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Yes, Virginia, you can rebuild your credit. I did.

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Yes, Virginia, you can rebuild your credit. I did.

I am now well into my rebuild, with all scores 800 +/- 15.  Looking at MyFico's simulation, if I stay the course for 2 more years, I may hit 850 on EX. Is that really possible? My score history is below in my sig line.Future Credit Score.png

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810

7 REPLIES 7
Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.

A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.

Current FICO 8 Scores
EQ 759
TU 748
EX 744
Message 2 of 8
Regular Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.


@kxkxkxx wrote:

A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.


Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building

FICO 8. EQ - 657. EX - 698. TU - 694
FICO 9. EQ - 689. EX - 673. TU - 683

Capital One Quicksilver - $1950 || Care Credit - $12000 || Costco Citi - $5500 || Redstone FCU Secured - $350 || Chase FU - $3300
AMEX Amazon Business - $5500
Message 3 of 8
Frequent Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.


@ibebarrett wrote:

@kxkxkxx wrote:

A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.


Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building


You are close - after my credit tanked in the 2008 recession (the tanking was 100% caused by the banks that had given me credit. Had they waited 90 days they would have been paid off in full) I took a 7 year vacation from all credit. No apps, no inquiries, no payments, nothing. In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there, so I started a rebuilding program. I used what I previously knew about credit and some things I learned here (such as AZEO).

4/1/2017 EQ 579 TU 595 EX588
9/20/2018 EQ 810 TU 807 EX 795
6/12/19 EQ 820 TU /789 EX 793
12/13/2019 EQ 835 TU 813 EX 810

Message 4 of 8
Regular Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.


@Flyingifr wrote:

@ibebarrett wrote:

@kxkxkxx wrote:

A 200 point increase in 18 months??? Please ol' wise one, share your secret sauce.


Definitely depends on your report, I've made up about that many points in 18 months, but I was coming from the 400s, so still not quite as impressive as OP. My assumption though is that OP made a huge reversal in how they handled credit as opposed to just building


You are close - after my credit tanked in the 2008 recession (the tanking was 100% caused by the banks that had given me credit. Had they waited 90 days they would have been paid off in full) I took a 7 year vacation from all credit. No apps, no inquiries, no payments, nothing. In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there, so I started a rebuilding program. I used what I previously knew about credit and some things I learned here (such as AZEO).


Sounds like you hit the sweet spot!

FICO 8. EQ - 657. EX - 698. TU - 694
FICO 9. EQ - 689. EX - 673. TU - 683

Capital One Quicksilver - $1950 || Care Credit - $12000 || Costco Citi - $5500 || Redstone FCU Secured - $350 || Chase FU - $3300
AMEX Amazon Business - $5500
Message 5 of 8
Established Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.


@Flyingifr wrote:


In April 2017 the last of the baddies aged off my credit, but the goodies that preceded them were still there...


That raises a question. Will those "goodies" be expiring in 2020 and if so how much of a hit to your AAoA/AoOA will you see.











Current

Goal Cards

Message 6 of 8
Super Contributor

Re: Yes, Virginia, you can rebuild your credit. I did.


@Flyingifr wrote:

I am now well into my rebuild, with all scores 800 +/- 15.  Looking at MyFico's simulation, if I stay the course for 2 more years, I may hit 850 on EX. Is that really possible?


Definitely don't ever listen to a simulator.  As to whether or not it's possible, I'd look at your age of accounts factors and try to determine where they'll be as time goes on.  Generally speaking, very few individuals achieve 850 scores without their AAoA being 7+ years and their AoOA being 15+ years.  If you've got those 2 factors nailed down, all of the other stuff like putting AZEO into place, playing with an almost-paid-off loan, not apping for credit and letting inquiries age off etc. are all things you can do to prep for "perfect" scores.

Message 7 of 8
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Moderator Emeritus

Re: Yes, Virginia, you can rebuild your credit. I did.

@Flyingifrwhat's this rebuilding thing? Looks to me like you already hit the home run! People spend a life time doing what you have done! Take a bow ... I sure would! NICE ... Smiley Very Happy

Starting Score: 300
Current Score: 849
Goal Score: 850


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