topic Re: My Rebuild Thread in Rebuilding Your Credit

My Rebuild Thread

Anonymous — Thu, 30 Aug 2012 03:55:05 GMT

Okay, I own a Jeep XJ with the I6, HP D30 front, Chryco 8.25 Rear (3.55:1) Open/open with a RE 3.5" lift on 33"x12.5"x15 tires. Why is the important? I'm new here. In the Jeep forums I frequent, a lot until recently, we do Build threads, where you put your starting platform down on the first post, along with ideas on where to go and you get input. You keep the thread updated, regularly, until the project is complete. If you've ever owned a Jeep, you'll know that it's an addiction and it's never complete (very similar to the attitude I now have about my Credit Score).

I have not seen any other threads like this, so if this isn't allowed, please delete. If this isn't the right place for it, please let me know and move it. I also appreciate any opinions, insight and criticism. I'm new to the credit score watch game. Very new. More on that in a bit.

Short background: Manufacturing career took a turn for the worse in 2007 and jobs were difficult to find. Foreclosure, Bankruptcy and a new career later and we jump forward to about a year ago. Son needed emergency root canal and we applied for and were approved for a GE CareCredit card. First credit we acquired since the bankruptcy (everything was paid for in cash). We get the card, pay for the root canal, and set up a auto payment and I promptly forget about it.

I've always thought that credit (score, report, loans, ect) was something that you used, paid and it took care of itself as long as the bill was paid on time and you didn't go over your limit. Yes, I'm learning differently, slowly and surely. Jump forward to about 1 month ago.

We have several credit cards, we decide to buy a house. I'm a Vet so VA it is, should be easy, right? Nope, and here's why. Apparently, I didn't do my research on util and several of our cards are "maxed" (about 85%). I'm using almost 90% of my available limit. I had a medical bill slip under the radar and go to CA (Paid and GW sent) and I don't understand why my credit scores are so low. I was, Luckily, smarter with my wife's credit and her scores are running EQ 650, TU 666, EX 651.

What I've done so far and what I'm planning on doing in the near future:

A) As of next reporting for my credit cards, I will have 26% util with 1 card having 70% util.

B) I hope to be to 12% by the end of the month

C) GW the heck out of the CA to see if I can get that removed, now that's it's paid.

D) Monitor my EQ through SW, TU when my EQ gets to where it needs to be for the VA loan to verify it's where it needs to be as well and Watch CreditKarma like a hawk just because it seems fun.

Our goal is to have an approved mortgage shortly after the 1st of the year.

I'll keep this thread updated, unless nobody is interested or it gets deleted.

If you've read this far, thank you. I would also like to say thank you, to a lot of the posts in this forum. This isn't the first credit score forum I've read, but it seems to be the most genuine and helpful.

In my wallet: GE Care Credit $0/$800; Barclay $256/$400; Cap1 (exHSBC) $38/$400; Cred1 $140/$300

Re: My Rebuild Thread

Shogun — Thu, 30 Aug 2012 03:40:06 GMT

Obvious that this isn't the first credit forum you've read. It looks like you are definitely headed in the right direction and I look forward to hearing about the purchase of your new home!

Re: My Rebuild Thread

Anonymous — Thu, 30 Aug 2012 03:50:10 GMT

Thanks Shogun. I appreciate the support and am excited.

Information I left out of the first post. About 6 months ago, our household took about a $700/mo drop in income. I didn't want to worry the wife so that's why the CC's got maxed and we (I) got pretty bad about check advances, trying to maintain our life style...After a couple months of paying those horrible fees (never ending story), I finally came clean to the wife and she was pretty cool about it. We took out a secured loan (her honda, not my jeep) to cover the check advances and start moving forward.

I've since made up about $500/mo of the $700/mo loss by changing shifts at work for a shift differential. We made up the other $200 by chaning our budget. Speaking of Budget, I have an excel spreadsheet that tracks all our pay days and expenses through out the month (I have it filled in through the end of the year) and it's all equation based so if I make a change to one item, I can see how it affects the next 3 months. On the spread sheet I also have my util calculations so I can play around with "pay this much to this one, and that much to that one." That also has the report dates so I know, not only the due dates, but the dates they are likely to report to the CRA so I know when I have to have my balences where. Usefull tool.

Re: My Rebuild Thread

Anonymous — Fri, 31 Aug 2012 18:36:48 GMT

Well, I learned something interesting today and I'll update my signature. My TU Score that I got from the lender pull was a TU04 and it was actually 589 (now showing up as 619 on my pull here) and it's my EX score that's 612. I may be closer then I think.

Paid my CC's today. Util is down to 26%. Reporting for these should be done sometime next week. Can't wait to see if it has an effect. When the Lender pulled,. And when I pulled here, I was showing 60%.

Still waiting on a response from the GW letter I sent...fingers crossed.

Re: My Rebuild Thread

DrJim — Fri, 31 Aug 2012 19:09:30 GMT

Welcome to the forums!

This will be a great place for you. When I came here a few years ago I had not had a cc for ten years other than my government credit card which does not report. I got an Orchard, then the nice cards in my siggy, though not with as nice CL's as they have now.

Back in June we closed on our dream house using the VA (OIF06-08). Pretty sweet deal.

Hang in there and let these vets help you out.

Re: My Rebuild Thread

Anonymous — Mon, 03 Sep 2012 16:15:00 GMT

Well, today I saw my first increase on CK. I had an 18% decrease in my util and there's 12% to drop that hasn't reported yet this month. I'm guessing I haven't seen an alert from SW because everything is going down so I'm waiting for the weekly check. Still good to see an increase either way.

I also had a 5pt increase in EQ...

Re: My Rebuild Thread

Anonymous — Thu, 06 Sep 2012 20:59:14 GMT

UPDATE:

I'm excited about this one. I received confirmation from the CA that they are removing the collection from my CRA's. My question: is there a way to expedite the removal so my score will go up quicker?

"Please be advised your account was sent for removal from your credit file on 9/5/12.

Consumer reporting agencies may take up to 30 days or longer to update reports and this is beyond our control.

Should you have any questions regarding this account, please feel free to ask."

Re: My Rebuild Thread

Anonymous — Sat, 08 Sep 2012 12:40:59 GMT

Update:

It appears that my only CA since my BK7, and my only baddie, has fallen off my EX. Pulled a copy from Quizzle and it shows removed. Transrisk FAKO shows a 21pt improvement too, not sure if that's indicitive of FICO or not. No SW alerts, but my weekly score check isn't for another couple days...

Re: My Rebuild Thread

Shogun — Sat, 08 Sep 2012 15:33:29 GMT

The waiting is the hardest part! Good luck!

Re: My Rebuild Thread

Anonymous — Sun, 09 Sep 2012 04:47:30 GMT

Update:

Put an offer in on a house. Weird part, this is the same house that we forclosed on 4 years ago. No kidding. We're trying to buy our house back. Offer has been accepted, it's just a matter of financing. I couldn't take it any longer, so I pulled my report...My EQ fICO came up 44 pts with the loss of that CA. I believe my mid score is above 640 which should make my VA loan a given. I'm Freaked. I, my wife, and my kids want this house back...I'm trying to breath and it's not working.

Re: My Rebuild Thread

Shogun — Sun, 09 Sep 2012 04:53:30 GMT

Wow! I'm sure hoping that this works out for you!!!! As for the breathing part. In then out!

Re: My Rebuild Thread

Anonymous — Sun, 09 Sep 2012 05:30:03 GMT

@Shogun wrote:
In then out!

That's what my wife keeps telling me. I'm still learning.

Re: My Rebuild Thread

Anonymous — Tue, 11 Sep 2012 23:38:10 GMT

UPDATE:

I received my pre-qualification letter from my lender today. He didn't give me my scores, but did say that I'd be receiving them in the mail soon. He did tell me that my Mid was 677 so that's a heck of an improvement from last month.

I did want to say thank you to everybody on this forum. The posts on this forum have really helped me understand what I needed to do.

Now...I just need to get the seller to settle down and work with me a bit.

Re: My Rebuild Thread

Anonymous — Wed, 12 Sep 2012 02:46:00 GMT

UPDATE:

I'm now a "New Contributor." I'm not sure what's going up faster, my FICO or my labels.

Re: My Rebuild Thread

Charla — Wed, 12 Sep 2012 20:27:49 GMT

Great success. Love your thread. Keep up the good work. Congrats on getting your house again!

Re: My Rebuild Thread

scmami — Thu, 13 Sep 2012 04:15:10 GMT

Congrats to you! I love to hear rebuilding stories as I am in the process too. Keep updating, we are rooting for you!

Re: My Rebuild Thread

Anonymous — Thu, 13 Sep 2012 06:31:22 GMT

Just landed on these threads during some surfing/ilurking ... but had to comment on your positive posts. Rebuilding American credit ... one hard working person at a time! Your comments have made me smile. Good luck in returning to your family's home!

Re: My Rebuild Thread

Anonymous — Sat, 22 Sep 2012 14:27:35 GMT

Sorry for the lack of updates, the last 11 days have been very hectic and I have not been myself. I will give a brief run down:

The offer was verbally accepted, when we went to sign a contract, the seller got sick and was out of commission for 2 days. When she finally called me back, she said she felt obligated to give another gentleman, who had looked at the house before us, a chance to buy it. He was seeing about his financing. We were heart broken.

It turned out that he couldn't get the financing (Guess he doesn't visit here). We're good to go, again, so we think. The next time we try to get the contract signed, she says that another couple, who also looked at the house before us, wants to put in an offer but they are also working on their financing. Bammm....Heart broken again...

She calls me the following day and says that the couple couldn't get financing either and we are good to go at 4:00 that afternoon. She'll call me around 3:30 to make sure we are ready...No call at 3:30. I call her at 4:30 and she says that she has some questions about the contract (at this point, she has had it for almost a week) and wants to talk to my LO about it before moving forward. BAMMMMM......heart broken again....

After a fitful night, she calls me the following day around 12:00 and says she's ready and she'll come out to where I work around 5:00 to sign. I call my wife and have her meet us, and we SIGN THE FREAKIN' CONTRACT.

Unfortunately, it was about 5:15 on a Friday Afternoon, so my LO has left for the day. I have text him and let him know, but we can't get the ball really rolling until Monday.

Lady's and Gentleman. We are under contract, moving forward and its looking good, however I will not sleep right until we close. I've told my LO to close asap with a complete disregard to prepaid interest.

Re: My Rebuild Thread

StartingLifeOver — Sun, 23 Sep 2012 13:31:28 GMT

I have thoroughly enjoyed your thread. Congrats on all your improvement. Keep up the good work! From what I'm reading, it seems like your family and that house are just meant to be. You mentioned an excel spreadsheet you are using and it sounds really helpful. Did you create this yourself or is it a template that could be downloaded from the net?? I'm not an excel wiz but that sounds like an answer to my budgeting prayers!

Re: My Rebuild Thread

Anonymous — Sun, 23 Sep 2012 13:54:42 GMT

The spreadsheet is something I made myself, after searching online for something that'd do what I wanted it to do. I'm not an excel wizard, but this was pretty easy. I could probably find a way to get you copy, but it would be just as easy to explain it. The only equation I used was "=sum(x;y)" where x and y are the cells I'm trying to combine.

Across the top I have "date" "bill" "amount" "total" as columns a, b, c, d. Then I would put in something like:

A B C D

10/1 Rent -700 =sum(d1;c2)

10/1 electric -300 =sum(d2;c3)

10/1 Pay 1000 =sum(d3;c4)

What this will do is take the total I've manually inputted into cell d1 and subtract the -700 I have in cell c2 ($700) and give me a total, then perform the same calculation on the next line for the electric bill. At first it was a PITA to get it all set up, but once I figured out cut and paste it got a lot easier. Off to the right a few columns, I set up a group that shows every bill and the due dates so when I put in a month, I can make sure I don't forget something. Below that I have also set up a section that lists each credit card for my wife and I with their due dates, the report dates, the balance, the limit and the utilization.

If you start playing around with and need help with equations or something, let me know. Everything beyond what I have put up there is for show. Examples would be increasing the cell sizes and font sizes to make it easier to read, color coding certain bills that may change month to month, so they're easier to find when I need to change them, ect. Play around with it, Excel is a great program that I started to get to know when I owned my own business many years ago. My current job allows me to use it as well, so I get to practice with it regularly.