New here & on the road to rebuild my credit

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Posts: 37
Joined: Thu Jul 05, 2012 9:52 am
Location: Phoenix, AZ

New here & on the road to rebuild my credit

Postby JayS10 » Thu Jul 05, 2012 12:13 pm

Hello all, new here and thought I'd introduce myself. I'm a 23 year old college student/full time employee who made some pretty big credit mistakes from the time I got my hands on my first credit card at 18. Everything from late payments to maxing out pretty much all of my cards at one point.

I jumped out of that hole the first time as I received help from my parents, extremely thankful for that. For quite some time I've avoided credit cards all together and worked towards paying off what little I had and calling it quits. Since then I've solely used my debit card for ALL transactions.

*Eventually I decided to open up an "emergency card" and did some research which led me to apply for a capital one card with a limit of $500, not bad considering my credit was in the high 500s at that time and I had quite a few negatives on my report. *I had/have school loans, a car payment, personal loan I took out, my emergency card, and 1 or 2 other credit card accounts on my report. Still avoided credit whenever possible...

Last year I moved out to Phoenix and once I got settled I decided it was time I start actively monitoring my credit as I have a long term goal of purchasing a house. Financially I decided it was time to grow up. When I started looking into my credit roughly 3 months ago my credit was around 620.

Today I'm *at 655 @myfico (equifax). I'd like to see my score in the 700 range, which is what I'm aiming for. What's hurting my credit is a few late payments from a few years ago, I've written to several of the creditors asking to remove my late payments and only heard back from one which stated they were unable to do so. The other thing I believe that's not helping me is my amount of debt, between my school loans ($30k) as well as my car loan ($16k) and personal loan (8k) and the few credit cards I use ($541)..... *I've stacked up quite an amount of debt.

My plan to combat this is as follows. I'm almost done paying off my small credit card balances, those should be clean within the next week. I'd like to sell my car as I have another vehicle that was bought for cheap and will be suffice.... it runs and the AC works! I'd also like to begin paying down my personal loan and getting that off my credit altogether. I've setup a payment plan with sallie may to pay off my school loans (10yr plan) and as far as the late payment history goes, if they can't be removed then that's fine. From the time I began monitoring my credit I have not had a late payment since and plan to keep it that way.

So my next challenge is getting away from using my debit card and use a credit card I can pay off monthly so I can earn myself rewards. I've been thinking about opening a secured account with about $500 or so that I can use and pay off monthly. Any advice on this?

Comments/suggestions are welcomed as I'm still learning!

In the Wallet:
Amex Platinum - NPSL (daily)
Capital One Cash Rewards (Builder CC) - $500CL
Best Buy - $2000CL (Increased 9/2013)
Express - $250CL (Builder)

700+ Credit Score Across the board
Chase Sapphire Preferred - $5000+ CL (Secondary)
Bestbuy - $5000+ CL

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