Hello. This is my first post, i'm a new member. It took 4 beers for me to make this post, because I didn't know how to start it. But the beers told me to just start it. So here it is.
I've read myFico forums for a long time (3-4 years, occasionally), but never joined until now, i'm in late 20s, live by myself, i'm a civil servant. I now have the $39.99/month subscription to track my credit monthly, because i'm so serious about this fixing my credit stuff, and I couldn't afford this until now.
I want to use this thread to document my rise to good credit (hopefully). It is currently 557 (EQ), 572 (TU), and 575 (EX) according to myFICO. It is 580 (EX), and 582 (TU) according to CK.
I have had charge offs in the past, all PIF except one with Capital One with a current balance of $999.90. I also have student loans from Sallie Mae/Navient all in good standing, and another Discover IT Student card with an $87 dollar balance, closed (no available credit line) but its stauts is "pays as agreed". I paid that down from $900 something every month starting from September (when I got my civil service job).
I have called Cap1 at least 3 times asking for a PFD, I was rejected every time, including the first time, the month right after it was CO'ed (CO'ed August 2017). "We must report accurately" is what I got. I even wrote a letter pouring my heart out, explaining my situation, what got me to the charge off, what happened, what I did to change my financial situation..the letter went unanswered. Not their fault, it's all on me. I'm not owed a PFD, but i'm still salty I didn't get it though. I will finally pay the $999.90 to Cap1 in the coming months. That's where i'm not sure though, to pay it all in one shot, or to pay some of it monthly? The faster I pay the balance, the faster I can start rebuilding? Or slower monthly payments is better?
I hope I can raise my score. I somewhat know what to do, thanks to reading myFICO forums for the past couple of years. But if anyone here has anything they want to say, go ahead. I will use this thread and keep everyone updated in case there's someone in similar position as me. I enjoyed reading success threads here, they are motivational, and I want to hopefully pass the motivation along by allowing everyone to watch me come up from the 500s score.
*sigh* I didn't noticed I typed so much.
I got this card called First Progress Platinum Prestige Mastercard secured Credit Card, and put $800 into it. And I got another card called Primor secured Visa Gold Card and put $500 into it. They haven't showed up in my report yet, I got the Primor one in the mailbox yesterday. The other should come either today or in the coming days.
Cap1 $999.90 balance is next, but i'm not sure if I should pay all of it right away or pay it monthly? I could do either or. What do you guys suggest.
Welcome to the Forum Kev. Make yourself comfortable. You will get far here with no worries. Everyone is helpful and reading around in the forums is helpful.
Thank you Newbie.
I see your score was 491 at one point. My credit score was 445 at its lowest, but that was vantagescore, on August 2017, when Cap1 CO'ed my card. I didn't know my FICO score last year. But I imagine it was similar, because now the vantagescore shows 582, and my current FICO TU and EX are in the mid 570s. So I take it vscore and Fico aren't that far apart.
I really hope to get to 700+ this year.