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Hammer in hand... My Progress Thread

Frequent Contributor

Re: Hammer in hand...

Well, it has been a little over a year since I started here on MyFico. My progress has been much slower than some but it is coming along. Slowly but surely (see my last post).

 

In that time my available credit has increased nicely. I have been able to get modest increases and don’t have to worry much if a balance reports (I got hit on a few last month due to some of my auto pay bills adding to cards near their reporting dates – I could move things around but I am not terribly worried about it at this point).

 

Cap1 Plat now QS      $651/hasn’t budged although the CL is $300 higher than when opened
Barclay                        $500/hasn’t budged since opening
LB                                $150/$650
Discover                      $1200/$2600
Overstock                   $750/$1350
Cap1 QS1                   $3000/$6500
Amazon Prime            $800/$3000
NavyFed CR               $1000/$3000

 

My FICO scores have barely budged from where they were back in August but they are up 50+ from a year ago. This is likely due to the balances all being paid off last year and I have a couple reporting now (I also have a nice tan. The Dominican Republic was lovely!). They should be paid off in the couple months or so and they will likely get a bit higher.

 

2/4/17        Eq 622 / TU 595 / Ex 628
3/12/17      Eq 634 / TU 614 / Ex 641
5/2/17        Eq 642 / TU 646 / Ex 637
5/22/17      Eq 644 / TU 643 / Ex 653
6/7/17        Eq 663 / TU 633 / Ex 669
8/10/17      Eq 675 / TU 635 / Ex 662

3/9/18        Eq 675 / TU 644 / Ex 706

 

My mortgage scores are Eq 664 / TU 626 / Ex 704 which was my biggest concern because I want to buy a house this spring and my CU required the middle score to be at least a 620 so I am good to go on that front plus I now have the down payment saved. I would be thrilled if they were higher but as long as I met this goal I am happy for now.

 

My plan for the moment is to make one more month’s worth of payments on the cards to bring the balances down even lower (I could pay them off but the last time I spoke with the mortgage advisor she suggested hanging on to as much cash as possible rather than worrying about getting them to 0 since my scores are high enough and with the bankruptcy just a little over two years ago she says that low balances with more cash is better than no balances with less cash for my circumstances) and then formally apply for my approval letter and start looking. With the weather what it is, I could have gone for it back in January but it makes the most sense to wait for spring to help thaw the market. I am, however, getting antsy… 

Wandered out of the garden for a bit and bought myself a house. YAY! Grabbed a couple cards while I was out there too but now I am back for at least six months, if not longer. Time to let the good cards I already have grow and get focused on paying down this mortgage.

MikkiD's rebuild page

Message 31 of 44
Senior Contributor

Re: Hammer in hand...

Congratulations on your rebuild success so far! 

Gardening until...



Message 32 of 44
Frequent Contributor

Re: Hammer in hand...

I am officially out of the garden. I applied for my mortgage pre-approval Friday and they pulled my credit report this morning.

 

Fingers crossed...I met with a mortgage advisor in January and she seemed to think I was in good shape, and things are only better now, but I already have a house I am in love with and is perfect for me so I hope it works out!  

Wandered out of the garden for a bit and bought myself a house. YAY! Grabbed a couple cards while I was out there too but now I am back for at least six months, if not longer. Time to let the good cards I already have grow and get focused on paying down this mortgage.

MikkiD's rebuild page

Message 33 of 44
Valued Contributor

Re: Hammer in hand...

Good luck on your pre-approval. Your rebuild journey has been awesome to follow- keep the updates coming!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 34 of 44
Frequent Contributor

Re: Hammer in hand...

Thanks 19eighty5!

 

I got an email first thing this morning from the LO saying everything looks good and we should be able to do this. I have an appointment Thursday and already sent them the documentation they needed. 

 

I don't know how long it will take from there but things are moving along... 

 

 

Wandered out of the garden for a bit and bought myself a house. YAY! Grabbed a couple cards while I was out there too but now I am back for at least six months, if not longer. Time to let the good cards I already have grow and get focused on paying down this mortgage.

MikkiD's rebuild page

Message 35 of 44
Valued Contributor

Re: Hammer in hand...

That's awesome! Good luck on Thursday!

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 36 of 44
Frequent Contributor

Re: Hammer in hand...

What’s that? A pre-approval letter? For me? Don’t mind if I do! Next? Find a real estate attorney and draw up the purchase agreement...

Thanks @19eighty5! I am super excited!!!

*HAPPY DANCE*
Wandered out of the garden for a bit and bought myself a house. YAY! Grabbed a couple cards while I was out there too but now I am back for at least six months, if not longer. Time to let the good cards I already have grow and get focused on paying down this mortgage.

MikkiD's rebuild page

Message 37 of 44
Frequent Contributor

Re: Hammer in hand...

Whew! I have been practicing my patience and that wasn't easy. The people I am buying from have diligently been looking but kept getting their bids rejected. Until today. We now have a closing date: July 10th.

My loan officer already has everything on my end ready to go so other than packing and a bit more waiting I should be set. The sellers are even leaving me things like the lawn mower, snow blower, rakes...so I'm going to be pretty well set.

So excited!!!!!
Wandered out of the garden for a bit and bought myself a house. YAY! Grabbed a couple cards while I was out there too but now I am back for at least six months, if not longer. Time to let the good cards I already have grow and get focused on paying down this mortgage.

MikkiD's rebuild page

Message 38 of 44
Contributor

Re: Hammer in hand...

Great story!!! Congratulations!Smiley Very Happy


9/2018 All scores down EX -10~ TU-7~ EQ -11 Closed Barclay card reporting
Message 39 of 44
Regular Contributor

Re: Hammer in hand...


@MikkiD wrote:
Whew! I have been practicing my patience and that wasn't easy. The people I am buying from have diligently been looking but kept getting their bids rejected. Until today. We now have a closing date: July 10th.

My loan officer already has everything on my end ready to go so other than packing and a bit more waiting I should be set. The sellers are even leaving me things like the lawn mower, snow blower, rakes...so I'm going to be pretty well set.

So excited!!!!!

This is great news!!  Congratulations!  Please do continue to keep us posted.  

Message 40 of 44