I started browsing the MyFico forums in early 2013, after being denied for a mortage. I had about 0 knowledge of credit at the time, or else I wouldn’t have wasted the inquiry with that mortgage app. At the time, all my scores were in the 520 range. I was stupid in college and let a credit card go, and I continued being stupid and turned my back on a couple of student loans, which even ended up in a judgment against me I was making good money at the time and was frustrated at my terrible credit and how it was limiting me in so many ways even with a good income, so I turned to the web in hopes of finding methods to improve my score. I came across a lot of sites, but these forums proved to be the most useful.
I ended up hiring a credit repair service (which I know a lot of you think is a waste of money, but I’m bad with persistence so them doing all of the paperwork/letters was a good investment for me), and paid down my student loan debt. I got some GE easy-approval cards, and a couple of secured cards (one from my bank, one from CapOne) and paid them off religiously (usually more than once a week). I also was fortunate to be an authorized user on a couple of decent cards (Discover It, Citi Simplicity). I saw a pretty quick improvement to the low 600’s within a few months. The credit repair service removed several negs for me but I still had a long way to go. I naively tried for a couple of cards in late 2013 to no avail (Chase Sapphire, and AmEx Green).
Patience really is key, and as my negs have aged, I can’t believe how far I’ve come. Last month, I closed on my first house ($ 294.5k), and then turned in my garden spade (I hadn’t opened any new credit lines since those GE cards in 2013) for some great cards, cards I was shocked to be apprved for: a Chase Sapphire Preferred, an AmEx Gold Premier Rewards, and some lesser ones – Amex Blue Cash Every day, and a Chase Slate. The mortage I got required 0 down and minimal closing costs (I paid $ 950 at closing). Instead of ponying up $ 15k+ for a down payment + closing fees for an FHA loan, I’ve bought some nice furniture on the Sapphire and AmEx, and am doing a balance transfer on the Slate to take advantage of their 18 month no interest/no fee intro, easily allowing me to get the 50k signup bonuses for the Sapphire and AmEx Gold PR. These are savvy things I credit to these forums. Iif you’re rebuilding, just have patience. I know it may seem far off right now, but if you persist and do the right things, you’ll get there. T’ve made this post to both thank these forums, and hearten anyone out there who may in the same boat I was. Cheers!