Prior to this June when I committed to reparing my credit I had no revolving accounts - I avoided them after I exceeded my credit limits on two credit cards I had as an undergraduate. While in grad school I gradually paid off that old debt and didn't seek out new credit because I felt ashamed of how irresponsible I had been and thought I woudn't have a chance at getting new credit so I just avoided it all together. In June after I secured my dream job and a decent salary I decided to see what was on my reports and work towards getting my new credit. Since I have learned so much from these forums I thought I'd post my progress since I first started reading/utilizing the info I found here. Here's my progress:
Starting: EQ 551 (myfico pull) EX: 586 (CU Pull) TU: 583 (myfico pull)
Current: EQ 641 (myfico pull) EX: 655 (Credit app pull) TU: 679 (credit app pull)
1. Was able to get the 1 collection I had on my account removed, PFD with RJM Acquisitions.
2. Successfully got ACS Loans to remove (5) "30 day late Payments" from my CRs - While I was in graduate school one of my campus based loans was not reporting my in school deferments appropriately so I was able to prove that my loans should have qualified for deferral the months that I was reported for late payment.
I now have a 100% on-time payment history on my reports and no collections.
1. Personal Loan from my CU in July ($500.00) - to help with some moving expenses. (Paid off in full 2 months later)
2. Cap One Secured card - $250.00 CL
3. Platinum Visa from my CU - $2500.00 CL
4. Car Loan through NMAC - $31,482 (3.9% APR via College Grad Program - Was thrilled to find that recent phds are eligible for this program, I had assumed these programs were only for undergraduates)
5. Bank of America Americard Rewards - $500.00 CL
6. Dillards Amex - $1000.00 CL
7. Macy's Store Card - $600.00 CL
I was not planning to buy a car until Dec 2013, but my current car kept breaking down so I took the chance and was approved. I am officially in the garden for at least 2 years , I have no plans or no need to pursue any new credit for some time. Focusing on keeping my on time payment history and Util very low. Planning to save to purchase a home in about 5 years. I'm happy with my progress and couldn't have done it without the knowledge I gained from these forums.
Excellent work on the rebuilding. Oh, and BTW, nice job on the doctorate!