topic Re: Yes, Virginia, you can rebuild your credit. I did. in Understanding FICO® Scoring

Yes, Virginia, you can rebuild your credit. I did.

Anonymous — Fri, 14 Jun 2019 15:42:40 GMT

I am now well into my rebuild, with all scores 800 +/- 15. Looking at MyFico's simulation, if I stay the course for 2 more years, I may hit 850 on EX. Is that really possible? My score history is below in my sig line.

Re: Yes, Virginia, you can rebuild your credit. I did.

kxkxkxx — Fri, 14 Jun 2019 16:07:28 GMT

A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.

Re: Yes, Virginia, you can rebuild your credit. I did.

ibebarrett — Fri, 14 Jun 2019 16:09:36 GMT

@kxkxkxx wrote:
A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.

Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building

Re: Yes, Virginia, you can rebuild your credit. I did.

Anonymous — Fri, 14 Jun 2019 16:14:23 GMT

@ibebarrett wrote:
@kxkxkxx wrote:
A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.
Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building

You are close - after my credit tanked in the 2008 recession (the tanking was 100% caused by the banks that had given me credit. Had they waited 90 days they would have been paid off in full) I took a 7 year vacation from all credit. No apps, no inquiries, no payments, nothing. In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there, so I started a rebuilding program. I used what I previously knew about credit and some things I learned here (such as AZEO).

Re: Yes, Virginia, you can rebuild your credit. I did.

ibebarrett — Fri, 14 Jun 2019 16:20:16 GMT

@Anonymous wrote:
@ibebarrett wrote:
@kxkxkxx wrote:
A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.
Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building
You are close - after my credit tanked in the 2008 recession (the tanking was 100% caused by the banks that had given me credit. Had they waited 90 days they would have been paid off in full) I took a 7 year vacation from all credit. No apps, no inquiries, no payments, nothing. In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there, so I started a rebuilding program. I used what I previously knew about credit and some things I learned here (such as AZEO).

Sounds like you hit the sweet spot!

Re: Yes, Virginia, you can rebuild your credit. I did.

800FICOGoal — Sat, 15 Jun 2019 07:16:07 GMT

@Anonymous wrote:
In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there...

That raises a question. Will those "goodies" be expiring in 2020 and if so how much of a hit to your AAoA/AoOA will you see.

Re: Yes, Virginia, you can rebuild your credit. I did.

Anonymous — Sat, 15 Jun 2019 09:03:06 GMT

@Anonymous wrote:
I am now well into my rebuild, with all scores 800 +/- 15. Looking at MyFico's simulation, if I stay the course for 2 more years, I may hit 850 on EX. Is that really possible?

Definitely don't ever listen to a simulator. As to whether or not it's possible, I'd look at your age of accounts factors and try to determine where they'll be as time goes on. Generally speaking, very few individuals achieve 850 scores without their AAoA being 7+ years and their AoOA being 15+ years. If you've got those 2 factors nailed down, all of the other stuff like putting AZEO into place, playing with an almost-paid-off loan, not apping for credit and letting inquiries age off etc. are all things you can do to prep for "perfect" scores.

Re: Yes, Virginia, you can rebuild your credit. I did.

Anonymous — Sat, 15 Jun 2019 10:07:57 GMT

@Anonymouswhat's this rebuilding thing? Looks to me like you already hit the home run! People spend a life time doing what you have done! Take a bow ... I sure would! NICE ...