Whoo hoo! Happy to report that my last 2 collections, due to be removed in July, have fallen off my EQ report, and now I have three big green Fico circles instead of the orange ones I started with. Scores in the very low 600’s 5 months ago, now at 767, 755, and 782.
A big shout-out and thank you to everybody on this forum who helped with your stories and information.
Some history: Since 2004, I only had one B of A card, and didn’t pay that much attention to credit. My lack of attention also earned me a couple of 30 day late pays, now 3 and 5 years old. Because I only had one card, I tended to have high utlization. Two medical collections from 2008 were also holding my scores down.
After doing some research on this forum, the first thing I did was pay the utilization of my one card way down to under 10%. With all my scores around 650, I applied for the Barclay’s Rewards card, and got it. That same week I applied for Discover and was offered the secured version. I took the offer, put the minimum $ 200 on the card. With two new cards and two inquiries, my scores took a 15- 20 point dive but slowly began to climb again. I kept two cards at 0% utilization, paying the balance off before the statement cut, and let Barclays report at about 1%.
However, with collections, scores were stuck in the mid to high 600’s. I contacted TU and EX, asked for early exclusion of collections that were due to fall off this year. Both agreed: scores jumped into the mid to high 700’s. Maybe it was just the domino effect, but EQ collections fell off shortly after.
Now in prime card land, I recently added an AMEX ED at the lowest APR, and a 0% 21 month intro offer Citi Simplicity as a back-up balance transfer card. After being one of those people who had been pelted with “bad credit” offers from high fee high APR loansharks, it does feel great to apply to cards that say “Excellent credit needed” and get them.
Because of some recent expenses, I will be needing to carry a balance on the Citi for a few months. With that and the lower AAoA, I anticipate a temporary score decrease. But now, with more available credit and more knowledge, I feel like I at least have some breathing room.
Thanks again and good luck to all of you on your credit repair journey!
Credit Repair Lee’s Summit (816) 994-4600, Credit Repair Advice in Lee’s Summit MO
Credit Repair Lee’s Summit