List of methods to improve/rebuild credit

Dec 272010
 

Help me make a list of methods to improve/rebuild credit other than disputing and removing negative items from your credit report to raise your FICO.

 

1. Get a secured credit card that reports to all three bearus

2. Get a secured loan

3. ???

4. ???

…

 

Yes, paying your bills on time is a big must, but when you start to rebuild.. it is a bit of a catch 22 in regards to the fact that nobody wants to give you credit to be able to prove yourself and raise your credit scores

What’s Your Plan?

Nov 252010
 

I thought I’d share my recovery plan and see what others may be doing.

 

11/24/10 FICO:

EX 590 TU 559 EQ 531

 

Short Goal FICO:

640+ x3

 

Long Goal FICO:

760+ x3

 

1) Capital One -  Secured card on the way!  $200 CL for now.  Expected to arrive on or about Dec 12th.  Will make regular deposits to increase the CL.  Short goal of $1,000.00.

 

2) PenFCU - Accepted my application for membership.  No credit was extended but it will be a good place to have my foot in the door for later on…  Credit re-pull avail after 6 mos.

 

3) PSECU - Will be applying using the PRPS method in a couple weeks.  Another good place to have my foot in the door for later.

 

4) NavyFCU - Will be applying for membership in two weeks and requesting a secured card based on a $200 deposit.  Will make regular deposits to grow this to $1,000.00 also.

 

5) SSFCU - Member.  Will take advantage of share-secured loans to pay off some of my smaller debts in full using the PFD method.  Will also try using this method to attempt settlement on some of my larger debts.  Two birds, one stone.

 

6) Disputes and GWs like crazy on anything that’s left.  Pay ALL bills on time, forever.

 

7) Get a house.

 

8) Get a car.

 

9) Get unsecured credit cards with high CLs.

 

10) Wallow in self-accomplishment.  :smileyvery-happy:

 

The End

 

Nate

I have asked for a mortgage modification and my bank says NO.

Sep 082010
 

I have repeatedly asked for a loan modification and my bank has said no. I am up to date on payments, and there should be no reason for me not to have this. I really think this stinks when banks can get a bail out, and I do not want a bail out, I want to pay my bills; I just want a roof as well. I have an adjustable ARM that comes due soon, and I do not want to have to pay that, so I want to refi to lose that. I feel very shortchanged here. I have paid my bills on time, and there should be no reason for this. I think someone needs to have a talk with someone and remind someone who pays their salary. I never believed in strong arming someone, but I think maybe this country needs to start it a bit and stop being so wishy washy. Because to quote the late great actor, who said, “I am mad as hell, and I am not going to take it anymore!!!” If i had the cash, I would of just paid for it outright, but banks should allow you to refi. Who knows?

Related Blogs

  • Related Blogs on I have asked for a mortgage modification and my bank says NO.

Fico Score Stimulator

Aug 302010
 

  How accurate is the Stimulator.  I currently have a 644 fico TU score it says if I pay my bills on time for 3 months it will go up to a 674 at least.  The second simulation I did is to pay 350 of my balances it goes up to at least 694.  Just wondering how accurate the Stimulator has been for people.

Made it to mid 700s from low to mid 600′s in 3 months!

Jul 132010
 

I checked my report in April 2010 here on myFICO to see two low scores. TU 671, and EQ 631. I was like man, no wonder I am not getting approved for my refinance on an auto loan that is currently 13.99%.

 

I had a clean history of paying bills on time but my UTIL was 83% (ouch)! I read here on myFICO for the last 3 months and finally put some of the knowledge to use. I have no baddies on my report, so the ding was pure utilization. I suppose you could say that the 17 inquiries on my EQ are baddies, but only 1 in the last year!

 

Here is what I started with.

 

Card  / Limit / Balance / APR

 

BOA / 500 / 496/ 19.99

CHASE / 500 / 430 / 28.99

CAP ONE 750 / 690 / 23.99

Chase 1000 / 890 / 20.99

Chase 1500 / 1290 / 31.99

Mens Warehouse 1400 / 1000 / 23.99

CITI 2500 / 2496 / 29.99 no limit reported

 

I know these rates are murderous, but they sky rocketed when I accidentally paid my CITI card 1 day late! It was terrible! It had like a ripple effect.

 

Any here are the accounts now.

 

BOA / 500 / 0/ 19.99

CHASE / 500 / 0 / 28.99

CAP ONE 750 / 0 / 23.99

Chase 1000 / 0 / 20.99

Chase 1500 / 460 / 31.99

Mens Warehouse 1400 /  905 / 23.99

CITI 2500 / 2076 / 29.99 no limit reported

 

It took me only a short 3 months to pay these down because the balance were really small, however since then my TU score from 671 is now 731 as of today, and the EQ 631 is now 732 as of Sunday. Yes, these are real FICO scores. I paid the smallest down first for two reasons. I wanted to see progress, and after reading I know that I should have half or less cards reporting and half or less accounts reporting (haven’t made that one yet).

 

I rather pay the small ones off first and put the saving of the min payment to the other cards. Interest is bad but not too terrible as now I only have 3 cards that carry a balance. Next month I will only have the CHASE and CITI card reporting, but as my reports reflect and where I have read the CITI isn’t actually included in my UTIL that is why I am not paying it off first as saving money isn’t as important as the score itself for me .I am still sure it is bad because it is 2k worth.

 

I had no idea before April that UTIL was so important. My UTIL is now 24% and plan on getting that down to 9% next month. I will be sure to let you know of the score jump and one less card will be reporting as well. My goal score is 760+I hope that I hit it by DEC because I plan on buying a house.

 

My oldest account is 4 years 11 months.

AAoA is 3 years 5 months.

1 INQ on EQ and 0 on TU.

 

I just wanted to share my success with everyone and say thanks myFICO.

 

PS I do have one installment and 2 auto loans reporting as well so I do have the mix there.

 

Thanks again!

it took three years, but I got to 700s

Jul 132010
 

just want to share with everyone, especially those with 500 scores, that I started at around 520 sometime in August 2007. I had soooo many charged-off accounts. Thanks to this board, i PFD most of them but am still stuck with three paid charge-offs that won’t fall off until 2012.

 

Still, I joined the 700 club on EQ and TU: 706 and 708, respectively.  EQ was stuck at 670-680 for the last year until I checked today. Yay :) just be patient and keep paying them bills on time!!

Credit Score Question

May 142010
 

I am 25 years old and looking to buy a house within the next two years and was wondering whether anybody has any advice.  Is there a minimum score to which I should try to get before I apply to get pre-approved since the higher my score, the lower my interest rate and payments.

 

My current score is 614 which is up over six months ago.  I have paid off the last of my four collections from being young and dumb.  One question I have in regards to collections is why one of my collections from BofA was taken off my credit report after I paid it off while the three others are still there showing a zero balance?  I know that they can stay on there for up to seven years and I was wondering how long before their impact is lower on my credit score?  I have one credit card with a 20% owed to available ratio.  I have two car loans in which I owe $15375 together and I am paying an extra $300 per month on the oldest one to get it paid off earlier.  I have been current on all of my bills for the past year and some longer.  Is their anything else I can do besides keep paying my bills on time and let time pass to raise my score?

Bank posted 30 day late…credit scores take 85 pt hit!

May 122010
 

I’m right at the end of buying my dream home, have been waiting for 9 months now due to it being a short sale.  I’ve been approved by underwriting (thanks to the support in rebuilding my credit I found here) and I’ve been diligent in paying my bills on time.  In April I was working a lot, finishing a class for school, getting ready to start my Masters program, buying this house so I paid a land loan I have, online through my bank.  I’ve done it before, you just input when you want the bank to pay it and the latest it can be paid dates.  I posted it for paid on 4/27, no later than 4/29.  I checked on 4/30 and sure enough it had been paid on 4/29.  A week later I got a myFICO alert that my credit score decreased.  I checked my credit report and they were reporting my loan as 30 days late with an 85 point hit!!  I called the bank and they said that even though it had been debited from my account on 4/29 the bank mails (as in snail mail!!) the payment and it didn’t reach my loan bank until after 5/1 so they reported it as 30 days late!!  Luckily my loan has been through underwriting and my broker has checked and my credit will not be pulled again for the COE, but I was planning on applying for a pool loan as soon as we closed escrow and now there is no way that will go through.  I’ve just sent three dispute letters to the CRA’s including the statement showing the funds were withdrawn on 4/29, I’ve also called the bank the land loan was through and they said they’d work on it and see what they could do but I thought I’d get some ideas from you guys as well.  You’ve always been so helpful and give such great advice!!!

Thanks in advance….

 Older Entries