topic Re: Took some huge first steps today... in Rebuilding Your Credit

Took some huge first steps today...

Intergalactic57 — Fri, 08 Apr 2016 18:20:29 GMT

First and foremost, I purchased a copy of my Experian credit report from myfico. I had the other 2 free versions from various sites, and wanted to see what Experian said. It wasn't good...

534

That number stared me in the face, and made me reflect on years of poor decision making. That changes today. I went to the score simulator, and resolved to make some serious changes today to get the score something I can eventually be proud of. Having bad credit isn't just embarrasing, it's a cloud that you feel you can't get from underneath of. I realize it's going to take time, but I'm determined to get out of it.

Having a little extra cash, I resolved to start making a difference today. I paid off my Discover secured card down to 0. It was only $200, but it's now at 0. Likewise, I paid off the $310 I owed on a first premiere card, that while it's certainly not the best among credit cards, was still happy to get 6 months ago. My limit on that card is 300. Last but not least, I paid off my balance on Fingerhut of $180. Today, I went from a balance of $691 / 750 total limit, down to 0/750. One step, but a big one.

Continuing along this movement, I just sent in an additional deposit to Discover. My IT secured card is now at a $1500 limit! I'm also at the point where it'll be evaluated on a monthly basis to upgrade to a regular card, at which point I'll get that money back. With any luck, paying the balance down to 0 will go a long way towards making that happen in the next 6-12 months.

Typing this out has only reaffirmed my commitment, and I appreciate any feedback or support from fellow forum members.

Re: Took some huge first steps today...

TRC_WA — Fri, 08 Apr 2016 18:29:51 GMT

Good steps. Been down that road before... my 2009 Ch 13 just fell off my reports.

Best of luck.

Re: Took some huge first steps today...

Intergalactic57 — Fri, 08 Apr 2016 18:40:44 GMT

Thanks so much. I feel much better right now, and my scores haven't gone up yet. Just the fact I've taken those steps, makes me feel better about myself. A long journey, for sure, but I'm on the road at least.

Re: Took some huge first steps today...

Anonymous — Fri, 08 Apr 2016 20:32:56 GMT

Well done! After paying down balances, I find myself stalking my reports to see when they report.

Re: Took some huge first steps today...

Anonymous — Fri, 08 Apr 2016 20:34:26 GMT

Do you happen to have any baddies holding your score down?

Re: Took some huge first steps today...

Anonymous — Fri, 08 Apr 2016 23:53:44 GMT

Good job paying off the balances; remember for FICO scoring purposes, 1 card needs to report a small balance under 10 %, preferably somewhere near 5%

Re: Took some huge first steps today...

RonM21 — Sat, 09 Apr 2016 05:08:00 GMT

@Anonymous wrote:
Do you happen to have any baddies holding your score down?

I had the same thought. If you have any collections, charge offs, or late payments, you may be able to make moves to fix those situations to keep your score on the rise.

Re: Took some huge first steps today...

Anonymous — Sat, 09 Apr 2016 07:25:53 GMT

@Intergalactic57 wrote:
First and foremost, I purchased a copy of my Experian credit report from myfico. I had the other 2 free versions from various sites, and wanted to see what Experian said. It wasn't good...

534

That number stared me in the face, and made me reflect on years of poor decision making. That changes today. I went to the score simulator, and resolved to make some serious changes today to get the score something I can eventually be proud of. Having bad credit isn't just embarrasing, it's a cloud that you feel you can't get from underneath of. I realize it's going to take time, but I'm determined to get out of it.

Having a little extra cash, I resolved to start making a difference today. I paid off my Discover secured card down to 0. It was only $200, but it's now at 0. Likewise, I paid off the $310 I owed on a first premiere card, that while it's certainly not the best among credit cards, was still happy to get 6 months ago. My limit on that card is 300. Last but not least, I paid off my balance on Fingerhut of $180. Today, I went from a balance of $691 / 750 total limit, down to 0/750. One step, but a big one.

Continuing along this movement, I just sent in an additional deposit to Discover. My IT secured card is now at a $1500 limit! I'm also at the point where it'll be evaluated on a monthly basis to upgrade to a regular card, at which point I'll get that money back. With any luck, paying the balance down to 0 will go a long way towards making that happen in the next 6-12 months.

Typing this out has only reaffirmed my commitment, and I appreciate any feedback or support from fellow forum members.

That one was HUGE. People don't realize how much going Over Limit affects their scores. It can be worse than a late payment and may stick for a while. Overall, I think you may see a bit of a rise in your scores and when you get over 550 on TU you should app the Platinum and QS1 cards with Cap1.

Glad to see you back on here and taking notice of things.

Re: Took some huge first steps today...

AutoBot — Sat, 09 Apr 2016 10:54:54 GMT

Small steps is good in credit rebuilding. Keep the positive momentum going.

Re: Took some huge first steps today...

Intergalactic57 — Mon, 11 Apr 2016 12:20:53 GMT

Thanks!

Tackling the bads on my report are the next steps...

Re: Took some huge first steps today...

Intergalactic57 — Mon, 02 May 2016 14:23:26 GMT

Just got my new cards!

$500 Citi Secured

$500 US Bank Secured

!!!

Re: Took some huge first steps today...

Intergalactic57 — Mon, 02 May 2016 14:35:05 GMT

Current Scores:

547, 552, 545

Still a long way to go, but seeing progress.

Re: Took some huge first steps today...

AutoBot — Mon, 02 May 2016 14:39:52 GMT

Good job. Keep at it.

Re: Took some huge first steps today...

Anonymous — Mon, 02 May 2016 14:48:00 GMT

@RM21 wrote:
@Anonymous wrote:
Do you happen to have any baddies holding your score down?
I had the same thought. If you have any collections, charge offs, or late payments, you may be able to make moves to fix those situations to keep your score on the rise.

And you may be able to do so by using the cards. I've paid off a couple collections with my new cards. They weren't huge balances, but it kills two birds with one stone.