11-26-2012 03:43 PM
Hi Barry and Everyone,
First time joining this forum. Seems very interesting and provides a lot of support and feedback. I'm looking forward to sharing my challenge with you guys.
My current situation.
Experian - 630
Equifax - 603
Transunion - 630
Short term goal - 660 (maybe 6 months? is this possible?)
Long Term goal - 700+ (maybe within 2 years? is this possible?)
Up until 2009 I was young and very lazy with paying bills, etc. I didn't understand the importance of credit. In January of 2009, I payed off all my debt that was on my credit report as delinquent, etc.
I kept my auto loan (which is now paid off and was never late on payments 1995-2010)
I kept my school loan, which has $10,000 left - make payments of $200 per month
I have had no credit cards, etc in the past 3 years. I wanted to get used to living on a budget and pay my bills in real time.
The accounts that I paid in full in 2009 are still on my credit report as closed, but listed as potentially negative, which i'm know will be there for a minimum of 7 years.
Its now time for me to build my credit.
I opened a $300 credit card with Orchard Bank. Have had it for 6 months. Always pay on time and keep the amount I spend to around $100.
I also have my school loan ($10,000), which has been current since Jan 2009. Prior to that I was only late twice from Jan 07-Jan 09.
Otherwise i have no other debt.
I could really use some advice on how to build my credit in a responsible way.
Short term goal - 660 (maybe 6 months? is this possible?)
Long Term goal - 700+ (maybe within 2 years? is this possible?)
Thanks in advance for your help.
Good news. I was approved for my Capital One Secured Card today.
The letter says minimum deposit of $49. Does that mean what I was approved for? Or can I deposit more?
I'm looking forward to using it responsibly and watch my credit score increase even more. I''m at 655 Equifax today.
Going to pull all three reports before I make the deposit and then pull them again after and see what the impact was on all 3 scores. I will post when I find out.
Good news. Was approved for Walmart Store Card ($150) and Amazon Store Card ($400) last week.
Now I have:
Orchard Bank: $300 Utilization 0% - have had for 7 months
Capital One Secured: $300 Utilization 0% - have had for 1 months
Amazon Store: $400 still waiting on card - brand new
Walmart Store: $150 still waiting on card - brand new
Last negative items was 2.5 years ago. The remaining 4 negative items are from 5.2 years ago and longer
I have also been "disputing" / "requesting information" on these items on my credit report. I had a court judgment for a cell phone bill (when roaming charges existed) from 2006. I asked for it to be validated and they came back with an updated profile. It went from an Abstract Judgment to Satisfied Judgement. I had paid it back in 2006. The good news was that day I noticed my scores increase by 12-15 points across all 3.
Its been about 1.5 months and have been able to increase my 3 scores by approx. 30 points. I'm looking forward to having my Cap One, Amazon and Walmart cards hit my credit report. They have yet to report to CAs.
Is it worth applying for any more store cards? or should I wait until I see what the impact of these are?? I don't want to have too many hard inquiries on my CR. Currently I have 4.
11-27-2012 12:46 AM - edited 11-27-2012 01:44 AM
so how/where do we find this FICO Fitness Challenge?
ah ha... got it going now...
a little background info..
i have never known my actual FICO score. i do monitor my report through Transunions Zendough. I know my Credit score from all threee agencies, but Credit scote is not necessarily the same as FICO score, correct?
TU credit score=693 EQ credit score=716 EX credit score= 719
have been denied auto financing twice in past year and a half.
denied a new credit card recently
reasons for all denials--on recent credit card (exactly as stated on denial letter)
-utilization of existing credit line
-lenth of time sonce account opened
-previous account delinquency
key factors - (exactly as stated on denial letter)
-ratio of balance to limit on bank rev or other rev accts too high
-too few account currently paid as agreed
-lack of recent installment loan information
term car loan paid in full 2008 never late
mastercard (opened 4/11) 500 limit 200 available never late
amex (closed 1990) shows on reportsas closed/ never late/ current last reported 2006 balance $84 high balance $84 **contacted EQ to try to figure this one out the discrepencies in dates and balance.
EX shows the same AMEX as reporting but with $0 balance also closed /never late/ current
utility bill (electric) both EQ and EX one 60 day late/one 90 day lale in 2008 not late since. the listing on my report shows my electric bill balance every month.
a dozen or so inquiries since in past year (auto loan and credit card.)
will post FICO Fitness Challenge results once complete.
11-27-2012 01:57 AM - edited 11-27-2012 01:57 AM
hmmm... every link to "take the FICO Fitness Challenge" goes to "take the challenge" posts never to the actual challenge...
very confused now.
11-27-2012 05:40 AM
My current situation is I have been trying to improve my score for some time but messed it up again a few months back. I don't have much debt total, but what I do have is bad. I have 2 open credit cards, one CL is 300, the other is 600. The 300 limit card's balance is 0, the other is 341. I have a closed credit card with a balance of 754. There are 3 collections. The baddie is 1920 from an apartment I vacated without telling the landlord. The other two are low/about to fall off. Well that's about it. I'll be trying to keep another thread about it updated, but I get my nifty fico challenge sig now.
11-27-2012 05:45 AM - edited 11-27-2012 05:47 AM
@tc570 I think this is the Fico Fitness Challenge. Just tell us what your situation is and what your goals are.
Edit: Oh I see you already figured that out... nvm...
Nothing to see here. Move along.
11-27-2012 09:50 AM
YAY!!!! today is a good day.
first good news:
|Your FICO® score has gone up to 566 on November 26, 2012.|
second good news:
I was approved for my first unsecured credit card since 2007!!! I AM SO EXCITED!!!
11-27-2012 04:34 PM
Greetings, all! I'm getting serious about cleaning up my credit score so I can buy a house. I've got a few collections accounts:
$3,500 old credit card charge off, out of SOL
$250 old cell phone contract termination charge, past SOL
$350 old cell phone contract termination charge, past SOL
Just sent letters to the credit agencies disputing these items. If they are validated, I will try to set up Pay for Delete settlements.
I also have an old student loan for $5500 that they garnished my wages for, but it is all paid off now. My credit report is showing this as an open collection, and I've just disputed the item. Hopefully the line item will be deleted instead updated to reflect that it was paid via wage garnishment.
Finally, I have several 30 day late car payments from 2009 that I've asked Chase to delete based on the past 3.5 years of timely payments. It was a 72 month car loan that I only have 3 months left to pay on, so maybe I'll get lucky.
If I can succeed with the above, I'll be close to 750! Wish me luck.
11-27-2012 05:13 PM
Finally have some time to explore the boards a little bit more! I'm usually logged in from my phone. Glad to be here and with the help of the wealth of knowledge on this forum, I have seen significant bumps in my scores within a short time! I had several collections on my reports-most were paid, some not. I have several lates from previous years of ignorance to credit. I'm still learning and have vowed protect my credit once I get it back on track! I got started in July with the rebuild. One by one I tackled each collection via PFD/GW, disputed inaccuracies as there actually were several and have had many sucesses. I still have 5 or 6 baddies left (two are from same collection company (they are a PITA). And some lates I'd like to try GW on. I would like to add another credit card to the mix before gardending but just don't think my scores will bump again before the end of the year. Long term Goal is to buy a home in about 2 years.
Sucesses So Far
11-27-2012 09:53 PM
Well im going to mae this official. Time to focus on credit scores. I checked my scores today and was suprised that score went up 60 points from just time alone. Dont see anything removed in the last 9 months. So this is motivation to get to 700 by Jan 2014. Crossin my fingers!
Applied for USAA secured card with 3k limit (was denied a year ago for this but now i have higher score, we shall see)
Applied for CapOne secured card. Waiting 7-10 days for anwer.
Added to spouses Discover More card as AU
Things to Do:
Setup Student Loan Rehab Payment Plan
Dispute all collections
PFD all collections remaining after dispute
6 month goal is to be over 620 score and get approved for a store card and a unsecured card.
12 months goal is to have my student loan defaults gone and into good standing with lender, hopefully I can focus on more unsecured cards and CLI.
Until then I will just be patient and work on the badies getting removed.
Wish me luck. I will definately need Adderall through this journey to keep me focused
11-28-2012 05:36 PM
Hello myFICO comrades. Heeeelp! Need 650, but GOAL is 700, by May 2013 when I begin home buying process. Currently have mortgage but I am looking for home because FAA will be buying my property next year (yeah eminent domain so they will buy my house and I got to look for another. Which means obtain another mortgage. Please myfico friends help me. I started my road to recovery in June 2012. Here is what my report looks like: 1 mortgage w/SETERUS, INC, on-time for two years but was behind back in 2009/2010 due to company shutdown so 2009/2010 shows 8 late payments total and loan modification. After reviewing these forums, I realized I needed credit cards to help rebuild so I got 3 cards since June 2012: Applied Bank Secured $200 CLI, bal $1, CAP One (searssolutions MasterCard) $400 CLI, bal ZERO, First Premier $200, bal ZERO. Saw huge improvement in score, almost 40 points!!, once I obtained cards and paid balances off before statement date. THIS REALLY WORKS!! No public records. But I have collections. 1 reposession Credit Acceptnce $5714, DoFD 2/2008. National Finance-$325 collection since 2010, Santander $6387 loan in collections. This Santader one is a stupid loan I got with ex in 2002 the freakin dates keep changing on this one. It should have dropped off two years ago. This one will not go away and I don’t know how to handle this one. So how should I handle these collection accounts? Should I ask mortgage company to delete old 30 day payments or can I do such a thing? I greatly appreciate your help/suggestions.
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