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Stop making this common mistake during your Credit Repair journey!

Boisvert
Frequent Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@GApeachy wrote:

I just can't stress patience enough.  Read up, ask questions, get a plan and THEN put it into action....sure wish I had.  

I waited 7 years, if only I had found myFico sooner.  But if others have to wait one second, one week, month or year to app then it is what it is but at least you have other things you can do to clean up and get ready for the party.

So my first move was my worst, jumped the gun by maybe 7 days, but that too will work itself out with time.....I just need to be patient.

I appreciate reading the op and the responses.  It's like watching a movie over and over, you realize something new with each viewing. 


Exactly!

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 11 of 38
Jnbmom
Community Leader
Senior Contributor

Re: Stop making this common mistake during your Credit Repair journey!

Getting the 🍿 ready lol
EXP 758 TU 783 EQ 729
Message 12 of 38
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Stop making this common mistake during your Credit Repair journey!

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.




Message 13 of 38
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@Jnbmom wrote:
Getting the 🍿 ready lol

Word. She's about to go yolo on him.




Message 14 of 38
Boisvert
Frequent Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@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?

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 15 of 38
Remedios
Moderator

Re: Stop making this common mistake during your Credit Repair journey!


@Brian_Earl_Spilner wrote:

@Jnbmom wrote:
Getting the 🍿 ready lol

Word. She's about to go yolo on him.


I'm not sure why you'd say that. I've never done it and dont plan on starting today. 

My credit is just fine. I kinda know what I'm doing. 

 

It's a public forum and just because someone has an opinion that differs from mine, that does not mean that I will take adversarial stance. 

 

Carry on

 

 

Message 16 of 38
Boisvert
Frequent Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@Remedios wrote:

@Brian_Earl_Spilner wrote:

@Jnbmom wrote:
Getting the 🍿 ready lol

Word. She's about to go yolo on him.


I'm not sure why you'd say that. I've never done it and dont plan on starting today. 

My credit is just fine. I kinda know what I'm doing. 

 

It's a public forum and just because someone has an opinion that differs from mine, that does not mean that I will take adversarial stance. 

 

Carry on

 

 


Thank you. I wasn't planning to do a 'flame war'. We are here to learn from each other and you have very valid points as well. Kudos.

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 17 of 38
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@Boisvert 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.




Message 18 of 38
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@Remedios wrote:

@Brian_Earl_Spilner wrote:

@Jnbmom wrote:
Getting the 🍿 ready lol

Word. She's about to go yolo on him.


I'm not sure why you'd say that. I've never done it and dont plan on starting today. 

My credit is just fine. I kinda know what I'm doing. 

 

It's a public forum and just because someone has an opinion that differs from mine, that does not mean that I will take adversarial stance. 

 

Carry on

 

 


Wasn't expecting you to be adversarial. Was expecting you to drop a bunch of datapoints and examples as well as a well worded and solidly backed rebuttal.




Message 19 of 38
Boisvert
Frequent Contributor

Re: Stop making this common mistake during your Credit Repair journey!


@Brian_Earl_Spilner wrote:

@Boisvert 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!

My signature is only for inspiration.
  
  
Credit Repair Tracker: Don't get discouraged: 220pts gained to 800!


MYFICO Proud Garden Club Member: 

Message 20 of 38
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