i am new to the forum well not new but have never posted. I am entering the gardening phase as of today and I want to tell my story. Oct. of 2007 I declared Chapter 7 bankruptcy that was completely discharged in May 2008. My credit scores were in the very low 500s. The only bill I had (reporting to the 3 CU) was an auto loan which I PIF in Nov 2009. I took the 2010 year off from work because of a family tragedy and lived strictly cash. I started back working in 2011 this is when I started taking my first steps to credit repair by renting an apartment was told by the leasing office that my scores were excellent for rental.
Now here's where it gets good. Started having an hankering for a new car in November 2012 and found out that I had a baddie (collections) that had just posted Oct. 2012. My scores were in the low 600s across the board. I decided to get off my tush and repair my credit. So I studied and researched wrote letters to every account listed negatively. The collections was removed immediately (within 30 days) saw an increase of 70 points so now my scores are in the 670s. Oh btw these scores are a mixture of FICOs and FAKOs. So, I spent all of 2013 writing good will letters to the creditors (some I had paid in 2008 & 2009 and some I hadn't ). My Equifax report was the first to benefit, then TU and finally Experian.
By 3/2013 two secured cards; Applied Visa and Cap1 (have received 2 CLI). 2/2014 auto loan @3.3 APR also Discover IT ($1200). Decided to apply for a VA mortgage as I'm thinking about buying a home in GA. Oct. 2014, I was Pre-Approved for $270,000 with scores EQ 707, EX 723, TU 744 ( mortgage enhanced scores). I started thinking that I can get these scores higher with the bankruptcy being 7 years old, 0 negatives, 10% CC utilization, and I have some more credit mix and show responsible behavior for at least 12 more months.
So, I went on an app spree: in 10/14 USAA Installment loan $5k and Visa Plantinum $13000 (applied on same day) and 11/14 Barclay $5k, Cap1 $10k, CLI Discover IT $550 now $1750 (applied on the same day)
I now have 12 inquires on EQ and 3 EX and 3 TU. By Dec 2014 EQ will have 9 inquires. I've been monitoring my credit like a hawk for 3 years and I know credit inquiries stop having a big impact after about 6 months.
I figure that I should garden for a year or two and continue to demonstrate responsible credit management, allow my AAoA to go up, installments lowered, and inquires to age.
My FICO Scores:
My goal is 760 for all 3 CU!
Thank you for reading and giving me a place to hold myself accountable!
Hi, I've been reading this forum for awhile now and decided it was time to join! Love this idea to keep on track! Since I'm new and don't know how how to post my previouse & new scores, I'll just say. I started with a 545. Big bummer. Hubby & I were trying to buy a house 3 yrs back & had no credit. Paid for everything & soon found out that was the worse thing we could do. I started with the small CL's and then purchased a cheaper car. Scores jumped up to 742, 740 & 725. So decided to lease the car I really wanted & applied & got some good CC's with decent CL"s this time. I'm keeping my cards paid in full except for 900.00 on AMEX so utilization stays at 1%. The holidays are going to be a challenge! Oh, after purchases & new CC's, ficos are down all around 710. My goal: as close to 850 as possible!
I am new to this challenge and i am so looking forward to this. I have so many questions and have so much reseach to do.
I added my Signature so hopefully i am compliant lol