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Stay patient and creditors will reward you!

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New Contributor

Stay patient and creditors will reward you!

Hi all! I have been quite inactive on here for several years, unfortunately. Just been busy with life, but still have been lurking here to take advantage of the sage advice of this forum and its members. Just wanted to give a few updates for you all:

 

-Bank of America was my second credit card after my rebuild, and they refused to graduate that card until yesterday. FIVE YEARS! It sure was frustrating, but they finally unsecured it and gave me a CLI to $1000 (from $500). Called in today and they gave me another CLI to $2100, and I'll be getting my collateral back soon.

 

-I have lost any faith that Capital One will ever graduate my secured card as its been over 5 years, but you never know. I might cancel that card soon before the next annual fee hits. I do plan on talking to a credit analyst next week before I make that decision (in case they can graduate or PC).

 

-Discover has been really nice for me so far. I had high utilization when I applied for their card (nearly 80% overall) so they denied and I got a secured card for $200. About 4 months later, they unsecured without my request and gave me a CLI to $1200. Today, they upped it to $1900 on their own. They are great.

 

-NFCU is the real deal. They gave me an auto loan in Oct of 2018, and so I thought I'd app for a credit card with them two months ago. I did, and was approved for $15k! I had originally apped for their Platinum card, but after approval I called in and PC'ed into their Flagship card. They really are a fantastic lender and I hope to continue to grow with them.

 

All of my FICO scores were in the 500s a few years go, and it's been a tough climb back. Just know that it is a journey, but a worthwhile one. It has definitely taught me lessons that I won't soon forget. Credit truly is one of the most important things we must use responsibly. I wish they taught this to us in high school or college (when they start dangling credit cards to us when we don't even have any income!).

 

As many others on here have said before, it really is a matter of being patient, as time heals all wounds (including credit related ones!). Everyone who is going through a rebuild, just stay patient, pay your debts down, and keep watching your scores grow. First focus on getting rid of collections (whether by paying them off or having them deleted), and then pay down any current debts. Concurrently, have new, positive tradelines and garden for a few years. I know how crappy it feels like to have terrible credit, but trust me, you all can get it back up to where it belongs! Just listen to all of the awesome people that are so active and nice on these forums, and you will have the credit scores you desire!


Starting Score: 542 (EQ FICO)
Current Score: 711 (TU FICO) 711 (EQ FICO) 715 (EX FICO)
Message 1 of 13
12 REPLIES 12
Valued Contributor

Re: Stay patient and creditors will reward you!

Great post and congrats!  What stands out to me is Discover unsecuring you early and with a cli, none of which you asked for.....that's awesome. The other thing that stands out is your patience.  5 years is a loooong time but it sure has paid off for you.  I needed this reminder, patience is not my forte, and will continue to garden and carry on.  Thanks again for your credit journey update.

"MY TAKE HOME PAY WON'T TAKE ME HOME"
Personal Credit:
Savor $5.5k/ Venture $9k/ Disco CB $6.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Home Depot $10k/ Lowes Adv. $30/ Synovus loc $75
Biz Credit:
Spark $5k/ Amex BBC $27k/ Amex Lowe's Rewards $21k/ Lowe's Pros $6k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ many local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 2 of 13
New Contributor

Re: Stay patient and creditors will reward you!

Thanks Laurachrissy. Judging by your score increases though, seems you have done a marvelous job in rebuilding! Keep it up!


Starting Score: 542 (EQ FICO)
Current Score: 711 (TU FICO) 711 (EQ FICO) 715 (EX FICO)
Message 3 of 13
Valued Contributor

Re: Stay patient and creditors will reward you!


@EMax wrote:

Thanks Laurachrissy. Judging by your score increases though, seems you have done a marvelous job in rebuilding! Keep it up!


Thank you!  If I hadn't found this forum they would be so much lower.  Glad you're back.

"MY TAKE HOME PAY WON'T TAKE ME HOME"
Personal Credit:
Savor $5.5k/ Venture $9k/ Disco CB $6.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Home Depot $10k/ Lowes Adv. $30/ Synovus loc $75
Biz Credit:
Spark $5k/ Amex BBC $27k/ Amex Lowe's Rewards $21k/ Lowe's Pros $6k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ many local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 4 of 13
Established Contributor

Re: Stay patient and creditors will reward you!

I don't understand how someone can go from 579 to 727 in a year.

While I have been stuck in the 590-620 range for 3+ years.

Message 5 of 13
Valued Contributor

Re: Stay patient and creditors will reward you!


@Hockeypnc1 wrote:

I don't understand how someone can go from 579 to 727 in a year.

While I have been stuck in the 590-620 range for 3+ years.


@Hockeypnc1

Before the market crashed, my scores were in the 800's.  I have many good TL's (open and closed) and I HAD many CO's fall off my report starting in Oct. 2018 through Dec. 2018.  Between the support of my positive Installments, positive Revolvers and attaining new Revolvers my scores shot up in a matter of two months.  Since Jan 2019, I have been able to attain a few more revolvers but nothing in sl's like I used to qualify for.    Also, I've had a couple of lates age off as well. So my scores look pretty good, still I get little respect...small SL's.

"MY TAKE HOME PAY WON'T TAKE ME HOME"
Personal Credit:
Savor $5.5k/ Venture $9k/ Disco CB $6.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Home Depot $10k/ Lowes Adv. $30/ Synovus loc $75
Biz Credit:
Spark $5k/ Amex BBC $27k/ Amex Lowe's Rewards $21k/ Lowe's Pros $6k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ many local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 6 of 13
Established Contributor

Re: Stay patient and creditors will reward you!


@Hockeypnc1 wrote:

I don't understand how someone can go from 579 to 727 in a year.

While I have been stuck in the 590-620 range for 3+ years.


Im right there with you dont feel bad.  Collections off of report, just one charge-off that they refuse to delete after 6 years now, utilization at 1% on 150k in credit, scores have stayed in the 640-670 range since early 2016.  they do not move. ive never understood how some of these people with bankruptcies that burn 20 difference companies for tens of thousands of dollars can go from the low 500s to the mid 700s in 6 months its so frustrating.

Message 7 of 13
Valued Contributor

Re: Stay patient and creditors will reward you!



Like OP's post...patience

 

"MY TAKE HOME PAY WON'T TAKE ME HOME"
Personal Credit:
Savor $5.5k/ Venture $9k/ Disco CB $6.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Home Depot $10k/ Lowes Adv. $30/ Synovus loc $75
Biz Credit:
Spark $5k/ Amex BBC $27k/ Amex Lowe's Rewards $21k/ Lowe's Pros $6k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ many local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 8 of 13
Highlighted
Valued Contributor

Re: Stay patient and creditors will reward you!


@cy1215 wrote:

@Hockeypnc1 wrote:

I don't understand how someone can go from 579 to 727 in a year.

While I have been stuck in the 590-620 range for 3+ years.


Im right there with you dont feel bad.  Collections off of report, just one charge-off that they refuse to delete after 6 years now, utilization at 1% on 150k in credit, scores have stayed in the 640-670 range since early 2016.  they do not move. ive never understood how some of these people with bankruptcies that burn 20 difference companies for tens of thousands of dollars can go from the low 500s to the mid 700s in 6 months its so frustrating.


https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Almost-time-for-delinquent-accounts-to-age-o...

Patience...your collections, charge offs, and 90 day lates is what's holding you back.

"MY TAKE HOME PAY WON'T TAKE ME HOME"
Personal Credit:
Savor $5.5k/ Venture $9k/ Disco CB $6.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Home Depot $10k/ Lowes Adv. $30/ Synovus loc $75
Biz Credit:
Spark $5k/ Amex BBC $27k/ Amex Lowe's Rewards $21k/ Lowe's Pros $6k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ many local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 9 of 13
Senior Contributor

Re: Stay patient and creditors will reward you!


@cy1215 wrote:

@Hockeypnc1 wrote:

I don't understand how someone can go from 579 to 727 in a year.

While I have been stuck in the 590-620 range for 3+ years.


Im right there with you dont feel bad.  Collections off of report, just one charge-off that they refuse to delete after 6 years now, utilization at 1% on 150k in credit, scores have stayed in the 640-670 range since early 2016.  they do not move. ive never understood how some of these people with bankruptcies that burn 20 difference companies for tens of thousands of dollars can go from the low 500s to the mid 700s in 6 months its so frustrating.


Cy and Hockey,

Just like a credit score. Rebuild after BK's are not the same. No one matches growth from what may have been in the past and was IIB. I say it a lot. Individual credit scores are like a fingerprint. No one matches. BK DC's don't match either. Some may have had huge debts, CO's, collections,  judgements, and the list can go on and on. While some had 1 thing like back taxes with no derogs in the past. Smiley Sad Some had perfect credit but had Medical debts which leads the pack of why people claim BK. So its kinda dificult grouping BK'ers in 1 catagory and their growth.

 

I filed for 1 reason with only at that time a 1 30 day late that was 2.7 yrs old from a car payment. I had no cards, collections, CO's, judements,ect. Cut all my cards up yrs ago with perfect payments and closed by consumer. I almost got the young and dumb mistakes hit. But a settlement from a back injury paid them all off just in time. I was done with credit cards.

 

But you cant do too much without credit nowadays. So now I know how to handle credit thanks to this place and my lawyer who led me here. There were no perks back then. Heck. CCC's sent you a card in the mail. Just call and it was activated. I'm aging myself now. Now with all the perks cards give. Its worth it having them. Especially when retirement is coming quick and the savings you can earn.

 

I believe everyone can rebound. Its a freaking game. Just got to play it right.





My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC at 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game. Pay it Forward!
Message 10 of 13
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