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Took some huge first steps today...

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Intergalactic57
Valued Member

Took some huge first steps today...

First and foremost, I purchased a copy of my Experian credit report from myfico.  I had the other 2 free versions from various sites, and wanted to see what Experian said.  It wasn't good...

 

534

 

That number stared me in the face, and made me reflect on years of poor decision making.  That changes today.  I went to the score simulator, and resolved to make some serious changes today to get the score something I can eventually be proud of.   Having bad credit isn't just embarrasing, it's a cloud that you feel you can't get from underneath of.  I realize it's going to take time, but I'm determined to get out of it.

 

Having a little extra cash, I resolved to start making a difference today.  I paid off my Discover secured card down to 0.  It was only $200, but it's now at 0.  Likewise, I paid off the $310 I owed on a first premiere card, that while it's certainly not the best among credit cards, was still happy to get 6 months ago.  My limit on that card is 300.  Last but not least, I paid off my balance on Fingerhut of $180.  Today, I went from a balance of $691 / 750 total limit, down to 0/750.  One step, but a big one.

 

Continuing along this movement, I just sent in an additional deposit to Discover.  My IT secured card is now at a $1500 limit!  I'm also at the point where it'll be evaluated on a monthly basis to upgrade to a regular card, at which point I'll get that money back.  With any luck, paying the balance down to 0 will go a long way towards making that happen in the next 6-12 months.

 

Typing this out has only reaffirmed my commitment, and I appreciate any feedback or support from fellow forum members.

 

Message 1 of 14
13 REPLIES 13
TRC_WA
Senior Contributor

Re: Took some huge first steps today...

Good steps.  Been down that road before... my 2009 Ch 13 just fell off my reports.

 

Best of luck.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 2 of 14
Intergalactic57
Valued Member

Re: Took some huge first steps today...

Thanks so much.  I feel much better right now, and my scores haven't gone up yet.  Just the fact I've taken those steps, makes me feel better about myself.  A long journey, for sure, but I'm on the road at least.

Message 3 of 14
Anonymous
Not applicable

Re: Took some huge first steps today...

Well done! After paying down balances, I find myself stalking my reports to see when they report. Smiley Very Happy

Message 4 of 14
Anonymous
Not applicable

Re: Took some huge first steps today...

Do you happen to have any baddies holding your score down?
Message 5 of 14
Anonymous
Not applicable

Re: Took some huge first steps today...

Good job paying off the balances; remember for FICO scoring purposes, 1 card needs to report a small balance under 10 %, preferably somewhere near 5%

Message 6 of 14
RonM21
Valued Contributor

Re: Took some huge first steps today...


@Anonymous wrote:
Do you happen to have any baddies holding your score down?

I had the same thought. If you have any collections, charge offs, or late payments, you may be able to make moves to fix those situations to keep your score on the rise.



Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 7 of 14
Anonymous
Not applicable

Re: Took some huge first steps today...


@Intergalactic57 wrote:

First and foremost, I purchased a copy of my Experian credit report from myfico.  I had the other 2 free versions from various sites, and wanted to see what Experian said.  It wasn't good...

 

534

 

That number stared me in the face, and made me reflect on years of poor decision making.  That changes today.  I went to the score simulator, and resolved to make some serious changes today to get the score something I can eventually be proud of.   Having bad credit isn't just embarrasing, it's a cloud that you feel you can't get from underneath of.  I realize it's going to take time, but I'm determined to get out of it.

 

Having a little extra cash, I resolved to start making a difference today.  I paid off my Discover secured card down to 0.  It was only $200, but it's now at 0.  Likewise, I paid off the $310 I owed on a first premiere card, that while it's certainly not the best among credit cards, was still happy to get 6 months ago.  My limit on that card is 300.  Last but not least, I paid off my balance on Fingerhut of $180.  Today, I went from a balance of $691 / 750 total limit, down to 0/750.  One step, but a big one.

 

Continuing along this movement, I just sent in an additional deposit to Discover.  My IT secured card is now at a $1500 limit!  I'm also at the point where it'll be evaluated on a monthly basis to upgrade to a regular card, at which point I'll get that money back.  With any luck, paying the balance down to 0 will go a long way towards making that happen in the next 6-12 months.

 

Typing this out has only reaffirmed my commitment, and I appreciate any feedback or support from fellow forum members.

 


That one was HUGE. People don't realize how much going Over Limit affects their scores. It can be worse than a late payment and may stick for a while. Overall, I think you may see a bit of a rise in your scores and when you get over 550 on TU you should app the Platinum and QS1 cards with Cap1.

 

Glad to see you back on here and taking notice of things.

Message 8 of 14
AutoBot
Established Contributor

Re: Took some huge first steps today...

Small steps is good in credit rebuilding. Keep the positive momentum going.

Message 9 of 14
Intergalactic57
Valued Member

Re: Took some huge first steps today...

Thanks!

 

Tackling the bads on my report are the next steps...

Message 10 of 14
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