Established Contributor
Posts: 905
Registered: ‎05-09-2007
FICO_Focused Personal Success!
Some of you may or may not know that when I came to the MyFICO forums, I had created a worst case scenario out of my credit profile... You name it, I screwed it up while I was trying to establish my career. I bought cars to keep up with peers (two repos in 5 yrs.) Defaulted on Student loans, filed for BK13 in 94 (failed to make plan payments - discharged in 95.) Charge Offs galore during the 90s (with no attempts to repair during that time.)
Long story short - I began building a house for my family of 7 with cash in fist in March of 2004. I ran out of money and needed a construction completion loan (~ $280k) to finish. When I tried to get a loan, I was denied regardless of the equity position I was in... in Jan 07 I had nearly decided to sell the lot and the half finished house but after speaking with my wife; we decided to try and fix our credit problems and that's when I began my journey... Feb 15th 2007.
ALL FICOs were high 400s Smiley Sad
$29,000 / 18 PFDs later - we started applying for CCs like crazy we overdid it quite a bit and when all was said and done we have more than 20 CC accounts all paid on time and ~ 21% Utilization on more than $40k available.
In September I applied to Chase National Construction Lending for a construction completion loan and asked about a Construction to Perm loan... The day before Thanksgiving 11/21/2007 I CLOSED ON MY LOAN!!!!!!!!!!! With NO ORIGINATION FEES / CLOSING COSTS!
My FICOs are all ~650 and my rate is locked at 6.00% for 30 year fixed mortgage!
I increased TU by 180 points - EQ up 159 - EX up 201!!!
I have spared you the details of my FICO journey, but they are pretty much documented here on the forums.
My hope is that all those that would choose to fix their FICO health have the same feeling at the end of the day that I have! Smiley Very Happy
One piece of advice I can offer to all is simply - NEVER GIVE UP on your dreams!
Take Care.