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@moosemoney wrote:
@Anonymous wrote:
I was thinking of opening a discover secure - I was approved - do you think that’s smart for me - what’s your experience - I’ve been reading it’s a good way to goThat's what I did. You're starting ahead of me currently, and wayyy ahead of where I was when I got my secured Discover (I was 552 at that point). I am thrilled with my experience with Discover, so my personal opinion is to go for it.
when is your card due to graduate? I might just pull the trigger and put $200 down. I don't really understand how it works. So i put $200 but $200 is available for me to spend immediately? I need to keep the utilization at 5% ? but I can put more money on it whenever I want? It's supposed to graduate i n7 months. do I have the idea right?
@Anonymous wrote:
@moosemoney wrote:
@Anonymous wrote:
I was thinking of opening a discover secure - I was approved - do you think that’s smart for me - what’s your experience - I’ve been reading it’s a good way to goThat's what I did. You're starting ahead of me currently, and wayyy ahead of where I was when I got my secured Discover (I was 552 at that point). I am thrilled with my experience with Discover, so my personal opinion is to go for it.
when is your card due to graduate? I might just pull the trigger and put $200 down. I don't really understand how it works. So i put $200 but $200 is available for me to spend immediately? I need to keep the utilization at 5% ? but I can put more money on it whenever I want? It's supposed to graduate i n7 months. do I have the idea right?
My 8th statement will be my August's, I believe. A lot of people graduate with their 8th, some people have to wait longer. What happens is when you "graduate," your card status is changed from a secured card to a regular card. Some people receive credit limit increases as well.
You can add money whenever you want, correct. I opened mine with $200 then two months later added another $200 for a total limit of $400. When my card graduates Discover will mail me a check with my $400.
For utilization, the general consensus is less than 8.9% (so $17.80 of $200, or $35.60 of $400).
Im curious.. do you have some sort of installment loan reporting on your CR?
Also you still might be able to get some points for a third CC... but id wait untill the dust settles just a little bit... esp since your expecting another score bump.... perhaps in Aug?
Congrats on the progress...
-J
@joltdude wrote:Im curious.. do you have some sort of installment loan reporting on your CR?
Also you still might be able to get some points for a third CC... but id wait untill the dust settles just a little bit... esp since your expecting another score bump.... perhaps in Aug?
Congrats on the progress...
-J
Thank you
Open accounts I have two credit cards and a mortgage.
June End / July Start Check-in!
June Start | Action Taken | June End |
Account in Good Standing $400 limit Reported Balance $20 |
| Account in Good Standing Discover Card $400 Limit Reported Balance $19 |
Account in Good Standing Comenity (Ulta) Card $300 limit Reported Balance $0 |
| Account in Good Standing Comenity (Ulta) Card $300 limit Reported Balance $0 |
Account Current Mortgage 63/84 payments on-time |
| Account Current Mortgage 63/84 payments on-time |
Derogatory Account Applied Bank Charged Off $920 bal |
| Derogatory Account Applied Bank Charged Off $920 bal |
Derogatory Account Credit One Charged Off $0 bal |
| no longer reporting |
Unpaid Collection: Midland Funding |
| no longer reporting |
Unpaid Colletection: The Bureaus |
| no longer reporting (possible reemergence) |
Paid Collection: ERC $0 Balance |
| Paid Collection: ERC $0 Balance |
Closed Account in Good Standing Credit Card #1 |
| Closed Account in Good Standing Credit Card #1 |
Closed Account in Good Standing Credit Card #2 |
| Closed Account in Good Standing Credit Card #2 |
Closed Account in Good Standing Auto Loan |
| Closed Account in Good Standing Auto Loan |
Closed Account in Good Standing Student Loan |
| Closed Account in Good Standing Student Loan |
Scores:
Inquiries:
Derogatory Accounts:
Plans for July:
I'm looking closely at my CCT report, and apparently the ERC Collections is not showing on my EQ. That explains the huge difference between EQ and EX/TU. Hopefully I can get that ERC off, and maybe the other two will jump up ~40 points
July End/August Start Check In
Well, I did very little in regards to credit repair in July. I tried more GW letters and emails to my mortgage company regarding the late payments reported during my retention process (the last one is December 2016), and they refuse to budge. So, I just have to live with those and wait for them to age off. I'll have zero late payments on that account in.... January 2024
The only other derogs I have left are:
Now for the changes this month:
August, I'm ready for ya!
Side note, my first Discover IT statement was in February (account opened in January), so I may be up for graduation at the end of this month. My September statement will by my seventh, and I have been a perfect client, so I am hoping they will graduate me and give me a CLI.
Keep at it, OP! Your post encourages me to start good-willing.
Keep us posted on your progress!
"Nevertheless, she persisted."
@Anonymous wrote:Keep at it, OP! Your post encourages me to start good-willing.
Keep us posted on your progress!
"Nevertheless, she persisted."
Thank you! It's very rewarding to see the changes in my scores every month. If I can do this, anyone can. (I started out with a TU FICO 8 score of 475 in July 2017! LMAO!)