My Tale So Far...

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4 posts
mikemike9203
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Joined: Thu Aug 09, 2012 1:35 am
Location: Atlanta, GA

My Tale So Far...

Postby mikemike9203 » Tue Aug 05, 2014 11:45 am

Hey everyone! Hope your days are going well.

I haven't posted on here since 2012 when I wanted to apply for a Zync card. Sad to say that I got denied when I did apply. Fortunately, at this point the hard pull from that application has fallen off of my credit report.

I have a lot to type (and hopefully to learn from you all) so bear with me.

I am posting now because after a few credit blunders (getting another card and maxing out both of them), I am in a state of recovery (lots of detrimental stuff happened over the past year, including my credit debacle) and am looking to boost my credit score again.

Let me list everything that has happened.

When I had applied for the Amex Zync, my credit score was around 650-660. Got denied, credit history not long enough. I get that. So I didn't apply for anything else for a while. My junior year in college and this past year, I didn't utilize my Capital One Journey Card (CL $500) much as I had more than enough money in my checking account. Other things were on my mind besides building credit ( even though that's why I got the card initially; lost track of priorities).

This past year was a doozie. I ended up maxing out my Cap.One card. Then, around this past February (after the inquiries fell off my account), I applied for and was approved for the BarlayCard for $900. Ran that up over the course of a couple months. Income issues.

So then something terrible happened. I have student loans, about 8 accounts (1 for each loan each year). I sat out a year and so my grace period for paying passed. My institution informed me that I just needed to send them an email stating that I need for my loans to be deferred and I would be fine. Suffice it to say, that wasn't the case. I receive an email saying that I was delinquent on 8 accounts! So I call the FedLoan company and they inform me that my school was incorrect. After all of this, my credit score dropped to 554. They removed the deliquency markings after I told them the situation but they said the damage to my score was irreversible in regards to that situation.

Of course this was devastating at the moment. Now, I am not so pained. I'm moreso looking for a way to fix it rather than dwell on the fact that it is so low. I have just recently brought my credit utilization down from 112% (fees and interest) to a little over 30% (about $450-500 out of a total $1400), and am still making payments on it with every check I get.

My credit balance due date for Cap.One has just past recently and so I am expecting an increase in my score but not enough to get to where I want to be. At the end of the day, I would like to have at least (in the next year) a combined CL of $5000 and work toward getting my foot in the door with American Express. I have other markings but they aren't as big as what's listed.

If anyone has any feedback (or even a scorn for my bad credit handling lol) I will take it, all criticism and advice is important.

Thank you!
BarclayCard -- $900
Capital One Journey Card -- $500

It is not length of life, but depth of life.
Ralph Waldo Emerson


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djrez4
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Postby djrez4 » Tue Aug 05, 2014 12:32 pm

If the loan company put your loans into deferment and removed the derogs, your score should increase dramatically.

You've made the first step. Now, behave yourself and let time do its thing. Unfortunately, it's the only way your credit will improve. Once you start seeing high 600s and low 700s, you can think about new applications.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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MemberSince99
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Location: WI

Postby MemberSince99 » Tue Aug 05, 2014 12:42 pm

djrez4 wrote:If the loan company put your loans into deferment and removed the derogs, your score should increase dramatically.

You've made the first step. Now, behave yourself and let time do its thing. Unfortunately, it's the only way your credit will improve. Once you start seeing high 600s and low 700s, you can think about new applications.



Have you heard of the "Shopping Cart Trick" by chance? You might want to look into that it's commonly used on MyFICO to rebuild credit with. Best of all there is NO inquiry so you stay in the Garden.

mikemike9203
Green Member
Green Member
 
Posts: 7
Joined: Thu Aug 09, 2012 1:35 am
Location: Atlanta, GA

Postby mikemike9203 » Thu Aug 07, 2014 11:21 am

I just tried the shopping cart trick with Dillards, J. Crew, and Express to no avail...
BarclayCard -- $900

Capital One Journey Card -- $500



It is not length of life, but depth of life.

Ralph Waldo Emerson



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