topic Re: Stuck in the credit score abyss in Rebuilding Your Credit

Stuck in the credit score abyss

907grown — Tue, 20 Oct 2009 18:48:32 GMT

I am very happy to see how many people are reporting these great increases with the score, and all I want is a slice of that pie! I have been diligently working on my credit which I will be the first to admit is a horrible embarassment. I remember back in June getting started and putting a post up talking about how bad it was and someone posted back that I must have really tried hard to not pay bills and to get myself in collections because my score and report are so low. This has stuck with me and I have worked so hard. I have not had any lates at all in 14 months, have gotten a number of collections removed from my report with all three bureaus, and just a couple of weeks ago, paid off my ccs. The first card reported and dropped my score by 6 points. It was a secured card that yes, I messed up with, ran it up way past the limit, and even though my credit union never reported me as delinquent, they did clear out the security amt and closed the card, but I have been diligently paying, and now have an .86cent credit. My two FirstPremier cc will report on the 22nd and the 5th. Now, I am just waiting to see if I get an increase, and how much it will be. I am very frustrated with this process, I do still have open collection accts that I have chosen not to pay and am waiting for some to fall off, all open accts right now are in and have been in good standing for over a year. Anyway with all of that said, my credit score was 461 in June and as of October 20, it is at 473. WTF?! Also, still have not gotten an update from myfico as to what my score is, last update was on 9/5, funny though, when I go to Equifax and look at my current report, that card has reported, the point drop that I am referring to up top is my credit karma fako. So really not sure what my real scores are.

Re: Stuck in the credit score abyss

XAVIERSMAMA — Tue, 20 Oct 2009 18:55:12 GMT

Hang in there nyankovic. As long as you are taking the positive actions toward improving your score, your score will improve, it just takes time. Once your new CC's and the inquiries that went with it hit the 1 year mark and your collections fall off you will see your score improve even more. Even still 12 pts in 4 months isn't all bad. It's upward movement. Remember you didn't get into trouble overnight, so it will take some time to get your score to where you want it to be.

Re: Stuck in the credit score abyss

persistent98 — Tue, 20 Oct 2009 23:35:34 GMT

how many collections do you have? maybe you can request a PFD? I did that with 2 collections and they let me PFD both for less than the full balance. If you get those collections off your score should really shoot up. don't worry, i removed myself from a credit card that i was an authorized signer on with a 90%util and my score dropped 49 points on TrueCredit, but a few days later I checked myfico scores on here and it actually went up about 10 points. keep chargin, it gets discouraging at times but just think of how great your score will be in a year!

Re: Stuck in the credit score abyss

BungalowMo — Tue, 20 Oct 2009 23:49:03 GMT

First of all, let me say that it isn't easy to start out on this road. I applaud you for coming here and trying to learn everything you can about the steps it takes to clean up a mess that many of us here are all too familiar with.

Now...let's address your post.....

@nyankovic wrote:
I am very happy to see how many people are reporting these great increases with the score, and all I want is a slice of that pie! I have been diligently working on my credit which I will be the first to admit is a horrible embarassment.

I know how that feels! I remember after several things aged & time went by & I sat hovering in the mid-600's for over three years!! I thought that anything higher was just not meant to be for me. Then I heard about the buckets. It's not an exact science, and two people may not be in the same bucket for the same reasons. When things age a bit more, or collection accts drop off, you're likely to see a dip in your score, then as a few more months pass...you're moving up in a faster clip. When you move into the next bucket, your info is sort of compared to other people in your bucket, and you're at the bottom.

I remember back in June getting started and putting a post up talking about how bad it was and someone posted back that I must have really tried hard to not pay bills and to get myself in collections because my score and report are so low. This has stuck with me and I have worked so hard.

Whoever said that up there was just plain RUDE. That was totally uncalled for! Many of us have been in that same situation at one time or another and that is why we are here...to help each other...not chastise each other.

Pay them NO mind.

I have not had any lates at all in 14 months, have gotten a number of collections removed from my report with all three bureaus, and just a couple of weeks ago, paid off my ccs.

Excellent!!!

The first card reported and dropped my score by 6 points. What did it "report"?

It was a secured card that yes, I messed up with, ran it up way past the limit, and even though my credit union never reported me as delinquent, they did clear out the security amt and closed the card, but I have been diligently paying, and now have an .86cent credit.

What is an .86 cent credit?

My two FirstPremier cc will report on the 22nd and the 5th. Now, I am just waiting to see if I get an increase, and how much it will be.

Hard to say what it will be, but you'll get something.

I am very frustrated with this process, (I feel your pain)

I do still have open collection accts that I have chosen not to pay and am waiting for some to fall off,

When are they due to drop??

all open accts right now are in and have been in good standing for over a year.

Anyway with all of that said, my credit score was 461 in June and as of October 20, it is at 473. WTF?!

It will improve, I promise!

Also, still have not gotten an update from myfico as to what my score is, last update was on 9/5,

Sounds like you have the scorewatch. Get into your settings & make sure your target score is what your current score is now.

funny though, when I go to Equifax and look at my current report, that card has reported, the point drop that I am referring to up top is my credit karma fako. So really not sure what my real scores are.

Credit Karma is definitely a FAKO & it's a TU score...not EQ.

Get your scores here. Can you spend about 22.00 right now? Let me know....

Keep up the good work & don't let negative comments get ya down. 99% of us here will be rooting you on & be your virtual shoulder to cry on when ya need it too!! Hope this helps & I'll be checking back on ya!

Re: Stuck in the credit score abyss

Anonymous — Wed, 21 Oct 2009 00:05:10 GMT

BungalowMo - the bucket analogy is a GREAT one! The best I have heard for what is happening when you are repairing/rebuilding your credit!

nyankovic - you have made wonderful progress already! Give yourself the credit you deserve for actually taking the steps to improve your situation. I think for me the hardest part was facing the facts and committing to this journey. I am also fairly new to all of this, but I try and take pride in small accomplishments, even if it is just paying an extra $50 towards my cc debt. Baby steps!

Edited to add: If you search for "myfico discount code" in google you will find great 15-20% discount coupon codes to use here at MyFico!

That way you are saving a little bit of $$$ but getting TRUE FICO, not FAKO scores! I can't afford to pull them every single month, so my goal is every 2 or 3 months, but I know I am getting the true scores (EQ and TU) straight from the source!

Message Edited by Circe221 on 10-20-2009 05:05 PM

Re: Stuck in the credit score abyss

BungalowMo — Wed, 21 Oct 2009 00:06:12 GMT

Thanks...it's hard to describe, but I was hoping that made sense,

One more thing to nyankovic....do you have your 3 free reports you get every year BY LAW??? If not, go to the free report link in my sig. These reports are not the "free report" with the dudes on the commercial. NOT EVEN CLOSE.

Get those & print them up...they have all the info you need for US to help ya out!!

Re: Stuck in the credit score abyss

benben7 — Wed, 21 Oct 2009 00:57:20 GMT

Hi Nyankovic,

I want you to hang in there. The folks have helped me. I still have baddies and there are coming off. It takes time. Keep working on your report. You will get there and with the good people here you will see. Hang in there.

Benben

Re: Stuck in the credit score abyss

ShootingStar — Wed, 21 Oct 2009 01:47:39 GMT

Know exactly how you feel, nyankovic. When you wake up and finally discover you can take control of your circumstances and future financial destiny back -- YOU WANT IT ALL NOW!!! My FICO just can't go up fast enough!

Hang in there -- we're all rooting each other on here!

Re: Stuck in the credit score abyss

ArmyStrong — Wed, 21 Oct 2009 05:46:19 GMT

+1! Stay the course!!