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Rebuilding for a year!

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Valued Member

Rebuilding for a year!

Long story short: I've been rebuilding my credit for just over a year and was in the mid 500s. Since then, last month, I hit my end of year goal of 700! Score was updated two weeks later and now at 715!

 

Guys, rebuilding your credit takes time. Don't be discouraged if you don't see progress on your report! You'll get there!

 

Key points that has REALLY helped my score:

- Keep your utilization % LOW. I mean <10% LOW.

- Make 100% of payments AHEAD of your due date.

- USE your CARD. But pay it off (at least to under 10%) once you see the balance hit your account.

- DON'T put your credit utilization above 30% unless you have to.

- Keep an eye on your usage AND your credit score!

 

This forum has really helped me out with credit knowledge. Go team and happy managing!

Message 1 of 11
10 REPLIES 10
Valued Contributor

Re: Rebuilding for a year!


@thatITguy wrote:

Long story short: I've been rebuilding my credit for just over a year and was in the mid 500s. Since then, last month, I hit my end of year goal of 700! Score was updated two weeks later and now at 715!

 

Guys, rebuilding your credit takes time. Don't be discouraged if you don't see progress on your report! You'll get there!

 

Key points that has REALLY helped my score:

- Keep your utilization % LOW. I mean <10% LOW.

- Make 100% of payments AHEAD of your due date.

- USE your CARD. But pay it off (at least to under 10%) once you see the balance hit your account.

- DON'T put your credit utilization above 30% unless you have to.

- Keep an eye on your usage AND your credit score!

 

This forum has really helped me out with credit knowledge. Go team and happy managing!


I am re-building myself, so these tips will certainly help me! Thanks for sharing and congrats on making it to the 700 Club! Smiley Wink

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Starting Score: 490
Current Score:EX: 590
Goal Score: 620


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Message 2 of 11
Valued Contributor

Re: Rebuilding for a year!

Congrats on making it into the 700 club! Someone should highlight the key points and make it a sticky. Many people think that fixing credit is an overnight thing when it's not. There's a lot more to it.


Scores - All bureaus 750 +/-
TCL - Est. $275K
Message 3 of 11
Valued Member

Re: Rebuilding for a year!

Thanks! I think it should be stickied as well but I could also be biased on that Smiley Happy
Message 4 of 11
Established Member

Re: Rebuilding for a year!

I agree! It took me 2 years to reach the status i am at now. I just closed on my house last week. It was a long road process but you can't give up. It took a lot of reading this forum, time and determination. Now, I can say "I'm finish" and will be gardening for a long time. 

Message 5 of 11
Established Member

Re: Rebuilding for a year!

Hi

I have been looking at posts as I just signed up a few days back. Congratulations AND thank you for sharing that bc somedays it just doesnt seem we are going forward and seeing these amazing stories makes me feel stronger!!!
Message 6 of 11
Established Contributor

Re: Rebuilding for a year!


@thatITguy wrote:

Long story short: I've been rebuilding my credit for just over a year and was in the mid 500s. Since then, last month, I hit my end of year goal of 700! Score was updated two weeks later and now at 715!

 

Guys, rebuilding your credit takes time. Don't be discouraged if you don't see progress on your report! You'll get there!

 

Key points that has REALLY helped my score:

- Keep your utilization % LOW. I mean <10% LOW.

- Make 100% of payments AHEAD of your due date.

- USE your CARD. But pay it off (at least to under 10%) once you see the balance hit your account.

- DON'T put your credit utilization above 30% unless you have to.

- Keep an eye on your usage AND your credit score!

 

This forum has really helped me out with credit knowledge. Go team and happy managing!


I started out in the 500's earlier this year as well. This forum has helped me tremendously and and now a few points shy of 700. All the points above are 100% well... on point!

 

I was hoping to hit 700 before the end of the year, but I'm expecting a bit of a score drop due to my new car. Last time my car loan was completely paid off and a new one posted, I lost about 50 points. I don't know if that will happen again, but this loan is significantly higher than the previous one; about $10,000 more. I didn't have the cards I have now, so we'll see what happens!

 

Congrats on your rebuild! It certainly is a marathon and people like us are proof that if you work hard, you WILL see results. I pay my cards as soon as the balance posts, too, and keep track of my statement dates so that only one card will post with a (small) balance. It took me a month to figure all my new cards out, but I wrote down all the statement dates in the Notes app on my phone and even set up alerts to remind me. It may seem like overkill to some people, but it's honestly so helpful and the reason why my credit is getting better and better.

 

Another thing I wanted to add:  don't get discouraged if you see your score drop a few points here and there. My score dropped 12 points last week, and then I gained 27 points back the next week. Educate yourself and read as much as you can on this forum. I read posts that have nothing to do with my situation, but it helps to know about these things in case they one day happen to me.

 

Ok I'll shut up now. Congrats and love you guys! Heart

I’m probably never finding that garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 7 of 11
Established Member

Re: Rebuilding for a year!

Thank you for taking to time to help those who are beginning the journey as such as myself! I began my journey this month with the hopes of reaching the 700 club within a 1.5 year. Currently high 500s. Congrats to obtaining the 700+ club.
Current FICO 8 (Jan ‘19): EX: 566 TU: 540 EQ: 517
Goal (Dec ‘19): EX: 670 TU: 680 EQ: 690
Secured: Capital One; Discover; NFCU
Message 8 of 11
Valued Member

Re: Rebuilding for a year!


@thatITguy wrote:

Long story short: I've been rebuilding my credit for just over a year and was in the mid 500s. Since then, last month, I hit my end of year goal of 700! Score was updated two weeks later and now at 715!

 

Guys, rebuilding your credit takes time. Don't be discouraged if you don't see progress on your report! You'll get there!

 

Key points that has REALLY helped my score:

- Keep your utilization % LOW. I mean <10% LOW.

- Make 100% of payments AHEAD of your due date.

- USE your CARD. But pay it off (at least to under 10%) once you see the balance hit your account.

- DON'T put your credit utilization above 30% unless you have to.

- Keep an eye on your usage AND your credit score!

 

This forum has really helped me out with credit knowledge. Go team and happy managing!


Just checking back here... Wanted to update you guys on my score 738+! Available credit to me is $24k!! Can't believe how far I have come but this is just the beginning of my next chapter in my credit journey. I'm quoting my original post to reiterate that this tactic WORKS! Keep moving forward and ONWARD!

Message 9 of 11
Contributor

Re: Rebuilding for a year!

Wow! That is so exciting! Congratulations on your successful year! This excites me to see what I can accomplish over the next 11 months!
FICO Scores
5/20/2019: EQ - 568 TU - 591 EX: 589
Message 10 of 11
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