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Nate's Progress to 800 (off-topic welcome here)


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Hi fellow CBers! I have put off starting a thread for long enough and I'd like to track my progress from here on out to maximizing my credit health.

 

Feel free to come in and ask questions, vent, post random crap....whatever you'd like!

 

 

One of the main things I want to track from now going forward is the impact of BK7 on scores and ability to obtain credit. I filed BK7 in September 2005, due to drop off Aug/Sept of this year.

 

After filing BK, I lived in a credit coma and treated credit with complete ignorance. We did exclude our credit union from the BK to keep our positive history and accounts open (personal/auto loans) and they were our main source of credit over the last 10 years.

 

Up until July 2014 when I found CB, I had not attempted to apply for prime bank cards and only had a Walmart store card and Paypal Smartconnect LOC. I could always borrow interest-free from my employer as needed and paid back quickly but this did absolutely NOTHING for my credit history.

 

I ignorantly carried balances on the cards I had, completely blind to the fact that I was in a trap of needlessly paying hundreds in interest when plenty of options existed to resolve matters. I think the BK7 completely turned me off of credit cards simply because I never knew how to use them properly and my family were not a good influence when it came to credit health. I simply chose to ignore credit and not take the time to learn and face it head on.

 

So when I found CB, I admittedly was already in pretty good shape. The BK7 is the only negative on me and DW's reports, with perfect payment history and mix of accounts since 2005.

 

I still made plenty of mistakes as I was learning, applying for cards I wasn't ready for, racking up inquiries with nothing to show for them and acquiring cards that will not grow with me long term.

 

 

I will add a card list in a future post (mostly for my own benefit/tracking) but since finding CB I've acquired around 150k in available credit and less than 1% total utilization on my revolving accounts. **

 

 

I still have work to do but I am managing my remaining debt in a smart manner that does not negatively impact me and I'm making credit work to my advantage now. All it takes is discipline and we now put ALL of our spending through our credit cards each and every month, earning rewards for doing so along the way. Not to mention the fact that I'm not out swiping a card everywhere linked directly to our checking account and I have zero stress worrying about the balance in the checking account. I'm not wealthy by any means and supporting a family these days isn't cheap. We set aside for savings but everything else flows constantly through our credit cards....which builds a positive history with your creditors, puts the fraud liability on them / protects our money and so on.

 

 

I wish I had true FICO's to mark the beginning of this journey. All I can provide is scores generally ranged from 660-680 at this time last year.

 

 

Most recently I was able to delete my BK7 on TU 6 months early and I watched my TU 08 score jump from 728 to 784 instantly. I could NOT believe that an otherwise clean report was still being held down this much by a nearly 10 year old BK. A few days later the score jumped to 799 which is where I'm at today.

 

Through the excellent assistance found here I've been able to secure Amex D* and I'm waiting on 4 accounts to update to the CRAs next month. This should hopefully nudge me across 800 for TU.

 

 

EQ and EX will be more difficult to get removed early but I will be attempting to dispute as obsolete every month going forward until they are gone. I'll post updates once my other scores update.

 

 

** For the sake of transparency and just using an example of something that worked for me, I am not carrying any balance as far as the CRAs go. BUT, I am aggressively paying down about 4500 in remaining credit card debt that I consolidated to a card that does not report and has a pretty low interest rate (essentially making it a hidden personal loan). And honestly at this point if it did start reporting my utilization would only increase from 0-1% to 3%. I set up regular monthly payments to pay it off on a schedule and any extra money that comes in from various sources will immediately get tossed at the remaining balance until it's paid.

 

 

I've made a lot of friends here on CB and try to help out wherever I can. You will not find better people, advice and information at any other site, forum, blog on the internet (or anywhere else). It's as simple as that.

 

This will be the only gigantic post in here, just an intro! :good:

 

I'll end this with a HUGE thanks to everyone that I've met and have personally helped me get where I am.

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Ask for another CLI. Move $14K off Care Credit. Leave Care Credit open to age until they kill it for lack of use, or buy a pack of dog treats every 6 months.

Couple tiny CLIs to add....need to update card list but I'm too lazy this evening and this flu shot is making me feel like flowers.   PenFed Platinum Rewards Visa: $9.5k --> $11k (email request,

So let's start a flame war on the effects of loans and FICO scores.   I've been monitoring CCT daily for my EX report and scores. No change in account balances, number of accounts, etc for the la

Congrats on your success, Nate! I will be following this thread. :)

Thank you!

 

Hey, you got a 728 with a bk reporting. That is exceptionally high. Very few have a bk reporting yet still have a credit score above the median and well above the average.

The 728 is/was a TU'08 and TU has always been my higher score. There's nothing that stood out as being different on my reports and my AAOA right now is only 2.8 years.

 

DW's profile is very similar to mine except she has about 20k in student loan debt on her reports (all positive/deferred as active student). Her TU'08 prior to getting the BK7 removed was clearing 730's (she's at 774 now).

Edited by nateinva
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TL.DR_zpsq1qevawe.gif

 

:blush::dntknw:

:rofl: Punk!

 

I guess I should've put this statement at the top of the post instead of the bottom.... "This will be the only gigantic post in here, just an intro! :good: "

 

I won't call you lazy bc that would just be mean.

Edited by nateinva
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I'll be following your post Nate for your updates and off-topic discussions ;)

 

You've made such great progress so far. Can't wait to hear how your scores jump when your BK is deleted from EQ and EX.

 

Lynn is too much with tl;dr. You just gotta love her. :blush:

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:blush::dntknw:

:rofl: Punk!

 

I guess I should've put this statement at the top of the post instead of the bottom.... "This will be the only gigantic post in here, just an intro! :good: "

 

I won't call you lazy bc that would just be mean.

Only a punk would be mean enough to call me lazy just for entertainment value. :dntknw:

 

So you're the bomb, no matter what your OP said. :angel:

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