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Stop making this common mistake during your Credit Repair journey!

GApeachy
Super Contributor

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

 
"My Take Home Pay Don't Take Me Home"
Message 21 of 38
Jnbmom
Community Leader
Senior Contributor

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

There is no one size fits all when it comes to credit.

What works for some may not work for others. There isn’t just one way to build or rebuild your credit as we have seen on these forums.

The best we can do is offer advice based on our own experiences and hopefully shed some insight on how or what we did to improve our files.

I personally have too many to mention inquiries and new accounts and have not seen a big loss as far as scoring goes, but that’s not to say others will have the same results.
EXP 758 TU 783 EQ 729
Message 22 of 38
Boisvert
Frequent Contributor

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

 

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


MYFICO Proud Garden Club Member: 

Message 23 of 38
FireMedic1
Super Contributor

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

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.





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 540's. And to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 24 of 38
Boisvert
Frequent Contributor

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


@FireMedic1 wrote:

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.


Yes. I've been here 3 months. I'm new to myFICO. I have been dealing with credit and credit repair since 2007. That's 12 years. 

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


MYFICO Proud Garden Club Member: 

Message 25 of 38
GApeachy
Super Contributor

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

Wow, something weird is going on with the posting. 

But I put a screenshot on one of my posts to show that the affect my scores had were quite different from your wifes.  It helped me tremendously adding a little cc to my file even though my file was still a little dirty.

And I think dh had similar results though not the same or even but it was a pretty exciting time.

The screenshots may be on page 1, idk....I had a double post too.

"My Take Home Pay Don't Take Me Home"
Message 26 of 38
sccredit
Valued Contributor

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

With credit blanket statements never work and there are no absolutes - not even the Chase 5/24 rule!  In my case CreditOne worked just fine for a first card out of a Chapter 7.  It's closed now but it served its purpose.  Does that work for everyone?  Absolutely not.  It worked in my case and not even 18 onths post discharge all of my scores are above 700.  EX is 728.  

 

If someone has a load of charge-offs and doesn't have the money to settle them then opening new accounts helps start a rebuild and only time will help.  Or, if there is money to settle 2 out of 10+ chargeoffs it will be much more beneficial to open a secured card and start showing a positive trade line history.  

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, BBVA $2,500
Infiniti Financial Lease
Goal: New Mortgage 3/2022
Message 27 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:

@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!


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.




Message 28 of 38
Boisvert
Frequent Contributor

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


@GApeachy wrote:

Wow, something weird is going on with the posting. 

But I put a screenshot on one of my posts to show that the affect my scores had were quite different from your wifes.  It helped me tremendously adding a little cc to my file even though my file was still a little dirty.

And I think dh had similar results though not the same or even but it was a pretty exciting time.

The screenshots may be on page 1, idk....I had a double post too.


Yes, and my response to it showed as blank. Your Discover add was a great addition since you only had 1 CC reporting. Also keep in mind you had 4 derogs when you were at 579. The 711 credit increase is also largely attributed to removing the 3 derogs. 

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


MYFICO Proud Garden Club Member: 

Message 29 of 38
GApeachy
Super Contributor

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


@Boisvert wrote:

Your Discover add was a great addition since you only had 1 CC reporting. Also keep in mind you had 4 derogs when you were at 579. The 711 credit increase is also largely attributed to removing the 3 derogs. 

Edit: My point about patience...I app'd with 4 derogs, 7 or so days later they were gone. Could of, should of waited and got a better card due to a cleaner file.
Does a retail card count the same as a credit card?  1 only had the one "Goody's" store card.

 

 

 

"My Take Home Pay Don't Take Me Home"
Message 30 of 38
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