Yes there are some paths to rebuilding to abide by for the long term of ragaining, repairing or establishing a credit score. No one person on this forum or outside of this forum has a perfectly matched file and scores. We are like the fingerprints that type on the keyboard or the smart phone. No of us match. People come here seeking advice and actually what they ask about they dont match either. We are individuals. Each situation has to be handled separetly.
You've been here 3 months. Some have been here 5, 10+ years. Myself over 3 and a half yrs. I have seen many types of situations. The older folks a whole lot more than I have. And they were promoted to CL's or Mods for their experience on all types of situations. I respect them for the position they hold. More CL's and Mods I read, listened to, and applied their plans to where I am today. And it worked.
I treat each individual as a 911 call. I arrive on scene and ask how can I help you today. I'm having chest pains. Ok lets go to the ER. Does the assesment stop there? No way. There's many questions that have to be asked to get to why these pains started in the first place. And then I can apply the appropriate treatment. Same applies here. People come here with a blanket statement. Ok. Need to know more on whats going on so we can start a treatment plan. What happened before you got into this situation. Same as what were you doing when the chest pains began. Then the steps to gettting rid of the chest pain or problems from a posters credit can begin.
Yes I have to follow the Medical Directors protocols. But there is always a back up called Paramedic Judgement. Same applies here. Yes as you posted there are some correct points. But then a tangent has to lead away from the protocol or set guidelines to get to the root of the problem and then post possibles fixes. There is the BK to 700 thread made by an experienced poster that still stands today. Does it work for everybody? Maybe not. Will your opening post fix all the problems that come here. Probably not.
We are not perfect. I've given incorrect info when I was a newb and it was pointed out to me. Then I learned the correct way. Its a learning curve to this day still. If anyone on here knows it all and says so. They're lying. Once the gang as I say comes together and tries to fix the posters problems and the same as I drop off the Patient in the ER for the Med Staff to take over care. It comes down to TEAM. T-ogether E-veryone A-commplishes M-uch. Lastly. No chest pain patient is a match. Their EKG is always different. No poster that comes seeking help here is a match either.
@Anonymous wrote:
@Brian_Earl_Spilner wrote:
@Anonymous wrote:
@Brian_Earl_Spilner wrote:Scoring bonuses for adding your first 3 cards are absolute. You WILL see a scoring increase as long as it isn't offset by something like maxing out a card as you add them. I went from a 512 to a 555 just by adding the recommended 3 cards and not using them. How much of a scoring boost is dependent of the profile. In my case, the scoring boost easily outweighed the 5 points I lost on inquiries. Now that they've aged, they also help to offset AAoA losses when I apply for new credit.
Did you have any revolvers prior to those 3?
No. My report only had 15 years of closed accounts and 14 derogatories. I wasn't able to get approved for anything so I let everything age for a couple of years. Didn't pay off any derogatories, just let it age before applying. Other than those 3 cards, everything in my sig was added in the last year. According to TU, I still have 10 derogatories between collections and things that need to age off, not including seven 30 and 60 day lates. My score is borderline good (signature hasn't been updated since 10/18). Once I get the next 2 collections taken care of, which I barely started working on within the last year, I will be in the good range. Or, I can just lower my 50% aggregate utilization to kick me over. Seeing as how I'm just not cycled to reporting dates, it would be a somewhat quick fix. I basically did nothing that you're recommending and took my score from 512 to 670 in a year and a half. @Remedios is correct in saying one size does not fit all. For me, I gained massive traction once I started adding new accounts. Getting my collections paid off and removed have given me a less than 20 point difference in score between 3-7 collection accounts, depending on which bureau you're looking at.
Your case makes perfect sence since you didn't have any accounts reporting so adding revolvers will have a positive effect as i mentioned. My post was clear with "Unless you have zero credit cards reporting". Getting collections paid and removed will have a margial effect if you still have collections reporting. Once the last collection is off that's when you`ll see the biggest increase. You have made great progress. Keep it up!
But, your point is moot the moment I added my first account, which is where I got the 512 starting point, as that was my score 1 month after approval. Once that first account was added, I now fall into what you're talking about. My biggest jump was adding the second card. I then continued to receive score increases for my next 4 cards because the 4th and 5th were lowering my utilization below thresholds. It wasn't until my 6th card where I saw 0 change. By that point I had already maxed out my inquiries and was no longer being penalized for new ones. My scoring penalties were for derogs, inq, uti, and AoYA since my AAoA was at 11 years. My point is, adding new accounts like secured cards did more for me than cleaning up the derogatories. If I waited until those were clear, I'd still be sitting in the 500s with a balance of $5k to go.
