topic Re: Disappointments in Rebuilding Your Credit

Disappointments

lizmariposa — Mon, 10 May 2021 16:44:03 GMT

Does anyone else feel the disappointment sometimes when you wait for your myFICO reports to come down, only to see that not much got updated and your score did not improve? A bunch of my stuff should've been reported as of May 7th, but only appears as such with one bureau... and then, well. It feels like it didn't matter. It didn't matter I paid down a loan $500, or paid down CC's quite a bit. Often I feel like these companies have way too much control over our financial futures and our ability to have access to things, and then I feel frustrated and angry. Like a poor person kept under poverty by the game, with a ruse of "things will be right, if you just play by the rules." Alas. I just keep plugging along...

Re: Disappointments

spiritcraft1 — Mon, 10 May 2021 16:53:37 GMT

@lizmariposa wrote:
Does anyone else feel the disappointment sometimes when you wait for your myFICO reports to come down, only to see that not much got updated and your score did not improve? A bunch of my stuff should've been reported as of May 7th, but only appears as such with one bureau... and then, well. It feels like it didn't matter. It didn't matter I paid down a loan $500, or paid down CC's quite a bit. Often I feel like these companies have way too much control over our financial futures and our ability to have access to things, and then I feel frustrated and angry. Like a poor person kept under poverty by the game, with a ruse of "things will be right, if you just play by the rules." Alas. I just keep plugging along...

I understand and have been there. Things will improve though it is hard to see through the fog of today.

Re: Disappointments

Brian_Earl_Spilner — Mon, 10 May 2021 16:55:35 GMT

Yes, that's why I paused my myfico subscription. That was just money I could have used to pay off debt. Instead it was demoralizing me. At this point I don't even look at my scores unless I want to apply for something. As long as I reach my end goal, I know they're going up.

Re: Disappointments

lizmariposa — Mon, 10 May 2021 16:58:30 GMT

It feels like a ripoff of $42 some dollars when your current report is mostly April stuff, and not anything recent. Anf then one which DOES have more recent things, didn't move at all. "Oh, you're paying down your debt which is in good standing? Yeah, we don't care."

Re: Disappointments

Anonymous — Wed, 12 May 2021 07:03:28 GMT

This is kind of what I'm going through now. I feel like I've somewhat hit a plateau. Paid off our car loan last month and it our scores took a hit. Not huge hit maybe 9 pts (although still waiting on slow Experian to update it closed and PIF) But now I'm back under 600. Sooo much money spend on paying off collections (they were removed) and still under 600. I'm not exactly sure how to raise our scores now.

Re: Disappointments

lizmariposa — Wed, 12 May 2021 12:02:51 GMT

Yeah. It's hard when loans fall off. I had a lot of medical debt in collections, and they were generous enough to remove them when I paid them off. Mostly, what I've done is get a Credit Strong account. Which is like a CD to which you pay a small monthly amount, and then they remport it as if it were an installment loan. Once it's paid off, however, they give you all the money back with some interest. Mine's like $30 a month, but there's different options and payments, etc. I also got like a Capital One rebuilder credit card and put some small, dumb thing on it, to auto pay once a month. These little things have helped me, but it's a long road. Things improve a bit once late payments start getting older. But that won't be till like 5-7 years. I'm at a 3 year mark with one, and they still behave like it was a felony. lol

But see, my May 3B report doesn't even have May data in it. They just left ALL the April stuff in there, and haven't even updated my scores, though all those things are reported as of 05/06. I really don't like how much power these bureaus have, and then they get lazy and drag their heels, and stuff. I have a student loan I should've probably paid off a decado ago. But now that I'm faithful with it, they just don't care. Sometimes they don't report for like two months or more on payments made. If I have to suffer the consequences of a negative mark for seven years, these companies should at least be held more accountable for their data, and creditors and companies for reporting dilligently and accurately.

Re: Disappointments

Anonymous — Wed, 12 May 2021 12:55:08 GMT

Research Dave Ramsey.....

But anyway, credit scores are a long journey, not a fast sprint. It can take several months for scores to even out after a big change.

Having good FICO scores is a great goal and is helpful in life, but it is absolutely NOT necessary unless you're trying to get approved for more debt! You do not need a high score to have nice things. Save your cash, pay up front and your scores will improve over time.

When I bought my first home, first vehicles, got a personal loan, etc... I had no clue how credit worked. Everything was approved instantly with excellent interest because my scores were near 800....One life catastrophe and a health emergency sent me into default on credit cards, scores dipped to low 500s.

It doesn't define me as a person or mean my life is ruined. It just means I have to recover for a few years and then be on my way again.

Re: Disappointments

fishbjc — Wed, 12 May 2021 14:02:18 GMT

My husband was at 555, now at 786. Up, down, up down. Just keep plugging along and improvement will come your way.

Re: Disappointments

BM1990 — Sun, 23 May 2021 07:20:21 GMT

@lizmariposa wrote:
Does anyone else feel the disappointment sometimes when you wait for your myFICO reports to come down, only to see that not much got updated and your score did not improve? A bunch of my stuff should've been reported as of May 7th, but only appears as such with one bureau... and then, well. It feels like it didn't matter. It didn't matter I paid down a loan $500, or paid down CC's quite a bit. Often I feel like these companies have way too much control over our financial futures and our ability to have access to things, and then I feel frustrated and angry. Like a poor person kept under poverty by the game, with a ruse of "things will be right, if you just play by the rules." Alas. I just keep plugging along...

I feel your pain. I'm currently going through the same thing.

Re: Disappointments

Trigunn423 — Sun, 23 May 2021 21:11:46 GMT

Yes I can relate. Feels like two steps forward and 2.5 back at times.

@BM1990 wrote:
@lizmariposa wrote:
Does anyone else feel the disappointment sometimes when you wait for your myFICO reports to come down, only to see that not much got updated and your score did not improve? A bunch of my stuff should've been reported as of May 7th, but only appears as such with one bureau... and then, well. It feels like it didn't matter. It didn't matter I paid down a loan $500, or paid down CC's quite a bit. Often I feel like these companies have way too much control over our financial futures and our ability to have access to things, and then I feel frustrated and angry. Like a poor person kept under poverty by the game, with a ruse of "things will be right, if you just play by the rules." Alas. I just keep plugging along...
I feel your pain. I'm currently going through the same thing.

Re: Disappointments

Red1Blue — Sun, 23 May 2021 23:28:27 GMT

@Brian_Earl_Spilner wrote:
Yes, that's why I paused my myfico subscription. That was just money I could have used to pay off debt. Instead it was demoralizing me. At this point I don't even look at my scores unless I want to apply for something. As long as I reach my end goal, I know they're going up.

Hi @Brian_Earl_Spilner I am like you. Checking the scores once a year. There is no need to keep checking them so often and paying lot of money to reports and keep getting discouraged.

Re: Disappointments

lizmariposa — Sun, 23 May 2021 23:39:06 GMT

Once I get to a certain point, I'll check less often. But I've had bad credit forever, and now I'm finally close to a place where I can get a proper car loan, and a house... so I am keeping an eye on it closer than usual.

Re: Disappointments

Jordan23ww — Sun, 23 May 2021 23:48:26 GMT

I definitely understand! I just wanna encourage you to keep doing the right things and it will pay off. It can be frustrating and a pain to keep going with little or no visible changes, I've been there.

I started my credit rebuild in August 2019, I had a 583 Fico. It seems like it takes so long to get things back where we want. I think it will all pay off for you though. Right now it may feel pointless. As you start to see the progress and improvements you'll be so glad you stuck with it. Best wishes to you!