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Red's Rebuild Journey

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Red's Rebuild Journey

Good day fellow myFico peeps! I've enjoyed seeing the threads of others rebuilds and thought I would join, and have a thread to keep track of my progress. As way to show others what can be done, to have a track of where I am at, and to allow others to give advice as they see fit.

So lets break down the numbers and my issues,
2014 I was injured, and had to go on short term disability, was on a don't lift more that 10lb order from the doctor, I was essentially a Lineman + cableman for AT&T at the time so got cut down to 40 hours per week (used to 50 to 60 normally) then as it went on I only got 80% of that.  Suffice it to say I was having issues.

What happened in 2014:
Fell behind on apartment rent, recieved Pay/Quit, I quit, moved in with family paying $400/month to them (arrangement still stands). I didn't know it but apartment complex went through whole eviction process (never got the serving papers to show up in court, nor the judgement) Luckily for my credit the judgement wasn't for money, just for the apartment so I'm not going to dig up past history and let it fall off the judgement for 2021. (Besides most complexes seem sympathetic and are okay that it was roughly 5 years ago)

So there was that, I also had to take a pay cut for a job that wouldn't be as physically demanding and I fell behind further on certain bills.

So here are all the baddies from that time.

Bank of America:  Opened 02/2011 was given $8,000 limit, for a 20 year old that never had a CC before this was dangerous and while I am good with budgets and generally financial advice I have some issues with impulse control. (mostly under control now) Fell behind, payment plan to catch up, got injured fell behind again, Charged off August 2014,

At $7888/$8000, reports monthly since 2017 to EQ and EX, outside of SOL for suing and 2 years from falling off with age

Student Loan: Opened 08/2009 technically 2 loans one for $2,000 and one for $3,500 (only went one year to college) fell behind went into default in 2014 starting 04/2014 with late payment was that way till early 2015 when it was transferred to NelNet and I took a mercy plan to catch back up and be current to avoid garnesment ect, been current ever since.

CapOne: Opened 07/2011 $300 Limit suffered same issues as BoFA in late 2012 early 2013. Paid off, but they froze card so I couldn't charge anything to it, but left it "open" to count as a positive to credit limit. 90 Day lates showing 07/2012 will fall off 2019 on all 3. Stopped reporting as OK payment in early 2018 (basically closed waiting for negs to fall off)

First Premier Bank: Opened 05/2013,  fell behind  08/2014, charged off. In 2016 we came to an agreement I'd pay off the balance and they would give me a new tradeline at the same Credit Limit of $500. Waiting till 2021 for it to fall off

Wells Fargo Dealer Services: Opened 07/2013, two 30 day late derogs 08/2014, and 12/2014, Paid 05/2017 Doing the same waiting for derogs to fall off.

Collection: Utility Electric: $623 (still on there have plans to pay)

After all of this I believe my credit score was about 500ish at the time. Spent end of 2014 and beginning of 2015 working at lower paying job, until I got lucky and fell into the role I've always wanted, computer support and that line of work, got pay similar to AT&T then got a raise above and worked there till the end of 11/2018 when I got my newest job which paid even more.

To give my hourly breakdown it goes like this:  07/2014 $14/hr, 08.2014-07.2015 $12.50, 07.2015 to 11.2018 ($14, $15, $16.87/hr) Current job, 12.18-03.19 ($20.50, $21)

Spent all of 2015 just recovering my financial situation, and most of 2016, hover in the 520's during this time. now for my positive accounts
First Premier: opened 08/2016 No Derogs 228/$500 Limit
Walmart: opened 12/2016 No Derogs 74/$500 Limit
Capital One: Opened 09/2016 Ne derogs $984/$1100 limit
Smile Gen: Opened 12/2016 No Derogs $550/$750 limit (I use this about every 6/7 months have a lot of dental issues)
Fingerhut: Opened 06/2017, Closed 01/2019 0/$800 limit (didn't use the tradeline, they closed it)
Discover IT: Opened 06/2018 no derogs $617/$1500 limit
Care Credit: Opened 10/2018 no derogs $0/$1000 limit
Quick Silver: Opened 04/2018 no derogs $671/$750 limit

Ran into some issues the 2nd half of 2018 in regards to car and personal issues
Lending Club: Opened 06/2018 $2000 personal Loan, paid off 02/2019
Main One: Opened 11/2018 $3000 personal loan paying

Fico8 Credit Scores as of 03/12/2019
EQ: 627, TU: 638, EX: 621
Open revolving Creditlines : $3124/$6100 ~51% ut
C/O Revolving CL: $7888/$8000 ~99%
Total Revolving CL: ~78% ut,  $11,012/$14100

Personal Installment Loans:
Lending Club: Paid
One Main: ~$3000/$3300 (They're not easy to see total amount due to how they calculate balance)
Education: ~$5,500

Plans for March: Pay down Cap One, and Quick Silver, Pay off Walmart and First Premeir
Reach out to BoFA and discuss a settlement, not going higher than 25% (Probably in the best position to discuss this, outside of SOL and 2 years from falling off)

End of March: Pay off Walmart $74, FP $228, Pay down CapOne cards $100 each, for total of $502: Bring my ut down to 43% open and 75% total.
April Projected Plans:
Another $500 for Discover
$50 for Smile Gen, $50/ cap one card. for a total of $650 planned for debt pay down, another $450 is budgeted for Taxes (first year of owing).

Use of cards:
Walmart: The rare trip to walmart
First Premeir: Emergency backup (first on chopping block due to yearly fee)
Cap One: Emergency Backup (small $10 patreon charged to this to show activity)
Quick Silver: Emergecny Backup (see above)
Discover: Primary used for monthly expenses (Phone, Internet, Auto Insurance, fixed Entertainment, paid off as spent)
Care Credit/Smile Generation: Medical purposes

Projection for June/July: Paid off One main, settled BoFA, paid off Collection, paid down CC
Expected Credit Score:
EQ/EX/TU: 680-710

Plans to purchase new car in July/August

I know this was long but keeping this as a log of sorts and laying it all out there to see what everyone thinks and any tips/ideas

Thank you for your time and keep on grinding away to a better credit future!

Message 1 of 2
New Contributor

Re: Red's Rebuild Journey

Welcome! Hope to see your progress as you tackle these things along with the rest of us who are busy rebuilding Smiley Happy

2/25/19 FICO 08 = EX-580, EQ-559, TR-610
Current FICO8 as of 5/21/19 = EX 621, EQ?, TR?
Exp mortgage score 607!
Message 2 of 2
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