Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


Sign in to follow this  

The 40-Year Old salamander

The last post in this topic was posted 814 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts

I’m a 40-year old salamander who spent the last ten years screwing up his finances and credit.  No excuses.  I did this.  I started writing this by giving a ton of details and background, but its way to long.  I’m summarizing, but if anyone is wondering how someone got themselves into this mess, let me know and I’ll be happy to share.  Let’s start with this year.

 

Jan 2018:  Open the year rocking impressive low 500 FAKOs, but I had a plan, and I had executed it for six months.  1) Pay stuff on time to stop more derogs from hitting my reports 2) cut back on my spending 3) stop being an salamander.  I bring home about $70K annually yet constantly wonder why I'm in the predicament I'm in.  I slashed my budget to the bone and faced all of my delinquent accounts.  I was able to make arrangements (some better than others) with open accounts and threw as much money at them as possible.    

 

Apr 2018: Delinquent Fed and State taxes paid in full, my car note was caught up and showed current for the first time in over a year.  I started using various free services to track FAKOs, and monitor my reports.  I successfully DV’ed and booted a couple CA/JDB accounts that had been “erroneously” re-aged and popped up.  FAKOs were moving in the right direction, but wanted more.

 

May 2018: I pulled my official annual reports.  All my remaining charge-offs had stayed with the OC’s and were within SoL.  JDB’s and CA’s removed.  Public records and tax liens were gone also!  Only 2 hard pulls in the past two years.  Ugh, but the lates!!  So MANY lates!!  In seven years, I had managed to rack up 118 late payments! Is that a record?  I think it might be! 

  • 43 of them are 4+ years old
  • 73 between 2016 and 2017
  • 2 were from the beginning of this year while I was in the “catch-up” program on my car.

So yeah, 35% to 50% on time payment depending on which report you look at.  Absolutely mortifying.

 

Jun 2018: I decided to budget in three or four months for a myFICO subscription while I actively addressed my reports.  I had made some progress from the beginning of the year:

EQ 587 up from 490

EX 604 up from 550

TU 604 up from 590

Utilization oddly showed it was 160% over available credit.  How’s that?  A little research revealed the current balance and credit limit of the charge-off accounts were contributing to my utilization.  That’s 30% of my score.  I can do something about that!  1) Pay the OC’s in exchange for at least a “Paid In Full” status 2) Continue paying all accounts on time 3) Continue the never ending quest to stop being an salamander.

 

July 2018: … and here’s how things stand now:

FICOs the same except for TU, which jumped from 604 to 613 apparently due to balance decreases and account improvements.

  • Mortgage (Modified) - $120K – 12 months on-time payments / Pays account as agreed / Loan modified non-gov’t in comments / 10 lates within 2 years
  • Car Note - $11K – 6 months on-time payments / Pays account as agreed / 20 lates within 2 years
  • Student Loans (Consolidated) - $84K – 1 on-time payment/ Pays account as agreed / 0 lates
  • AMEX - $1000 Charged Off / $500 limit – PAID IN FULL
  • Capital One - $1500 Charged Off / $1000 limit – PAID IN FULL / Pulled back from CA
  • Capital One - $1000 Charged Off / $750 limit – PAID IN FULL / Pulled back from CA
  • Kohls/Capital One - $500 Charged Off / $350 limit:  Will be paying it off today or tomorrow.
  • AT&T - $500 Charged Off / not reporting: Will be paying it off today or tomorrow.
  • Divorce Settlement - $10K / not reporting: Lump sum payment this week.

Est Remaining Debt Starting Aug 2018 - $215K

 

Once the dust settles, I’ll see what the scores and reports look like in a couple months.  My plan is to go for two secured cards (probably Discover IT and Bank of America) and I was invited to enter the AMEX Optima program.  I’ve lived on a cash basis for the past two years and I’m not changing that mindset.  The only difference is I’ll be using the cards and paying everything off mid cycle prior to the corresponding bureau reporting dates and statement closing dates.

I don’t expect everything to smell like roses tomorrow, or next week, or next month, or next year.  It took about ten years to dig this hole.  Why should I expect a 30 day fix?  What I am grateful for is finding the discipline and motivation to climb out.  I owe much of that to you folks.

 

Thank you for sharing your stories, tears, frustrations, and joys.  Your experiences have given me a framework to build my own plan.  I hope to pay that back to this community with my ongoing story already in progress.

 

- round2forme

Share this post


Link to post
Share on other sites

22 minutes ago, round2forme said:

I’m a 40-year old salamander who spent the last ten years screwing up his finances and credit.  No excuses.  I did this.  I started writing this by giving a ton of details and background, but its way to long.  I’m summarizing, but if anyone is wondering how someone got themselves into this mess, let me know and I’ll be happy to share.  Let’s start with this year.

 

Jan 2018:  Open the year rocking impressive low 500 FAKOs, but I had a plan, and I had executed it for six months.  1) Pay stuff on time to stop more derogs from hitting my reports 2) cut back on my spending 3) stop being an salamander.  I bring home about $70K annually yet constantly wonder why I'm in the predicament I'm in.  I slashed my budget to the bone and faced all of my delinquent accounts.  I was able to make arrangements (some better than others) with open accounts and threw as much money at them as possible.    

 

Apr 2018: Delinquent Fed and State taxes paid in full, my car note was caught up and showed current for the first time in over a year.  I started using various free services to track FAKOs, and monitor my reports.  I successfully DV’ed and booted a couple CA/JDB accounts that had been “erroneously” re-aged and popped up.  FAKOs were moving in the right direction, but wanted more.

 

May 2018: I pulled my official annual reports.  All my remaining charge-offs had stayed with the OC’s and were within SoL.  JDB’s and CA’s removed.  Public records and tax liens were gone also!  Only 2 hard pulls in the past two years.  Ugh, but the lates!!  So MANY lates!!  In seven years, I had managed to rack up 118 late payments! Is that a record?  I think it might be! 

  • 43 of them are 4+ years old
  • 73 between 2016 and 2017
  • 2 were from the beginning of this year while I was in the “catch-up” program on my car.

So yeah, 35% to 50% on time payment depending on which report you look at.  Absolutely mortifying.

 

Jun 2018: I decided to budget in three or four months for a myFICO subscription while I actively addressed my reports.  I had made some progress from the beginning of the year:

EQ 587 up from 490

EX 604 up from 550

TU 604 up from 590

Utilization oddly showed it was 160% over available credit.  How’s that?  A little research revealed the current balance and credit limit of the charge-off accounts were contributing to my utilization.  That’s 30% of my score.  I can do something about that!  1) Pay the OC’s in exchange for at least a “Paid In Full” status 2) Continue paying all accounts on time 3) Continue the never ending quest to stop being an salamander.

 

July 2018: … and here’s how things stand now:

FICOs the same except for TU, which jumped from 604 to 613 apparently due to balance decreases and account improvements.

  • Mortgage (Modified) - $120K – 12 months on-time payments / Pays account as agreed / Loan modified non-gov’t in comments / 10 lates within 2 years
  • Car Note - $11K – 6 months on-time payments / Pays account as agreed / 20 lates within 2 years
  • Student Loans (Consolidated) - $84K – 1 on-time payment/ Pays account as agreed / 0 lates
  • AMEX - $1000 Charged Off / $500 limit – PAID IN FULL
  • Capital One - $1500 Charged Off / $1000 limit – PAID IN FULL / Pulled back from CA
  • Capital One - $1000 Charged Off / $750 limit – PAID IN FULL / Pulled back from CA
  • Kohls/Capital One - $500 Charged Off / $350 limit:  Will be paying it off today or tomorrow.
  • AT&T - $500 Charged Off / not reporting: Will be paying it off today or tomorrow.
  • Divorce Settlement - $10K / not reporting: Lump sum payment this week.

Est Remaining Debt Starting Aug 2018 - $215K

 

Once the dust settles, I’ll see what the scores and reports look like in a couple months.  My plan is to go for two secured cards (probably Discover IT and Bank of America) and I was invited to enter the AMEX Optima program.  I’ve lived on a cash basis for the past two years and I’m not changing that mindset.  The only difference is I’ll be using the cards and paying everything off mid cycle prior to the corresponding bureau reporting dates and statement closing dates.

I don’t expect everything to smell like roses tomorrow, or next week, or next month, or next year.  It took about ten years to dig this hole.  Why should I expect a 30 day fix?  What I am grateful for is finding the discipline and motivation to climb out.  I owe much of that to you folks.

 

Thank you for sharing your stories, tears, frustrations, and joys.  Your experiences have given me a framework to build my own plan.  I hope to pay that back to this community with my ongoing story already in progress.

 

- round2forme

Welcome to CB! Don't worry, we could write the beginning of the story for you. ;) Just concentrate on going forward, so worry too much about the things that are behind you.

Share this post


Link to post
Share on other sites

Congrats on getting everything together and starting the clean-up process.  It'll be exceptionally gratifying when you're done.  

Share this post


Link to post
Share on other sites

Congratulations on addressing this. You're learning sooner than I did. I had no positive lines and only baddies when I was a 20 year older salamander than you!

One thing you should do to get better specific advice is determine, for each account, when the DOFD (date of first default) is. This is the first date your were late and have never caught up to current since. This is the number used to determine how long negatives are allowed to remain on a credit report. Once it reaches 7 years your account is clean and reflects nothing negative even if it's way older than 7 years. So you could have a card opened 15 years ago that looks perfect today.

Share this post


Link to post
Share on other sites
Guest rumaki

I'm not sure if you did or not but take the AMEX Optima account, it will be worth it in the end to have a prime lender on your report.

Share this post


Link to post
Share on other sites

Dear Mr. Ex-Salamander,

 

You have done well.  Congratulations!

 

Keep up the good work!

Share this post


Link to post
Share on other sites
20 hours ago, round2forme said:

I’m a 40-year old salamander who spent the last ten years screwing up his finances and credit.  No excuses.  I did this. 

Taking ownership of the situation is the necessary first step for most people in making meaningful changes.  Cheers!

Share this post


Link to post
Share on other sites

Good show.  Jolly good show.

 

I've been in your situation.  Last time I had prime credit was 30 years ago.  I just finally had the last of my derogatories fall off, and for the first time since the Reagan administration, I can apply for and get any credit card I want!  And I did:  2 prime Chase cards, and a Platinum Amex (I travel a lot). 

 

Over the last 8 years, I totally got my finances - not credit, but finances - in order.  By the time my credit "went prime" I was completely solvent - no debt, and a year's worth of living expenses in cash, in the bank.  Actually I had my finances together 3 years ago, but now that my credit is top tier as well, I feel like I'm finally a "responsible adult" lol.

 

Keep on it, it really feels good at the end.  I'm tellin' ya, it's worth it!  

Share this post


Link to post
Share on other sites

Thanks, you guys!  I honestly got misty reading the encouraging messages.  They really solidified my resolve to fix this mess!

Updates

All charge-off accounts with open balances PIF, and I have documented OC acknowledgement of PIF.  I’m waiting for the CRA updates but will give them till the end of August before I start making a stink.  For the first time in a LONG time, my phone isn't blowing up, and I like it!

 

FICOs are still going up, and all monthly bills are current, and scheduled for three days prior to the due dates.

TU: 590 – 605 – 634

EX: 590 – 604 – 615

EX: 490 - 587

 

AT&T (Not Reporting / No JDB or CA Reporting)

I called and explained to the CSR I had received a collections letter from them a few months ago for $500, and I wanted more information about the situation since I was looking to reestablish service.

CSR: Hold please.

Salamander: <Holding>

CSR: Mr. Salamander, I need to transfer you to another department who can address your account.  Once it’s paid in full, we can reestablish service.

Salamander: Ma’am, is this another department, or a third-party entity not directly under the auspices of the AT&T corporation?

CSR: Ummm… <nervous cough>… well… it’s a company… Diversified Consultants.

Salamander:  Ma’am, I’m really not interested in speaking with another company.  That’s why I called AT&T.  Since you’re looking at my account, could you please verify the amount that AT&T claims I owe, and how late it is?  I am only willing to deal with AT&T since I had an account with AT&T and not… <shuffle>… Divergent Consults…

CSR: Diversified Consultants… <typing>… the account shows $0… closed… and reassigned to…

Salamander: So AT&T shows I owe $0?  I’m confused.  Why try and send me to Divisive Compa…

CSR: Diversified Consultants… Mr. Salamander, it’s not that AT&T says you don’t owe anything…

Salamander: Ma’am, thank you for your help with this, but I would really appreciate speaking with a supervisor…

CSR: Honestly, Mr. Salamander, we don’t have a supervisor available right now.  Our call volumes are really high right now and…

Salamander: I can call back later?  Let you handle other calls?

CSR: Thank you, yes, that would be best.  I’ve noted everything in your account so the next available supervisor will be able to help you.

Salamander: Thank you so much for your help!

I'm planning to call back tonight, and we’ll see if I can get them to recall the account.

 

DOFD

On 7/24/2018 at 6:33 PM, cashnocredit said:

... when the DOFD (date of first default) is. 

cashnocredit, most of my lates came from me mistakenly thinking I could “catch up” or “better pay late than never”.  This resulted in two years of 30-60-90-OK-30-60-OK chains.  Now that I’m current, the majority of my accounts show a blank for DOFD. 

 

I found an old 2011 CRRG that instructs on reporting DOFD: “If a delinquent account becomes current, the Date of First Delinquency should be zero filled.  Then if the account goes delinquent again, the Date of First Delinquency starts over with the new first delinquency date.”  

So I guess the reason most of mine are blank is because they’re now current (mortgage and car note), paid in full (student loan accounts) or closed/transferred (student loan accounts that I consolidated, PIF charge-off accounts from OC’s)?

 

On 7/24/2018 at 10:43 PM, rumaki said:

I'm not sure if you did or not but take the AMEX Optima account, it will be worth it in the end to have a prime lender on your report.

rumaki, that's definitely my plan.  I'm just waiting for the AMEX Optima application to arrive.  They indicated it would be on the way shortly in their PIF acknowledgement letter. 

 

New Credit Questions

So for new credit, this is what I'm planning and would love to know you guys' thoughts before pulling the trigger(s):

  • AMEX Optima - $500 limit (gets me back in AMEX's good graces)
  • Discover IT Secured - $1 - 2K deposit/limit (I'm showing pre-approved on their soft pull)
  • BOA Secured - $1 - 2K deposit/limit: I'm not showing pre-approved for anything for BOA, but they've been my bank for about 15 years, and I never burned them.  I'm wondering if scheduling an appointment would improve my chances if I pitch my situation to them in person?  I don't want to burn an INQ needlessly though.
  • Capital One Quicksilver One -  $??? limit:  I checked the pre-approval site with a soft pull, and oddly enough they came back with the starter Quicksilver One and Platinum cards.  Everyone seems to feel C1's pre-approval is a good bet to risk an INQ on... and I did just PIF three accounts with them... and my car note is with them (current but lots of lates)... 

 Thanks in advance folks!

 

round2

Share this post


Link to post
Share on other sites
1 hour ago, round2forme said:

Thanks, you guys!  I honestly got misty reading the encouraging messages.  They really solidified my resolve to fix this mess!

Updates

All charge-off accounts with open balances PIF, and I have documented OC acknowledgement of PIF.  I’m waiting for the CRA updates but will give them till the end of August before I start making a stink.  For the first time in a LONG time, my phone isn't blowing up, and I like it!

 

FICOs are still going up, and all monthly bills are current, and scheduled for three days prior to the due dates.

TU: 590 – 605 – 634

EX: 590 – 604 – 615

EX: 490 - 587

 

AT&T (Not Reporting / No JDB or CA Reporting)

I called and explained to the CSR I had received a collections letter from them a few months ago for $500, and I wanted more information about the situation since I was looking to reestablish service.

CSR: Hold please.

Salamander: <Holding>

CSR: Mr. Salamander, I need to transfer you to another department who can address your account.  Once it’s paid in full, we can reestablish service.

Salamander: Ma’am, is this another department, or a third-party entity not directly under the auspices of the AT&T corporation?

CSR: Ummm… <nervous cough>… well… it’s a company… Diversified Consultants.

Salamander:  Ma’am, I’m really not interested in speaking with another company.  That’s why I called AT&T.  Since you’re looking at my account, could you please verify the amount that AT&T claims I owe, and how late it is?  I am only willing to deal with AT&T since I had an account with AT&T and not… <shuffle>… Divergent Consults…

CSR: Diversified Consultants… <typing>… the account shows $0… closed… and reassigned to…

Salamander: So AT&T shows I owe $0?  I’m confused.  Why try and send me to Divisive Compa…

CSR: Diversified Consultants… Mr. Salamander, it’s not that AT&T says you don’t owe anything…

Salamander: Ma’am, thank you for your help with this, but I would really appreciate speaking with a supervisor…

CSR: Honestly, Mr. Salamander, we don’t have a supervisor available right now.  Our call volumes are really high right now and…

Salamander: I can call back later?  Let you handle other calls?

CSR: Thank you, yes, that would be best.  I’ve noted everything in your account so the next available supervisor will be able to help you.

Salamander: Thank you so much for your help!

I'm planning to call back tonight, and we’ll see if I can get them to recall the account.

 

DOFD

cashnocredit, most of my lates came from me mistakenly thinking I could “catch up” or “better pay late than never”.  This resulted in two years of 30-60-90-OK-30-60-OK chains.  Now that I’m current, the majority of my accounts show a blank for DOFD. 

 

I found an old 2011 CRRG that instructs on reporting DOFD: “If a delinquent account becomes current, the Date of First Delinquency should be zero filled.  Then if the account goes delinquent again, the Date of First Delinquency starts over with the new first delinquency date.”  

So I guess the reason most of mine are blank is because they’re now current (mortgage and car note), paid in full (student loan accounts) or closed/transferred (student loan accounts that I consolidated, PIF charge-off accounts from OC’s)?

 

rumaki, that's definitely my plan.  I'm just waiting for the AMEX Optima application to arrive.  They indicated it would be on the way shortly in their PIF acknowledgement letter. 

 

New Credit Questions

So for new credit, this is what I'm planning and would love to know you guys' thoughts before pulling the trigger(s):

  • AMEX Optima - $500 limit (gets me back in AMEX's good graces)
  • Discover IT Secured - $1 - 2K deposit/limit (I'm showing pre-approved on their soft pull)
  • BOA Secured - $1 - 2K deposit/limit: I'm not showing pre-approved for anything for BOA, but they've been my bank for about 15 years, and I never burned them.  I'm wondering if scheduling an appointment would improve my chances if I pitch my situation to them in person?  I don't want to burn an INQ needlessly though.
  • Capital One Quicksilver One -  $??? limit:  I checked the pre-approval site with a soft pull, and oddly enough they came back with the starter Quicksilver One and Platinum cards.  Everyone seems to feel C1's pre-approval is a good bet to risk an INQ on... and I did just PIF three accounts with them... and my car note is with them (current but lots of lates)... 

 Thanks in advance folks!

 

round2

On the accounts that show lates, all lates 7 or more years old are automatically removed as time progresses. There really is no DOFD since the account isn't in default. For accounts that are in default, the DOFD is the most recent date that a late occurred after which the account was never brought current.

Share this post


Link to post
Share on other sites
On the accounts that show lates, all lates 7 or more years old are automatically removed as time progresses. There really is no DOFD since the account isn't in default. For accounts that are in default, the DOFD is the most recent date that a late occurred after which the account was never brought current.


Got it. Since nothing is in default, I'll just be watching the lates for 7 year aging. Thanks, cashnocredit!


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Woke up this morning to my cell churning out app notifications.  My first derog account just updated after my charge-off payments from July.

 

Kohl's/C1 changed the status to PAID IN FULL on EQ which resulted in a nice little jump, and EX updated to PAID COLLECTION ACCOUNT with a 1-pt. bump up:

 

TU: 634 (no change since end of July)

EQ: 587 - 596 (+9)

EX: 615 - 616 (+1)

 

I still have the other two larger and older charge-offs waiting to report, and I noticed at the end of July, all three reports were behind by about two months reporting.  I think I might wait for a couple more weeks before going for my new credit until everything gets updated and current.  I'm thinking the potential score increases might mean putting me into another bucket, and might improve my offers / chances of approvals.

 

 

Share this post


Link to post
Share on other sites

Mulling things over this weekend, I decided to go ahead and go for my secured card. My thinking being that once the accounts I paid off post, I have nothing to offset the utilization. Again, my charged-off accounts were causing all three reports to show a 161% credit usage. Once the payments posted, that would go away but so would the credit lines.

I pulled the trigger on Discover It secured with no problem. Went for a $2,000 line of credit and got approved. I know that's not a big deal to some folks but it is a huge deal to me. Quite happy!

Then I decided to roll the dice. I applied for the Capital One QuicksilverOne card, banking on the pre-qualification that was showing. I figured even if they give me a dinky $500 line, it's another card to work with. Worst case scenario, I burn an inquiry on all three reports. I am only showing one on TU and one on EX that are both a year old. Hit the button and held my breath...

APPROVED for $3,000!!! What???!!! Wow!!! Yes!!!

I took a hard inquiry on TU and EX from Capital One and none from Discover. Both FAKOs immediately reported a 2 point drop which I'll take without complaints.

So moving forward I'll have:

Capital One QuicksilverOne - $3000
Discover It Secured - $2000
AMEX Optima - $500

On my current monthly spend budget that's plenty since I'll be PIF, and cycling a $2 balance remaining.

It was a good day!





Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites
12 hours ago, round2forme said:

Mulling things over this weekend, I decided to go ahead and go for my secured card. My thinking being that once the accounts I paid off post, I have nothing to offset the utilization. Again, my charged-off accounts were causing all three reports to show a 161% credit usage. Once the payments posted, that would go away but so would the credit lines.

I pulled the trigger on Discover It secured with no problem. Went for a $2,000 line of credit and got approved. I know that's not a big deal to some folks but it is a huge deal to me. Quite happy!

Then I decided to roll the dice. I applied for the Capital One QuicksilverOne card, banking on the pre-qualification that was showing. I figured even if they give me a dinky $500 line, it's another card to work with. Worst case scenario, I burn an inquiry on all three reports. I am only showing one on TU and one on EX that are both a year old. Hit the button and held my breath...

APPROVED for $3,000!!! What???!!! Wow!!! Yes!!!

I took a hard inquiry on TU and EX from Capital One and none from Discover. Both FAKOs immediately reported a 2 point drop which I'll take without complaints.

So moving forward I'll have:

Capital One QuicksilverOne - $3000
Discover It Secured - $2000
AMEX Optima - $500

On my current monthly spend budget that's plenty since I'll be PIF, and cycling a $2 balance remaining.

It was a good day!
 

Great news!!  

 

Forget the FAKOs.  No one uses those.  And this is exactly why inquiries were invented... so you can get credit!

Share this post


Link to post
Share on other sites
2 hours ago, cv91915 said:

Great news!!  

 

Forget the FAKOs.  No one uses those.  And this is exactly why inquiries were invented... so you can get credit!

Thanks, cv, and I agree!

 

I find this interesting.  Just got a FICO notice and took a quick glance at it.  I'm new at all this, but I don't think I remember seeing or hearing about a new INQ increasing a FICO score.  No other changes on EX.

 

GW6ovdl.jpg?1

 

🤣

Share this post


Link to post
Share on other sites
8 hours ago, round2forme said:

Thanks, cv, and I agree!

 

I find this interesting.  Just got a FICO notice and took a quick glance at it.  I'm new at all this, but I don't think I remember seeing or hearing about a new INQ increasing a FICO score.  No other changes on EX.

 

GW6ovdl.jpg?1

 

🤣

Do not assume a causal relationship between the reason for a myfico alert and the score change reported in the alert.

 

 

Share this post


Link to post
Share on other sites
Do not assume a causal relationship between the reason for a myfico alert and the score change reported in the alert.
 
 


Thanks for the link, it was a good read. I get the fact it's a non-linear model as well as the tendency for bone headed consumers (such as myself) to make assumptions based on false causality.

Just found that particular one on my report humorous.


Sent from my iPhone using Tapatalk

Share this post


Link to post
Share on other sites

Yeah, I paid all my accounts from 3% util to $0 balance, and my FICO 8 score dropped from 753 to 739.  No other changes at all.  Something about not using my credit enough lol.  

 

It'll be interesting to see what happens as soon as the two new Chase cards ($35K combined CL) and the new Amex Platinum report next month.  I'm guessing not much of a change, but we shall see!

Share this post


Link to post
Share on other sites

Quick update, and a question for you wonderful folks:

 

As of today, score progress is as follows:

EQ: 587 -> 639 (+52 since 6/2018)

TU: 604 -> 655 (+51 since 6/2018)

EX: 604 -> 648 (+44 since 6/2018)

 

Charge-Off Balances Now Reporting ZERO

As of last Friday, all the charge-off payments I made last month are now showing on all three bureaus, as well as the new INQs for my Capital One and Discover Secured.  All 3 FICOs increased a little at a time over the past couple of weeks as each posted, while FAKOs flip-flopped all over the place like a dying fish.  Funniest one was TU FAKO took a 41 point drop one day only to rebound back by by 50 points the next day. 

 

So that killed the ugly 161% utilization, but it also killed all my revolving CL's, so onto the new stuff... 

 

New Trade Lines

The new Capital One card is in use with the first statement cut coming up on 9/5/2018, and the first due date 10/2/2018.  From what I understand, they'll report the statement balance a few days after the period ends, so I'll make my payment to drop the balance to $2.00 two days before the period end date.  Guessing I won't see it report till around November since they generally wait for two statements to clear before the first reporting?

 

The new Discover Secured should arrive sometime this week, and I'll set that to PIF 2 days before the period end date.

 

I am still waiting for the promised AMEX Optima invitation.  I was going to give them a call this afternoon, but randomly decided to just see if AMEX had any pre-approval offers.  I have checked a couple times over the past month, but it always came back with the same "sorry, we have no offers for you" message... until today...

 

AMEX came back with 3 pre-approval offers:

 

AMEX EveryDay CreditCard (no intro APR or bonus, 24.75% variable, no annual fee)

Blue Cash Everyday Card (no intro APR or bonus, 24.75% variable, no annual fee)

AMEX Green Charge (no annual fee 1st year, then $95 starting the 2nd year)

 

Should I roll the dice with one of those three (or one of the credit cards, and then the green charge card), or wait for the Optima and my "guaranteed" $500 rehab CL?

 

Currently have 3 INQs on EQ (1 from this year), 3 INQ on TU (1 from this year), and 2 INQs on EX (both from this year)

 

Thanks for the input in advance!

 

round2

 

 

 

  

Share this post


Link to post
Share on other sites
5 hours ago, round2forme said:

Quick update, and a question for you wonderful folks:

 

As of today, score progress is as follows:

EQ: 587 -> 639 (+52 since 6/2018)

TU: 604 -> 655 (+51 since 6/2018)

EX: 604 -> 648 (+44 since 6/2018)

 

Charge-Off Balances Now Reporting ZERO

As of last Friday, all the charge-off payments I made last month are now showing on all three bureaus, as well as the new INQs for my Capital One and Discover Secured.  All 3 FICOs increased a little at a time over the past couple of weeks as each posted, while FAKOs flip-flopped all over the place like a dying fish.  Funniest one was TU FAKO took a 41 point drop one day only to rebound back by by 50 points the next day. 

 

So that killed the ugly 161% utilization, but it also killed all my revolving CL's, so onto the new stuff... 

 

New Trade Lines

The new Capital One card is in use with the first statement cut coming up on 9/5/2018, and the first due date 10/2/2018.  From what I understand, they'll report the statement balance a few days after the period ends, so I'll make my payment to drop the balance to $2.00 two days before the period end date.  Guessing I won't see it report till around November since they generally wait for two statements to clear before the first reporting?

 

The new Discover Secured should arrive sometime this week, and I'll set that to PIF 2 days before the period end date.

 

I am still waiting for the promised AMEX Optima invitation.  I was going to give them a call this afternoon, but randomly decided to just see if AMEX had any pre-approval offers.  I have checked a couple times over the past month, but it always came back with the same "sorry, we have no offers for you" message... until today...

 

AMEX came back with 3 pre-approval offers:

 

AMEX EveryDay CreditCard (no intro APR or bonus, 24.75% variable, no annual fee)

Blue Cash Everyday Card (no intro APR or bonus, 24.75% variable, no annual fee)

AMEX Green Charge (no annual fee 1st year, then $95 starting the 2nd year)

 

Should I roll the dice with one of those three (or one of the credit cards, and then the green charge card), or wait for the Optima and my "guaranteed" $500 rehab CL?

 

Currently have 3 INQs on EQ (1 from this year), 3 INQ on TU (1 from this year), and 2 INQs on EX (both from this year)

 

Thanks for the input in advance!

 

round2

 

 

 

  

 

Role the dice for an Amex Card. Select the card that will benefit you the most. If you get approved, forget the Optima.

Share this post


Link to post
Share on other sites

Congrats on the Cap One approval and CL. Use it heavily and your can request a SP CLI at the 3 month mark/3 rd statement cut (which ever is longer). Also, at that point you can request a product change. 

Share this post


Link to post
Share on other sites

The Amex Green is a turd.

 

Of the other two, as DVD recommended, get the one with rewards that maximize what you will get back based on how you spend your money.

Share this post


Link to post
Share on other sites

 

11 hours ago, dvd said:

Congrats on the Cap One approval and CL. Use it heavily and your can request a SP CLI at the 3 month mark/3 rd statement cut (which ever is longer). Also, at that point you can request a product change. 

 

7 hours ago, cv91915 said:

The Amex Green is a turd.

 

Of the other two, as DVD recommended, get the one with rewards that maximize what you will get back based on how you spend your money.

 

DVD and CV,

 

Poor Icarus.  He flew too high.  Went for the BCE and received an instant denial.  According to the decision letter, it was based on EX FICO score of 604 from 7/14/2018.  So no hard pull.  Maybe I'm still on the Black List, but why would I have gotten a pre-qual yesterday?

 

I just logged into MF to check EX and see that the brand new Discover reported yesterday and resulted in ANOTHER score jump:

 

EX: (June 2018) 604 -> (yesterday) 648 (+44) -> (today) 679 (+31)

 

Not bad for having activated the card less than 12 hours ago!  Guys, I know scores are just numbers, and I promise I am in this for the long haul, but I'm pretty happy right now!

 

So I'm planning on calling AMEX to ask for reconsideration based on where I am now.  I know there's a TON of information out there on recon, which I'll read up on before making the call this afternoon.  

 

Any tips would be appreciated, but I know I need to do my homework. 😉

 

round2

Share this post


Link to post
Share on other sites
3 hours ago, round2forme said:

 

 

 

DVD and CV,

 

Poor Icarus.  He flew too high.  Went for the BCE and received an instant denial.  According to the decision letter, it was based on EX FICO score of 604 from 7/14/2018.  So no hard pull.  Maybe I'm still on the Black List, but why would I have gotten a pre-qual yesterday?

 

I just logged into MF to check EX and see that the brand new Discover reported yesterday and resulted in ANOTHER score jump:

 

EX: (June 2018) 604 -> (yesterday) 648 (+44) -> (today) 679 (+31)

 

Not bad for having activated the card less than 12 hours ago!  Guys, I know scores are just numbers, and I promise I am in this for the long haul, but I'm pretty happy right now!

 

So I'm planning on calling AMEX to ask for reconsideration based on where I am now.  I know there's a TON of information out there on recon, which I'll read up on before making the call this afternoon.  

 

Any tips would be appreciated, but I know I need to do my homework. 😉

 

round2

I would call for a reconsideration. If they still decline you, at least you still have the Optima as a back up.

Once you paid Amex off you wont be on their blacklist, but it does take a while for all their systems to update. If you were declined because of
"previous history" it would be mentioned in the letter.

 

I think you might get a small bump when your Cap1 appears on your CL and you have a small balance reporting.

 

 

 

 

Edited by dvd
Update

Share this post


Link to post
Share on other sites
3 hours ago, round2forme said:

 

 

 

DVD and CV,

 

Poor Icarus.  He flew too high.  Went for the BCE and received an instant denial.  According to the decision letter, it was based on EX FICO score of 604 from 7/14/2018.  So no hard pull.  Maybe I'm still on the Black List, but why would I have gotten a pre-qual yesterday?

 

round2

Well, beats being Sisyphus. Though Camus imagines him happy.

Share this post


Link to post
Share on other sites

The last post in this topic was posted 814 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Similar Content

    • By ON-MY_way
      I had a NFCU cc of $25,xxx (25k) charged off in Dec. 2018.   During my small business startup and struggles I tried my best to stay afloat.  I managed to keep my  NFCU auto loan ($31k, balance $5,000, never miss/late payment) and NFCU cc ( $3000 never miss/late payment) current.  
       
      My Equifax lists:
      12/2018 Charged off account
      Date of Last Payment Aug 01, 2020 (I made NO PAYMENTS or arrangements since CO.  I keep little money (under $100 in my checking savings.  Low and behold In August 2020 I see a 'DR Adjustment' of $1000 from my checking.  After investigating I learned that a commercial account deposit I had in 2016 was credited back to me and the acct they had on file was NFCU and they snatched the grand and sent me a letter 'thanking me' for my payment of $1000.  
      My state is NC, does this now effect my SOL?   Is this legal for NFCU to take money from your checking account and update the CRA as you've made a payment when I did not initiate it?
       
      After this eye-opening moment, I did some research and it's my guess that NFCU loan terms have 'cross-collateralization' verbiage.  
      When my NFCU auto loan is paid in full, will they send me the title or 'hold' it until the CO is paid off or settled for agreed amount?  If I settle at a percentage of CO before auto loan is paid, will I get the title once auto loan is zero balance?
       
      I reached out to NFCU collections and got an offer to settle the co acct for $4000, so including the $1000 they already debited, that 20% of the charged off amount to stop the collection process.  I'm assuming even with all the lawsuits NFCU has been a part of since 2016 to present, PFD is not an option on the table as a counter offer.  I have the means to pay $4,000 to them within 10 days, besides my CRA showing 'paid, settled for less', how will this effect my credit and score?

      I know the general opinion on CB is that NFCU is GREAT and one should try to stay in their good graces, but it seems things there have changed for the downhill since 2017 and with a recent whistleblower lawsuit concerning their mortgage underwriting practices... their home loans advantage could also suffer in the near future.  Personally at this stage, I'm not '$25k-in-love' with NFCU, but if you can offer reasons to sway my judgment, it will be enlightening.   
      All in all, I'm seeking advice to get my title once the vehicle is paid off and maintaining the 'most amicable' relationship with NFCU going forward holding a single credit card, checking, and saving accts.  
       
    • By PS2020
      Heya, found this forum through a Reddit recommendation and have been thumbing through it for the past few days, and wanted to thank you all for the information you all post! I'm still kind of new to this, so I'm trying to best figure out how to handle my situation and could use some advice.
       
      The wife and I are thinking of home ownership in the next year or two so i'm trying to fix my side of the credit now. I THOUGHT I had several things in collections (frankly I should), but according to my credit reports from the big 3, I don't. Hell, I had 7 negative accounts back in january, but I checked again with annual credit report and I currently just have 3 accounts with negative marks. There's a 4th card that Experian and TU report, which is my Discount Tire (SYNCB/CAR CARE DISC TIRE), BUT it reports it as lost/stolen for some reason, even though I never did such a thing. REGARDLESS, I'll deal with that one if and when I need to (unless you have advice you'd like to give on that). I want to focus on the 3 that show up on all 3 credit reports.
       
      I'm not sure which Credit Report to go with as far as figuring out dates and stuff, because they're all kind of slightly different, so I'll mainly go with Experian:
       
      Amex -
      Payment Status - Charged Off
      Status Updated - September 2019
      Balance - $559
      Past Due Amount - $352
      Balance Updated - September 18 2020
      (Equifax) Delinquency First Reported - Sep 01, 2019
      (Trans Union) Estimated month and year that this item will be removed - 06/2022
       
      Chase Sapphire -
      Payment Status - Charged Off
      Status Updated - April 2019
      Balance - $5,693
      Past Due Amount - $5,693
      Balance Updated - April 22 2019
      (Equifax) Delinquency First Reported Apr 01, 2019
      (Trans Union) Estimated month and year that this item will be removed - 12/2020
       
      Chase Amazon -
      Payment Status - Charged Off
      Status Updated - April 2019
      Balance - $730
      Past Due Amount - $730
      Balance Updated - April 22 2019
      (Equifax) Delinquency First Reported Apr 01, 2019
      (Trans Union) Estimated month and year that this item will be removed - 09/2025
       
      I'm not sure why my sapphire says it'll be removed (allegedly of course) by the end of this year, because it's a higher debt and it wasn't paid the same time the chase amazon card wasn't, so that's where i'm confused. In fact, i'm just very confused in general, because I know I had more cards than this that I defaulted on unfortunately. I know you all heard every single "life was difficult" story, so please don't take my lack of elaborating as not caring about my mistakes, because I do deeply care; i'd just rather not bore you all with the same story you've heard before.
       
      SO
       
      I guess my question would be what is the best way of going about dealing with these 3 negative marks? I've gotten phone calls and letters for years and just never answer or respond to them. In fact, i'm sitting on a letter from Nationwide Credit in regards to my Chase Sapphire card from a couple weeks ago.
       
      Do I even bother dealing with letters from Nationwide Credit for example? Should I ignore those completely and go straight to the Original Creditors? If so, how do I even start that conversation? I'm in Illinois so I know the SOL is 5 years, which is why some of the "Estimated time this item will be removed" is confusing to me. 
       
      Anyways, thank you all for your time! If you need more info or if I asked in the wrong place, I'm deeply sorry! I just don't know where to start.
       
    • By Toast73
      Since my first store credit card in the summer of 1992 (JC Penney), Experian has used some form of subterfuge to decimate my credit rating with them.
       
      Their latest attempt to hornswoggle my credit report is actually frustrating me to the point of driving to their nearest corporate office (Schaumburg, IL).
       
      I have disputed items that are both obviously incorrect to the human eye and to the CRA. They verify the items and finish my dispute at 4:09AM.
      I request a reinvestigation. They verify it and finish the reinvestigation at 6:12AM.
       
      My report is in Special Handling, so I am confused as to why some pissed off Bangladeshi is completing my requests (as evidenced by the time of completion) instead of someone stateside.
       
      Nonetheless, I am overnighting 8 separate MOV letters to Experian requesting that they tell me who they spoke to at Montgomery Ward, and why an online catalog store told them I have an unsecured loan with them (when they do not offer such). Or how Gettington can tell me they cannot find anything they shipped to my non-existent address, yet can verify an account with Experian. (to name a few of my grievances).
       
      I am simultaneously sending each of the 8 companies a "Hey, can you tell me who you spoke with at Experian" letter. I fully expect all 8 to tell me "WTF are you talking about? Nobody from Experian contacted us."
       
      With paperwork in tow, I will find an FCRA attorney to hit them with 8 counts of FCRA malfeasance. I will look to settle with them for emotional damage, the violations, cost of preparing all notices (at $25 an hour) and whatever else is deemed just and proper.
       
      At this point, I'm not sure its about getting items removed anymore; it is painfully obvious that Experian (et al.) has a penchant for shoving the proverbial ham candle up the consumer's keister, sans lube, and intends to continue to do so with little (if any) oversight for all of eternity.
       
      I am still unsure if I can file action against LexisNexis for freezing my report in accordance with Georgia law (I am a Hoosier), and for referring to me as a female (my wife will verify my manparts if needed).
       
      Guess I am looking for input, and possibly some caveats, before firing these letters off.
    • By Toast73
      So I disputed (or so I thought I disputed) addresses off the Big 4. TU removed all addresses except for my current. EQ has my current and another non-BK address. EX won't budge.
       
      All bureaus froze. Microbilt, LexisNexis, SageStream, Chex, you name it. 
       
      Try to get full verification of the bankruptcy on my file, thinking the whole Trial Rule 1005 thing would help me (this rule makes only the last 4 of your social, full name and addy public-facing).
       
      No dice.
       
      This was the response L/N fed me, including a few notes in RED.
       
      Please critique, tell me I have no chance for removal, something....
       
       
    • By invisible
      Basically, below are the baddies on my reports. I know I can't do much for the lates, but I'm hoping I can work on the other ones. I’ve been lurking and researching, but not sure what to start with. Any help is appreciated.
       
      Equifax
       
      Lates:   Auto loan – 10x in past 2 yrs.
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020, but shows as open and 120+ past due
                              UM Old Balance from 2012 – $8k
       
       Experian
       
      Lates:   Auto loan – 14x in past 2 yrs. Status says: Now paying/was a charge-off
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020
                              Cap One #2 = $613 from Oct 2019
       
      Trans Union
       
      Lates:   Auto loan – 14x in past 2 yrs. (says C/O for Oct 2018)
                  8 Navient Accounts – 7x in past 2yrs. (although was in forbearance)
                  2 Utah Higher Edu Accounts – 6x in past 2 yrs. (must verify if was in forbearance or deferment)
                  1 ACS Group Account – Sold in 2016, shows as closed and current status of 120 days past due.
       
      Charge Offs:    Cap One #1 = $1850 from Apr 2020
                              Cap One #2 = $636 from Oct 2019
       
      Collections:     IC Systems (Charter Communications) = $167
       
       Auto loan: It was almost a repo. I paid past due the same day they set it out to be towed. I was 3 months behind. Why are they saying it was a charge off? What can I do?
      Student loans: I was in forbearance, but Navient says they no longer change credit reports. They sent me letter confirming forbearance for those months.
      Charge Offs: Since they are within past year, should I try to settle, pay in full, or wait a while?



  • Member Statistics

    • Total Members
      179,604
    • Most Online
      2,046

    Newest Member
    datboykahn
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines