Credit Cards Center Credit cards from our partners
Reply
Regular Contributor
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)


Take the FICO Fitness Challenge
Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

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! Smiley Happy

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Established Contributor
Posts: 581
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: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


Take the FICO Fitness Challenge
Regular Contributor
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)


Take the FICO Fitness Challenge
Established Contributor
Posts: 581
Registered: ‎02-12-2011
0

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: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


Take the FICO Fitness Challenge
Highlighted
Valued Contributor
Posts: 1,546
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 712|EQ 695|EXP 723 (FICO)
Total credit $185,250; Util 14%
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.