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Thank you and things I learned along the way.....

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llecs
Moderator Emeritus

Thank you and things I learned along the way.....

It was two years today that I stumbled across these forums. It was by fluke really. Someone at another repair-like forum suggested I come over here and have been here ever since. Two years ago and a couple of days I started with 0 open CCs, approx 5 or 6 CAs, about a half dozen COs, a couple of paid and closed CCs with 30-90 day lates, a redeemed repo with lates, and at least one judgment that was reporting in duplicate. The only thing going for me was a current car loan with 19.9% interest at $606/month (a product of having bad credit).

 

Why repair? You don't know what you don't know and I thought my scores, which were in the mid to low 500s, would get me approved for almost anything. My scores are in the siggy below, and I jumped in apping for CCs like Citi, Chase, Amex, Discover, Merrill+, Diner's Club, and the like. It was no shocker that of the 30+ inquiries that appeared that month (8/2007), not a single one resulted in an approval. I then retooled and figured a secured card might work. Well, both Citi and BofA turned me down for a secured card. I knew right away that repair was the answer.

 

So, I came here humbly on August 4 and started reading, and rereading. I pulled scores and poured over every single report in great detail. I tracked my progress. After about a month of hard work and correction of many errors (lots of double reporting), I dove into rebuilding my credit. Within a couple of weeks I was preapproved for a Credit One and took that. A week later, Orchard approved me for a secured CC. Within 30-45 days, my scores increased by an average of 100 points. I then was approved for others as the score increased. Made mistakes along the way like almost being sued after sending PFD letters and DVs. I challenged the reporting of several accounts that weren't even hurting me and lost history and points. But through today, it has been a fun ride with scores into the 700s and CC approvals I only dreamed of like Discover and Amex and CLs into the tens of thousands.

 

I owe you guys (past and present) a debt of gratitude. It was through your advice, input, suggestions, comments, hints, etc. that helped. Thanks for taking the time to help me and others here. Pay it forward, right?

 

Off the top of my head, here's some random thoughts in no particular order of things I learned along the way:

 

  • Apping for CCs with scores below 600 isn't a good thing.
  • Repair then rebuild.
  • Never hire a company to do what you can do for yourself.
  • If someone offends you on this forum, then shrug it off and move on.
  • Never ever give up. You'll want to at times, but if you press on you'll hit your goal.
  • Subscribe to a CMS that pulls all 3.
  • Don't worry about Innovis.
  • Keep detailed records. Save every bill, every letter, and every report. You'll never know when you might need to refer back to it.
  • Apping for CCs like Discover, Amex or Citi with scores in the 500s might result in a few denial letters.
  • Don't try to save money. Send every letter CMRRR to a CA.
  • Never trust a CA. Their word is not their bond. Never call a CA.
  • Save every CC denial letter. Use the denial reasons as a basis for improvement.
  • Read and reread Common Abbreviations, Credit Scoring 101 , What Steps Do I Take  before repairing. The stickies are a treasure of info.
  • Drop a line of encouragement to others. They might need it.
  • Pay if forward.
  • Get a volume discount on envelopes, toner and paper for the printer (see pic below). Get to know your postman well.
  • Higher CLs begat higher CLs.
  • Write down your goals and track your progress. Make sure your goals don't conflict.
  • If you have the urge to TJ, then start a new thread.
  • Never ever dispute, send letters, PFDs, DVs, etc. to any unpaid debt inside SOL, unless you have the $$$ to PIF.
  • FAKOs are not the same as FICOs.
  • FICO scoring is not an unexplained mystery. There is no vast FICO conspiracy.
  • IMO: Most of the DV letters in here are trash, CAs have PP, there is no 2 yr SOL on cell phones (the law was written before cell phones were invented), and Bigfoot is not real.
  • Other than in TX, there is no law that requires CAs to respond within 30 days to a DV.
  • Become a student of credit.
  • Ignore all FAKOs.
  • Write GWs with a smile. Persistence is key.
  • Before commencing repair, buy your two FICO scores from myFICO, subscribe to a CMS, and order all 3 CRs directly from the CRAs.
  • Don't be afraid to step backwards and restart from the basics.
  • Tip toe around old OC baddie accounts. Sometimes the history helps more than the baddie hurts.
  • Don't be afraid to start with a secured CC.
  • Don't be afraid to ask questions.
  • High FICO scores won't work if your expenses are greater than your income.
  • The only place you can get your FICO scores are from your lender, myFICO.com, Equifax.com (EQ only), and transunioncs.com (TU only). If you got a score from any other source you don't have a FICO score, but a FAKO.
  • The search feature is your friend.
  • Disputing is usually a bad thing.
  • Never ever be late again.
  • If you can't PIF your CC balances, then you need to stop using them.
  • Moderators don't get paid.
  • Be willing to laugh at yourself.
  • A man convinced his will is of the same opinion still.
  • Good credit doesn't happen overnight. It takes months.
  • This forum is like a grocery store. You don't have to buy everything you see here (including this post).
  • Be willing to spend $$$. Buy your credit reports frequently.
  • Inquiry damage is overrated.

 

 

Message 1 of 23
22 REPLIES 22
nothingman02
Valued Contributor

Re: Thank you and things I learned along the way.....

First of all, congrats on the development llecs. WTG. And thanks for all the help youve been to me esp. in the beginning when I was in a similar situation as you were though not as bad. 

 

But, I'll half disagree on the CA PP thing. Also, about that you mods dont get paid. Stop feeding that now. Smiley Happy

Message 2 of 23
BungalowMo
Senior Contributor

Re: Thank you and things I learned along the way.....

    BRAVO!!!  Smiley Very Happy 
 
Excellent advice given by one of the most helpful people here!
 
Happy 2-year anniversary!
 
 
 
 
BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 3 of 23
guiness56
Epic Contributor

Re: Thank you and things I learned along the way.....

Message 4 of 23
nothingman02
Valued Contributor

Re: Thank you and things I learned along the way.....

I knew it!
Message 5 of 23
Anonymous
Not applicable

Re: Thank you and things I learned along the way.....

So if the DV in here are trash, for someone like me who is tackling my CC, what do I use since disputing is bad? I have already sent out DV letters that I got from here. I also send PFD that I got from here.

 

In a prev thread you told me to DV the CA.

 

??

Message 6 of 23
llecs
Moderator Emeritus

Re: Thank you and things I learned along the way.....


KBELL4 wrote:

So if the DV in here are trash, for someone like me who is tackling my CC, what do I use since disputing is bad? I have already sent out DV letters that I got from here. I also send PFD that I got from here.

 

In a prev thread you told me to DV the CA.

 

??


 

Ah...I said: "IMO, most of the DV letters in here are trash....", not all. I recommend always starting with this simple DV letter enhanced in blue:

 

http://ficoforums.myfico.com/fico/board/message?board.id=rebuildingcredit&thread.id=61276&view=by_da...

 

The other letters (about 95%+) list a laundry list of items that have to be provided by a CA. There is no law that requires them to provide all of that. It is junk because you are asking the CA to provide stuff they don't even have to. Furthermore, everyone is using that letter. CAs who receive that, by this point, are probably chuckling. That's why I hold my opinion that the letters are trash.

 

IMO, always send the basic letter in the link above. Wait 45 days, then send a different DV letter (yes, including the one that I consider trash). But send it with the knowledge that they don't have to provide all of that. After the second attempt, then force open dialog via a letter to the BBB, your AG, etc.

 

You didn't hurt yourself by sending that large laundry list DV letter (assuming that's the one you sent).

 

The PFDs from here aren't bad, IMO. Personally, and this is me, I view PFDs as a GW for unpaid debt. Nobody has to respond to a PFD. So, I took out the timed requirement, I cust back on the legal jargon, and I send mine with a stamp. I do however have sent them CMRRR to a CA, to start anyway.

Message 7 of 23
llecs
Moderator Emeritus

Re: Thank you and things I learned along the way.....


guiness56 wrote:
OMG!  Bigfoot is not real!

 

Sorry to spread the bad news like this. The Loch Ness Monster ate him.
Message 8 of 23
Anonymous
Not applicable

Re: Thank you and things I learned along the way.....

Thanks for all your solid and helpful posts - this one is my very favorite. 

So, here's a big Thank you!!!

and a huge HUG!!!! Smiley Surprised

War stories are the best - they are what keeps us working on our stuff when it just gets tough - we can now see the light at the end of the tunnel and know we're not alone on our journey!

Message 9 of 23
Anonymous
Not applicable

Re: Thank you and things I learned along the way.....

I'm sorry, I didn't know what IMO was (at the time ) I am new to the forum, 2 wks. Please bare with me. It's been a learning process and somewhat frustrating. I want to begin to rebuild but afraid any efforts I make will make my score plumet. I did this repair last year, I sent all these disputes, allot got removed but my score dropped to 450. I am now at 538 and want to work to get that home loan, so I don't want to start that cycle of sending all these letters and BOOM, drop my score again. I want to do this right. That is why I am on these forums absorbing this advice like its Gold. My CR don't look at that bad to repair now. I just want to learn how to take the right steps to do so. Like SOL, I don't get that. But most of my dates of CA are by 2004, so I guess that don't apply to me. But is that from the date opened, closed, DOLA what... gets confusing. So I want to do what's easiest and painless. The amounts aren't very high and I can PIF or take a settlement if they will delete, but will this letter I am sending help or hurt me. Smiley Indifferent
Message 10 of 23
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