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I wasn't quite sure which forum to place this post but I count it in the "success" category of rebuilding so I chose this forum.
November 2018 - got serious about cleaning up credit, several charge offs, few small collections, 85-90% utilization on 2 active CC accounts.
Scores basically in the 570-580 range across EX, EQ, and TU.
Since that time I first paid CC balances to zero for USAA and Discover. Discover later closed my account during annual review back in March even though I have had only a single 30 day late from 2017 and brought account to zero. They didn't stair step me just closed it. Scores were in the low 600s as I was still working on Charge Offs.
Paid off the few collections which were deleted and then settled on my Charge Off accounts with PRA and Cap1 directly bringing those to 0.
I had no installments or active mortage and only (1) active account, my CC with USAA. So my next move was to open check/savings with NFCU in August to begin a relationship there. Executed an SSL with them in September $3010 for 60 months then immediately paid down to $250 balance bringing it to < 8.9%. Continually dumped money into savings each week during this time obviously using some of that to fund the SSL which has now been returned excepting the balance.
The result of all the above as of October 1st had brought me to:
Fico8 EX 682 EQ 675 TU 680
My intentional plan was to do all I could to bring my scores above 670 before apping for any CC accounts as I want to get at least 3 active and get accounts that I actually want long term. Thus the reason why I also wanted relationship with NFCU.
I app'd today for NFCU Cash Rewards and was immediately approved for 11.65 APR with 25,000 limit. There was a single HP from TU.
This is the type of "reward" I have been working towards for last 12 months.
I will let this ride for a couple of months and then pull the trigger on adding a 3rd account.
There is such a wealth of knowledge represented within the forum membership here that I am certainly appreciative of.
Next targets are scores >700 and then >740.
Onward!
AWESOME. Thats how you work it on the road to recovery! keep it up and you'll be rewarded even more in the future! Enjoy!!!!!!!!!!
Congrats on the new CL . NFCU is certainly the move everyone has to make to get a CL from what seems to be a HP from only one bureau
Congrats on the whopping starting limit...that's so awesome!
Also, it seems odd that Discover closed your account for a single late. Did you call and ask them for their reasoning on this? Or reopening your account since it was closed out with zero balance?
@ItsCASHual wrote:Also, it seems odd that Discover closed your account for a single late. Did you call and ask them for their reasoning on this? Or reopening your account since it was closed out with zero balance?
I most certainly did call them and I am happy to share the primary data points that were active at the time of closure.
Sorry for the long winded answer....
1-May-19 Scores |
EX 589 |
EQ 589 |
TU 610 |
USAA CC was 0/2400 CL and had been this way or only small balance (< $100) reporting since December 2018.
Discover CC was 0/4800 CL and had been this way since January 2019.
I had a Cap1 Charge Off $1000 that had been sold to PRA that was settled and deleted as of November 2018.
My remaining baddies as of May 1 2019 were (2) Cap1 Charge Offs $2300/2300 CL and $4200/4000 CL that were still held by Capital One though sued by Moss Law (their atty in Texas) with judgement against me from 2014. These were updating monthly as FP.
I had one additional Cap1 Charge Off of $6100/6000 CL that had stopped updating back in December 2017 but still showing on 2 of 3 reports (EX and TU).
I settled the (2) Cap1 accounts with payments received in May 28 2019. These ultimately did not fully update correctly across all three CRAs until September 2019 with EX being the lagger to finally report 0 balance.
The $6000 CO I called Cap1 to see what settlement I could get as I was never sued but it was still showing on my reports. I was told they would no longer be pursueing it and they could not accept any payment. My response was if you are not going to let me make payment for it then you should not report it. Within 7 days of that call the tradeline was deleted from my reports.
In the same month as making these settlements Discover closed my account. When I spoke to the CSR the answer was based on our annual review and the derogatories that were found your account has been closed. I reported that I had just settled all remaining Charge Off accounts and that my scores would be lifted very shortly as a result. Answer: You can choose to re-apply for an account with us in a few months when that happens.
9-Sep-19 Scores |
EX 666 |
EQ 655 |
TU 667 |
On a whim, I checked prequal for Discover which offers Discover IT and Discover Chrome in September and it shows I am qualified.
I felt burnt by Discover. This is one of 2 accounts that during the worst of times financially that I paid vigourously on time, with a 29.99 interest rate for MANY years, and finally cleared it to 0.... only to have them close the account based on AR when my scores had been tanked for years.
I haven't decided whether I will ever open an account with them again based on this experience.
If you read this far, sorry I don't have a prize for you.
As you can see, I am bittered by the experience.
Onward!