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Chugging right along....

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New Member

Chugging right along....

Hi! New here but I've been working on my credit issues for a little over a year now.

I started at 485 in April of 2018.

Worked on paying off accounts. Made a payment plan for the last two of them in October 2018, to be paid off in 10 payments so they will be PIF with the last payments next month (7/19).

Pulled my student loans out of default and am returning to school 8/19 to pursue my degree while continuing to work FT+.

Got 3 CCs. Each with a current CL of $300.
Cap1 Platinum
Cap1 QS1
First Access
I pay off the Cap1s in full before the payment due date and the First Access on the due date (I usually just have a recurring $20/mo charitable donation that charges to it automatically).

Auto loan initiated 11/17 - worked with loan company to defer one payment earlier this year so the account registers no late payments. I usually pay a week or two before the due date.

So, right now I'm just gardening. Waiting out my time for CLIs on the three cards I have.

The student loans sent my scores a bit funky when DOEd removed them from my credit reports. Tanked one score 19 points. However, a few days later, that same score shot up 67 points...go figure.

So, I currently stand at:
TU 662
EQ 604
EX 595

So, I figure it is best to just bide my time for the moment and let them all settle down and catch up with each other while I contemplate my next move.

My goal is 700+ by this time next year, so I've banked $5000 in savings "just in case". I don't want any bobbles.

Any suggestions or advice on future moves are warmly welcomed.

Wyspers
Message 1 of 6
5 REPLIES 5
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Frequent Contributor

Re: Chugging right along....

When you say paying off accounts if you mean cc's it's very important to pay down the cc balances down to 1-6%,you have a great variety of credit accounts.Keep paying all accounts monthly a agreed and only open credit accounts that you need.Keep your oldest open cc open and never close it.If you follow these steps your Fico score will improve over time.GOOD LUCK...

Message 2 of 6
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New Member

Re: Chugging right along....

On that, I was actually referring to collections accounts.

I was noticing, as you pointed out, that quite a few people were saying to let a small balance (1-6%) ride on one of the credit cards and then pay it after it reports. This is something I haven't been doing but will definitely give it a try.

It all just takes time and patience.

Wyspers
Message 3 of 6
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Super Contributor

Re: Chugging right along....


@Wyspers wrote:
Hi! New here but I've been working on my credit issues for a little over a year now.

I started at 485 in April of 2018.

Worked on paying off accounts. Made a payment plan for the last two of them in October 2018, to be paid off in 10 payments so they will be PIF with the last payments next month (7/19).

Pulled my student loans out of default and am returning to school 8/19 to pursue my degree while continuing to work FT+.

Got 3 CCs. Each with a current CL of $300.
Cap1 Platinum
Cap1 QS1
First Access
I pay off the Cap1s in full before the payment due date and the First Access on the due date (I usually just have a recurring $20/mo charitable donation that charges to it automatically). Pay the 2 Cap1's to zero balance before statement due date. For best chance at CLI's. They like heavy usage and PIF in rebuilding mode. Let the recurring $20 on FA report the $20 after statement date and then pay in full (PIF) before the due date. Rinse and repeat

Auto loan initiated 11/17 - worked with loan company to defer one payment earlier this year so the account registers no late payments. I usually pay a week or two before the due date.

So, right now I'm just gardening. Waiting out my time for CLIs on the three cards I have.

The student loans sent my scores a bit funky when DOEd removed them from my credit reports. Tanked one score 19 points. However, a few days later, that same score shot up 67 points...go figure.

So, I currently stand at:
TU 662
EQ 604
EX 595

So, I figure it is best to just bide my time for the moment and let them all settle down and catch up with each other while I contemplate my next move.

My goal is 700+ by this time next year, so I've banked $5000 in savings "just in case". I don't want any bobbles.

Any suggestions or advice on future moves are warmly welcomed.

Wyspers

This is what we call AZEO or all zero except one. This will ding your score if your carrying a balance on all cards right now. You have 2 installemt loans with your car and student loans. So no need to get a loan. Wont help much. Let time do its thing and you'll see score rise as they all age and follow AZEO for now. In 6 months report back and we'll guide you on to the next card. Good Luck!

Message 4 of 6
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Established Contributor

Re: Chugging right along....

Great job on your recovery!  It must be a great feeling to take control of your finances.



Message 5 of 6
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Moderator

Re: Chugging right along....


@Wyspers wrote:
Hi! New here but I've been working on my credit issues for a little over a year now.

I started at 485 in April of 2018.

Worked on paying off accounts. Made a payment plan for the last two of them in October 2018, to be paid off in 10 payments so they will be PIF with the last payments next month (7/19).

Pulled my student loans out of default and am returning to school 8/19 to pursue my degree while continuing to work FT+.

Got 3 CCs. Each with a current CL of $300.
Cap1 Platinum
Cap1 QS1
First Access
I pay off the Cap1s in full before the payment due date and the First Access on the due date (I usually just have a recurring $20/mo charitable donation that charges to it automatically).

Auto loan initiated 11/17 - worked with loan company to defer one payment earlier this year so the account registers no late payments. I usually pay a week or two before the due date.

So, right now I'm just gardening. Waiting out my time for CLIs on the three cards I have.

The student loans sent my scores a bit funky when DOEd removed them from my credit reports. Tanked one score 19 points. However, a few days later, that same score shot up 67 points...go figure.

So, I currently stand at:
TU 662
EQ 604
EX 595

So, I figure it is best to just bide my time for the moment and let them all settle down and catch up with each other while I contemplate my next move.

My goal is 700+ by this time next year, so I've banked $5000 in savings "just in case". I don't want any bobbles.

Any suggestions or advice on future moves are warmly welcomed.

Wyspers

 

 

Everything else has been covered, but if you've had your Platinum card for more than a few months, you can upgrade it to QS. Everything stays the same, except it's now earning 1.5% cash back like QS1, but with no annual fee. 

That way you can get at least something back for using it 

 

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade 

 

 

Message 6 of 6
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