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07-30-2014 12:17 PM
bdhu2001 - You are a credit inspiration!
I am currently working on reducing all this credit card debt, going from the smallest amount to the highest. Currently I have a 97% credit utilization except that it hasnt updated the addition of my Credit One Bank card which is at 0% so hopefully that helps a bit. My cards are as follors:
Bank of America $700
Suncoast CU $500
Discover IT $500
Barclay Rewards $500
Capital One Secured $200
Credit One Bank $300 (just got this in the mail, paid the $75 fee and havent used it at all)
I also have a car loan thats currently at $13500 and a Federal student loan thats 15K due to start being paid in October.
I am really working hard ( including putting in overtime hours at work) to make enough to pay these down. It is my goal to get down to at least 70% by the year end. I want to move to a new city in 2015 so I need to make sure I have good credit so I can get a place.
Thank you. You've come to the right place and you've set the right goal. The best thing you can do for your score, right now, is get your utilization down and make sure you aren't late on any payments. If you have a regular source of income, set your payments up on auto pay (for the minimum) and pay extra directly to web sites. Your TU FICO score is listed on your Discover IT statement or you can view it on line. View it to see where you currently stand and track the rate as you pay down your balances and it changes.
I see that you previously got a score from myFICO. Do you still have access to the simulator? If you do, get in and play with that to view various scenarios (while you have access). Now that you have these cards, it's time to garden and let it grow. If you don't have any baddies on your report, you'll see dramatic increase in your score from aging of accounts and reducing your utilization.
Remember utilization is also by card, not just overall. So if you can get all your cards to 30% or less and then pay off low balances, your score will increase a bit faster.
08-03-2014 07:21 AM - edited 08-04-2014 04:16 PM
I have been trying to build my credit back up for a few years now, but I forget about it for 6-7 months at a time. My scores are finally slowly creeping up. I am 32 now, and had lots of speed bumps up until the age of 25. For the last few years, I've been reading the forums, paying off old debt, disputing things that were really old. I still feel like there is more to learn than I can ever possibly understand, but I'm trying. I am considering applying for an AMEX credit and/or Discover it card, but afraid to have too many new accts while trying to get my #s up.
OPEN SATISFACTORY CREDIT
I have a car loan of about 14k left that I got last year in August. Would like to refi but afraid bc I am trying to incr my credit to buy a home & unsure of repercussions.
I have a Macys Card $0/$800 (open 5 mos), Kohls Card $0/300 (open 4 mos), AMEX Charge $0 (open 1 month), Amazon Store Card $0/$800 (open 10 mos)
I have a Secured FifthThird CC $0/300, and a Fingerhut line of credit that I've used maybe once -- both open for a little over 2 years.
I have 3 medical bills in collections that I hadnt realized I had that I need to pay or negotiate, $10, $40 and $700.
I have one T-Mobile bill from November 2007 that I disputed heavily of $1400.
I have about 75K in student loans that is at least 20k in interest. They are consolidated but have been bought and sold so many times it's hard to keep track. I have been late over the years a few times but I believe it now says paying as agreed or something similar.
I spoke to a mortgage broker last week who told me to work out the baddies and come back in a couple months, I need to get at least my TU up. The new accts are listed except the AMEX charge, so maybe that will help.
08-04-2014 12:15 PM
Alright...so I am a long time follower of the forum, but never created an account or anything, justused it as reference material, and a source of very usefull information.
After years of ruining my credit and constantly getting denied for things, I decided that it was best to turn that around (having two kids to take care did the trick). I filed for bankruptcy (Chapter 7) back in April, and it was discharged at the end of June this year.
As of right now, I have a total of 4 credit cards: CapitalOne Platium-$300, CapitalOne Quicksilver-$300 (waiting for it to come in), First Preimer Bank-$300, and CreditOne Bank-$300. And stupid me, have gotten way too many inquiries since then, so now I will try to patiently wait until the new year to try to apply for anything else. I know these aren't the best cards to get, but they were the only ones I could obtain given my credit situation.
My TransUnion score, taken by CapitalOne is 599, and my Equifax score, taken by myFico.com, is a 597. My short term goal is to try to obtain a 650 across the board. And then to go higher than that once that is reached.
08-06-2014 08:12 AM - edited 08-06-2014 08:17 AM
Newbie to myfico.com, and the myFICO Fitness Challenge.
My previous spouse put my FICO score and credit report in dire straits while I was deployed with the US Navy overseas. Needless to say after a 2006 BK7, and two voluntary auto-loan reposessions in 2008, and medical bills using my name. I have paid off all debts and collections this year.
My current middle score is 602, and my goal is 720 so I can get through the VA mortgage loan underwriting process. My lender tells me that the minimum score required is 621, but I have to believe it has to be higher than that.
I currently only have 3 active credit accounts, 1. Auto loan since 2009 (never a late payment), 2. NFCU Secured Visa Credit Card ($500 limit/$300 balance), 3. NFCU Secured MasterCard Credit Card ($500 limit/$350 balance).
Anyway, that is my goal for 2014.
08-07-2014 06:00 AM
I'm here to really just turn my credit around, I want to be able to provide a better life for both my wife and I. We would really like to buy a house sometime in the near future so I really need to get this bad boy into shape.
Long story short, I got a lot of credit when I was younger, used it all and am still paying it off. I just got all of my credit reports and scores a couple days ago and could really use any help on how to get started on turning my credit around.
I have a secured card that I use once a month to put gas and I pay it off when the bill comes, I'm trying to pay what's left of my debts and get negative items removed from my credit reports.
Any advice is greatly appreciated.
08-07-2014 06:43 AM
I am in a very similar situation, and stage as you.
I am here trying to learn as well, but wht I can tell you that is helping me already.
I filed disputes through the Consumer Finance Protection Bureau (CFPB) to the three credit reporting agencies.
I had two auto loan reposessions that my former spouse took out in my name while I was deployed overseas with the Navy. Both loans had large past due amounts ($21k and $18k). I recently settled both accounts for $8k total. Neither loan company wanted to update my credit reports even after I paid their settlement offers. The disputes with the CFPB helped a lot, since both accounts now reflect on my EQI CR showing paid/no balance/closed.
I am sure you will receive some great advice in this forum, and I will absorb as much information as I can from this group as well.
08-07-2014 07:34 AM
How do I join the my fico fitness challenge? I see it everywhere but when I click on it, it says that the parameters of what I selected are invalid. I would really like to join.
08-07-2014 08:23 AM
Hello!!! Where do I begin?!? Well... finally was able to admit to myself that when I was younger I had a TERRIBLE spending problem. I became more responsible a couple of years ago... until I had to quit my job due to medical problems. I lost my car, all my bills went to collections, and I lost my apartment, and because of me losing my apartment and going to court it went on public records. My credit scores all went down to the 400s. I was able to get temp jobs, but they never lasted more than 2 months. A few months ago, I was finally hired to a permanent position and I have been able to pay off my debt little by little. Proud to see it improve, so I'm doing the best I can to lower my debt and get my credit score higher. Next year, I plan on paying my judgement in full and be able to get it taken off of my report completely.
08-08-2014 04:26 AM - edited 08-08-2014 04:43 AM
Let me start by saying that I love, Love, LOVE this forum! It has helped me significantly and I am forever grateful for the advice and direction I have received. As a result of the information in the "bankruptcy" and "rebuilding credit" forums, I have been able to attain several unsecured credit cards and I have already received CLI's on most of my cards since my bankruptcy discharged last year in August. Without that valuable information, I would have never even taken the chance to apply for unsecured credit and I would have been stuck in secured credit card land.
My Story: For most of my life, I have had impeccable credit and prided myself on having a score close to 800 on all 3 bureaus. All that changed in 2008, when at the age of 40, I suddenly developed progressive multiple sclerosis and a rare skin neuralgia. I was making $175k a year and well on my way to being a top executive at a Fortune 500 company when the first symptoms presented themselves. Within 6 weeks, I was unable to keep my balance long enough to stand for more than a minute and could not walk more than a few feet. In addition to the MS symptoms, my entire body constantly felt as if it was dipped in gasoline and lit on fire. I would wake up screaming at the top of my lungs almost every night. It was excruciatingly painful and progressively getting worse. The timeframe from the first symptom until I was unable to work was less than 2 months. I did not have health insurance at the time and ironically, I had just canceled my health insurance through my employer because I felt it was a waste of money being that I had been paying over $300 a month for 7 years and had never used it even once. I calculated that I had "wasted" over $25k and decided I would take my chances. Boy, they say hindsight is 20/20 and this sure is proof of it!
After my health issues started, I tried to get a policy, but I was denied by every insurance company due to preexisting conditions. From 2008 – 2012, I amassed in excess of $700k in unpaid medical bills and went from a substantial, $175k income to zero income. Meanwhile, I waited through 2 denials for the SSA to approve my disability case. They denied my case twice because they seemed to think that with my education and experience, I should still be able to do some kind of work. Although I agree that being in a wheelchair does not exclude one from being able to work, my condition was much worse than just being immobile. The constant burning and tingling of my extremities rendered my hands and fingers useless. At this moment, I am only able to type and use the internet because I have a program that follows my commands and types for me. I also have to lie in a supine position for most of the day because the pressure of the spurs that are now growing on my spine cause the pain to intensify. I am on several hundred mg of strong pain medications that cause me to sleep most of the time and I can no longer drive. At any rate, work was impossible so I had no other choice but to apply and wait for SSDI to be approved..
At the beginning of 2013, the government temporarily developed a preexisting condition health insurance program for people who were unable to obtain conventional health insurance and I was finally able to buy medical insurance. This program lasted throughout 2013 and was discontinued in Jan of 2014, when the new laws kicked in, requiring insurance companies to offer health insurance to all applicants, regardless of preexisting conditions. While this was wonderful news and I was elated to finally have insurance, I had amassed 4 years of medical bills without insurance. I exhausted every dime of my savings, 401K, and investments from 2008-2010 paying for my living expenses, mortgage, car loan and medical expenses. From 2010-2012, with all my resources depleted, I accumulated over $700k in unpaid hospital, ER, lab and imaging service bills, as well as defaulting on my 2nd mortgage and having my vehicle repossessed. I was at the end of my rope and had no choice but to file for chapter 7 bankruptcy. I filed for bk in May of 2013 and the case was discharged in late Aug of 2013. Ironically, just 2 weeks prior to my discharge date, I received the approval letter for my SSDI disability case. It was as if everything just aligned for me, for the first time in a long time, I was able to breathe again. My back pay (several years’ worth) came a few weeks later and I was able to begin my “fresh start” with a little money in the bank and no debt. Most of my back pay was gone the moment I received it because I owed it to family members who graciously helped me out financially while I was awaiting the case to be approved. I had enough left for a down payment on a car and a little for savings. This was wonderful, but my once perfect credit was now destroyed and when I went to the dealership to see about getting a car financed, my credit score was a whopping 525! Actually, that was my highest of the 3 CB’s. The other 2 were in the 400’s but I was so humiliated, I don’t even remember what they were exactly. My once substantial income is now less than 15% of what I once made and my husband can no longer work full-time because he has to stay home and be my around-the-clock caregiver. However, through it all, we are surviving and with my SSDI and his part-time work, we are managing.
Since my BK discharged, I have managed to get 2 Capital One unsecured CC’s, a Barclay’s Rewards Mastercard, Walmart, Lowes, Amazon, HSN, and an auto loan that was originally 15.89% through Capital One Auto, but we just refinanced it through our local credit union last week for 5.87% and lowered our payment over $140 a month. I honestly cannot believe it. I thought for sure that it would take years for us to even get a single credit card again. Like I said earlier, it was due to the great advice in the forums that I even attempted to apply for these cards.
My starting score for Equifax was 525 and my starting TU score was in the 400’s. My current EQ score is 657 and Experian is 640. For the purpose of this challenge, I am reporting my MyFico Equifax score, as it is updated constantly through score watch. My first goal is to get to 700, and however long that takes, I am in it for the long run. After I reach 700, my next goal will be in 25 point increments until I am ultimately back up to 800 again. I plan to do this by gardening the cards I currently have for the next year and keeping my utilization under 7%. At 3 years past BK, I plan to apply for the Discover IT card, otherwise, I will garden and grow the cards I currently have.
For anyone else facing similar challenges, I would be more than happy to chat with you and share any information that might help you. As you can see from my long post, I love to talk. My nickname growing up was Motor Mouth and I sure lived up to it.
08-08-2014 10:07 AM
I am new to the forum and saw the challenge and thought I would go for it. I have gone through some rough spots in the last couple of years but feel that I am getting back on track. I was very excited about my scores when I pulled them last month. They have gone up quite alot since I pulled them about a year or so ago. My one goal for the remainder of the year is to pay off all my credit cards by the end of the year.