How to build your credit score back up in 9 months

For just about anything you want to get off your chest about credit cards.
5 posts
Nitrus
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Location: Texas

How to build your credit score back up in 9 months

Postby Nitrus » Wed Sep 26, 2012 2:31 am

It all started in 2002, I was young and carried two credit cards (Chase and Citibank) and I ended up not paying them after a year of use. I ruined my credit for quite some time.

Ten years later after paying for everything with debit, I took the advise of a friend and started to try to build my credit back up. He told me to start opening secured lines, read blogs/forums, and monitor my credit. I started off in this order.

  1. Check annual credit report. No derogatory marks on my credit report!
  2. Bought 5yr $2000 CD and pull a loan against it from a credit union. I get 1.5% from the CD and the 5 yr Loan is 3.5 (terms are two percent above CD rate). This is the cheapest way as most secured card have annual fees and high interest rates. Payments come out to 36 a month.
  3. My first offer was a CapOne card with $29 annual fee and 1% cashback. Approved for 300 CL. I know Yuck. I pay it off weekly because the CL is so low. After 6 months auto increase to 500. Still yuck but I have a thin credit file.
  4. After reading the ccforum got the guts to apply for AMEX Gold and was approved! Spent 300 in one day and Got the dreaded Financial Review Email. After about a week was limited to 5400!
  5. This month I got the courage to apply for Chase Freedom and was approved for 2000k! This was of course after calling the recon line on the site. They didn't even mention the charge off from ten years earlier. Which is why I'm so excited to get this card.
My future plans are to upgrade my cards when possible.

  • AMEX premier rewards and BCP.
  • Chase Mileage Explorer and Sapphire.
I owe this all to the great members on this site and all the advise I read on this site. It's not even a full year and SO much was accomplished. Good luck new members, readers and beginner credit builders you can do it!


lexrj
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Posts: 169
Joined: Fri Sep 14, 2012 12:59 pm
Location: San Diego

Postby lexrj » Wed Sep 26, 2012 6:27 pm

Nice strategy with CD loan!
How long you took to pay off the secured loan? Have you noticed how much your credit score increased after you paid of the loan?
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclaycard Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1

randeman
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Joined: Tue Jan 10, 2012 7:11 pm
Location: New York, NY

Postby randeman » Thu Sep 27, 2012 9:04 am

Yep..we can do it all. And without a cape or tights.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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djrez4
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Location: United States

Postby djrez4 » Thu Sep 27, 2012 11:46 am

randeman wrote:Yep..we can do it all. And without a cape or tights.


Speak for yourself. It's much more fun with a cape and tights.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

Nitrus
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Joined: Tue Aug 14, 2012 11:17 pm
Location: Texas

Postby Nitrus » Wed Oct 17, 2012 12:12 am

lexrj wrote:Nice strategy with CD loan!
How long you took to pay off the secured loan? Have you noticed how much your credit score increased after you paid of the loan?


it is a 5yr CD loan and im still paying it off. Payments only 36ish a month. Will use full term for 5yrs of cheap credit reporting. Thin file until the secured loan so i don't know how much it helped my credit.



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