This should go without saying, but let me start off with the fact that this site changed my life in so many ways, and I'm only just beginning my journey. I came here after a Google search on what to do about defaulted student loans, and I've stayed here since. Since seeing all the other rebuild threads and the hope they gave me, I'm hoping to pay it forward for someone else who may be just stepping into a long and dark tunnel and looking for the light at the end. I have a couple threads smattered throughout the site, but I figured if I kept it all in one place and updated as things happened, then I could keep track of it myself as well. So, here we go!
-Defaulted on student loans through Direct Loans (DoE). Actually made the call myself to ACT, Inc., the CA who is handling my account. I am offically in rehab to the tune of roughly $17k ($3k of which is CA fees they tacked on). My monthly payment is $186. Payment #1 comes out 9/20/13.
-Medical collection from 05/2009 for $91 that I actually had NO knowledge of. Was a minor at the time of the doctor's appointment, the bill was sent to my father while I was a freshman away at college. It was PIF by my father the same month. I sent a GW letter to the CA asking for a PFD essentially. Negative remark was removed 09/13
-Mediacl collection from 08/2009 for $276 that (again) I had NO knowledge of. Was a minor at the time of the doctor's appointment, bill was sent to my father while I was away at school. I called the CA and agreed on the phone to do a PFD. CU pulled my TU CR on 9/12 and it was still reporting, so I sent a GW email and snail-mailed them a GW letter. I recieved an email 9/13 saying they had reviewed my account and would be deleting the negative remark and to please expect 60 days for the 3 major CRAs to show this change. Still waiting for an update.
-Opened a Visa SCC with a CL of $500 with my new CU. 13.9% APR, no annual fee. I have so far kept my utilization of this card at 8.5-9% and let that report. Waiting for the first month of postive payment to show up on my CR.
-Opened a Loft LOVE card using the "shopping cart trick" with a $250 CL. I keep this one at 0%, but I occationally use it and pay off the balance immediately.
My starting FICO score as of 08/21/13 is 523. CreditKarma had me at 587 on 08/21/13, and I am now at 590 on 09/16/13. Looking for a bump once my cards start reporting. I plan to pull my FICO score or enroll in ScoreWatch at some point; I really like to save as much money as possible, being a college student 
If anyone has recommendations on score watch programs, feel free to advise.
Goals:
Ultimately, I would like to see my scores up in the 740-750 range before the boyfriend and I finish school and move somewhere new and think about a mortgage. Short term, I'd like to see scores in the 650-680 range and I'd like to use the equity I have in the car I recently paid off as a down payment on a new car with financing through my CU. My PB assured me I would be able to get financing in about five to six months, at which time I could also request to be graduated from a SCC to a regular CC. He plans on doing this all in one day as to keep my HP to a minimum (I only have one and plan on keeping it that way!)
Thanks for taking the time to read my story, and I'll update as necessary. I can also answer any questions people may have!
in the garden until 2019!
Good luck on your credit journey!
This site has opened my eyes as well...just wish I had discovered it sooner.
I look forward to reading your updates. Keeping your util low and inq's to a minimum will help tremendously.
Just popping in for a quick update;
Just recieved a CreditKarma alert on my phone; my LOFT Love card has reported my new account and credit limit, and my remaining collection remark has been removed, bumping me.....drumroll.............28 points! I went from a 587 to a 615. I'm excited. I'm holding off on buying my FICO until I have a couple months of on time payments under my belt. But it's exciting nonetheless! Improvements improvments!
Well, it's now October, and both of my new cards are reporting!
-My LOFT card irritates me a little; I paid off the $46 balance the day after I made the purchase, and it shows as having a $0 balance on my account, but it is still reporting at $46. Whatever...but it pushes my utilization up to 18%.
-My CU SCC is now on my CR; $500 CL and a $45 balance reporting (9%!). I'm really, really happy with my new CU. I wish I would have done this sooner.
FAKO scores are:
CreditKarma: on 8/21/13 I was at 587. On 9/25/13 I was at 615. As of today (10/13/13) I am at 638.
Credit Sesame: not really sure how this FAKO works, but they have me at a 688 (last updated on 9/16/13)
Quizzle: another FAKO I don't really understand, but they have me at 629 (last updated I don't even know. Sometime in September)
FICO ScoreWatch:
I have officially enrolled in ScoreWatch, just because I want to know the REAL deal. When I joined this site, I was at a dismal 523 FICO score. After signing up today for ScoreWatch, my FICO score is......drumroll....564! I would say that's a pretty sizable jump for two months of work, and it keeps me going. I only have one month of on time payments under my belt, so I'm excited to see it keep going up.
Right now, I'm debating on apping for another, possibly unsecured CC, but I'm enjoying my first month in the garden.
Just wanted to pop in with an update: ScoreWatch let me know my FICO score has gone from 564 to 587. I'm stll in awe at such a large jump, but I'll take it!
Maybe the reason your LOFT TL is reporting a balance to the CRAs is because the send their information regarding your account differently then when you pay your bill. (ie., payment are due the 15th of every month, I may pay on the 10th, but if they report to the CRAs on the 7th, it will show as a balance on your CR). I have to call and ask my creditors when do they report, so I know to leave a little balance on my accounts by that date, but to pay off by then preferably.
Sounds like you are on the right road to recovery. I am myself in rebuilding phase and have received a lot of great advice from the FICO community here.
Starting Score: TU 629 6/2013
Just received another ScoreWatch notification! My FICO score has gone up to 592! I am so close to 600 I can taste it! Ann Taylor is reporting my 0% UTI of my LOFT card, so my overall UTI is at 9% right now, so that is probably why my score jumped. I've gone from a 523 in August to almost 600 in October. There is hope!
Awesome results! Congrats!
