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My credit journey

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Established Member

My credit journey

So here’s my story,

 

About 10 years ago my wife and I fell on hard times. Needless to say I burned quite a few people. 1st premier twice, cap one twice, credit one, synchrony bank twice, and att. We were able to get our scores up to the high 500s and we both were able to get two auto loans about 4 years ago. Well a couple years after that we fell onto more hard times. We managed to keep our cars from getting repossessed but just barely. We were 2 months behind on every payment for about a year and a half. Which drug our credit scores further into the ground. We couldn’t get approved for anything. We had to move in with her parents because no one would even rent to us. I am a marine Corp veteran and I told myself I am better than this. So one night about six months ago my wife and I sat down and contemplated filing for bankruptcy and starting over. Aferter talking about it for a few minutes I decided no. That’s not the option. We have to take responsibility for this. We have always wanted to pursue the American dream and buy a house and we knew with scores like ours it just wasn’t possible. So that night as I looked my wife in the eyes with tears rolling down her face and the look of utter sadness on her face I told her “honey I’m gonna fix this” I’m going to get us a house.

 

October of last year our scores were sitting around 450 across the board. That’s when I came across these forums and the plethora of knowledge in them. We managed to get our finances in order. Got caught up on our car paymwnrs and haven’t missed a payment since. I dig into both of our credit reports and managed to get quite a few baddies removed. Around that time I landed a total Visa card (not the best I know but it was what I was able to be approved for at the time) with a $350 limit and currently about 7% utilization. And my wife got a cap one quicksilver1 with now a $500 limit also with around the same utilization. As I type this my scores are as follows TU 651 EX 649 and EQ 623. I still have a couple baddies on my Equifax that will be following off in a few months.

 

We are currently under contract for a home that we are getting custom built for us. It’s about 7 months from being finished at which time is when we will close on it. I check the credit card prequal sites every few days and up until 2 days ago nothing would show up under the prequals. Well I went on over to discovers and put in my info and wouldn’t you know it up popped the discover it cash back card. After a quick talk with my mortgage adviser and him assuring me that since we still have over half a yea before closing he told me to go for it because it would help my profile out. So I applied and after a quick phone call with one of their reps ( who was super nice btw) I was approved with a SL of $500. I was doing the happy dance to say the least. I couldn’t believe that 6 months ago I couldn’t buy smoke off a hamburger and now I’m in with discover.

 

So far though nothing is coming up from chase, or cap one, I’m not even bothering trying with Amex cause I know that won’t happen. I would really like to get a chase card. We just refinanced my wife’s car from ally to cap one at a Lower rate and lower payment to help reduce our DTI. We both now have our feet planted at good paying jobs. Our combined income is $95k a year. So I’m closing I hope this is a testament to anyone out there who may be facing financial hardship or having credit issues. You can make it out and come out on top: I know this is long so anyone who takes the time to read and comment would be much appreciated.

Message 1 of 12
11 REPLIES 11
Frequent Contributor

Re: My credit journey

Congrats on your survival and recovery and your new home.Keep on doing as you doing as far as paying on time and low cc utl.Eventually you will want three unsecured cc's.Don't rush in.Keep one cc open using it as your oldest cc account.Learn the azeo method and only open credit accounts that you need.

Message 2 of 12
Senior Contributor

Re: My credit journey

Way to go congrats!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 3 of 12
Valued Contributor

Re: My credit journey

Excellent comeback, but not surprising from a marine Smiley Happy You’re making great strides and have overcome a huge amount of adversity. That closing is going to be so much sweeter because of it.

If I were you, don’t Discount AmEx just yet. You may be in a better position than you think for getting in. Definitely check their prequal page and you might be pleasantly surprised.

Congrats on overcoming what must have seemed to be an insurmountable mountain and enjoy your newly improved finances!


Rose Gold | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020




Message 4 of 12
Established Member

Re: My credit journey

Thanks for the responses so far! I have checked Amex prequal page and so far there are no offers. It’s been a journey. Thanks for everything on the forums I’ve learned!
Message 5 of 12
Valued Contributor

Re: My credit journey

For what it’s worth, and I’m playing devils advocate here, I know of three members here including myself who were approved by AmEx recently despite no preapprovals on the page. We all had scores on par or slightly lower than yours.

Just food for thought.


Rose Gold | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020




Message 6 of 12
Established Member

Re: My credit journey

Yea I’ve read that several times on here that people with scores around mine got approved. So I cold appd this morning and got denied. But I can’t pull up the advers action notice on their website it just gives me an error message.
Message 7 of 12
Established Member

Re: My credit journey

So I called and they said the reason for denial was my credit score me stated it was a 649 (already knew that) lol so I asked him to submit it for recon. And he said I should receive a notification in the next 3-5 business days
Message 8 of 12
Established Member

Re: My credit journey

I also cold appd chase since they pull TU and that’s the higher of my 2 scores. Was denied as well. I’m currently on the phone with them asking for recon. Just answered a few questions with the rep and now I’m on hold while he is reviewing the app. Fingers crossed.
Message 9 of 12
Established Member

Re: My credit journey

No go with chase. Because my most last missed payment was in May of last year they want to see at least A year of no missed payments on any accounts. So thaaaatt sucks..
Message 10 of 12
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