Greetings,
I am new to these forums and am totally thrilled to find such a great source of information and support!
I had credit scores in the 700-720 range forever. FHA mortgage obtained in 2003, 5/3 HELOC in 2005, Cap 1 "Blank Check" auto loan in 2007, standard mix of credit cards with the highest limit being a Costco Amex at $12,300 (also Toyota Rewards Visa-$7,000, Discover-$5,000, and FNBOmaha Visa-$9,000). Fairly high utilization (60%), but perfect payment record on everything.
Then, in 2007 I got the idea that I wanted to start a business. I obtained an SBA loan but had to complete a personal guarantee. I got the business opened and everything was going along fine but I had to rely on CCs for living expenses while the business was getting going. Then 2008 happened and my fledgling retail business was hit hard. We limped along for another 2 years but, it soon became clear that I was not going to make it. Because of the personal guarantee on the SBA loan, I was compelled to file for personal bankruptcy in order to keep my house so I filed a CH 13 in 4/2010. I included most everything in the BK filing, including the CAP1 car note. I have been paying $505/month to the BK trustee and have been paying my mortgage outside of the bankruptcy; spotless payment records on all.
Right after the BK, my scores plunged to the 560 range and have SLOWLY rising over the past 2 1/2 years. In March/April of 2011 I started trying to get a credit card to help rebuild my credit. I was turned down several places--even for secured cards (I still don't understand that one). So I just gave up for a while. Then in October of 2011, I thought I'd give it another shot and, again, got turned down for a secured card at both the Credit Union and CAP 1. I did, however, get approved for a Household Bank unsecured Mastercard with a $750 limit. It's not the best "starter" card but not the worst either ($59 annual fee/19.9% APR/25 day grace to pay in full with no interest). I have been using it for gas, newspaper subscription, etc (under $200/month), and paying it off in full ever since.
My immediate goal now is to accomplish a FHA Streamline Refi of my mortgage (currently 5.5%) and take advantage of the historically low interest rates. I was just declined by both Primelending and First Choice (through Costco) because I need a middle score of 640. My long term goal is to regain my credit scores (although not all the debt) that I had before the BK. Is there anything anyone can suggest that I try to help accelerate the process?
Thanks for taking the time to read this. I look forward to learning from you all as I continue down the rebulding road.
Starting Score: EQ-652 TU-594 (7/20/12) EX-619 (6/22/12 FICO) EX-706 (8/5/12 VANTAGE)
Hey all..
I'm new here and decided to try to the Fitness challenge. My current score is 612 (WAYYY higher than expected) and my goal is 700 within 12-16 months. I currently have one secured card and plan on opening an installment loan within the next 2-3 months.
I've made some huge mistakes in the past, and I hope to get my crap together so that I can finally get a nice condo or co-op.
Thanks for reading!
TJ
I'm hoping to get to above 700. My goal is to lower my debt ratio to under 30% and to not have anymore late payments. My last late was Nov 2011 and it really hurt my credit. I also have 2 paid collections line items that I'm trying to get removed. I hope to check back here next year and have this goal accomplished.
Hi, all Fico fitness challengers, I have a question for anyone care to answer or respond back on subject. I have one last delinquency on a HSBC credit card opened in 2007 that is now closed. But with a "settled for less than full amount" listed under accounts. It has a red flag (but says "paid as agreed", and under worst delinquency it says zero lates for the 30, 60, 90 days. But it is still listed as one delinquency. As you all know Capitol one own all the HSBC and Orchard and other accounts for months now. It does not say anything about Capital one under the accounts it still list the contact info as the address of Carol Stream IL 60197. But I also have a Capital one credit card account and the HSBC account is listed in there, but I can't access because it is a closed and settled account. I want to know if I need to address my Goodwill letter that I am preparing to ask for a deletion. I see no reason to wait until 2014 for it to be 7 years until it drop off. I am on the cusp of reaching 700 on my Equifax. I have already reached 716 on my TransUnion Fico. Experian I do not know, maybe it is closer to my Equifax since the History and AAOA is the same. My TU has the least history and AAOA but it is the highest. I have a BK7 that is 9 years. Only the Equifax has 2 BK's a dismissed CH 13 that drop in Mar 2013. I really think my EX and TU should be the highest. But whatever, I am determined to reach 700 at least on Equifax and TU will only go higher. I had a mortgage pull in November of 2011 by a top new home builder in California and they do use TransUnion for preapprovals and approvals. They make use of all three credit bureaus. You cannot count on them using a particular one. So I need for all three to be in the 700 vicinity. My question is should I write Capital One executive office asking for a goodwill deletion.
Any feedback will greatly be appreciated.
DCAL
dcal,
You need to start NEW threads when asking these types of questions. This should be posted in the CREDIT REBUILDING FORUM and not here.
Yes, do everything you can possibly do to get your baddies removed from your report. It might take many goodwill letters before they remove bad information. Don't take no for an answer!
You also posted a question concerning additional credit cards inside of another thead that I will answer here.
I agree with you, you need two more credit cards as soon as possible. Your problem is that you only have one card at the moment so PRIME banks won't lend you credit at the moment. Prime banks want you to demonstrate good credit behavior for at least 1 year with MULTIPLE credit cards.
I would suggest applying for the following cards today:
A Walmart card. You will get a free TU FICO score every month.
Another Capital One card. You already have history with them so you should be approved.
After you have these cards for at least six months you can start thinking about getting some prime bank cards.
Send me a Private Message if you have any questions. I can't follow you very easily because you didn't ask this question in its own thread.
Hi everyone, im new to this form and looking for support in rebuilding my credit. I currently have ex 573, eq 576, trans 606. I have already acquired an angel card of 200, a secured space coast card of 450, a walmart card of 400, and a 250 secured capital one card. I wish to improve my score by making consistent payments and DISPUTING SOME INFORMATION!
bossgyal20 wrote:Hi everyone, im new to this form and looking for support in rebuilding my credit. I currently have ex 573, eq 576, trans 606. I have already acquired an angel card of 200, a secured space coast card of 450, a walmart card of 400, and a 250 secured capital one card. I wish to improve my score by making consistent payments and DISPUTING SOME INFORMATION!
First, my recommendation would be to subscribe to a few services:
1 & 2 - would be SW and TU Quarterly monitoring found within this link http://www.myfico.com/Products/Products.aspx
3 - would be USAA CMS found here https://www.usaa.com/inet/pages/creditcheck_monito
I have all 3 and couldn't be happier with either of them!
Where did you get your scores from? They are likely FAKO scores and not true FICO scores, as you can no longer purchase a score from Experian.
Also, w/ your walmart card, did you enroll into paperless billing, so that you can see your TU FICO score monthly? It just came out for August the other day. I would go into the rebuilding sub-forum, and give us a run down of your credit files, so that we can better assist you with GWs, PFDs, or some other info.
Starting Score: TU:650 - EQ: 672
I just found this site and already got tons of useful info. My creditkarma score was 680 haven't got my fico but I am post bk discharged in Feb. 12. I Have already been approved for a car loan at 5.6 with Audi financial. I have a cap one card 2k limit and orchard bank 550 limit. And I just got started. My goal is a 720 score.
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