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Help Please! Rebuilding! Where do I start?

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Established Member

Help Please! Rebuilding! Where do I start?

Hello guys! First let me say this Forum is awesome! Today is my Birthday and I am on here looking for Credit help at 6:50am this has to be an awesome site. Lol. Anyway on to it.
I am trying build my credit scores so that I can buy a home, refinance my car, and obtain a business credit loan for my start-up business. My credit score goal is 775 across the board or anything above 750 really! 😀. My FICO 8 Eq 661 Trans 702 Exp just dropped 11 points to 714 because I applied to Amex and they did 2 HP’s. I got approved for the Every Day Card btw. Yay

I have 0 inquires across the board but now have the 2 inquires on Exp. No baddies on Exp. Or Trans. Have two charge offs on Eq. Credit One and Milestone which both are being disputed.

Now that my credit is restored, I have a two part question. 1. What can I do to get my scores up about 60 points across the board? 2. Will I be able to get a home, refinance car, and obtain business credit with those scores?

I know it’s a lot so I thank you all in advance for reading and helping me out!

Blessings to you!

Starting Score: 550
Current Score: 631
Goal Score: 700


Message 1 of 3
2 REPLIES 2
Valued Contributor

Re: Help Please! Rebuilding! Where do I start?

Ultimately, what a person needs to improve their FICO scores and build credit are three open credit cards (secured or unsecured) in good standing and one open installment loan in good standing such as a car, home, student, personal, share secured, or credit building loan. This combination is what the myFICO score theorists here have determined is what you need for optimal credit building and FICO score. You can have more CCs and more installment loans, however, this will not increase your FICO scores.

Next, is paying in full all of the credit card balances each month, before the posting date, except one. This is called the All Zero Except One (AZEO) method. The one credit card you allow to post a balance needs to be less than 8.9% of the credit limit of the card. So using one card each month to buy lunch, letting it report and then paying in full will maximize FICO scoring.

The installment loan will have its greatest impact on your FICO score when the amount owed is at its smallest such as a few months before the loan is paid in full. If you don't have an installment loan you can check into SelfLender or a Share Secured Loan at a Credit Union.

Keep in mind, building credit is a marathon, not a sprint. It involves demonstrating to a potential creditor that a person can handle credit responsibly. Having open, active accounts that are being paid on time and low credit utilization is the fastest way to build good, solid credit.

















Your FICO credit scores are not just numbers, it’s a skill.

Message 2 of 3
Established Member

Re: Help Please! Rebuilding! Where do I start?

Wow, thank you so much for this. I have a car loan and a small installment loan. I just got the Amex Card, so you are saying I need two more credit cards? Also will applying for these cards continue to lower my score due to HP’s ?

Starting Score: 550
Current Score: 631
Goal Score: 700


Message 3 of 3
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