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My Credit Journey

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New Member

My Credit Journey

Hey World!

I am 100% new here, but I have been reading the forums for sometime now. I just wanted to share my journey with you all! Here goes nothing:

It all begin in 03/2019. Something in me snapped, and I said “I’m 27, it’s about time I build my credit.” So my mother co-signed for me a 2019 Nissan Sentra. Around that time I have also been reading about self lender, and secured credit card. So I signed up for Self Lender, and a secured Greendot Visa which I deposited $200 to. My first month beginning to build credit, and I have opened 3 lines. Good start.

Now, before my mother signed on the car for me I had applied for the Credit One Platinum VISA. I was denied. It said as clear as day under the reason for denial “lack of auto loans.” So I knew once the car showed up on my credit I would reapply.

Late 04/2019 the car finally hits my credit! So immediately I reapply for the Credit One Platinum VISA, GOT IT! $400 CL, I wanted to try my luck again right away. So right after that approval, I noticed in my Credit Karma I can get the Total VISA so I applied for it as well just minutes after my approval. Got it as well $300 CL.

It appears that my actual FICO from the initial open account was 498. I didn’t have a FICO before the car, self lender, and my secured card accounts that reported as new accounts in 03/2019.

My score has been increasing every month since 03/2019. What’s cool is by 06/01/2019 my FICO went up 51 points just because of account age, it said something about having accounts in good standing for a certain period of time.

Anyways, by 06/05/2019 I had fair credit. Currently as of 10/02/2019 my scores are EX 581, TU 571, EQ 590. These are my scores with 3 maxed out cards. I’m paying the balances in full, I will update you guys on the increase! I believe I have about 75-100+ points tied up in utilization.

I’m predicting that my scores will be 680-700ish after paying the balances off. Let’s see!

NOTE: Oh I have a Fingerhut installment account, not the actual revolving credit so I saw no benefit. Will update a score increase when graduated to revolving credit with them as well!
6 REPLIES 6
Established Contributor

Re: My Credit Journey

Make sure you update us with your improved scores!

 

Keep at it!

 

Over $200,000 in credit across 12 cards.

FICO ranges from 791 -824 as of 07/26/2019
Message 2 of 7
New Member

Re: My Credit Journey

Will do buddy! I can’t wait! Thanks for the Kudos! Have a nice day!
Message 3 of 7
Community Leader
Mega Contributor

Re: My Credit Journey

Hi and welcome to the forums!

Congrats on your journey so far. You're doing great.
Dont open any more tradelines and watch those scores grow even higher than you think.
Glad you decided to join us and share your story
EX 759 EQ 774 TU 753


Message 4 of 7
Super Contributor

Re: My Credit Journey

I'm a bit confused by your debut Fico score of 498.  How many accounts were on your CR at the time that score was generated?  Most of the time debut scores are around 700 or even slightly higher from what I've read.  I understand you may have had maxed out utilization at the time, but I'd expect 100 points to be given up due to that, not 200+.  Just an observation that something appears a bit off. 

Message 5 of 7
New Member

Re: My Credit Journey

Thanks for the warm welcome! I was eager to pay off my balances and full, and get more credit right after that increase but I will let what I have now age. I am happy to be here. Thanks again, have a nice one!
Message 6 of 7
New Member

Re: My Credit Journey

Wow, a 700 debut? I wish! I had 3 accounts at the time. The car loan, the self lender, and the greendot secured. They all reported as open accounts on 03/01/2019 then I got that score.

Now I do have 5 medical collections, and excessive inquiries on my file before I even began to build credit.

What’s crazy is one of them is a new collection, but It affects the Vantage Scores badly, it didn’t affect my FICO at all even though it’s over $100.

I actually had 7 collections, I disputed and for 2 off just a couple days before joining here. But, there was no change to my FICO then as well.

Also, I just recently maxed out all 3 cards and they reported that way.
Message 7 of 7
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