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I wanted to add, as I was commenting on another thread about the time aspect.
This time last year I met with a budget counseling agency. They SP my reports and then I ordered my free annual reports. First time in years. Maybe 8 years.
I had 5-6 collection accounts, 2 public records and a $700 rebuilder card.
I now have $16,200 in available credit.
I have 1 collection on 1 bureau (which will be paid in 3 months); the other 2 are clean.
I have a few late payments on student loans from 2013 and 2014. I'll keep trying to GW but I am also prepared for them to sit for their full 7 years.
TU has both judgements removed but they still show on EX and EQ. One is due to fall off this year and I will ask for EE when the timing is right, The other one will fall off next year.
So 2018 I'll be looking good save for 4-5 year old lates on student loans.
2021 I'll be perfect. Zero derogs and 5 years of payment history with the lines I have now.
Marathon!! It's a marathon!
Now hang in there OP!
The collections start to lose their sting once they are paid. As long as they are unpaid they will still hurt the full amount.
Let me tell you where I am, I started with an almost completely clean file one year ago, the only thing on my credit report was a paid off car loan from Chase that was paid off in 2006. I got cards from CapOne and Chase, an auto loan from my CU and in a month I had a 700 FICO. Then that old auto loan dropped off and utilization hit me and I'm where I am now. In that year I've only had CLI from CapOne, one on each of my cards at 3 months and one on each at 6 months.
@EAJuggalo wrote:The collections start to lose their sting once they are paid. As long as they are unpaid they will still hurt the full amount.
Let me tell you where I am, I started with an almost completely clean file one year ago, the only thing on my credit report was a paid off car loan from Chase that was paid off in 2006. I got cards from CapOne and Chase, an auto loan from my CU and in a month I had a 700 FICO. Then that old auto loan dropped off and utilization hit me and I'm where I am now. In that year I've only had CLI from CapOne, one on each of my cards at 3 months and one on each at 6 months.
Installment loans are not counted in your utilization. You most likely took a score hit because you paid off your installment loan, thus not having the ideal credit mix.
@Anonymous wrote:
Juggalo- That's untrue about them not losing sting until they are paid. I've read countless threads on here saying their sting is lost after about 3 years or most of it at least.
Paying it has almost no effect on credit scoring at all it still remains on your report and has the same effect as an unpaid collection. Literally the only benefit to having a paid collection showing on your report as opposed to unpaid is in the case of a Manual Review. But it has no effect on scoring improvements whatsoever and when applying for a CLI online these have all been auto-denials not even taken to manual review. Manual Review is almost never done in the case of a CLI request unless you're doing a recon.
I've done my research unfortunately
MrsCHX - Congrats!
I know it's a marathon but I've been working 5 years on my credit and started with 7 collections and a 490 score. I worked my way all the way up to 664 and down to 2 collections (1 with EQ). It feels like painful after all this work to still get stuck with toy limits. Minimum should be $500 CL at this point.
The automated systems take more into consideration than just your credit score. Take mye experience for example. Back when I had nothing but a couple secured cards and store cards, I kept checking Capital One for a pre-qualification. When I was carrying balances on several cards, I got nothing. When I paid those off, it didn't increase my score by more than a few points, but all of a sudden I was given a pre-qualification. I applied and was approved for Quicksilver ($5K) and Venture ($10K). Unpaid balances, inquiries, new accounts - all of these can affect a decision by an automated system.
You really do have to be patient. I couldn't get a CLI on my Victoria's Secret card for a year. It was one of my first cards. Once I got the first one, I got approved for another couple of hundred every month or two.
This board is wonderful (I am addicted), but sometimes i think that reading about the experiences others causes some people to have unreasonable expectations. Everyone's experience is different.
Matt4200 wrote:
I've seen people with bankruptcies get way more than what I am with the same or less scores to me it makes no sense bankruptcy is like the worst of the worst.
Matt, You are absolutely correct.
I had a Bankruptcy, but since I started my rebuild in July 2016, and I have had Two Credit Line increases.
I have two different cards at $10,000, and one at $7,500.
But there is one critical difference in my personal situation. I have PAID in FULL all of my debts.
* yes, it is unfair. If it was in my power to give you the CLI's you requested, I would with out any hesitation.
Best Wishes!!!
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