cancel
Showing results for 
Search instead for 
Did you mean: 

YM's Journal to 700!

tag
YoungMoney06
Frequent Contributor

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 (Updated Sept 2023):
Store Cards:


Major Cards:


In Timeout:

Message 1 of 6
5 REPLIES 5
Epcot
Valued Contributor

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 849 EX 835 TU 841
Message 2 of 6
sphinx313
Established Contributor

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
Message 3 of 6
YoungMoney06
Frequent Contributor

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 (Updated Sept 2023):
Store Cards:


Major Cards:


In Timeout:

Message 4 of 6
sphinx313
Established Contributor

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
Message 5 of 6
madmann26
Valued Contributor

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.

 

Current FICO 9 Scores



Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.