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Rebuilding credit quick

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Anonymous
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Rebuilding credit quick

I'm new here and I should've jumped on here faster. My name is Joe. I have done a lot of bad things when I was 18-19 and racked up credit cards. Well i'm trying to rebuild for a couple months now and started using credit unlimited to dispute things off my credit report. I just found out about this forum and reading everything helps so I am asking for help from some talented minds. I'm making a lot more money now and I decided to order a BMW M3 and i'm putting 20% down. I just dont want to get **bleep** or not approved. I jumped the gun on ordering thinking credit unlimited was doing good things with my credit. 

 

My scores as of today when I ordered myfico to help track

EF:659 TU:669 EX:651

 

EF Auto 8 - 632 TU Auto 8- 701 EX Auto 8 - 634

 

 

I had a car loan for the past two years at 470 a month. I just recently paid it off though. I am using a capital one credit card and just paying it off each month. It's got a 1000 limit.  

 

I have a CU loan that went to collections that was paid off and reported paid in full by TU and EF but EX is reporting 90 days late and they won't stop. It was paid off in May 2016. 

 

What do I need to do to get it up and what other info do ya'll need?

 

BTW Happy Thanksgiving!!!

4 REPLIES 4
Anonymous
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Re: Rebuilding credit quick

I think the most important thing to understand before you really start to dig in with the rebuilding process is that it doesn't happen "quick" as your thread title states.  As many will state on this site, credit rebuilding is a marathon not a sprint.  It can take 6 months just to start to see results and 1-2 years to get to where you want to be.  When you factor negative items into the equation, if you can't get them removed, you're looking at 7 years before you are completely out.

 

Your scores are in the 600's which are a fine starting point; many start in the 500's so you're already in a better place than many that start the rebuilding process.

 

The items you are disputing, are you disputing them because they are inaccurate or "just because" and want them gone?  Disputes really should only be used if you see something on there that isn't correct.

 

The biggest thing for you at this point is going to be getting any negative items off of there.  If they are legit negatives like the CU loan that went to collections you are going to want to start writing GW letters.  Lots of them.  Don't stop until you can get the result that you want.  There's a thread on the first page in the rebuilding section here called The Saturation Technique which I recommend reading if you decide to start a GW letter campaign.

 

For the time being, understand that on-time payments and keeping your credit card utilization low make up 2/3 of your cerdit score.  If you nail these two categories, your scores will continue to grow.  Never miss a payment.  Ever.  As far as utilization goes, always pay in full.  Paying in full is a great habit to get into, especially when you are younger.  If you can't afford to buy it in cash, don't put it on your card.  Adopting this mentality will work wonders for your credit scores.

 

Your car payments are very high and this may be something you want to reconsider at some point.  $470/mo is a lot which I know you said was your last car loan payment.  You didn't mention what the M3 payment will be monthly, but I'd assume it's in the same ballpark which is a big expense to take on for 5, 7 or however many years make up the term of the loan.  A lot can happen over those years such as job loss, medical expenses, etc. that could prevent you from being able to keep up.  As a result you could fall short in those 2 major categories of on time payments and utilization.  You could start missing payments (if you can't afford them) or run up your credit card utilization by channeling other expenses to your card in attempt to have money to make the car payments.  Just something to keep in mind as you progress on your credit-rebuilding journey.

 

If you could provide some additional information about your specific profile, that would be great.  Things such as any other negative items you have on your report, age of your oldest account, average age of your accounts (age of all your accounts added up divided by that number of accounts), number of inquiries on your reports, etc.  Also I'm pretty sure you suggested that you only have 1 credit card, is that correct?

Message 2 of 5
Anonymous
Not applicable

Re: Rebuilding credit quick


@Anonymous wrote:

I'm new here and I should've jumped on here faster. My name is Joe. I have done a lot of bad things when I was 18-19 and racked up credit cards. Well i'm trying to rebuild for a couple months now and started using credit unlimited to dispute things off my credit report. I just found out about this forum and reading everything helps so I am asking for help from some talented minds. I'm making a lot more money now and I decided to order a BMW M3 and i'm putting 20% down. I just dont want to get **bleep** or not approved. I jumped the gun on ordering thinking credit unlimited was doing good things with my credit. 

 

My scores as of today when I ordered myfico to help track

EF:659 TU:669 EX:651

 

EF Auto 8 - 632 TU Auto 8- 701 EX Auto 8 - 634

 

 

I had a car loan for the past two years at 470 a month. I just recently paid it off though. I am using a capital one credit card and just paying it off each month. It's got a 1000 limit.  

 

I have a CU loan that went to collections that was paid off and reported paid in full by TU and EF but EX is reporting 90 days late and they won't stop. It was paid off in May 2016. 

 

What do I need to do to get it up and what other info do ya'll need?

 

BTW Happy Thanksgiving!!!


Are you paying before or after the statement closes? How much was the statement balance from last month? What is your average monthly spending on this card?

How long before you have to "close the deal" on the car?

Message 3 of 5
Anonymous
Not applicable

Re: Rebuilding credit quick

Hello! Welcome to the forums! We have all done things we've regretted when it comes to our scores, that's why we are here. That's why I'm here! Luckily, this forum is full of very helpful individuals who can provide guidance and suggestions on how to get your credit fixed.

Your scores are what I wish I had when I started! Mine were sitting at 530s when I first initially looked.

For your late, I'd also recommend sending GW letters to the OC to have that removed as Brutal suggested above. Lots of great advice there! Find as many addresses as you can for them, and send off several letters at different days throughout the week.

Best of luck to you! You are already at a great starting point! The hardest thing is being patient. I struggle with that. I keep checking my scores daily waiting for that jump, and I'm only frustrating myself. Don't make my mistakes. Smiley Happy
Message 4 of 5
Anonymous
Not applicable

Re: Rebuilding credit quick


@Anonymous wrote:

I'm new here and I should've jumped on here faster. My name is Joe. I have done a lot of bad things when I was 18-19 and racked up credit cards. Well i'm trying to rebuild for a couple months now and started using credit unlimited to dispute things off my credit report. I just found out about this forum and reading everything helps so I am asking for help from some talented minds. I'm making a lot more money now and I decided to order a BMW M3 and i'm putting 20% down. I just dont want to get **bleep** or not approved. I jumped the gun on ordering thinking credit unlimited was doing good things with my credit. 

 

My scores as of today when I ordered myfico to help track

EF:659 TU:669 EX:651

 

EF Auto 8 - 632 TU Auto 8- 701 EX Auto 8 - 634

 

 

I had a car loan for the past two years at 470 a month. I just recently paid it off though. I am using a capital one credit card and just paying it off each month. It's got a 1000 limit.  

 

I have a CU loan that went to collections that was paid off and reported paid in full by TU and EF but EX is reporting 90 days late and they won't stop. It was paid off in May 2016. 

 

What do I need to do to get it up and what other info do ya'll need?

 

BTW Happy Thanksgiving!!!


Good Morning jb18,

 

We hope all is well with you.  You haven't been back here since  you registered for this site and made your post on 11.24.2016 - the day before Thanksgiving.  Come back on here to let us know how things are going with you.  There's already been a few excellent replies/posts here.

 

We are looking forward to your replies.

 

Take care Joe ;-)

Message 5 of 5
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