07-27-2012 07:49 AM
Hello all, new to these boards.
I signed up for my fico earlier this year (03/2012) with an EQ score of 622. Due to past mistakes (late payments, high utilization) I decided it was time i start becoming more financially responsibly. I'd like to purchase a house within the next year and decided to get my credit situated. So far I've written to three creditors to remove late payments and payed down a significant amount of my debt.
Currently I am only carrying:
Student Loans - $29,000
Personal Loan - $6,000
Auto Loan - $16,000
Credit - $260 (Only have two cards. Best buy - $900 and Cap One - $500)
Since March my EQ score has gone up to 660 (as of this week) and I pulled my Trans score last week which was 674. I still have 4 late payments I am working on, down from 9 when I started!
Looking to open a charge card eventually as I'd like to get away from using my debit card and start earning some point. I have not decided to apply yet as I want to at lease get my score into the 700s. I recieved two selected to apply offers this week from American Express to apply for either Green or Gold but I'm going to wait until I'm comfortable!
Any other advice would be greatly appreciated!
07-27-2012 10:35 AM
A warm hello to all the fellow credit repairers out there! I have just started working on repairing the credit, and boy have I made a mess of it. I've made attempts here and there, but wasn't motivated until now. I'm nearing the end of my PhD and now I'm facing the music of all of my finacial and credit irresponsibiliy as a college student and graduate student. But that's okay, Suze Orman says the first step is absolving yourself of the guilt and then moving forward. I'm immensely motivated now to get everything in order.
My starting Ficos are Eq: 645 and Tu: 636, and my first goal is to get them above 700. I have 2 collection accounts (1 paid, 1 5.5 years old and unpaid) and by the end of grad school I'll have a whopping 75k of federal student loan debt (about 82k considering already accrued interest). I have 3 open low limit credit cards at 73% util. And an autoloan with 3500 left on it. Other baddies include 3 lates on the auto loan in the last 2 years, and 1 late on orchard cc, and 1 late on first premier. I also have 3-4 accounts in collection that are NOT on my credit report and I'd like to keep it that way.
My plan is to finish graduate school with no consumer debt, just student loans, and repair all fixable items on my credit. I want to fix my credit before my very responsible SO and I get married. He has an 800+ FICO and I want to follow his lead. :-)
My game plan to make it happen:
1) Set up plans with all collection accounts that are not yet on credit to pay and keep them from going on reports so that I have no new baddies added (Did this 7/25/12)
2) Sent GW letter for the paid CA, and for the Orchard Bank single 30 day late derog.
3) Will pay down all revolving balances to 3% on Aug. 20th
4) Will pay off car loan aggressively to have it at 0 balance by February 2013
5) Will attempt PFD for unpaid CA
6) After grad school my SO and I have worked out an aggressive student loan repayment strategy to pretty much throw all my income after graduating at the SLs in order to fully pay them in 4 years (Aug 2013-Aug 2017)
7) After getting my credit score above 725 I will consider apping for a better CC and try to get away from these crappy student cards
07-28-2012 12:51 AM
Well, I'm jumping in midyear. I just found this site after taking a new interest in my credit score. It seems I've managed to get to 30 years old without getting properly informed and educated on the intricacies of personal credit. Oh well; better late then never!
I recently got married and in that process my DW and I have committed to some major "financial peace" initiatives. Using the usual cascading debt elimination strategy slightly modified to improve our scores faster, the plan as it stands discharges $45,000 (12% CC, 50% installment, 10% auto, 28% student loan) in 29 months and doesn't touch any of her income. My income covers our rent, utilities, insurance and other miscellaneous living expenses, plus the regular and bonus debt elimination payments. Hers comfortably covers her mortgage (until we get a tenant) and a healthy contribution to savings.
She has a FICO around 750, student loans, and a great looking credit report. My EQ FICO from yesterday (7/27/12) is 652. I have two revolving delinquents and a late mortgage from 6 years ago. The mortgage late occured after I did a legal quit of deed and release of interest in our mortgage my mutual agreement with my ex. My ex let payments slip while refinancing and I got stuck with the lates. WIll be trying a GW letter with the lender (Wells Fargo). If it doesn't work, I guess I am only stuck with it for another year, right? The other two I am probably stuck with. There were extenuating circumstances, but the Credit Union doesn't seem very receptive to GW efforts. They may just have to age out and that is going to take quite a while. My one credit card with a balance is at 40% now, but by next month that balance will shift to less than 10% on three credit cards in an effort to stop losing points for high utilization.
My goal for this year is to try to get above 700. I have a feeling that's a pretty lofty goal, but it's worth shooting for. Our goal is to be in great shape to qualify for top rates on a mortgage 24 months from now and to be esentially debt free (except for mortgage, of course) by the time we move into a house.
Any thoughts or advice would be greatly appreciated! Thanks in advance and God bless to everyone in their credit repair/optimization efforts.
|Starting Score: EX: 652 FICO | TU: ??? FICO | EQ ??? FICO|
Current Score: EX: 760 FICO | TU: 737 FICO | EQ: 754 FICO
Goal Score: EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
|Venture, BCP, Zync, USAA AMEX, Freedom, Forward, NFCU Flagship, Discover, Barclay, Mil Star, United Explorer|
07-28-2012 04:04 PM
I am getting in mid year here. A littlebit about me.... I had decent credit previously, and didn't pay attention much to the bureaus because of it.... Then I lost my job, but I had saved for YEARS to be able to pay my bills in case this happened so I was "okay"... until one day I got a suspicious call about a credit card I never had. I didn't hear anything for sometime after that so I assumed someone must have made a drastic error. Fast forward 2 years... where I had not applied for ANY credit of ANY kind, I hadden't pulled my bureaus (why would I... I wasn't using my credit lines other than maybe 40 bucks a month on 2 credit cards and paying them off monthly). I go to wrap all my student loans into one new loan with a better rate and I find out... I'VE BEEN REPORTED AS DECEASED. WHAT???!!! I'm still breathing! But, it doesn't stop there... some one or some persons stol emy identity during my 2 years of unemployment and opened SEVERAL cc's and more! So much so that ALL 3 scores were in the 400's ranging from the lowest at 417, and the highest a whopping 479. I cried. Knowing this will prevent me from getting a good job in my field I allowed myself 1 night to cry over my last 30 years of my life being financially responsible (in my line of work, you HAVE TO) and now it's shot. The day after, I got mad. Filed police reports, contacted a lawyer friend and GOT TO WORK on 1/14/2012 with affidavids to the bureaus stating I'm not dead and here's proof, as well as initial letters to all my CORRECT accounts to say I'm not dead, I'm here (obiously seeing I'm STILL paying you), aeperate letters to the bureaus to put a fraud alert on my accounts. And I started immeditely on getting OVER 30 BAD accounts that were not mine off.
I knew this would be hard, but I did not know how hard these creditors would fight back.
The good.... I've brought my score ranging from 417-479 in jan 2012 to now 7/27 to a range of 584 - 642. I am surprised at how CA's can sell to THEMSELVES every month I do the whole process over again, they delete it... and resell it to themselves under a new acct # for the same $ amt with a date as of this month. If I can find a way to fix this, and a mysertious collection account named "collections" then my score should go back into the 700's in time for the new year.
It's a LOT of work, but I'm committed... this is my future! So I'm starting today at my half year mark of already jumping from the 400's... I'm coming for you again 700's! Soon, in time... I'll be back in the 780's again.
07-29-2012 01:12 AM
Just started the FICO fitness challenge (albeit a bit late). I've been helped greatly by these boards and hope that I can use them to my advantage! I'll be getting out of school within the next few years and looking for a professional job, so I need to whip my credit into shape!
07-30-2012 09:01 AM
Ready to take the next steps in repairing my credit. Wish me luck!
07-30-2012 04:31 PM - edited 07-30-2012 04:57 PM
I'm brand new to this site as of today and have recently been researching ways in which to rebuild my credit, which I let faulter in my younger years. I am 30 now and would love to be in the 700's across the board come August 2014. I don't currently have any credit cards, but I will be getting a secured credit card through USAA with a credit limit of $500. I hope that will be a good start. Any advice for rebuilding my credit and hitting my goals would be much appreciated!!
AUTO LOAN- $10,850
4 SEPERATE COLLECTIONS- $11.450
Try to open 2 secured lines of credit and pay them on time, and keep my DTI under 30%.
07-30-2012 06:10 PM
07-30-2012 11:00 PM
Hi Everyone! Brand newbie here
I am a 26 year old nurse and I decided I really needed to start cleaning up my credit as I am looking to purchase a home in the next 6 mos to 1 yr. I've made a lot of credit mistakes in my younger years, and have some baddies that I need to tackle before I can become eligible to make a purchase. Right now my lowest FICO is 594 EQ according to this site, next is 608 EX (from a lender pull) and 622 TU, also from this site. The negatives I have on my reports are as follows:
Citibank - paid charge off DoFD 11/2005
Macy's - paid charge off DoFD 11/2005
Old Navy - paid charge off DoFD 11/2005 (seeing a pattern lol?)
Midland - paid collection due to fall off report 05/2013
Granite State management - SL reporting 1 30 day late payment
Credit Union Loan - several late payments
Medical Collection Agency - unpaid collection for $45 from last November
Based on the info I have learned from this awesome site, I have made some positive strides towards improving my situation. First off, I've learned that the 3 charge offs are all due to fall off my reports in Nov of this year. So it's just a matter of waiting for these to go away and hopefully see a good sized score increase. I have also been successful in getting GW adjustments, resulting in AFNI and Cap One negative TLs being deleted from my reports. As far as the SL goes, I called the company and found out that the late was erroneously reported, stemming from my transfer from one school to another and the account mistakenly being put into repayment status for one month without my knowledge. The rep stated she would have the late removed and send me a letter confirming this. Its only been a couple of days so I am waiting for that to go through.
The medical collection for a whopping $45 was also an error of sorts. I had surgery last year and everything was handled through my insurance, or so I thought. Apparently some blood work was done by an affiliate of the hospital, which got old records of mine with an out of date address and no listed insurance. So the bill and subsequent collection notices were sent to the wrong address. The collection agency rep stated that since they received the returned letters due to inaccurate address, she would delete the collection if I PIF. Thanks to the advice I've read here (lurking) to get everything in writing, I kindly told her I would be glad to do so once I received something on their letterhead confirming this. This was also a few days ago, so I am still waiting on the letter.
I also GW'd the credit union to remove the lates, and the person who responded to my request said that I should dispute the lates, and they would confirm the payments were on time, thus removing the lates. I agreed to this arrangement before I really got immersed in these boards, so I am not really sure now if that was such a good idea. So far the disputes are still pending. Any thoughts (those of you who are still reading this opus hehe)?
I am still trying to GW the Midland acct off, but so far I haven't gotten any responses. I will stay hopeful though, and reading the Midland success stories on here keeps me motivated!
I have a few (very few) positive TLs going for me. Two active SL accounts from 2007 which have never been late; 1 recently opened CC from Cap One (only one who would approve me ) with a CL of $500. I plan to of course pay this on time every month and get some good history with them on my reports. My AAoA is about 7 years, which I am sure will drop once the charge off accounts age off my reports. I have been contemplating getting a secured CC to add another TL to my records, although I am unsure if it will do much good since it will also be a brand new acct and do little for my AAoA. Thoughts?
I have also have 4 inquiries on my files (not good, I know).
So that is where I stand. If anyone wants to wager a guess at where my scores might end up if/when all of the credit repair seeds I've mentioned above actually flower, I would be eternally grateful. I would like to get to the 700s sometime in the next year or two, and definitely hoping to buy my first home in the next 6 mos to 1 yr. I am looking forward to learning more through this community and chronicling my journey towards credit health.
THANKS FOR READING!!!!!
07-31-2012 06:47 AM - edited 07-31-2012 10:12 PM
Hi there! I'm still fairly new to the forums. I've been kinda lurking around reading everyone's different credit goals. I'm trying to get my credit score at least in the 700s for a new car purchase. I would love to have a nice APR under 5% with low payments.
My current credit cards:
Capital One: $661 balance ($750 limit) *updated* $461 balance
GE Capital: $1277 balance ($5,500 limit) *updated* $1177 balance
Macys: $0 balance ($100 limit)
I'm currently working to pay off my balances so I will have zero liability once I purchase my car. I'm current on all my payments and accounts. One of the negatives affecting my score is mainly my high utilization on my CapOne card and my credit inquires. I currently have 17 inquires. Most of them are due to fall off at the end of this year. I got them trying to obtain my first credit card. Anyway I'm hoping this forum can help me keep my credit healthy. I'm 22 years old and employed full-time. I recently decided to go back to school part time to obtain my degree (3rd major lol)