@KJinNC wrote:Great info. Thanks!
One thing that stands out to me is the auto loan, just a few months into the journey. I tried for an auto loan BEFORE my build, or to be precise, AS my rebuild, without knowing anything about credit. I got some terrible loan offers, which I did not take. I decided to wait and probably try again in a few months. It's good to see that it doesn't take very long to qualify for decent loan offers. Congrats on your achievements!
I need to caution you that your experience may vary from mine, especially since I still had an old account reporting, which gave me some "age". I still had a hell of a time getting a loan approval though, and my car had over 325,000 miles, so I was getting desparate. My pursuit of an auto loan is what ended up bringing me here to these forums. I was having a hard time because I only had one credit card that was 3 months old, I basically had no credit history, and only one CB reporting a credit score (Experian). There was very little information for new, thin files so I had to scour the forums. After reading about Discover, I decided to open my second credit card, and for some reason, Capital One Auto Navigator finally preapproved me for a car loan after Discover started reporting. That gave me confidence to persue DCU (after suggestions from people here) and then finally the dealership. The Mazda dealership got MULTIPLE denials from several lenders, and Toyota was the only one to take me (go figure lol). Luckily, the dealer had acess to their financial services because they also owned a Toyota dealership. So if you have any difficulty, you may want to consider them.
Thanks - if I waited to find someone with my exact profile, I'd be waiting forever - but it's good to see this type of information and think "hmm, what's different in my case?" In my case, I do have some old accounts on EQ only. They really shouldn't be there, or at least not showing as open (reality: closed in 2012, EQ alt reality: open/positive). But, I can't get FICO scores for TU or EX yet. I am being added as an AU on a card that is several years old largely to be able to generate FICO scores. Hopefully, that hits my reports this month. Meantime, my FAKO scores are fluctuating from 630 to 670 as new accounts hit and have various effects.
I had a very similar "re" build as @KLEXH25
I had a Mervyns store card in college, and never really got "into" credit. After a disastrous divorce (in a community property state) with an ex that ran up all kinds of debt, I just swore everything off for the next few years on someone's advice. I started my rebuild last year with nothing but defaulted student loans, a couple of left over accounts from the bad-marriage-days and that (closed) Mervyn's card reporting on EQ.
Since I figured that I would need an auto loan sooner or later (I was hoping for 2020), I decided to actually crack down on my credit reports figuring it might take some time to get it all straightened out. I know my score was ~540, but I went up quickly, I started with a secured card in August, and the same month that I worked on getting my student loan out of default as well as removing a fraudulent account and another old account that was my ex's.
Starting in September (secured CC reporting along with the derog SLs), my FICO was ~610. I was going to go for a secured Disco in September, but prequal gave me an unsecured one so I apped and got it (I was shocked). That month, my new Consolidated student loan hit EX (I was ineligble for rehab, so the defaults stayed on my report).
October my scores were 640-650. I got a secured Citi at that time and then just chilled in the garden. My Loan hit my TU.
December the Loan hit EQ. Lazy SOBs 
February, I financed a new sewing machine (scores 680-710).
March, my scores were ~700, except for TU which made it to 755, because I got an EE from them for the student loan default/lates and I apped for the CSP and got it (what?!), and then my care unceremoniously chucked a cylinder about a week later (I was hoping to keep that car til 2020), and I applied with my credit union for an auto loan. They were running a 3.19% promo, but I didn't quite qualify so they gave me a 3.29% rate. The dealership was running a 3.49% promo for my car, so I was happy with the 3.29.
I'm back in the garden now for the next little while, at least until my USBank card graduates (they require a year and a 680 - I've got that, so I hope to graduate "on time" and PC to the Cash+) and the last of the derogs fall off of my report in Augustish. When my Disco is done doubling, I'll probably app for the BCP and then reevaluate where I am and garden another 6 months.
I think the key was getting some positive accounts going - getting positive CCs *and* the loan. I know everyone freaks out about having secured cards reporting, but I don't think it's held me back a bit, and I'm happy to have a foot in the door with Citi and USBank. I am VERY happy with the credit union's underwriting for the loan, as I was applying with the loan officer she had the UW on messenger and I could explain the derogatory information.
@KJinNC wrote:Thanks - if I waited to find someone with my exact profile, I'd be waiting forever - but it's good to see this type of information and think "hmm, what's different in my case?" In my case, I do have some old accounts on EQ only. They really shouldn't be there, or at least not showing as open (reality: closed in 2012, EQ alt reality: open/positive). But, I can't get FICO scores for TU or EX yet. I am being added as an AU on a card that is several years old largely to be able to generate FICO scores. Hopefully, that hits my reports this month. Meantime, my FAKO scores are fluctuating from 630 to 670 as new accounts hit and have various effects.
LOL, I've been waiting for 9 months to no avail. But yeah, I totally get it. It's nice to have a thread for the no/new credit profiles since most seem to be rebuilds with derogs on their profiles. Had I found these forums 5 years ago, I'd have been one of those people myself. It also seems like some people who started a little more agressively have larger cards and/or faster growth, so it'll be nice to know if that is indeed the case or if it just seems like it. I know I have to be patient and give it time, but I'm much older than the typical "new to credit" age, so it's hard not to feel like I'm playing catch up. However, I'm also very grateful that I'm not drowning in debt like a lot of people my age. My SO has great scores (800+) & a long history (20+ years), but he also has $15k in debt and is envious that I don't. Another friend recently mentioned she has $100k in student loans and I almost died when I heard that figure. Living solely on every penny of my paycheck the past 10 years has forced me to be frugal and cautious, and I hope I can continue that way on my credit journey.
I'll be 48 in June. I think there are probably quite a few people in our age range or even older doing this. I have a story that I suspect will sound familiar to some people: burned by credit as a young adult, swore it off, took an "if I can't buy it with cash, I don't need it" philosophy. Then realized recently that there are some obligations I have or some ways of helping family members that I have put myself in a weakened position for, due to having little/no credit. My main goals are 1) qualify for prime mortgage next year or the year after, 2) never have credit problems qualifying for common things again once my build is complete (understanding I may not always get the most competitive credit cards etc). Along the way, lesser goals include a prime or near-prime auto loan, no specific deadline on this, I can wait, and - getting some decent credit cards with decent credit limits. Those lesser goals are mainly a means to an end, but also have their own benefits and will be exciting milestones that will reinforce that I'm on the right track.