topic Fixing A Storm That Has Become My Credit in Rebuilding Your Credit

Fixing A Storm That Has Become My Credit

jmccade1973 — Sun, 09 Jul 2023 20:00:22 GMT

Greetings everyone,

I was approved for disability insurance last month after being unemployed since August 2022.

During my time being without an income all of my credit cards were closed and wrote off even tho I explained my hardship to each creditor.

Now I have setup payment plans for each creditor and I am lucky enough that none of the collections have reported yet.

I have applied and been approved for an Applied Bank Secured Card, an OpenSky Secured Card, a First Progress Secured Card, and a Credit Strong Revolv account. I also have an open NFCU Auto Loan that is in good standing.

myFICO shows my scores as EQ 502 and EX/TU 541.

Can anyone suggest anything else I should be doing besides waiting for the new accounts and payment plans to increase my scores?

Re: Fixing A Sh#t Storm That Has Become My Credit

FireMedic1 — Sun, 09 Jul 2023 18:00:36 GMT

Getting credit while in debt only drops your scores even more. We say finances over FICO here. In credit the good doesnt outweigh the bad. Stop getting credit. And your doing the right thing by paying the debts. As the balances go down. Scores go up.

Re: Fixing A Sh#t Storm That Has Become My Credit

Jnbmom — Sun, 09 Jul 2023 15:35:44 GMT

@FireMedic1 wrote:
First. You can click the 3 little dots top right of your post and fix the Title. Getting credit while in debt only drops your scores even more. We say finances over FICO here. In credit the good doesnt outweigh the bad. Stop getting credit. And your doing the right thing by paying the debts. As the balances go down. Scores go up.

I agree instead of putting money towards several secured cards get your debt you currently owe paid down.

Re: Fixing A Storm That Has Become My Credit

tnhomestead — Tue, 11 Jul 2023 01:27:40 GMT

Finances first. Cancel the cards, use money to pay down debt. Since your a member of NFCU, if you must try for a card through them or their secured card.

If your on disability, you really need to watch your expenses and most of the secured cards charge fees.

1 card is all you need to start over, and paying off the old cards.

Good luck!

Re: Fixing A Storm That Has Become My Credit

IamWesty12 — Sat, 15 Jul 2023 12:55:02 GMT

@jmccade1973 wrote:
Greetings everyone,
I was approved for disability insurance last month after being unemployed since August 2022.
During my time being without an income all of my credit cards were closed and wrote off even tho I explained my hardship to each creditor.
Now I have setup payment plans for each creditor and I am lucky enough that none of the collections have reported yet.

I have applied and been approved for an Applied Bank Secured Card, an OpenSky Secured Card, a First Progress Secured Card, and a Credit Strong Revolv account. I also have an open NFCU Auto Loan that is in good standing.

myFICO shows my scores as EQ 502 and EX/TU 541.

Can anyone suggest anything else I should be doing besides waiting for the new accounts and payment plans to increase my scores?

@jmccade1973 First off, welcome. You have made a great choice to join this forum. I am happy things are finally going the right direction for you. I do agree with others, those secured cards may seem good on paper but honestly time will be your best friend once now and certainly once you pay your previous creditors. I am with NFCU and that was my first thought, they are very great to work with and with you having an auto loan with them in good standing, that is much better than most situations as NFCU IMO very relationship based. I would focus on getting those debts down and after time try to get a CC with NFCU. Keep us posted!