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Regular Contributor
YoungMoney06
Posts: 116
Registered: ‎06-26-2011
0

YM's Journal to 700!

I recently been browsing around the website and have come to terms with myself that rebuilding my credit now will give me the best chance at supplementing my college degree run and a strong career start.

 

Immediate (Six Month) Goals:

 

a. Remove one collection account from each credit report

b. Get in touch with Capital One to find out about potentially settling a charged off account

c. Apply for TWO secured cards

 

Long-Term (Six+ Month) Goals:

 


a. Apply for TWO GE cards

b. Apply for an auto loan (mix of installment)

 

As of 12/09/2012, my credit scores are:

 

TRANSUNION: 652, EXPERIAN: 611, EQUIFAX: Unknown

 

Current NEGATIVE Accounts: 1

Current COLLECTION Accounts: 1

Current POSITIVE Accounts: 2 (One revolving, one installment)

Utilization: 100% (This is due the old NEGATIVE account balance being combined with my one revolving account I have now, with a $1.2k credit limit, and 45% utilization that I've been paying down.)


 SUMMARY:

 

My intentions are to reach 700 within' the next 6-12 months. In the coming month or two, I'm hoping to get two secured credit cards to age along with the one unsecured card that I have at the moment.

My Wallet: WF College Card ($1.7k); GE Wal-Mart ($1.3k); GE Amazon ($1.9k); Chase Freedom ($1k); Citi Simplicity ($2k); Discover IT ($2k); CareCredit ($1.5k); GE Lowes ($2.5k) -- In The Garden 'Til 08/2014

Current Scores: EQ 716; TU 683; EX: 709; TU(08): 723 - As of April 21, 2014
Goal Score: 700 Across the Board (TU, EQ, EX)


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Valued Contributor
Epcot
Posts: 2,784
Registered: ‎10-10-2012
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Re: YM's Journal to 700!

Sounds like a good plan. I am sure once the util is fixed due to the neg account your score will see a very nice jump.

Keep us posted! :smileyhappy:

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
0

Re: YM's Journal to 700!

Plan looks good. With your current scores, you may want to look at applying for some sub-prime unsecured cards instead of tying your money up in secured cards when you really may not have to.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Regular Contributor
YoungMoney06
Posts: 116
Registered: ‎06-26-2011
0

Re: YM's Journal to 700!

There seems to be no hope for me though sphinx... Simply because of the one negative account and the collections, I guess the new credit card is too recent and doesn't minimize the risk that I pose. We'll see what happens though. Any suggestions on which cards may be good to apply to? I'm thinking about gardening for a few months with the one card I have after four failed apps.
My Wallet: WF College Card ($1.7k); GE Wal-Mart ($1.3k); GE Amazon ($1.9k); Chase Freedom ($1k); Citi Simplicity ($2k); Discover IT ($2k); CareCredit ($1.5k); GE Lowes ($2.5k) -- In The Garden 'Til 08/2014

Current Scores: EQ 716; TU 683; EX: 709; TU(08): 723 - As of April 21, 2014
Goal Score: 700 Across the Board (TU, EQ, EX)


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Established Contributor
sphinx313
Posts: 567
Registered: ‎02-12-2011
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Re: YM's Journal to 700!

Capital One approved me for a $300 unsecured when I had an active charge-off with them from another Capital One unsecured, so it seems that is for sure a good starting point. If you can find yourself a nice offer from First Premier with a low AF and NO monthly then they will approve you too. My score was ~500 and they approved me for $800 unsecured, but be VERY careful with them and ONLY use the card to get a positive TL, do NOT carry a balance and if you lose your job or something pay the card to $0 and just leave it alone.



Starting Score: 532/564 10/21/12
Current Score: TU: 594 EQ: 628 EX: 617 BoA Credit Pull Denial Letter 2/20/2013
Goal Score: 700


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Valued Contributor
madmann26
Posts: 1,431
Registered: ‎08-30-2012
0

Re: YM's Journal to 700!

I think I would pay that util down first. That is money better spent. Once the util has been handed, then get a secured or 2 if you want.

 


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
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