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Hello myFICO team
I was extremely negligent with my credit! No sugar coating here. During last few months, I lurked/read on and off through different forums on credit score. Being home and having nothing but time on my hands (lost job due to Covid) I really started focusing on my credit recently and successful am paying down some balances. The PERKS when you don’t have to drive to and from work, deal with traffic, grumpy coworkers and ordering out lunch/dinner. This is what I am telling myself to be positive.
Here is my breakdown from myFICO:
FICO 8 Scores:
*12/2018 EX: 591 via credit report
*05/31/2020 EX: 671 via Experian App
Chalking up the large jump (May/June) due to paying off a collections medical bill and UTL 43% to 36%. The CA rep said she would have the acct removed/stop reporting to 3 bureaus. True to her word! Bless her as of June acct off BADDIE.
06/15/2020 EX: 684 TU: 666 EQ: 641
Knocking down my UTL from 36% to 3% (June/July). As well as decreasing one of the PL balance down 24.52%.
07/15/2020 EX: 692 TU: 684 EQ: 673
FICO 9 Scores:
06/15/2020 EX: 678 TU: 677 EQ: 683
07/15/2020 EX: 715 TU: 719 EQ: 719
AAoA: 3 yrs, 3 months | AoOA: 5 yrs, 3 months Cap 1 Platinum | AoYA: 1 yr., 6 months PL
2 Inquiries on credit report - 1 scheduled to drop 09/2020 and 2nd will drop 01/2021
2 Credit Cards: Good standing for both cards – Current UTL: 3%
$47/$500 - 03/2015 Capital One Platinum Secured SL $200 – Cap1 CLI $300 – as of 2016 CL $500
$0.00/$1000 – 05/2018 Capital Once QS Unsecured SL $500 – Cap1 CLI $500 as of 02/2020 CL $1000
6 Student Loans totaling $26K – In good standing – still paying loans even though national forbearance in place. I think it would be silly not to pay down on principle when no interest is being applied at this time. When I started really looking into my credit/loans I realized that 3 of my student loans were over the initial loan amt. I have been funneling more $$ on these 3-accts. As of 07/28/2020 all 3 accounts will be lower than original loan amt.
3 PL totaling $4,202 – all in good standing – Each loan amt: $346 (PIF end of July) - $606 (PIF end of Aug) - $3,250 (PIF by Dec) Plan of action of when I’ll PIF each PL baring there are no other major hurtles with pandemic/job.
☹ Items to Review: Negative/BADDIES ☹ All 3B reporting
Credit One CC: 3/2017 Closed – PD acct - deliquent 120+ days CL $400 – total PD $713 after late fees
Capital One Platinum: 60 days past due 08 & 09/2016 – Still an active card I use and my oldest acct.
Collections:
Comcast $224 date assigned 01/21/2020
Oddly enough I came across this bill. Oh crap! So, I called Verizon pd the $224, May 2020.
3B reporting:
EX: PD acct/was a collection acct, ins. Claim or gov claim or was terminated for default
TU: Payment after charge off/collection. Comment: Paid collection
EQ: PD
UGH! Who do I contact to remove the debt from baddie list if I paid Verizon my full balance 4 months after acct sent to CA.
Do I dispute with Verizon, all 3B, or the collection agency?
Medical bill $195 date assigned 12/29/2014
Should I pay this or just allow it drop in 17 months?
I know that my credit profile should be stronger. I just don’t know how I should proceed. I think I should build my foundation by applying more CC’s/revolving credit to my profile. Which CC would be best for me to apply? I really want a prime CC.
This is just the beginning of my credit rebuilding journey and there is a lot I still have not grasped. But I am hoping with the information provided here and your feedback, I will be able to succeed in reaching my goal.
Short term goal: 720 CL - Long term goal: 800+ CL
CC Wish List: Amex Platinum | Chase Freedom | I'm sure more to follow
Welcome to the forums! You have made some fantastic progress already. I'll defer to others on much of your post since I am no expert on rebuilding, but can address a few things here.
Your scores and relatively calm credit-seeking seem to put you in a good place for a good shot at the prime cards you want. From your wish list, you may qualify for the American Express Platinum card now - but even though an approval has a decent shot, it's important to to understand that while you have any collection accounts showing on your reports, your spending ability for the No Preset Spending Limit card may be quite limited, and you may have occasional calls to ask for a payment in order to continue spending, depending on how much you are using the card.
Have you checked the preapproval pages for Amex, Chase, Discover, etc.? Have you signed up for Chase Credit Journey? Sometimes preapproval offers that are near-guarantees can come through there. Are you eligible for membership at Navy Federal Credit Union?
What kind of rewards are you primarily looking for? Cash back, travel, a mix of both? Do you travel on Delta at least once or twice a year, or do you have another preferred airline? When traveling, do you have a particular hotel chain that you find yourself in? Do you have elite status with any airlines or hotels?
Finally, before applying for anything, with your job loss do you still have verifiable income?
HI K-in-Boston
Thanks for the advice I have been hesitant to try for more CC's, due to my low inquiries. I did try awhile back to do the Discover preapproval but my EX was on a freeze so unable to preapprove. I just never bothered to undo. I just removed after reading your response.
Answers to your questions
Thanks again
@K-in-Boston wrote:Welcome to the forums! You have made some fantastic progress already. I'll defer to others on much of your post since I am no expert on rebuilding, but can address a few things here.
Your scores and relatively calm credit-seeking seem to put you in a good place for a good shot at the prime cards you want. From your wish list, you may qualify for the American Express Platinum card now - but even though an approval has a decent shot, it's important to to understand that while you have any collection accounts showing on your reports, your spending ability for the No Preset Spending Limit card may be quite limited, and you may have occasional calls to ask for a payment in order to continue spending, depending on how much you are using the card.
Have you checked the preapproval pages for Amex, Chase, Discover, etc.?
Just pre-approved for Discover IT: Chrome, Cash Back & Miles. Due to my unemployment status (sending out at least 2 resumes a day) I don't I should apply. Unless unemployment benefits are considered as income. I'm going to guess that would be a big NO. Please clarify if I'm wrong with this thought?
I will keep you posted on Amex & Chase. My gut is telling me these will not be as easy as Discover. Wouldn't it be fruitless of me to try if I'm unemployed?
Have you signed up for Chase Credit Journey? Have not, but will look into this. TY for this tip Sometimes preapproval offers that are near-guarantees can come through there. Are you eligible for membership at Navy Federal Credit Union? I will look to see if I am eligible. I currently have my banking with a local CU.
What kind of rewards are you primarily looking for? Cash back, travel, a mix of both? Both Do you travel on Delta at least once or twice a year, or do you have another preferred airline? I'll travel whichever airline that has the better price When traveling, do you have a particular hotel chain that you find yourself in? No, whichever has the best price at time of bkg Do you have elite status with any airlines or hotels? No but my goal is to someday
Finally, before applying for anything, with your job loss do you still have verifiable income? Only income I can verify at this moment is my unemployment benefits.
You've done very well. But hold off until you get at least a few months in with your new job. Heres hoping you get a invitation to start work. Creditors will want to see a steady income. And some creditors will say you havet been employed long enough yet. Give it a little more time after you start working then grab a Disco! Good Luck! keep us updated!!!!!!!!
HI all,
Just a little adjustment as my post was long, but I wanted to provide as much information as possible to obtain the best feedback/advice.
@Anonymous wrote:
☹ Items to Review: Negative/BADDIES ☹ All 3B reporting
Collections:
Comcast $224 date assigned 01/21/2020
Oddly enough I came across this bill. Oh crap! So, I called Verizon pd the $224, May 2020.
3B reporting:
EX: PD acct/was a collection acct, ins. Claim or gov claim or was terminated for default
TU: Payment after charge off/collection. Comment: Paid collection
EQ: PD
UGH! Who do I contact to remove the debt from baddie list if I paid Verizon my full balance 4 months after acct sent to CA.
Do I dispute with Verizon, all 3B, or the collection agency?
Medical bill $195 date assigned 12/29/2014
Should I pay this or just allow it drop in 17 months?
I also wanted to say is that I acknowledge that while unemployed, it would be financially irresponsible of me to obtain additional credit. Pre-approved by DISCO & BoA (had to try both soft pull) which just figures I finally have the #"s. On a positive note when employeed my score will be better.