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What Caused You To Have to Rebuild?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

What Caused You To Have to Rebuild?

Without getting too personal I'd like to know what caused 'you' to find yourself rebuilding 'again' with regards to credit FICO's and accounts?

For me is it was a divorce - between loans for Lawyers, split in assets, driving distance for meet-ups/drop offs etc. both saving and CC's were hit pretty hard. 

 

While I dropped to the 500's from the mid 600's (best avg. score for me was 650ish across the board) so I've begun rebuilding and it's easier now than it was before because of all I've learned here previsously.

 

I think the hardest (must frustrating) part is the lenght of time negative entries remain on your profile for all potential creatitors to see. Thank goodness for Secured CC's from some nice banks with graudating terms! Whew they are helping my Fico's quickly number wise anyway - 

 

Curious as to the major top 3 or 5 reasons people find themselves rebuilding... 

Starting Score: EX 551|TU 565|EQ 556
Current Score: EX 551|TU 565|EQ 556
Goal Score: EX 620|TU 620|EQ620


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Message 1 of 57
56 REPLIES 56
Frequent Contributor

Re: What Caused You To Have to Rebuild?

Was young and dumb is what caused mine a couple charge offs and defaulted on student loans. Started out with scores in mid 500s now they are around 700 have some high balances right now that need to be paid down they went up after my divorce having to adjust to one income.Then my dad was diagnosed with cancer so I put my boys in daycare (even though my parents still wanted to watch them) which was more than my house payment. He is cancer free now and they help me with child care now. I have not used my credit cards in probably six months and have just been paying everything back down. So while I am not rebuilding again I realized I was headed for disaster again if I did not get things back under control with a solid plan.

Message 2 of 57
Frequent Contributor

Re: What Caused You To Have to Rebuild?

I never knew how it worked and nobody really explained it to me it wasn't until I actually needed it for a car loan that I thought to better understand it I thought if you had a good one awesome but if you didn't you just didn't and that's how it worked and if you had a higher income you just had higher credit.....butttttt after researching and building on myself I am glad to say I started even though I was 29 at the time hahahaha.    Yes I know I waited late ....really late but now I have a lot better credit and more doors open for me and I really really really wish someone explained this to me when I was younger so I wouldn't have been put through such hurt before BUT live and learn and hopefully people will help people more and these forums help the way I wish I had before.  Smiley Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


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Message 3 of 57
Regular Contributor

Re: What Caused You To Have to Rebuild?

For me, I got into credit trouble when I was younger and in the military.  And then I met heroin after I got out of the military, and I threw everything away.  Burned every single creditor I had, thankfully a lot of them were kind enough to remove the tradelines.

 

2+ years clean from that crap, and about 8 months into my rebuild.  I still have a long way to go with credit, but I am a hell of a lot closer now than when I started rebuilding.


Starting 5/2018

Current 3/2019
Message 4 of 57
Regular Contributor

Re: What Caused You To Have to Rebuild?

@pursell1911
Congratulations on 2+years clean!
Also thank you for your service and sharing your story. You never know who needs what you've shared here.
Starting Score: EX 551|TU 565|EQ 556
Current Score: EX 551|TU 565|EQ 556
Goal Score: EX 620|TU 620|EQ620


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Message 5 of 57
Regular Contributor

Re: What Caused You To Have to Rebuild?

@ twall06
That 700 fico score zone.... whew I am waiting for that day over here!
Starting Score: EX 551|TU 565|EQ 556
Current Score: EX 551|TU 565|EQ 556
Goal Score: EX 620|TU 620|EQ620


Take the myFICO Fitness Challenge


Message 6 of 57
Regular Contributor

Re: What Caused You To Have to Rebuild?

@girlzilla88
Nice comeback though!! And yes now you can help other people as well. Smiley Happy
Starting Score: EX 551|TU 565|EQ 556
Current Score: EX 551|TU 565|EQ 556
Goal Score: EX 620|TU 620|EQ620


Take the myFICO Fitness Challenge


Message 7 of 57
Community Leader
Super Contributor

Re: What Caused You To Have to Rebuild?

Filed bk7 over 10 years ago due to being young dumb and living beyond ones means. Didnt realize i could rebuild right after, took about 8 years before i even knew i could have credit again , found myfico and have rebuilt quite well for my low income. Amazing and diverse group of people here in Ficoland, and eternally gratefulSmiley Happy
Charter Member of the Discover " No Cli For You " Club !

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Message 8 of 57
Regular Contributor

Re: What Caused You To Have to Rebuild?

@AverageJoesCredit
Wow 8 years before you even knew you could have credit?!? But you know what? All we hear about BK is (10 years) so I can see how your thought process could go there.
My thought process would've been the same had I not known about myfico.

My BK was removed from my credit file back in 2012. That was a looooong 10 years!
Starting Score: EX 551|TU 565|EQ 556
Current Score: EX 551|TU 565|EQ 556
Goal Score: EX 620|TU 620|EQ620


Take the myFICO Fitness Challenge


Message 9 of 57
Frequent Contributor

Re: What Caused You To Have to Rebuild?

Mine is probably more of a build than a rebuild.

 

Just always have paid cash for everything my life.  Finally decided to care one day (looking ahead to possible house purchase.)  Started looking around, found this place.  Now it is my thing.




Starting Score: 697,722,705
Current Score: See Above
Goal Score: 775


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Message 10 of 57