Words of Encouragement

[Anonymous]

My friends, the reason I am writing this email is to provide an update on my progress toward improving my credit. The main reason I submit messages on MYFICO is to impress upon others, who might be in the situation that I was in 13 months ago, that in this beautiful country of ours there are second and third chances after a person has basically ruined their credit. I am living proof that the day you tell yourself that you want to start the path toward good / excellent credit is the day everything can and will change for you. My decision began almost 14 months ago. Almost every single day I think back to August 2014 when the only cards I had in my wallet were two debits cards. Flash forward to today where I now have several Amex cards, a Discover card, Capital One cards, Macy’s Amex, Chevron card, Walmart card, etc. I have gone from having zero credit in August 2014 to $1,000.00 in secured credit cards in September 2014 to approximately $60,000.00 in unsecured credit cards as of the writing of this email. Just last week my wife said to me that having good credit and available credit is life altering. I make a decent salary (just shy of 6 figures) however the feeling of financial freedom was not realized until I was deemed credit worthy.   My friends, I am not sharing this information to gloat but rather to impress upon others who may be in what they think a doom and gloom situation that there is life after bad credit and that recovery, although it does take time, patience, and commitment, is very doable. Every single day I do something related to my credit portfolio. Often it’s just making sure that nothing strange is going on with my accounts. I believe that one’s commitment to achieving good credit has to be treated like a part time job. You have to make managing your credit a part of your everyday life.

So far, my biggest hindrance to my own success is my inability to stay in the “garden.” I went from having 2 inquires across the board to 15. While it has hurt me in some respects, in other respects it has served me well since it allowed to me amass a significant amount of credit within a short time period. However just last week I received a denial letter from Chase bank indicating that they would not extend me credit because of too many inquiries within a 2 year period. That letter alone was enough for me to put the cap on applying for additional credit. So as it stands, I will be in the garden for at least 12 months. I know this is a lengthy email and some are probably saying "here’s 5 minutes of my life that I can’t get back" but if it helps just one person feel a little better about the position that they are in, then I would have paid it forward for the inspiration I received from MYFICO in August 2014. While there are clearly more informed members on this site I would nonetheless wish to extend any assistance by way of answering questions you may have.

[Anonymous]

Great work, keep it up!

[Anonymous]

Great job!

What were your scores, then and now?

[Blessedsoul01]

Thank you so much for that. I needed to read this. Great job on your due diligience and I will continue to move forward with my credit battles!!

[Anonymous]

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@Anonymous wrote:

My friends, the reason I am writing this email is to provide an update on my progress toward improving my credit. The main reason I submit messages on MYFICO is to impress upon others, who might be in the situation that I was in 13 months ago, that in this beautiful country of ours there are second and third chances after a person has basically ruined their credit. I am living proof that the day you tell yourself that you want to start the path toward good / excellent credit is the day everything can and will change for you. My decision began almost 14 months ago. Almost every single day I think back to August 2014 when the only cards I had in my wallet were two debits cards. Flash forward to today where I now have several Amex cards, a Discover card, Capital One cards, Macy’s Amex, Chevron card, Walmart card, etc. I have gone from having zero credit in August 2014 to $1,000.00 in secured credit cards in September 2014 to approximately $60,000.00 in unsecured credit cards as of the writing of this email. Just last week my wife said to me that having good credit and available credit is life altering. I make a decent salary (just shy of 6 figures) however the feeling of financial freedom was not realized until I was deemed credit worthy.   My friends, I am not sharing this information to gloat but rather to impress upon others who may be in what they think a doom and gloom situation that there is life after bad credit and that recovery, although it does take time, patience, and commitment, is very doable. Every single day I do something related to my credit portfolio. Often it’s just making sure that nothing strange is going on with my accounts. I believe that one’s commitment to achieving good credit has to be treated like a part time job. You have to make managing your credit a part of your everyday life.

So far, my biggest hindrance to my own success is my inability to stay in the “garden.” I went from having 2 inquires across the board to 15. While it has hurt me in some respects, in other respects it has served me well since it allowed to me amass a significant amount of credit within a short time period. However just last week I received a denial letter from Chase bank indicating that they would not extend me credit because of too many inquiries within a 2 year period. That letter alone was enough for me to put the cap on applying for additional credit. So as it stands, I will be in the garden for at least 12 months. I know this is a lengthy email and some are probably saying "here’s 5 minutes of my life that I can’t get back" but if it helps just one person feel a little better about the position that they are in, then I would have paid it forward for the inspiration I received from MYFICO in August 2014. While there are clearly more informed members on this site I would nonetheless wish to extend any assistance by way of answering questions you may have.

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Well done! Your story echoes many in this forum, including myself. You are so right. It is life-altering...

[Anonymous]

It's nice to know that you can bounce back!

12 years ago I got divorced - literally lived on my credit cards for about a year - amassed almost $100K in debt (not counting the mortgage).

My second husband received an inheritance and we paid off the majority of the debt (settlements totally about $60-70K) and closed accounts.   (this was in 2004)

I have had NO cards - except my debit cards until this summer.    Heck in 2012 I was amazed I was able to get a car loan at any interest rate (I ended up at 14%) - and then ended up being the co-signer on my husbands car. (about 7%)  TU score 573 on CK

He has what I call a thin file - and can't cards - and when mine are aged a bit - I'll try to add him as AU on them to help him out.

In March I pulled scores on Credit Karma - There were still the high 500's and I got to work.   My parents helped me pay off my car (I now make payments to them - so I"m clear on paper - at 0%)   I take the extra $200 month I'm saving to clear things up and make sure EVERYTHING is paid ON TIME.    I disputed a couple of items on my report -that dropped off - and   In July my actual scores ranged from 572-651 EX, TU, EQ.

by the beginning of August I got on here and learned that I needed some cards.   I used to have a secured card -but couldn't graduate it and ended up closing it and switching banks ( US BANK) do to other issues some time ago.

I applied for and got 4 cards - all unsecured (in my signature) and am working the GW campaign now.  on Sept 23 my scores were all much improved  633-662!

I'm working to buy a house next summer and we are trying hard to save up.

[gdale6]

Great progress, congrats  

[Anonymous]

 When I started my journey, my scores were as follows: Experian 560, Equifax 590, and Transunion 610.   Currently my scores are:  Experian 692, Equifax 690 and Transunion 726.  Hopefully within the next 12 months all scores will be 750 and above.   

[Anonymous]

You are  welcome.   Stay the course because it does get better.  

[Anonymous]

Congratulations and thank you for sharing.  I wish you continued success.