My Rebuild Thread

[Anonymous]

Okay, I own a Jeep XJ with the I6, HP D30 front, Chryco 8.25 Rear (3.55:1) Open/open with a RE 3.5" lift on 33"x12.5"x15 tires.  Why is the important?  I'm new here.  In the Jeep forums I frequent, a lot until recently, we do Build threads, where you put your starting platform down on the first post, along with ideas on where to go and you get input.  You keep the thread updated, regularly, until the project is complete.  If you've ever owned a Jeep, you'll know that it's an addiction and it's never complete (very similar to the attitude I now have about my Credit Score).

I have not seen any other threads like this, so if this isn't allowed, please delete.  If this isn't the right place for it, please let me know and move it.  I also appreciate any opinions, insight and criticism.  I'm new to the credit score watch game.  Very new.  More on that in a bit.

Short background:  Manufacturing career took a turn for the worse in 2007 and jobs were difficult to find.  Foreclosure, Bankruptcy and a new career later and we jump forward to about a year ago.  Son needed emergency root canal and we applied for and were approved for a GE CareCredit card.  First credit we acquired since the bankruptcy (everything was paid for in cash).  We get the card, pay for the root canal, and set up a auto payment and I promptly forget about it.

I've always thought that credit (score, report, loans, ect) was something that you used, paid and it took care of itself as long as the bill was paid on time and you didn't go over your limit.  Yes, I'm learning differently, slowly and surely.  Jump forward to about 1 month ago.

We have several credit cards, we decide to buy a house.  I'm a Vet so VA it is, should be easy, right?  Nope, and here's why.  Apparently, I didn't do my research on util and several of our cards are "maxed" (about 85%).  I'm using almost 90% of my available limit.  I had a medical bill slip under the radar and go to CA (Paid and GW sent) and I don't understand why my credit scores are so low.   I was, Luckily, smarter with my wife's credit and her scores are running EQ 650, TU 666, EX 651.

What I've done so far and what I'm planning on doing in the near future:

A)  As of next reporting for my credit cards, I will have 26% util with 1 card having 70% util.

B)  I hope to be to 12% by the end of the month

C) GW the heck out of the CA to see if I can get that removed, now that's it's paid.

D)  Monitor my EQ through SW, TU when my EQ gets to where it needs to be for the VA loan to verify it's where it needs to be as well and Watch CreditKarma like a hawk just because it seems fun.

Our goal is to have an approved mortgage shortly after the 1st of the year.

I'll keep this thread updated, unless nobody is interested or it gets deleted.

If you've read this far, thank you.  I would also like to say thank you, to a lot of the posts in this forum.  This isn't the first credit score forum I've read, but it seems to be the most genuine and helpful.

In my wallet:  GE Care Credit $0/$800;  Barclay $256/$400; Cap1 (exHSBC) $38/$400;  Cred1 $140/$300

[Shogun]

Obvious that this isn't the first credit forum you've read.     It looks like you are definitely headed in the right direction and I look forward to hearing about the purchase of your new home!

[Anonymous]

Thanks Shogun.  I appreciate the support and am excited.

Information I left out of the first post.  About 6 months ago, our household took about a $700/mo drop in income.  I didn't want to worry the wife so that's why the CC's got maxed and we (I) got pretty bad about check advances, trying to maintain our life style...After a couple months of paying those horrible fees (never ending story), I finally came clean to the wife and she was pretty cool about it.  We took out a secured loan (her honda, not my jeep) to cover the check advances and start moving forward.

I've since made up about $500/mo of the $700/mo loss by changing shifts at work for a shift differential.  We made up the other $200 by chaning our budget.  Speaking of Budget, I have an excel spreadsheet that tracks all our pay days and expenses through out the month (I have it filled in through the end of the year) and it's all equation based so if I make a change to one item, I can see how it affects the next 3 months.   On the spread sheet I also have my util calculations so I can play around with "pay this much to this one, and that much to that one."  That also has the report dates so I know, not only the due dates, but the dates they are likely to report to the CRA so I know when I have to have my balences where.  Usefull tool.

[Anonymous]

Well, I learned something interesting today and I'll update my signature.  My TU Score that I got from the lender pull was a TU04 and it was actually 589 (now showing up as 619 on my pull here) and it's my EX score that's 612.  I may be closer then I think.

Paid my CC's today.  Util is down to 26%.  Reporting for these should be done sometime next week.  Can't wait to see if it has an effect.  When the Lender pulled,. And when I pulled here, I was showing 60%.

Still waiting on a response from the GW letter I sent...fingers crossed.

[DrJim]

Welcome to the forums!

This will be a great place for you.  When I came here a few years ago I had not had a cc for ten years other than my government credit card which does not report.  I got an Orchard, then the nice cards in my siggy, though not with as nice CL's as they have now.

Back in June we closed on our dream house using the VA (OIF06-08).  Pretty sweet deal.

Hang in there and let these vets help you out.

[Anonymous]

Well, today I saw my first increase on CK.  I had an 18% decrease in my util and there's 12% to drop that hasn't reported yet this month.  I'm guessing I haven't seen an alert from SW because everything is going down so I'm waiting for the weekly check.  Still good to see an increase either way.

I also had a 5pt increase in EQ...

[Anonymous]

UPDATE:

I'm excited about this one.  I received confirmation from the CA that they are removing the collection from my CRA's.  My question:  is there a way to expedite the removal so my score will go up quicker?

"Please be advised your account was sent for removal from your credit file on 9/5/12.

Consumer reporting agencies may take up to 30 days or longer to update reports and this is beyond our control.

Should you have any questions regarding this account, please feel free to ask."

[Anonymous]

Update:

It appears that my only CA since my BK7, and my only baddie, has fallen off my EX.  Pulled a copy from Quizzle and it shows removed.  Transrisk FAKO shows a 21pt improvement too, not sure if that's indicitive of FICO or not.  No SW alerts, but my weekly score check isn't for another couple days...

[Shogun]

The waiting is the hardest part!  Good luck!

[Anonymous]

Update:

Put an offer in on a house.  Weird part, this is the same house that we forclosed on 4 years ago.  No kidding.  We're trying to buy our house back.  Offer has been accepted, it's just a matter of financing.  I couldn't take it any longer, so I pulled my report...My EQ fICO came up 44 pts with the loss of that CA.  I believe my mid score is above 640 which should make my VA loan a given.   I'm Freaked.  I, my wife, and my kids want this house back...I'm trying to breath and it's not working.