will i be rebucketed ?

Anonymous · ‎10-19-2015

so the last month has beena lot of work for me, ive worked every available hour i could to make ever single dolloar i could to pay off everything i was able to...

i have paid all my uti down to exactly 9% from 84%, hoping for a big jump, but will be happy with anything.
i had 9 collections now down to only 2. 3 of them i was not able to get a pfd, 2 are label as pif, 1 is labeled settled,
a month only had a fingerhut account with $2500 limit, now i have cap 1 plat, $800 limit, cap 1 qs $500 limit, and an AU on wife's merrick $600 card...

plan on paying the other 2 collections within the next few weeks..

talked to a credit advisor at the end of last month was planing on buying a new car, but she advised that i concentrate on the bigger goal a house, then worry about the car after that since its small compared...

do you receive any score increase from going from CO to PIF, & Settled? i know a PFD gives you a boost, but not sure about pif and settled account?

guess its time to start the GW letter campaign..

so my next step toward house purchase i presume is just garden my cards for the next 10 month?

learnt a lot on this board by asking question, and reading everything i could

.

Anonymous · ‎10-19-2015

@Anonymous wrote:
so the last month has beena lot of work for me, ive worked every available hour i could to make ever single dolloar i could to pay off everything i was able to...

i have paid all my uti down to exactly 9% from 84%, hoping for a big jump, but will be happy with anything.
i had 9 collections now down to only 2. 3 of them i was not able to get a pfd, 2 are label as pif, 1 is labeled settled,
a month only had a fingerhut account with $2500 limit, now i have cap 1 plat, $800 limit, cap 1 qs $500 limit, and an AU on wife's merrick $600 card...
plan on paying the other 2 collections within the next few weeks..

talked to a credit advisor at the end of last month was planing on buying a new car, but she advised that i concentrate on the bigger goal a house, then worry about the car after that since its small compared... Good strategy. A mortgage takes your DTI into consideration, whereas an auto loan does not. So get the mortgage first when your DTI is lower. Makes perfect sense.

do you receive any score increase from going from CO to PIF, & Settled? i know a PFD gives you a boost, but not sure about pif and settled account? Yes, if the CO was a revolving account reporting a balance. It will inprove your UTI when the balance updates to $0.

guess its time to start the GW letter campaign..

so my next step toward house purchase i presume is just garden my cards for the next 10 month? Pretty much, yes.

learnt a lot on this board by asking question, and reading everything i could
.

Anonymous · ‎10-20-2015

Hi there, good work! I can only really give advice with what I've seen.

Settling/Paying down COs definitely helps--it doesn't help as much as a PFD, of course, but as mentioned before, it brings down util., and (this is just my personal view and second-hand experience) it might also make you look better with creditors on manual review. My stepfather had a few COs that went into collection, and he wasn't able to get any credit. Once he settled the collections (none would PFD), he visited the same places, and was able to get in through manual review. One of the people even said "I see you're trying to make things right, and we'll give you a chance.", which, now that I look back at it, sounds a bit humiliating, but it was very good news to hear.

Keep it up--you're doing well for only a month.

Anonymous · ‎10-20-2015

sure that is great news to hear nothing to be humiliated about, im proud of my accomplishments, the only thing i hate now is the wait for them all to report, last credit pull was Sept 15th might do one in November or wait until December, i haven't decided yet on that one, i have 2 fall offs in December..

my score dipped about 10 pts applying for new card, but i have never in my life had 3 cards at one time was always 1 and screw that one up , but 3 seems to be the magical number so 3 it is, and no way in hell im screwing this up.

wife and i have a plan to put $350 a pay check ( we have 6 checks between us a month )away and hoping to have about 18k in 10 months to buy a house, it might be a long shot, it might not be, but its our goal we have not deviating from this to date, cutting corners where we can and saving here and there