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Words of Encouragement

Established Member

Words of Encouragement

My friends, the reason I am writing this email is to provide an update on my progress toward improving my credit. The main reason I submit messages on MYFICO is to impress upon others, who might be in the situation that I was in 13 months ago, that in this beautiful country of ours there are second and third chances after a person has basically ruined their credit. I am living proof that the day you tell yourself that you want to start the path toward good / excellent credit is the day everything can and will change for you. My decision began almost 14 months ago. Almost every single day I think back to August 2014 when the only cards I had in my wallet were two debits cards. Flash forward to today where I now have several Amex cards, a Discover card, Capital One cards, Macy’s Amex, Chevron card, Walmart card, etc. I have gone from having zero credit in August 2014 to $1,000.00 in secured credit cards in September 2014 to approximately $60,000.00 in unsecured credit cards as of the writing of this email. Just last week my wife said to me that having good credit and available credit is life altering. I make a decent salary (just shy of 6 figures) however the feeling of financial freedom was not realized until I was deemed credit worthy.   My friends, I am not sharing this information to gloat but rather to impress upon others who may be in what they think a doom and gloom situation that there is life after bad credit and that recovery, although it does take time, patience, and commitment, is very doable. Every single day I do something related to my credit portfolio. Often it’s just making sure that nothing strange is going on with my accounts. I believe that one’s commitment to achieving good credit has to be treated like a part time job. You have to make managing your credit a part of your everyday life.

 

So far, my biggest hindrance to my own success is my inability to stay in the “garden.” I went from having 2 inquires across the board to 15. While it has hurt me in some respects, in other respects it has served me well since it allowed to me amass a significant amount of credit within a short time period. However just last week I received a denial letter from Chase bank indicating that they would not extend me credit because of too many inquiries within a 2 year period. That letter alone was enough for me to put the cap on applying for additional credit. So as it stands, I will be in the garden for at least 12 months. I know this is a lengthy email and some are probably saying "here’s 5 minutes of my life that I can’t get back" but if it helps just one person feel a little better about the position that they are in, then I would have paid it forward for the inspiration I received from MYFICO in August 2014. While there are clearly more informed members on this site I would nonetheless wish to extend any assistance by way of answering questions you may have.

  

 

Message 1 of 10
9 REPLIES
Established Contributor

Re: Words of Encouragement

Great work, keep it up!

Message 2 of 10
Valued Contributor

Re: Words of Encouragement

Great job!

 

What were your scores, then and now?

 

 

 

 

Accept the Challenges so you can feel the Exhilaration of Victory.
George S. Patton
Message 3 of 10
Highlighted

Re: Words of Encouragement

Thank you so much for that. I needed to read this. Great job on your due diligience and I will continue to move forward with my credit battles!!

Message 4 of 10
Community Leader
Super Contributor

Re: Words of Encouragement


Need750 wrote:

My friends, the reason I am writing this email is to provide an update on my progress toward improving my credit. The main reason I submit messages on MYFICO is to impress upon others, who might be in the situation that I was in 13 months ago, that in this beautiful country of ours there are second and third chances after a person has basically ruined their credit. I am living proof that the day you tell yourself that you want to start the path toward good / excellent credit is the day everything can and will change for you. My decision began almost 14 months ago. Almost every single day I think back to August 2014 when the only cards I had in my wallet were two debits cards. Flash forward to today where I now have several Amex cards, a Discover card, Capital One cards, Macy’s Amex, Chevron card, Walmart card, etc. I have gone from having zero credit in August 2014 to $1,000.00 in secured credit cards in September 2014 to approximately $60,000.00 in unsecured credit cards as of the writing of this email. Just last week my wife said to me that having good credit and available credit is life altering. I make a decent salary (just shy of 6 figures) however the feeling of financial freedom was not realized until I was deemed credit worthy.   My friends, I am not sharing this information to gloat but rather to impress upon others who may be in what they think a doom and gloom situation that there is life after bad credit and that recovery, although it does take time, patience, and commitment, is very doable. Every single day I do something related to my credit portfolio. Often it’s just making sure that nothing strange is going on with my accounts. I believe that one’s commitment to achieving good credit has to be treated like a part time job. You have to make managing your credit a part of your everyday life.

 

So far, my biggest hindrance to my own success is my inability to stay in the “garden.” I went from having 2 inquires across the board to 15. While it has hurt me in some respects, in other respects it has served me well since it allowed to me amass a significant amount of credit within a short time period. However just last week I received a denial letter from Chase bank indicating that they would not extend me credit because of too many inquiries within a 2 year period. That letter alone was enough for me to put the cap on applying for additional credit. So as it stands, I will be in the garden for at least 12 months. I know this is a lengthy email and some are probably saying "here’s 5 minutes of my life that I can’t get back" but if it helps just one person feel a little better about the position that they are in, then I would have paid it forward for the inspiration I received from MYFICO in August 2014. While there are clearly more informed members on this site I would nonetheless wish to extend any assistance by way of answering questions you may have.

  

 


Well done! Your story echoes many in this forum, including myself. You are so right. It is life-altering...


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 759; TU: 742: EQ: 748
Message 5 of 10
Established Contributor

Re: Words of Encouragement

It's nice to know that you can bounce back!

12 years ago I got divorced - literally lived on my credit cards for about a year - amassed almost $100K in debt (not counting the mortgage).

My second husband received an inheritance and we paid off the majority of the debt (settlements totally about $60-70K) and closed accounts.   (this was in 2004)

I have had NO cards - except my debit cards until this summer.    Heck in 2012 I was amazed I was able to get a car loan at any interest rate (I ended up at 14%) - and then ended up being the co-signer on my husbands car. (about 7%)  TU score 573 on CK

He has what I call a thin file - and can't cards - and when mine are aged a bit - I'll try to add him as AU on them to help him out.

In March I pulled scores on Credit Karma - There were still the high 500's and I got to work.   My parents helped me pay off my car (I now make payments to them - so I"m clear on paper - at 0%)   I take the extra $200 month I'm saving to clear things up and make sure EVERYTHING is paid ON TIME.    I disputed a couple of items on my report -that dropped off - and   In July my actual scores ranged from 572-651 EX, TU, EQ.

by the beginning of August I got on here and learned that I needed some cards.   I used to have a secured card -but couldn't graduate it and ended up closing it and switching banks ( US BANK) do to other issues some time ago.

I applied for and got 4 cards - all unsecured (in my signature) and am working the GW campaign now.  on Sept 23 my scores were all much improved  633-662!

I'm working to buy a house next summer and we are trying hard to save up.

 

 

 

FAKO scores in April: TU 573 EQ 586 (Ya gotta start somewhere!)
Actual Scores July 2015 TU 614, EQ 651, EX 572 October 7, 2015 TU 642, EQ 679, EX 651 Updated December 9, 2015 TU 706, EQ 708 EX 684 Updated Sept. 30, 2016 TU 674 EQ 668 EX 660 Oct 2017 Fico* TU 630, EQ, 624, EX 631 MORTGAGE TU 659, EQ 662, EX 618
Capital One Quicksilver MC $500- $1,500-$2,000 / Discover IT $500 - $800 - $1200-$1800- $2300-$3200 / Capital One Plat. $500-$1500-$2000 / Chase Freedom $500-$1000-$2000 / AMEX Blue Everyday $2,000 / CITI Dble Cash $1,200-$1800 / Barclays $2000 / Kohls $400- $600 / Old Navy $600.00 / Victoria Secret $500-$800
Message 6 of 10
Moderator

Re: Words of Encouragement

Great progress, congrats  Emoticon-Thumbs Up.png


"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Message 7 of 10
Established Member

Re: Words of Encouragement

 When I started my journey, my scores were as follows: Experian 560, Equifax 590, and Transunion 610.   Currently my scores are:  Experian 692, Equifax 690 and Transunion 726.  Hopefully within the next 12 months all scores will be 750 and above.   

Message 8 of 10
Established Member

Re: Words of Encouragement

You are  welcome.   Stay the course because it does get better.  

Message 9 of 10
Established Member

Re: Words of Encouragement

Congratulations and thank you for sharing.  I wish you continued success.

Message 10 of 10