topic Re: For all those rebuilding - don't sweat the points to much in Rebuilding Your Credit

For all those rebuilding - don't sweat the points to much

Anonymous — Mon, 17 Dec 2012 10:01:07 GMT

This is just my opinion, so take it or leave it but don’t sweat the points! I know, you are buying a house in the next 6 months, or car or maybe you want decent credit cards. But don’t even pay attention to your scores, at least not at first. You are just starting this journey and you’ll see this in a lot of threads “It’s a marathon, not a sprint”. The only thing you can do to control your score when you first start the rebuild process is start getting rid of the baddies on your report. Sometimes you’ll get one deleted and your score will drop! Maybe it was your oldest account and now your AAoA went down. It doesn’t matter, you’re just starting so work on getting rid of the baddies and don’t sweat the point drops just yet. Eventually your scores will settle a bit as your report becomes cleaner and you get a thicker GOOD credit file. But even then don’t expect instant reactions, sometimes things take awhile to report. Some CRA’s are quicker than others, and even Credit Karma moves quicker than some CRA’s. And when you finally get that decent credit card and start using it guess what? Your score is going to change based on your util so there’s another point drop or raise. So don’t worry and be patient. Look around the forums while you wait and learn. The search function at the top works pretty well, and you can always ask questions. There is a huge amount of knowledge and experience here. So please, work hard, have some patience and don’t sweat the points. It gets better over time and work. Of course that’s just my opinion and your mileage may vary.

Re: For all those rebuilding - don't sweat the points to much

Anonymous — Mon, 17 Dec 2012 13:36:42 GMT

Just what I needed to read this morning! Thank you so much for sharing! I was going crazy with a 19 point drop one day and then increast back the next! Talk about emotional drama. I will expect to see things fluctuate based on what you've stated, what I've read and the experience of others. Nice to have someone talk me off the ledge! Truly appreciated!

Re: For all those rebuilding - don't sweat the points to much

Anonymous — Tue, 18 Dec 2012 01:19:36 GMT

You're welcome. I read through the forums and see so many people approaching the panic point of a small point drop and just wanted to put this out to hopefully help them relax a bit.

Re: For all those rebuilding - don't sweat the points to much

Anonymous — Tue, 18 Dec 2012 01:58:24 GMT

I appreciate this too, because it's easy to read all of these threads by people with exceptional credit, and forget that they had a journey to get where they are too! It's like dieting; you don't gain twenty pounds overnight, nor can you lose it overnight either. Credit is the same way. Patience is definitely needed!

I don't have any of those programs like Scorewatch, etc, to check my scores. I will purchase my score 3x's a year: Jan, June & Dec. That's more than enough angst and anxiety for me! I won't be apping for anything except a CU account and possibly a creditbuilder type of loan with the CU to pay off in 12 months, but that won't be until after I pay off my credit cards, which (hopefully) will be in that July-Sept range that they all will be paid off! Hoping for that July timeframe vs. September, but I'm fine as long as they are all paid THIS year!

Re: For all those rebuilding - don't sweat the points to much

Unique620 — Tue, 18 Dec 2012 02:31:34 GMT

Totally agree!

I am rebuilding from BK, so I take everything as trial and error. You will see your scores go up and down often since a lot goes into scoring. I started rebuild in April 2012 and was scared to even pull my credit report, which was a year after filing bk. It was 523, right now my highest score is 653. Please do not focus on scores, because you will drive yourself nuts. Focus on making sure everything on your score is correct and know that time is your best friend.

Re: For all those rebuilding - don't sweat the points to much

Shogun — Tue, 18 Dec 2012 05:24:33 GMT

I tell people all the time about the rollercoaster up and down in scores when it comes to rebuilding. You will see gains and losses as you work on your CRs. Like you said, don't sweat it. When you finally get to a point where you can garden, you can just sit back and watch it steadily rise. Nice post.

Re: For all those rebuilding - don't sweat the points to much

Anonymous — Tue, 18 Dec 2012 05:46:50 GMT

Thanks Shogun. There just seems to be so many people that are banging their head against the wall over a 2, 3 or even a 10 point drop while they are rebuilding. And there really is no need for them to subject themselves to all that extra stress. Take care of your report, manage your credit, and the scores will take care of themselves in most cases.

Re: For all those rebuilding - don't sweat the points to much

Swapmeet — Tue, 18 Dec 2012 05:47:01 GMT

@Shogun wrote:
I tell people all the time about the rollercoaster up and down in scores when it comes to rebuilding. You will see gains and losses as you work on your CRs. Like you said, don't sweat it. When you finally get to a point where you can garden, you can just sit back and watch it steadily rise. Nice post.

I would just add the importance of getting a secured card while starting out so that one can start building good credit as they are getting rid of the baddies.