Is it possible?

[Anonymous]

Hello, I'm 31 years old married and have a baby due any day. I have just now decided to take my credit seriously. Up to now I have used credit to get something I wanted and then never paid it off. I completely ruined my credit and I know that's my fault. I never had anyone teach need about credit, what it was, how important it truly is, and always thought it was something rich people had and was out of my reach. My scores  today are 530, 525, 540, ..I have $750 in collections all from hospitals, I have over 20 closed accounts all showing as wrote off. I just got approved for a Capitol one secured card. This is my second step to building my credit. My first was actually learning what credit is and how it works. I know now about utilization, limits, scores, installment accounts and revolving accounts. I decided to make this change because I need to provide a house for my child and wife and desperately want to be able to get approved for one. I plan on utilizing 10 percent of the card and making all my future payments on time, and will be trying to find someone willing to give me an installment loan (doubtful) to report as well. Do your guys have any advice for me as to how to build a good report for a mortgage loan.  

[AllZero]

Read. Then, read some more. When you think you're finished reading, read some more. There is a treasure trove of knowledge here. Waiting to be discovered by you.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

[AllZero]

Free mortgage scores

EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[TheFIGuy]

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@AllZero wrote:

Read. Then, read some more. When you think you're finished reading, read some more. There is a treasure trove of knowledge here. Waiting to be discovered by you.

I would recommend reading the below from ABCD2199
The Truth about Credit Card Utilization
My 11 Rules to Credit Rebuilding
FICO Score: What to pay down first?

From Birdman7
General Scoring Primer and Version 8 Master Thread rev.5.17.20

---

This ^

I'll add, the only thing that might get in your way is "searching for keywords". But trust me that question you "think" you're the first to ask has been asked. Also, you can ask again, we're here to help!

I always triple check these forums before applying for anything. I like to be informed before making a decision!

[M_Smart007]

@Anonymous   Welcome to myFICO forums

You have come to the right place! Good luck on your credit journey

[Anonymous]

@Anonymous Welcome! 

I agree with all of the above. One thing I found helpful is to find a good loan originator to work with. Do your research and get recommendations. Spend some time talking to them, finding out how they can help you. They can give you tips to boost your credit profile (based on your credit report) and help you reach your goals. It can be challenging finding someone who can give you good advice so be patient. 

If you get advice from a loan originator about hiring someone to help you repair your credit - DON'T. It is a colossal waste of money and can really mess your profile up. When that was suggested to me, I would listen to what they suggested to do and do my own research/take care of it myself. I had a loan originator suggest I hire someone for $3,000 who could help my profile - that wasn't including how much it would cost for me to pay off the items they asked me to pay off! No, thank you! Trust your gut - if it feels wrong, don't do it. 

Also - ask questions here in the forums! Everyone is super helpful and can help you navigate any confusing information. We're all here to support each other. I've benefitted a lot from the advice I've received here. 

[Sbrooks1]

Anything is possible with time and deligence. Go to the rebuilding forum. I spent 2 years there and it was an awesome learning experience. Good Luck.