wheresgrant1 Posted June 2, 2005 Report Share Posted June 2, 2005 I joined this forum a year ago this past May and what a remarkable improvement. I have been in the process of actively rebuilding my credit for over a year now. When I started in April of 04' my scores were 530(ex), 570 (Tu) and 593 (Eq). I had some negative info in the form of a charge off with Discover card that was 11 years old and had been relisted ( I had fun with that... ) and a small utility bill I had in collections. My main obstacle in gaining credit was that I had none... I was a ghost, no previous revolving credit for years. I started my plan last May and secured a low interest car loan for $14K with my girlfriend as co-borrower. Then in August I was approved for a PayPal credit line with GE Cap for $300. In Nov of 04 I applied for a secured account with my CU for $500. Although I haven't kept the balances low on either account I have made on time payments to each, even paying off the balances and re borrowing. Last Janurary I went to battle with two collection agencies for reaging old debt and won. All negative info has been removed from my account. Last week I checked myFICO scores and they are at 613 (TU), 620(EX) and 670 (EQ). Feeling confident and remembering that Best Buy pulls from Equifax I applied for a Best Buy card and was approved for $1500. Still wanting an unsecured CC to compliment my aging on my secured, I wanted to apply for one last card. I'm planning to propose to my fiance this summer and I wanted to secure enough finacing to help pay for a ring. I applied for an Orchard Bank Visa Classic with a $1000 limit. It neither declined me nor gave instant approval, instead notifying me that I would get an answer in 7-10 days (leaving me to believe that I was declined). Frustrated I pulled up my Credit Union's web site and blindly applied for an unsecured loan totalling $2500. I've been a member there for a year and I have had a secured Mastercard with a $500 limit for 6 months. Unbelievably I was instantly approved for a 36mo with a fixed interest rate of 12.92% for $2500. Then I used the same credit app to apply for a Visa Classic with a $1000 limit. Again an approval. Now I have $1500 in revolving credit and $2500 in an installment loan to back me... it makes my budget and choices alot easier. All I wanted was an option for the loan and/or some credit for the ring. Instead got both. I have plenty of cash to buy the ring outright... instead I plan finance and pay it off quickly. By my calculation my 613, 620 and 670 scores could be 650, 670, and 710 by September.The advice on this board has been great and it's really given me the courage to face my credit rather than avoiding it. It's a system, and I understand how that system works now. I pull my scores quarterly and plan all of my future purchases (cars, vacations, items wanted) around rebuilding my credit. Link to comment Share on other sites More sharing options...
Recovering Attorney Posted June 2, 2005 Report Share Posted June 2, 2005 Congrats! I, too, have benefited from this board and have watched my scores go up. This is a great place. Link to comment Share on other sites More sharing options...
rmuse00 Posted June 2, 2005 Report Share Posted June 2, 2005 Thanks for sharing! I started my repair in March of this year with scores just like your first scores and I have the same problem, as I am getting TL's deleted my report is looking pretty bare! I had not applied for new credit in so long knowing I had bad credit. Now the problem is that I am still afraid to apply for new credit but now it's because I do not want to get turned down and jeopardize all the work I have been doing to improve my credit scores. Guess I will have to apply at some point. My Equifax report is the best one too and will probably start by applying for a good store card to start rebuilding credt. Inspirational stories like this keep us motivated!Congrats! Link to comment Share on other sites More sharing options...
Methuss Posted June 2, 2005 Report Share Posted June 2, 2005 Good to hear it, but be careful with that Best Buy card. I have a friend who works for a BK lawfirm and she told me Best Buy has something in their contract that allows them to repo goods bought under credit with them.I know someone is going to say that they can't do that with household goods. I brought up that point to my friend and she explained that their lawyers have managed to convince some judges that big-ticket household goods (like projection TV sets) qualify as security interests. Link to comment Share on other sites More sharing options...
miracle Posted June 2, 2005 Report Share Posted June 2, 2005 Congrats on your wonderful progress! Link to comment Share on other sites More sharing options...
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