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Starting my Rebuild Journey! Help!?!? No clue where to start.

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Starting my Rebuild Journey! Help!?!? No clue where to start.

Hello everyone,

 

I am currently starting my rebuild. I had a clean profile until I moved from NY to SC unexpectedly due to a company aquisition. I had my car with no payment for 8 years and its starting to break down to the point that repairs are more than the car value. So I decided to stop avoiding and ignoring my scores because within the next year I would need a new car, which means a car loan. My current scores are EQ: 528 TU: 530 EX: 528. I currently have 7 derogs (collections total about  $3500) and I plan on paying those off by the end of the year. My CC utilization is currently at 150% which will be down by the end of fall. My oldest account is 3 1/2 years old and is in good standing, I also have student loans which were acquired in 2017 and ongoing. I just really want to take control of my finances at this point. I would like my scores to be good enough for a car loan with a decent APR by March/Apr 2020. Is that a reasonable expectation? Am I on the right track to clean my profile up?

Starting Score: 522
Current Score: 522
Goal Score: 700


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Message 1 of 11
10 REPLIES 10
Regular Contributor

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

Hello,
Welcome to the forum. You will need to list all your cards/bills along with what you owe and what’s in collections Or in charge off status. Someone will help you. They will just need more info. You will also need to pull your free credit reports from www.annualcreditreport.com
Good luck to you.

CARDS: Discover It | QuickSilver One | Open Sky | Kohl’s | OverStock
Starting Scores 05/2019: EQ:519, EX:525, TU:574
Message 2 of 11
Frequent Contributor

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

What I did was (and I started in the 500's like you) I went to my local CU did a Secured small loan (a 6 month loan) paid it off.   Paid off my collections (I had 2 medical).     I didn't have the history only bad things besides the Small secured loan to report so I opened a Secured CC at my local CU as well.     When the year was up I upgraded my Secured to an Unsecured, refinanced my car down 13% and opened 2 Unsecured CC's as well because get this my score was now at 750 middle at the one year mark!!!    You have to pay on your things early and PIF your Collections (if you owe them) to get them removed and PLEASE be sure if you do a PFD that you get it in writing they will remove it from ALL 3 CB's before or while you are on the phone with them!    And be sure to not miss ANY payment or get behind or it will throw off your track Smiley Happy     That is what I did personally and I'm super glad I did.     A few months after that I got my first home (in my name only) as well as I got a CL surprise from my Chase account and I opened another card (my Home Depot Card) after my home was finalized and got a super small SL but when I called right away they upped it to 5k in SECONDS!     It's like Christmas!!     ROFL just don't let things fall and you would be surprised how quick you can up your score!     It will be a tough year tho if you are like me and try to get your CL under 8% or for them to collectively equal 8%  Smiley Very Happy     Some people like the AZEO method but I noticed a bigger jump on mine personally when they all have some usage even if small to where they all work/add to 8%  Smiley Very Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


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Message 3 of 11
Frequent Contributor

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

If you can get your middle CAR SCORE to be around 650 I think that will be a good place to be at in regards to the vehicle part of it all but ideally if you can do a year that would be best it takes time to get big jumps and a year is actually 'quick' for some things  Smiley Very Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


Take the myFICO Fitness Challenge








Message 4 of 11
Member

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

Ive already pulled my credit report as well I reviewed my report on myFICO. 

 

What I owe is as follows: 

Current: 

Capital One Platium $432/500

Captial One Quicksilver 1379/1000

Student Loans: $19,116 (one year left until I get my bachelors) 

 

Collections: 

2 with Lvnv Funding - Victoria Secret - $634 Credit One - $634 

Profolio Recovery - Children's Place - $696

Natural Fuel Gas Corp - $287

Jefferson Captial - Verizon - $632

1st Credit Services (Old gym membership) - $353

National Recovery - National Grid - $237

 

Total Debt: $4650

Total Debt including SL: 23766

 

I have no errors on my report. 

 

 

 

 

Starting Score: 522
Current Score: 522
Goal Score: 700


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Message 5 of 11
Frequent Contributor

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

Start knocking off smaller Collections first and work on lowering your CC's in the meantime if you can do the Small secured loan at your local bank (I recommend CU) I would def. do that I think I did 500 or 600 I can't remember for 6 months.    But def read the rest I put!     The collections are hurting you a LOT and if you start with any CC doing larger payments work on the QS first! but still make on time payments for the other.

Starting Score: 537
Current Score: 725
Goal Score: 775


Take the myFICO Fitness Challenge








Message 6 of 11
Member

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

Yea I know the collections are killing me. I hate that I acquire them but I had to priotitize my finances when I made the sudden move from the north to the south.  I want to pay them off and maybe negotiate the larger ones for a smaller amount and PFDor a PIF. At this point, I'm putting all extra funds into saving and paying off the collections. I will definitely will be paying off my smaller ones next month and each month I want to pay one while getting my utilization down. 

Starting Score: 522
Current Score: 522
Goal Score: 700


Take the myFICO Fitness Challenge
Message 7 of 11
Frequent Contributor

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

Sounds like you have a good plan just be sure not to let the CC fall back while you work on Collections or vise versa Smiley Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


Take the myFICO Fitness Challenge








Message 8 of 11
Member

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.

 


@Girlzilla88 wrote:

If you can get your middle CAR SCORE to be around 650 I think that will be a good place to be at in regards to the vehicle part of it all but ideally if you can do a year that would be best it takes time to get big jumps and a year is actually 'quick' for some things  Smiley Very Happy


I'm really going to try and push it to a year because I know things take time but it's excruciating slow process but I have to get better at delayed gratification instead of being a typical milennial and wanting instant gratification, thats how I got myself in this mess in the first place. 

Starting Score: 522
Current Score: 522
Goal Score: 700


Take the myFICO Fitness Challenge
Message 9 of 11
Member

Re: Starting my Rebuild Journey! Help!?!? No clue where to start.


@Girlzilla88 wrote:

Sounds like you have a good plan just be sure not to let the CC fall back while you work on Collections or vise versa Smiley Happy


At this point I have no choice, better choices is going to be a better life in the long run. Plus I would feel like a fraud in the finance field and if I can hande my own finances. This is going to be a great learning experience. Definitely going to document it and i know this forum will help me tons!

Starting Score: 522
Current Score: 522
Goal Score: 700


Take the myFICO Fitness Challenge
Message 10 of 11
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