must get done by Dec and all require credit, I realize I can't get it up a lot by then, but every increase counts. I make 2400 gross, currently with garnishment, 401k, health insurance, and taxes my net is only 1380 a month, afyer garnishment it will go back up to about 1900 net. I'm broke haha, what I'm making currently with garnishment is hurting, I can only budget in 60 for food each pay... I have about 1100 in monthly bills, including rent, gas food, payday loan(once paid off, I'M DONE!), and other bills. Is there any clothing store, department store that would accept me? As issue earlier, I'm overweight and on a mission to lose weight, I have lost 27pounds already, and the problem I'm having is, I don't fit in my current clothes anymore without them looking baggy! I really need new clothes, any advice on what to do there is greatly appreciated, wine currently I just don't have enough extra income to buy some of the things I need. The thing in December is I need to move, currently I drive 40 miles to work and another 40 back 6 days a week! I spend 300 a month on gas alone! So my friend in the military is moving back, and is like to get a place with him! Well first I need to save, which I can defiantly do by December, and I need to improve my credit to even get approved, he has no credit as he has never taken credit on anything. My biggest issue, with even my credit for moving is last year I broke a lease due to living conditions, so I stopped paying rent, and they filed for eviction ( I know, horrible in every category possible) I left after they filed it, and haven't heard of anything since, I know that they filed they wanted the rest of the leases rent payments. This was in May of last year, I don't know if they went through, in Colorado public records, it shows thy filed for it, but that's it, no judgement. There's nothing in my credit on it so I don't if it will be counted as an eviction when applying for places. I've lived in a basement of a house with a nice couple who has rented it to me since July of ly, no late payments either! Sorry for the long book, but I wanted to tell my whole story. So that's it, I'm dedicated focused to change every facet of my life, so any advice on rebuilding credit, and any answers to any questions i asked would be greatly appreciated! And if it matters, I'm 22, messed up way to young. sorry for spelling or grammer errors, posted this all from my phone!

[chubbs3]

That's a very impressive phone post.

Congrats on the deciscion to rebuild and best of luck to you.

[ezdriver]

Wow ... you typed all of that on a phone? I'm impressed.

Rebuilding one's credt profile and history is not difficult. Secure a few tradelines, use them sparingly and be patient. Time is the most important component of rebuilding one's credit.

Trade lines: credit cards and installment loans.

Size of credit limits not importance. Two secured credit card [$300 each] and one secured installment loan for $500 to $1,000 would be sufficient.

[Kizzel00]

I think I will get a secured card, I already have one cc with first premiere, I made some late payments, but I'm working on improving that. I just opened up a fingerhut account and ordered something. Will pay them off over a couple of payments. My collection items are relatively small, 195 and 163. So I'm working on drafting off letters for both, if those get taken off that should help my score, I can't do anything about the judgement, but it will be paid off Sept 19th, and should come off my credit in 2017.

[HectorVictorious]

Kizzel,

Your story is very similar to mine, and I understand the frustration that goes along with it.  You are younger than me, but I messed up when I was very young too, and it has been haunting me ever since.  Some days I wake up and think about my credit score all day long.  The biggest thing that I have done that has helped me (I went from a 503 credit score) was getting all of my payments on time and getting my credit cards back up and running.  I still have no installment loans, but I have alot of school bills that I am rehabiliating right now. 

It takes time.  I am not a veteran, in any credit rebuilding scenario, but I am dedicated like you, and know that I will eventually succeed. 

I had a judgement from capital one that was almost $2000.00  the best thing that you can do for that is to keep paying it til it is done.  After that, if you were making a living and surviving with the judgement, set the money that was going toward the judgement aside, and use that money for credit rebuilding costs (PFD, Installment Loans, Collections, etc.)  I know it is difficult, but you will get through it.

Best of luck to you!

~Hector

[guiness56]

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@HectorVictorious wrote:

Kizzel,

Your story is very similar to mine, and I understand the frustration that goes along with it.  You are younger than me, but I messed up when I was very young too, and it has been haunting me ever since.  Some days I wake up and think about my credit score all day long.  The biggest thing that I have done that has helped me (I went from a 503 credit score) was getting all of my payments on time and getting my credit cards back up and running.  I still have no installment loans, but I have alot of school bills that I am rehabiliating right now. 

It takes time.  I am not a veteran, in any credit rebuilding scenario, but I am dedicated like you, and know that I will eventually succeed. 

I had a judgement from capital one that was almost $2000.00  the best thing that you can do for that is to keep paying it til it is done.  After that, if you were making a living and surviving with the judgement, set the money that was going toward the judgement aside, and use that money for credit rebuilding costs (PFD, Installment Loans, Collections, etc.)  I know it is difficult, but you will get through it.

Best of luck to you!

~Hector

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A student loan is an installlment loan.

[HectorVictorious]

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@guiness56 wrote:

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@HectorVictorious wrote:

Kizzel,

Your story is very similar to mine, and I understand the frustration that goes along with it.  You are younger than me, but I messed up when I was very young too, and it has been haunting me ever since.  Some days I wake up and think about my credit score all day long.  The biggest thing that I have done that has helped me (I went from a 503 credit score) was getting all of my payments on time and getting my credit cards back up and running.  I still have no installment loans, but I have alot of school bills that I am rehabiliating right now. 

It takes time.  I am not a veteran, in any credit rebuilding scenario, but I am dedicated like you, and know that I will eventually succeed. 

I had a judgement from capital one that was almost $2000.00  the best thing that you can do for that is to keep paying it til it is done.  After that, if you were making a living and surviving with the judgement, set the money that was going toward the judgement aside, and use that money for credit rebuilding costs (PFD, Installment Loans, Collections, etc.)  I know it is difficult, but you will get through it.

Best of luck to you!

~Hector

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A student loan is an installlment loan.

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Guiness,

My assumption was that if a student loan was currently in rehabilitation that it wouldnt show up on my credit until the rehab process is finished? Am I incorrect?

[guiness56]

They still show up.  Just after rehab the negative annotation is removed.

[HectorVictorious]

Oh, well that is great!
I learn something new and useful every day on these forums.

[Kizzel00]

I know its just credit karma, but my score on there went from 542 to 576 today. I don't understand why though.