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My credit was so abysmal 16 months ago

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My credit was so abysmal 16 months ago

All I could do, literally, was to do the Chime card credit builder to start with. My score was around 470. I had charged off cards, a car repo, and a slew of medical collections. It was bad. 

I am telling you this because I want you to know you CAN fix it. It really is not hopeless   I chose to not go the secured card route. I had a secured card with Cap1 and 1st Progress a few years ago. I went into default and ended up losing both cards, both deposits, and even though the balances were less than the deposits, it still shows as a charge off on my reports. So no more secured cards for me. 
16 months ago I got the Chime credit builder card. I direct deposited my pay, used it as my debit card and after 6 months my score had gained almost 100 points. I could finally get subprime cards. Aspire gave me my first card with a $400 CL. I sucked it up as far as the annual fee and other fees, because, hey, I gotta pay the price right? In less than a year, I have a bunch of cards. 
Aspire $400

Mission Lane $300

Surge $500 increased to $1000 after 6 months 

Reflex $1000

Taz visa $300 increased to $600 after 6 months

Credit one Amex $400

Cap1 Walmart Rewards $400 increased to $550 after 2 mos

Cap1 platinum $500

Care Credit $1000

Overstock $250

Famous Footwear $400

Buckle $300 

Aaaand I apparently had a Sally Beauty card with $250 I never received and never used. It was closed by them for inactivity but reported perfect payment history.  I also have a $4000 personal loan with Avant. 
Now my scores are TU 621, EQ 633 and 640 EX I think. (Can't check at the moment)

 

Ill be closing those cards that don't grow at the 1 year mark. I'm slowly working my way up from toy limits. My path is not for everyone. But it shows everyone it CAN be done. Even if all you start with is a credit builder prepaid card. 

Message 1 of 11
10 REPLIES 10
FireMedic1
Community Leader
Mega Contributor

Re: My credit was so abysmal 16 months ago

Welcome @CreditChallenged2022 

Nice job but a bit too much. 12 accounts in 16 months. No more apps. If any of them have an annual fee (AF). You can close it down. You can also go here: https://www.capitalone.com/?external_id=%2Fproductupgrade and see if you can upgrade the Plat to the QS from Cap1 for 1.5% CB. Just remember. More is not better. Although its a good start. Congrats!


Message 2 of 11
cashorcharge
Community Leader
Super Contributor

Re: My credit was so abysmal 16 months ago

Congratulations on your rebuild!  Take it easy and let some of that stuff age to continued success

Message 3 of 11
Jeffster1
Valued Contributor

Re: My credit was so abysmal 16 months ago

Congrats on your rebuild!

FICO 8 (3/1/24) EX 805 EQ 824 TU 844
FICO 9 (2/17/24) EX 821 EQ 778TU 850
I practice AZEO - NEVER above 1% utilization across all cards.

Current lineup as of 9/23
American Express Gold | American Express Blue Cash Everyday 11K | American Express Blue Cash Preferred 10K I American Express Marriott Bonvoy Bevy 5K I American Express Hilton Honors Surpass 3K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | TD Bank Double Up Visa 4K | USBank Platinum Visa 5K | BMO Harris Cash Back MasterCard 12K | Capital One SavorOne MC 3K | Capital One Walmart MC 2K | NFCU Amex 15K | NFCU CashRewards Visa 15K I Citi Best Buy Visa 10K I Macy’s Amex 1.5K I Bread Financial American Express 8K l AAA Daily Advantage Visa Signature 6K I Wells Fargo BILT World Elite MC 30K I BCU Cash Rewards Visa 8K I Chevron Techron Advantage Visa 2.5K I JCPenney Mastercard $6K I UCLA Wescom CU Rewards Visa 7K I
Message 4 of 11
OmarGB9
Community Leader
Super Contributor

Re: My credit was so abysmal 16 months ago

Congrats! Indeed it can be done. It just takes hard work, discipline, and good habits. 


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 11

Re: My credit was so abysmal 16 months ago

I'm definitely not applying for anything else for at least a year. As the annual fee cards approach the renewal I will cancel them unless they grow enough to justify the fee. Aspire has just laid there, and it was the first card I got. So it will likely go. Along with a few others in the coming months. I will hold onto the 2 cap1 cards and sock drawer the surge and reflex as they are actually my highest limits. Not sure on the rest, depends on how they grow. I'm just grateful I can get credit now. 

Message 6 of 11

Re: My credit was so abysmal 16 months ago

Yep I'm on an app moratorium for at least a year!

Message 7 of 11

Re: My credit was so abysmal 16 months ago

Autopay is a girl's best friend!

Message 8 of 11

Re: My credit was so abysmal 16 months ago

Thanks! It's a work in progress 

Message 9 of 11
OmarGB9
Community Leader
Super Contributor

Re: My credit was so abysmal 16 months ago

If you're trying to reply to a certain post, be sure to hit the blue "Quote" button in the top right before typing your reply. Smiley Wink


Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 10 of 11
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