topic Re: My Rebuilding Log in Rebuilding Your Credit

My Rebuilding Log

Anonymous — Mon, 25 Jan 2016 19:09:07 GMT

Hello Everyone,

I've 'lurked" on the forums for about a month now, and thought I'd add my story to the collection:

For a very long time, I unfortunately did not treat my credit/bills with the proper respect. I payed when I felt necessary or when I got harassed enough---and it has destroyed my credit. I realized about 6 weeks ago that I've got to take some serious action to fix my credit or I will never get any type of loan at a decent rate.

Here's my current scores (these have gone up about 80 points in the last six weeks)

Experian 619

TransUnion 592

Equifax 563

My AAoA is approximately 120 months (10 years) with a Capital One Platinum Card reporting and a Open Sky card reporting plus being an authorized user on a very old Citibank card

Now for my baddies;

Experian and Transunion have a defaulted student loan with $0 balance that has been transferred to an agency that I am paying (Equifax has a balance of about $20K---I'm wondering if I could dispute that, as I have been making payments with the agency for 8 months---this agency has not reported my arrangement to the bureaus)

4 Medical Collections on Transunion

2 Medical Collections on Equifax (2 were removed by agency)

0 Medical Collections on Experian (they were removed by the agency)

Amex Charge Off 4/2015 Paid in Full 1/2016 (all agencies show this as paid---but Equifax and Transunion label it "deliquent" while Experian lables it "paid)

1 90 day late with current Capital One card 13 months ago and 3 60 day lates (last 5 months ago) 3 30 day lates last 30 days ago

Now the biggie----3 Federal Tax liens---issued 9/11 but two released as of 9/13 and the final released as of 2/2014

Current Accounts:

Capital One Platinum 79/500

Open Sky Visa 35/700

Pending Accounts

Bank of America Secured Card 1000 limit (not yet reporting accepted 1/22)

Credit One Bank 300 limit (not yet reporting accepted 1/1)

Inquiries

3 on Experian 0 on Equifax and Transunion

Thoughts/Questiions:

1) I'd really like to app for 1 more credit card, but I don't know if that's too many

2) Has anyone done the IRS lien withdrawal process?

3) What would you recommend for next steps?

Re: My Rebuilding Log

Anonymous — Wed, 27 Jan 2016 18:58:03 GMT

Should be getting my Bank of America Secured Card any day (fully secured 1K limit):

Couple of Questions for those that have it:

1) When do they first report to the bureaus---I've heard some say it reports immediately after approval, but I've yet to see any thing on my reports.

2) My online portal says closing date---I'm assuming that's deadline date for payment?

Also, considering trying a product upgrade from Platinum to Quicksilver---will the history of my Platinum card be maintained? I've had it for 5 years.

Re: My Rebuilding Log

Anonymous — Wed, 27 Jan 2016 21:42:21 GMT

@Anonymous wrote:
Should be getting my Bank of America Secured Card any day (fully secured 1K limit):

Couple of Questions for those that have it:

1) When do they first report to the bureaus---I've heard some say it reports immediately after approval, but I've yet to see any thing on my reports.
2) My online portal says closing date---I'm assuming that's deadline date for payment?

Also, considering trying a product upgrade from Platinum to Quicksilver---will the history of my Platinum card be maintained? I've had it for 5 years.

Closing date is the date your statement will cut not the date the payment will be due that is usually 25 days or so later. As far as upgrading your Capital One card you can chat with them and they can tell you if you have an offer for an upgrade or check the modify my features link on your account page.

Re: My Rebuilding Log

Anonymous — Fri, 29 Jan 2016 15:35:13 GMT

Woke up this morning and checked my Experian report, and wham up 29 points to 648!!!!! I have no idea why it bumped up, but I will take it!!!!!

Re: My Rebuilding Log

Anonymous — Fri, 04 Mar 2016 07:34:03 GMT

Starting Scores in Dec 15:

EXP 488

TU 505

EQ 479

March Score Update:

EXP 664

TU 610

EQ 591

I was approved for my first real prime card....Chase Southwest!!! 5K SL!!!! Going to take real good care of this one!

Now, I'm focused on getting some old student loan data either corrected or deleted off my TU and EQ---those accounts are the difference between those bureaus and EXP----I'm lucky I live in a place where almost all CC issues pull EX.

I'm firmly in the garden for the next six months----I'm hoping to get all scores above 650 in the next 6 months!

Re: My Rebuilding Log

Anonymous — Sat, 05 Mar 2016 01:06:29 GMT

Edit March scores!!!

EX 664

EQ 643

TU 614

First time ever with all 3 bureaus in the 600s!!!!!! Yes!!!!

Re: My Rebuilding Log

Anonymous — Mon, 02 May 2016 18:30:34 GMT

Been awhile since I've updated:

May Scores

EX 702

EQ 641

TU 689

Very excited to break the 700 barrier less than 6 months after starting!!!

I've added a Cap 1 Quicksilver and AMEX Platinum to the collection as well!!!!

Ok, some points of advice---even with my 700 score on EX I was denied for both the Chase FU and the Chase Hyatt---why...I had too many recent requests for credit and it hasn't been long enough since my lates on my Cap 1 Platinum (now Quicksilver MC card). Lesson learned----the REPORT matters much more than the SCORE!!!! Work on eliminating/mitigating the baddies and don't worry as much about the score.

It has been a crazy journey, and i'm now in Mega gardening mode until the end of the year at least as I've added 6 cards and a car loan in the past 5 months. I will be closing my Credit One and Open Sky cards before the end of the year.

Re: My Rebuilding Log

Pway — Mon, 02 May 2016 18:36:52 GMT

Congrats on the success so far. I would garden with what you have currently. Allow those accounts to grow. I would close credit one now.

Re: My Rebuilding Log

Anonymous — Mon, 02 May 2016 18:41:16 GMT

Yep, definitely will do that---Credit One is really a terrible lender and I don't need them anymore...my thought was to keep them until 11 months since I've paid the fee....I run a charge every 30 to 60 days on it just to keep it reporting normally.

Re: My Rebuilding Log

Pway — Mon, 02 May 2016 18:45:02 GMT

Yes, then keep it until the 11th month and then close.

Re: My Rebuilding Log

Anonymous — Mon, 02 May 2016 18:57:59 GMT

@Anonymous wrote:
Yep, definitely will do that---Credit One is really a terrible lender and I don't need them anymore...my thought was to keep them until 11 months since I've paid the fee....I run a charge every 30 to 60 days on it just to keep it reporting normally.

Yes keep it until its 11 months old, but there is no need to run any charges through, it will report whether used or not.

Re: My Rebuilding Log

readytoclimb — Mon, 02 May 2016 19:15:47 GMT

Very encouraging how much you've improved in a few months!! Awesome!

Re: My Rebuilding Log

Anonymous — Mon, 02 May 2016 19:58:07 GMT

@Anonymous wrote:
Been awhile since I've updated:

May Scores

EX 702
EQ 641
TU 689

Very excited to break the 700 barrier less than 6 months after starting!!!

I've added a Cap 1 Quicksilver and AMEX Platinum to the collection as well!!!!

Ok, some points of advice---even with my 700 score on EX I was denied for both the Chase FU and the Chase Hyatt---why...I had too many recent requests for credit and it hasn't been long enough since my lates on my Cap 1 Platinum (now Quicksilver MC card). Lesson learned----the REPORT matters much more than the SCORE!!!! Work on eliminating/mitigating the baddies and don't worry as much about the score.

It has been a crazy journey, and i'm now in Mega gardening mode until the end of the year at least as I've added 6 cards and a car loan in the past 5 months. I will be closing my Credit One and Open Sky cards before the end of the year.

Chase usually pulls both Experian and Transunion at least in my experience with the six new cards in the last year it is probably a combination of accounts and Transunion score. Chase's 5/24 rule would apply depending on when you applied to them.

Re: My Rebuilding Log

Anonymous — Mon, 02 May 2016 20:03:54 GMT

@Anonymous wrote:
@Anonymous wrote:
Been awhile since I've updated:

May Scores

EX 702
EQ 641
TU 689

Very excited to break the 700 barrier less than 6 months after starting!!!

I've added a Cap 1 Quicksilver and AMEX Platinum to the collection as well!!!!

Ok, some points of advice---even with my 700 score on EX I was denied for both the Chase FU and the Chase Hyatt---why...I had too many recent requests for credit and it hasn't been long enough since my lates on my Cap 1 Platinum (now Quicksilver MC card). Lesson learned----the REPORT matters much more than the SCORE!!!! Work on eliminating/mitigating the baddies and don't worry as much about the score.

It has been a crazy journey, and i'm now in Mega gardening mode until the end of the year at least as I've added 6 cards and a car loan in the past 5 months. I will be closing my Credit One and Open Sky cards before the end of the year.
Chase usually pulls both Experian and Transunion at least in my experience with the six new cards in the last year it is probably a combination of accounts and Transunion score. Chase's 5/24 rule would apply depending on when you applied to them.

Just out of curiosity - does the Chase 5/24 rule count *all* new accounts - revolving, installment and mortgage, or just revolving accounts?

Re: My Rebuilding Log

Anonymous — Wed, 01 Jun 2016 18:40:55 GMT

Chase counts revolving accounts (both AU's as well as your own).

Re: My Rebuilding Log

Anonymous — Wed, 01 Jun 2016 18:47:16 GMT

OK, June update (BTW, I love the 1st of the month because it means my baddies are a month closer to being gone!

EX 691

TU 697

EQ 647

AAOA 6yrs 1 month

I keep saying I'm going to garden, but I couldn't pass up the opportunity to get the Chase Sapphire Preferred---I knew this was my last opportunity for 20 months to try, and I got it by closing my Southwest Premier card. I'm very excited about this card as I believe it is one of the top travel cards, and a perfect pair with my AMEX platinum card.

My EX fell from last month because I'm an AU on a card with perfect payment history but terrible utilization; it should report much lower and pull my EX back over 700.

My goal for the next 90 days is to hopefully get my B of A unsecured and get that limit close to my CSP---Chase mentioned on recon calls that my limit with them is capped in part because they are my highest line---ironically, with my AMEX Platinum, my internal limit is over 10K, but of course that doesn't get reported!!!!

My goal for the next 12 months is to have my EX and TU over 720---that will be nice.

Re: My Rebuilding Log

RonM21 — Thu, 02 Jun 2016 02:24:43 GMT

@Anonymous wrote:
Woke up this morning and checked my Experian report, and wham up 29 points to 648!!!!! I have no idea why it bumped up, but I will take it!!!!!

Very nice!

Re: My Rebuilding Log

Anonymous — Thu, 02 Jun 2016 06:10:25 GMT

@Anonymous wrote:
Starting Scores in Dec 15:

EXP 488
TU   505
EQ   479

                    * Impressive Achievement ! ! !

March Score Update:

EXP 664
TU 610
EQ 591

I was approved for my first real prime card....Chase Southwest!!! 5K SL!!!! Going to take real good care of this one!

Now, I'm focused on getting some old student loan data either corrected or deleted off my TU and EQ---those accounts are the difference between those bureaus and EXP----I'm lucky I live in a place where almost all CC issues pull EX.

I'm firmly in the garden for the next six months----I'm hoping to get all scores above 650 in the next 6 months!

Impressive Achievement over barely Six full Months.

Great Focus!

Re: My Rebuilding Log

Anonymous — Fri, 01 Jul 2016 22:58:58 GMT

July Update:

Experian 706

Transunion 702

Equifax 615

AAoA 5 years

My EQ took a nice hit with a student loan account reporting and they are the only ones to refuse to delete my 2 erroneous (really erroneous) medical collections as well as my paid liens.

In other news, the CLI's have been coming fast and furious and I now have a 10K CSP a 3K Quicksilver and a 3K BofA Cash Rewards card! (They started at 5K, 1K, and 1K)

I plan on being in the garden till the end of November and then I will app for the Citi Prestige card (and probably dump my AMEX Platinum)

Re: My Rebuilding Log

Anonymous — Thu, 01 Sep 2016 18:35:51 GMT