Established Contributor
Posts: 573
Registered: ‎02-12-2011
Sphinx313's Credit Journal. The road to 700!

13MAY10- Journey to bad credit begins. Underpaid and stressed, living less than paycheck to paycheck. Mother lives with me and provides some assistance financially. On this day, mother leaves to never return. Lose source of income in household. Fall behind on bills and have to use credit cards to survive that I already know I cannot pay back.


07SEP10- I find respectable work making a good wage. At this point, all 3 credit cards are in collection status. I live for a few months enjoying my new income and take over the payments on a newer car my friend no longer wanted.


14FEB11- I find this website and pull my credit. Abysmal. 388 EQ FICO. Just not good all around. I lose hope and decide to "wait 7 years" for this to be fixed.


01SEP11- The vehicle I took over payments on is paid off, so I no longer have the payment. I used my student loans to pay the car off and defer the payment with a lower interest rate AND monthly payment while still earning a higher education.


03APR12- I enjoy not having a car payment and begin buying things I had lost during my financial hardship. With the direction of a co-worker and good friend, I decide to open 2 secured cards, one with Capital One for $200 and one with First Progress for $300. I decide that I am going to pay on these and just use them as cash while paying them off every month to avoid interest. I have not been on this site since 14FEB11 and I pretty much gave up on trying to fix my credit. I was just going to let these cards report something positive and wait it out.


12OCT12- I come back to the website and pull my credit score. 567 EQ and 532 TU. WOW. From 388 to 567 with only 2 secured cards reporting positively and debt aging for about a year and a half. No other action was taken to fix my credit during this time. 179 points. I'll take it!


16OCT12- After learning that the 2 secured cards I had, along with the aging of some baddies netted me 179 points, I decided to get 2 more secured cards and keep the revolving accounts around the "sweet spot" and in good standing. I open a US Bank Secured for $300 and another First Progress for $300. Opening the second First Progress may have been a mistake, as I cannot create a second online account and have to call to hear balances and pay by phone. This irks me. I don't want to close the account, so I may just pretend that one doesn't exist for a while and use it for a drink here and there so if I forgot to pay it, it would be a small amount of interest I got stuck with.


19OCT12- Approximately 6 months after I open my Capital One Secured Card for $200, I receive a letter in the mail stating my credit limit was increased to $300 for no reason. I did not solicit the increase, nor did I expect it. According to the people on this board, this seems to be standard practice, but I'll take $100 in unsecured credit 6 months into paying! Super excited!


15NOV12- I currently have 6 accounts reporting positively, a year ago at this time I had zero reporting positively. 2 First Progress cards for $300 each, a US Bank Secured for $300 and a Capital One for $300. The other 2 accounts are Sallie Mae/Dept. of Ed for around $7,500. There is still the problem of the 10 or so baddies on my account.


This initial post is briefly walking through the "bigger" parts of my credit history and road to repair. I am going to eat some dinner, my next post will itemize my debts, their current status and what my plan of attack is. Thanks for reading.

Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700

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