Congratulations! About 2 years ago I started working on my poor financial status. No major purchase in mind, I was just tired of the stress and insomnia my current state was forcing me to live in. Also, I was living a life that I was constantly trying to hide my finances from my husband. It didn't feel good and even though we had been married 23 years and were happy- the charade was wearing me out. Anyway I went from the 620-640's to now 776-792.
#1 It was tough, but I came clean to my husband
#2 I worked overtime like crazy to help pay off. It really cut our social life down- but I told my closest friends what I was doing and they were supportive.
#3 we traded in a repair prone car for a sensible reliable used car and took out a home equity to pay off credit cards
#4 We used 3 different cards and pay off monthly
#5 We have Christmas funds, so we won't charge on cards this holiday, plus EVERYONE in our circle of family and friends knows our new agenda, so expectations are lower.
#6 We have started an emergency fund( still small, about 1000) But will pay for new tires or a small car repair without charging
#7 We still have school loans -both ours and our kids- that we are paying off slowly, but surely. About 53,000. Down from 62000. I got a bonus this fall and the 2 grand went right to the student loans.
#8 I almost forgot, I also paid off my 401 K loan I had taken 5 years ago. It was eating $380 out of every paycheck I had!
Just to give you some ideas of how it can work. To me, it is like a diet. I am not perfect and occasionally , I fall off the "wagon", but I just wake up the next day and get right back on my mission. I am actually going for 800 and a comfortable retirement in 12-15 years. Who knows now??!!
Thank you everyone for your help and the info provided on this website .
Message Edited by Sushi on 09-16-200809:47 AM
Congratulations to you! Many Blessings abound with your diligence and hard work. I'm working on the same goal, so I know how tough the journey was. Take ONE Step and GOD takes two. Again, you are Blessed & Highly Favored.
While you waiting for the OP to get back here, please (please, please, please) go read Credit Scoring 101, which is stickied at the top of many of these boards. At least read the first main post.
There are a lot of ways that you can turn around your credit profile, but you need to get a basic understanding of the ins and outs, and this thread is a great way to start.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
I know how you feel! Mine just went up 713/704/729 I was sooooo excited! Hubby's been there a while, took me 5 years post BR to get mine up. To those who keep asking what to do, I bought a book and went to a seminar a few months after my BR. The book is Life After Bankruptcy by Stephen Snyder, not sure if it is in print but you may be able to purchase on Ebay. That book saved my life and taught me a lot, he's also got a website and a weekly email you can subscribe to, think the web addy is www.lifeafterbankruptcy.com . I have taken a lot of his suggestions and little by little with a LOT of hard work, it has finally gotten me there. Still hoping to break the 800 mark one day.
There are a LOT of pitfalls, some I learned a little too late that could have helped me. I paid off collections that would have been better left alone, they would have dropped off on their own, when I paid them, it extended the time they remained on my reports because of the DLA rule. I learned that a "pretty" report doesn't get you better/higher scores.
Good luck to those who are still trying, there is always hope, just like the other poster said, you will get there.
I don't get it! I've tried for several years working hard and trying different ways to boost my credit after husband died and I had a bankruptcy and foreclosure in 2004.
I also made the mistake of closing all my credits cards and my scores dropped an additional 50 points.
My scores today range from 638 to 698 - a broad range, and even after finding a small store credit card I'd missed closing, and used it to re-establish my credit by paying it down in increments, my scores have only improved by 30 points in total.
IWhat's going on?
I'm trying to Refinance my current home - I'm one of those people who could only afford an ARM and it is coming due fast and will re-adjust much higher.