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Newbie Here !

SaltySailor97
New Member

Newbie Here !

Hey y'all. 
So I'm finally doing something about my credit. Better late than never I guess. 
Where should I start ?? Lol

 

currently what I've done on my opened a NFCU secures card almost 2 years ago but wasn't really serious about repairing my credit just wanted to get my foot in the door with some sort of plastic with navy fed. 

Flash forward to now where upon finding this forum and realizing some financial truths, I've decided to make a real change. 

I recently applied for : Cap1 Secured card and Discover Secured card. Already made the deposit for Cap1 and going to make the deposit for Discover. So with my Navy fed secured card it makes three. 

I have 2 installment loans both autos 

and about... ready for it ?? 16 baddies Smiley Sad

15 inquiry's with about 4 falling off in August. 2 recent inquiry's from the secured card apps. 
should I look into trying a debt consolidation loan? 
more measly pay bit by bit. 
currently my TU FICO 8 is 555. Should I try a debt consolidation loan or just embrace the sick and pay one for one? Is it possible to raise my score to the 600s in the near future ? 

Starting Score: 533
Current Score: 533
Goal Score: 650


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9 REPLIES 9
Birdman7
Super Contributor

Re: Newbie Here !

Having those three revolvers and establishing positive payment history is the best thing you can do. do not ever get a late again ever in your life. when do the baddies fall off? What are the details?
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 2 of 10
AllZero
Super Contributor

Re: Newbie Here !

@SaltySailor97   Welcome to myFICO. Congratulations on your cards.

 

I would recommend you pull your credit reports if you have not done so. Work on the derogatories or delinquencies that may be suppressing your scores.

 

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

Message 3 of 10
SaltySailor97
New Member

Re: Newbie Here !

Yea I'm going to try and stick to the AZEO method and see how it works out ! Needing to catch up on things so I can align everything so I can pay everything on time from here on out. 

Starting Score: 533
Current Score: 533
Goal Score: 650


Take the myFICO Fitness Challenge
Message 4 of 10
SaltySailor97
New Member

Re: Newbie Here !

Awesome I didn't know we could get our reports weekly due to Covid. I just finished looking at it and it's pretty raunchy to say the least I got a lot of baddies and bad payment Hx. Here's my strategy:

1. Don't miss any payments

2. AZEO method on my 3 cards 

3. Pay what I can for my baddies and try to get GW or PTD. 

Just kind of scared of the GW or should I say skeptical. 

Starting Score: 533
Current Score: 533
Goal Score: 650


Take the myFICO Fitness Challenge
Message 5 of 10
AllZero
Super Contributor

Re: Newbie Here !


@SaltySailor97 wrote:

Awesome I didn't know we could get our reports weekly due to Covid. I just finished looking at it and it's pretty raunchy to say the least I got a lot of baddies and bad payment Hx. Here's my strategy:

1. Don't miss any payments

2. AZEO method on my 3 cards 

3. Pay what I can for my baddies and try to get GW or PTD. 

Just kind of scared of the GW or should I say skeptical. 


You got the plan. Now you need to execute them.

 

The Saturation Technique: Best GW adjustment odds.

Message 6 of 10
Birdman7
Super Contributor

Re: Newbie Here !

Not only must you do it but you must do it again and again and again despite continued failure until you succeed.
-Scoring wisdom: Credit Scoring Primer, Payment History, Amount of Debt, Length of History/New Credit, Mix/Disputes/Freezes/Searches, Mortgage Scores/Negative Reason Codes/V.9, Helpful Links,
Anonymous’s Reason Statements Thread,
iv's friendly statement to reason statement concordance,

ccquest’s Workbook to calculate metrics.
Clean/Thick/Mature/No New Revolver - 8,9; Clean/Thick/Mature/No New Account - 5/4/2.
Correct Ag.Util. under 5% all times. (Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.




(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 7 of 10
cbauer68
Regular Contributor

Re: Newbie Here !

@SaltySailor97 GW has helped me tremendously! Through this technique I have gone from 1 CO and 8 late payments to 3 single 30 day lates across all accounts. It was huge for my rebuild. Definitely give it a shot. Remember to be kind, polite, and to the point. Look at other example letters, but I'm a believer in writing your own. 

Message 8 of 10
Caprisun987
Frequent Contributor

Re: Newbie Here !

@SaltySailor97 Welcome to the forum! Do you mind listing your collections or charge offs (You don't have to post the amounts)? You do seem to have a plan which is great. Did your Navy card ever unsecure? If not, they will keep checking each month till you qualify. 

 

Keep in mind inquiries fall off after 2 years and after 1 year they no longer affect your score. Also congrats on getting approved with Discover. 

Message 9 of 10
SaltySailor97
New Member

Re: Newbie Here !

Awesome im going to compile the list of the charge offs/ collections !

Starting Score: 533
Current Score: 533
Goal Score: 650


Take the myFICO Fitness Challenge
Message 10 of 10
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