Been working on my credit scores for about 6 months now but just registered w/ myFICO. Tons of great information in here! Started with cleaing up my reports, and now am on the way to higher scores and being approved for credit. After not having credit for about 6 years (except for bad stuff), just was recently approved for these items:
1) $18500 Car Loan
2) $10500 Motorcycle Loan
3) $1500 USAA VISA CC
4) $700 Amazon Charge card
5) $600 Walmart Charge card
6) $2000 Rooms To Go Charge card
7) $300 PayPal Credit Card
Even though that's a lot of credit in a short amount of time (a lot of credit for me anyway...) the little that I have been using the credit carrd, they have been paid in full at statement time.
Trying to buy a house in a year or two, and by then all these inquiries will have fallen off I hope. My EX is completely clean of derog, TU still has a couple I'm trying to get cleaned up, and still needing to do some more to my EQ.
Thanks again to all the great posts!
Stillworking - you are SOOO right. It is very difficult playing the waiting game but hopefully it's going to pay off. I sent out GW and PFD a week ago to two accounts and have not received even my green "return reciept" cards back, but once I do, I'll be more hopeful that the GW will at least get an account off of the last report that it's on. I have another GW that I have to send out to now Cap. 1 (was HSBC) and it has been paid.
I admit I went on a bit of an app spree but that didn't seem to affect my scores much so I'm done with that! LOL Now I'll use the new credit responsibly and hopefully given that my util will be a better %, it will assist with my scores as long as I am disciplined - which I will be. I certainly don't want to go backwards.
Thanks for your encouragement.
No horror stories here.
I've been inching my way up the chart by paying down my balances. I gained another 4 pts over the last month and I hope to be able to hit 765 by year end. I might end up a couple points short. I set a preliminary goal of 768 for February (~50th percentile in Canada) and 780 for end of next year which should be quite doable just by letting my accounts age. My score had dropped a whopping 64 pts in the last 2 years with 4 new tradelines and almost $9k in debt to a low of 743. Will I ever get back to my all time high score of 807? Maybe... in 5 years? (The 75th percentile is ~808 in Canada).
Today, I CLI'd with Amex for another $5k. I plan to keep doing this as long as they will let me! They don't even SP pull me for this increase.
In any case I plan to be balance free on my CCs by early December from there after I plan to PIF and never carry a balance again. (Yeah right...!) At least that's the plan. Then in January, the majority of the money I was using to pay off the CCs will go into various savings instruments.
This month , the plan is to continue to raise my scores, pay down debt, and maybe try for another CC. Was very pleased to see my TU Fico score increased from 552 to 623 a week ago today. Thanks for all the ton of information that everyone has posted. I didn't think it was possible at first, but now I'm definitely a believer!
I started the rebuild around the first of September. I guess a rebuild then was opening my eyes to my credit. Most of the hard work has come in October. Got one collection out of 2 off the books. GW'ing the 2nd since it was paid. My Experian has hit the 700 mark, Ex Fico has hit 681 and Tu Fico has hit 677. In September it was 630, not sure which the lender pulled and didnt know enough to ask. My goal was to hit the 700's by November and I will get close.
November will be a sit and watch month... December will be a refinance at much lower rates on 2 unsecured loans and my car. I had my heart set on buying a Travel Trailer by Christmas but I have about decided to keep on with the credit rebuild and pay things off.
My largest CL on a prime card was 1k. Now its 17.5 k and the second closest is 4.5k. Now up to 28.9k total available credit with cards and utilization will be around 6% when the two newest start reporting.
By July of 2014, i will age out of all negatives on my old accounts (4). GW letters have not been working so far.
Thanks to all for the sharing of knowledge !
I didn't see a November check-in, so I will paste this in November when we get the thread...I just had to post my plans in hopes it would make me accountable.
----You all have been a true motivation for me! Thanks...
Background--I am trying to purchase, build, and move into my first home (USDA) before December 2014.
I am trying to clean up my credit and get my FICO scores to 680+ so there are NO questions around lender approval. GOAL: NO unpaid accounts as of 12/2013.
MD Tax Lien Paid/Released- Tax lien removed from all 3 CR!!!
PFD from First Financial FCU- Charge OFF; should be off my CR at the end of the month. ---its still there.
my Fico Oct 10/25/13 TU 631 EQ 644 EX 620--Average 40 point score boost since end of September
Victoria's Secret- CLI from 100 to 300
Cap1 Platinum- CLI from 500 to 750
New Cap1 Journey Card- $1000 CL
New Barclays MC- $500
New Target- $200 (Why so low?)---UPDATE 10/20 Still not showing on CR
Berks Credit & Collection- GW Deletion
RA Rogers- GW Deletion gone from EX and TU
Credit Control Corp- GW letter Deletion 1 of 2 accounts
Calvary Recovery- Unpaid baddie; sent DV letters no response, sent e-mail no response.
Judgement- Motion to set aside default judgement (Court date 11/15)--if this is deleted, i will not have any public records Yay!!!!
Check status of BBB Complaint filed against Midland for re-aging two accounts
Last Baddie: $6800 Calvary Recovery- Send one more DV letter then IDK...maybe PFD if I have the $$$ (need advice on this one)
Keep credit card utilization under 10% on one card; pay off Barclays MC
GW Late Removal for VS, Cap1, Suntrust,
GW TL Removal for RA Rogers (EQ only)2 FCO and 2 Cap1 C/O
Direct Dispute Letter to Portfolio Recovery for reporting inaccurate information (payments)
Check on PFD status for 1st Financial FCU--was paid 10/10, still listed on all 3 CR
PFD Medical on EQ only
Good luck all, I will check in again each week.
I just paid off another midland account and set up to pay off an auto loan that was a repo from my ex and we were joint on it... that auto loan account I was able to cut in 1/2 and they will take out $2291 from my account on the 25th.
I have to say the auto loan with Wells Fargo is eating up my reserved amount in a major way, but I had to bite the bullet and just do it.
This is my first check in/post. After years of ups and downs with my credit, I am finally in a place mentally where I am taking charge of it. I decided last week after reading about all of the successes people were having with goodwill letters I decided to give it a try with a couple collection agencies listed on my CR. Today, I called to check the status of those attempts and was told by one agency they have sent a request to EQ to delete the report. One down and a few more to go. I am very thankful for all of the good ideas on the forum and look forward to finding more tips.
I would have NEVER thought I would say I was addicted to rebuilding my credit! I came up with the following Nov-Dec 2013 plan.
I will work my credit report following a priority system for communication efforts:
PR, Charge Offs, Unpaid Collections, Paid Collections, Lates on Open Accounts, Lates on Closed Accounts
I plan to transfer balances from Cap1 Visa, Cap1 MC, Barclays, and VS to NFCU CC and keep util below 10%. I will not check my credit again until end of December.