@Anonymous wrote:7/8/2020 Update
Updated Fico 8 Scores 7/8/20
EQ 624
TU 612
EX 627
Making slow and steady progress. I am learning the importance of gardening and now is probably the best time for it!
Remaining Collections
Source Receivables 1487.00
Verizon 714.00
MDS 760
- Verizon sent a settlement offer of 50% of the balance and advised that they do not do PFDs.
- Source Recievables-Will be making my final payment of $493.00 with them this month!
- MDS-made payment arrangement with them for the next few months, however, once I pay these items, I will give them a lump sum payment, actually thinking of going to the hospital and pay them directly.
I have to say that BUDGETING is so important. I use a software called YNAB and it has helped me so very much, especially during this credit journey. It feels really good to make some headway into my financial journey and getting things in order. Although my scores are low, and I am just starting, I hope to make some gains after I pay my remaining collections.
I received a copy of my Lexis Nexis report, it was just a bunch of old addresses and phone numbers. There were a few inquiries on there as well. I called Innovis and requested a copy of my report from them as well, haven’t received it yet.
Also, I mailed out a few disputes to the CA’s. I was an AU on two cards, I removed myself from these accounts a few months ago when I began my journey, however they were still showing up on my reports with a zero balance and both have late payments from last year. I sent a dispute asking them to remove the tradelines completely.
I did the SCT and got a retail card from Williams Sonoma. No hard pull as of yet found on any of my reports. Afterwards, I also applied for Nordstrom (foolishly) and received a hard pull but was denied. When I got the denial letter, it said they were unable to verify my identity. Strange. I should also mention that I took a 6-pt. decrease on EQ when the new account for Williams Sonoma updated. Lessons from not Gardening like I should be!
I received 12PT increase the other day with EQ due my merrick bank charge off FINALLY updating to a 0 balance on my report. I would have been higher on EQ had I not taken that HP from Nordstrom.
Right now my UTI is at 7% according to my updated FICO reports. NFCU sits at 17% specifically. I want to try the AZEO method and see how my scores perform so my plan is to let NFCU report a zero balance this month. I believe self lender cc will report $6.00 balance, even though I've paid them, it seems that they report whatever the usage on the card was for the prior month.
My 91/3 is coming up with Navy on 7/25, so I can either go for the 2nd card, or CLI with my current card. I know that the CLI would be a soft pull so that may ultimately be the better choice for me at this time since I would be able to stay in the garden which is needed. However, I’ve read that you should app for the 2nd card and then the CLI. I don’t know what to do at this point because the number of new accounts on my Experian is in the ‘poor category’ which is why I am starting to realize why gardening is so important. If I do decide to go for the 2ndcard, I will definitely allow my accounts age for at least 12 months after.
I am wondering if reaching 700's is doable by December 2020. I have this goal set, however, I want to be realistic with it. I know that patience is required, which has been difficult for me to grasp, but I am starting to finally see why it's so important to have it. During these uncertain times, I dont want to rush my rebuild.
My current cards:
Navy Go Rewards: 165/1000
Williams Sonoma: 0/1000
Self-Lender: 0/125
Goals
Reach 700+ scores within the next 6 months
Obtain Higher credit limits on my current NFCU
Obtain Navy Federal CU Amex Card
Obtain a Discover It Card
Obtain an Amex
From everything that I've read on these forums, that WS card is one that grows very nicely. The Navy card is limited to 3x the starting limit. So that would put your card at $3k. Unless you really need the second card to pad your utilization, you may be better off just taking the cli and remaining in the garden. Just my opinion. Good luck with whatever you decide to do and congratulations on all the improvements that you have made so far.
Goal Scores: 700 across all three
@Anonymous wrote:Thank you @BmoreBull , I have the WS store card, do you think it grows the same as the visa? Also, I think you are right with the NFCU, although I would like to try for one of those larger limits, I may be better holding off and just doing the CLI. Do you think I should wait on the CLI as well and do both at the same time in 6 mos?
The cli should be ok to do as long as you're at your 91/3 and sure that you have had 3 full statements cut. Some people do suggest making sure to wait for the ar and them to update your score. The good thing about the cli is that it's a soft pull on EQ. The new card would be a hard pull on TU and definitely pull you out of the garden. I set the same goal as you, to reach 700 by the end of the year. Hence why I'm gardening and trying to let things grow and inquiries to age off. I joined Navy around the beginning of June, but I'm trying to make it at least a year in the garden to bring my scores up, before I apply for a credit card with them.