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I'm a little late on this thread but it will be nice to stay in touch with everyone over the next year.
we filed BK 7. Last year and it was discharged in December.
I never want to go through that again. It was due to some pretty costly medical bills from my daughter getting sick.
my husband and I have not had credit cards in about 18 years our first credit card approvals were cap1 the same week our bk was discharged.
we were so excited and have been using these cards wisely. I received credit increases on both these cards this past weekend now my $300 limit cards have moved up to $800. Not as much as a lot of People but great for me. They only raised my husbands by $100 each but could not tell him why.
monday I received $500 finger hut credit and Jarred's credit in the amount of $1500.
Tuesday I received $700 credit from Walmart, $400 credit from lowes, $1400 from Amazon store, $300 from kohls, and today was approve for $900 from Firestone.
unfortanutly I was not able to get a Barclays yet due to 97% utilization reporting on my credit report for cap1. I explained to them the balance on both of the cap 1 cards were PIF but still a no go. They also told me to give it more time so I will wait until the end of the year when my bk is a year old.
any suggestions on helping my little seedlings grow?
Hey guys! I don't think i checked in for April and May, but hey, better be late than never right? So to report, "Life happens" and I had to spend way more.. Because of that, my credit tanked big time.. Good news, I've been in the garden for 3 months now!
@CarbonCard wrote:Hey guys! I don't think i checked in for April and May, but hey, better be late than never right? So to report, "Life happens" and I had to spend way more.. Because of that, my credit tanked big time.. Good news, I've been in the garden for 3 months now!
You're absolutely right.
Last month was a tough one on me also.
Attempted to get pre-qualified for a house this month, no go based on the scores. Mine average about 585 FICO at time of pull but theirs showed up as 570. I firmly believe its due to the UTIL%, i am at $10,840 balance/ $12,750 Limit across 5 cards = 85% average UTIL%. So my plan is to attack that in order to get the fastest bump. I plan to get a USDA Mortgage by the end of this year, that leaves me about 4 months to get my credit in shape (620-640+) I have 5 cards and the first paydown pymnt just posted this morning, i went from 97% UTIL to 46% UTIL. It bumped me up 20 points on EX! My next CC doesn't usually report until 25th-27th so hopefully ill get another bump as i also just paid that one 93% to 56% UTIL.
@Anonymous wrote:Attempted to get pre-qualified for a house this month, no go based on the scores. Mine average about 585 FICO at time of pull but theirs showed up as 570. I firmly believe its due to the UTIL%, i am at $10,840 balance/ $12,750 Limit across 5 cards = 85% average UTIL%. So my plan is to attack that in order to get the fastest bump. I plan to get a USDA Mortgage by the end of this year, that leaves me about 4 months to get my credit in shape (620-640+) I have 5 cards and the first paydown pymnt just posted this morning, i went from 97% UTIL to 46% UTIL. It bumped me up 20 points on EX! My next CC doesn't usually report until 25th-27th so hopefully ill get another bump as i also just paid that one 93% to 56% UTIL.
You are on your way. The lower the utilization the better. Try to keep each card at 20% UTIL and overall UTIL < 20% as well. Hit your highest interest rate card first so you are maximizing as much as you can against the balance. You didn't mention if you had any baddies (late payments, judgements) when your report was pulled. Those can take a significant hit against your score as well. If you do, see if you can remove those thru goodwill letters. Doesn't hurt to try. Good Luck!
@Anonymous wrote:
@Anonymous wrote:Attempted to get pre-qualified for a house this month, no go based on the scores. Mine average about 585 FICO at time of pull but theirs showed up as 570. I firmly believe its due to the UTIL%, i am at $10,840 balance/ $12,750 Limit across 5 cards = 85% average UTIL%. So my plan is to attack that in order to get the fastest bump. I plan to get a USDA Mortgage by the end of this year, that leaves me about 4 months to get my credit in shape (620-640+) I have 5 cards and the first paydown pymnt just posted this morning, i went from 97% UTIL to 46% UTIL. It bumped me up 20 points on EX! My next CC doesn't usually report until 25th-27th so hopefully ill get another bump as i also just paid that one 93% to 56% UTIL.
You are on your way. The lower the utilization the better. Try to keep each card at 20% UTIL and overall UTIL < 20% as well. Hit your highest interest rate card first so you are maximizing as much as you can against the balance. You didn't mention if you had any baddies (late payments, judgements) when your report was pulled. Those can take a significant hit against your score as well. If you do, see if you can remove those thru goodwill letters. Doesn't hurt to try. Good Luck!
Thanks! Yes my report is basically shrapnel and tons of baddies, BK7(7 yrs old)/ BK13(4 yrs old)/ repo's, collections, etc. up until a few years ago, since then no missed payments. I just paid the 2nd and last 5 year old Judgement this week, both were from about 5 years ago. Do you really think a Goodwill Letter to the Creditor would work for removing a paid judgement? Also, i have about 6 older collections, do you think the impact of removing a 3 or 4 year old collection completely, PFD, would have much impact on a FICO score now since its aged so long already?
Just checking in... haven't yet this year. Two of MyFico scores are in yellow! Yeah!!! Ended up not staying in the garden, but I am much better at managing my credit than I was. I have received two CLIs on Discover of $200 each. I also received a CLI on my Cap 1 QS card of $2000 instead of $500. I now have Walmart, Lowe's and Best Buy MC cards. I will paying off most, if not all, of them by the end of the summer. And the best news of all, I paid off and closed Credit One. They offered a $200 CLI and 6 months with no fees. I said no thank you. I still think that I will be at 700 across the board by the end of the year. Plan on requesting more SP CLIs. The rest of the baddies fall off next spring and most of my INQs drop by the end of September. Feeling pretty good about how things are going.
I just made 800 in two scores! Yah!
Wow and congrats looking forward to posting something like that in the future. Just started my gardening and learning all the in and outs of credit. Takes a week just to start learning all the Abbreviations Started using my Cap1 and qs and a Home depot card. Was turned down for a Dis it student and Amex. Should have read more before I even tried. Going to stick with what I have and grow it.