Tackled multiple items at once.. CAN'T WAIT TO SEE CHANGES!

[Anonymous]

Hi All!

Want to start by saying THANK YOU ALL.. the information in this forum is soooo valuable, and I just wish I would have discovered this sooner. I've been lurking through here for a while and have taken lots of notes, all while saving up $$ to tackle a few negative things that remain on my credit. 

Quick background: I had HORRIBLE credit 2-3 years ago... I was in my mid twenties and my credit scores were all in the 300-400's; I was mortified, not to mention embarrassed as hell. The damage was a result of ignorant actions as a teenager, as well as credit card debt someone incurred in my name without my knowledge (family member unfortunately). Everytime I would apply for a new job, I would cringe at the thought of them pulling my credit. When my car started giving me problems, I would lose sleep thinking about what I would do to afford a new one. The idea of moving to a new apartment seemed impossible since I never thought I would be approved (or thought would have to pay a $3000 security deposit and give up a kidney or something). Needless to say, I was always thinking about my bad credit but never did anything about it because of shame. Last year I finally gained the courage to reach out to a Credit Counseling center, and got the help I needed with consolidating a few payments to creditors, and I learned how to settle accounts in exchange for deletion (PFD) thanks to forums like these. As a result of doing this I was able to get an approval for an auto loan for a 2014 Mitsubishi Outlander Sport (so in love), and I was also approved to move in to my beautiful apartment with no security deposit. I've managed to get my credit scores up as follows: TRANS 602, EXP 592, EQUI 566, CREDIT KARMA 574.

I pulled my credit reports and identifed these items as the culprits for my score not going up further:

- Medical collection $94

- Penn Foster School collection $672

- Keiser University collection $594

- Diversified Adjustment Svs, paid off Sprint collection (paid in early 2013 when I didn't even know what PFD was)

- 81% credit card utilization  (BOA secured $500, CAP ONE $500, Credit One $600)

What I have been able to accomplish (lots hard work and saving up the $$ to do so):

- Medical collection paid (PFD)

- Penn Foster School collection paid (PFD)

- Keiser University collection paid (PFD)

- Diversified Adjustment Svs paid off collection deleted (through numerous letters, emails, phone calls, and being annoying lol)

- Paid credit cards to bring utilization down to 37%

I AM SO EXCITED to see how all of this hard work will pay off.. would anyone have an idea of what I can expect more or less? As far as the other accounts on my credit.. I have never been late on payments on my credit cards, auto loan, or student loans (always 100% rating for timely payments), the only thing I can think of that looks not so great is the amount of student loans/overall debt compared to my total available credit which is $1600 for 3 credit cards (all of which are within 1 yr since opened - so not really that long).

I will keep everyone posted as soon as I see the credit agencies updated with this info. Aaaahhhh I want to know now! 

[Anonymous]

Congrats on the PFD's. and for getting yourself moving in the right direction.

Your 3 cards: 2 should report 0 bal and other reporting under 10%.

I got a few store cards through the shopping cart trick and thankfully the cli's are frequent. Even though it can affect your AAOA at first, it did help me.

The members on this board are such a great (and FREE) asset to people seeking to rebuild their credit. I lurked for almost a year before I actually joined. Without these forums I would still be in the 400's... Im just hit the 6's and that was all because of what I learned from the members here.

[Anonymous]

Thank you! and congrats to you on hitting the 6's! I love this place

I've read about the shopping cart trick in other posts, definitely trying that one later on!

[Anonymous]

Just dont go crazy doing it (shopping cart trick). I only accepted few for stores I like and Jcrew because they seem to give the most love with their cli button. You dont want a bunch of needless cards.

Other members have more knowledge and will def chime in... Only greatness has come from listening to them.

[Anonymous]

---

@Anonymous wrote:

Hi All!

Want to start by saying THANK YOU ALL.. the information in this forum is soooo valuable, and I just wish I would have discovered this sooner. I've been lurking through here for a while and have taken lots of notes, all while saving up $$ to tackle a few negative things that remain on my credit. 

Quick background: I had HORRIBLE credit 2-3 years ago... I was in my mid twenties and my credit scores were all in the 300-400's; I was mortified, not to mention embarrassed as hell. The damage was a result of ignorant actions as a teenager, as well as credit card debt someone incurred in my name without my knowledge (family member unfortunately). Everytime I would apply for a new job, I would cringe at the thought of them pulling my credit. When my car started giving me problems, I would lose sleep thinking about what I would do to afford a new one. The idea of moving to a new apartment seemed impossible since I never thought I would be approved (or thought would have to pay a $3000 security deposit and give up a kidney or something). Needless to say, I was always thinking about my bad credit but never did anything about it because of shame. Last year I finally gained the courage to reach out to a Credit Counseling center, and got the help I needed with consolidating a few payments to creditors, and I learned how to settle accounts in exchange for deletion (PFD) thanks to forums like these. As a result of doing this I was able to get an approval for an auto loan for a 2014 Mitsubishi Outlander Sport (so in love), and I was also approved to move in to my beautiful apartment with no security deposit. I've managed to get my credit scores up as follows: TRANS 602, EXP 592, EQUI 566, CREDIT KARMA 574.

I pulled my credit reports and identifed these items as the culprits for my score not going up further:

- Medical collection $94

- Penn Foster School collection $672

- Keiser University collection $594

- Diversified Adjustment Svs, paid off Sprint collection (paid in early 2013 when I didn't even know what PFD was)

- 81% credit card utilization  (BOA secured $500, CAP ONE $500, Credit One $600)

What I have been able to accomplish (lots hard work and saving up the $$ to do so):

- Medical collection paid (PFD)

- Penn Foster School collection paid (PFD)

- Keiser University collection paid (PFD)

- Diversified Adjustment Svs paid off collection deleted (through numerous letters, emails, phone calls, and being annoying lol)

- Paid credit cards to bring utilization down to 37%

I AM SO EXCITED to see how all of this hard work will pay off.. would anyone have an idea of what I can expect more or less? As far as the other accounts on my credit.. I have never been late on payments on my credit cards, auto loan, or student loans (always 100% rating for timely payments), the only thing I can think of that looks not so great is the amount of student loans/overall debt compared to my total available credit which is $1600 for 3 credit cards (all of which are within 1 yr since opened - so not really that long).

I will keep everyone posted as soon as I see the credit agencies updated with this info. Aaaahhhh I want to know now! 

---

If you have any savings, I would use it to open a SDFCU savings account (American Consumer Coucil is your 'in' with them) then take a secured loan against the savings, and use that loan to pay down the revolving credit cards further. Get them below 10% monthy balance.

[Anonymous]

I would think you would see 30-50 point increase with all those baddies off, possibly more.

[Anonymous]

You want keep all your cards except 1 paid off with a balance of $0. One of them should report with a balance of no more then 30%.

Paying down your card more will help you as well.

You should work on getting your utlization down on your current cards before app'ing for other cards.. 

[Anonymous]

Congrats! Thats amazing to go from 300 to where you are now!

Just out of curiousity.. what kinda APR did you get for your car loan?

[Anonymous]

It's 11%.. But I'm grateful, I previously had a 24% int rate on a used car that constantly gave me issues. Once my credit is cleaned up I plan on refinancing for an even lower rate

[Anonymous]

Update:

One of the credit card balances reported a 24% utiization, and the paid off medical collection was deleted.

My scores improved as follows:

TRANS 602 to 617, EXP 592 to 606, EQUI 566 to 595, CREDIT KARMA 574 to 593.

The other 3 collection accounts are still pending deletion, and this month I've brought down my overall credit utilization to 27%.. hope to see a big jump!