improve credit

I was reviewing a comment from one year ago in which I stated that I would like to see my score be bumped up to the “good” range within one year.
I am happy to report that my score is, in fact, “good” now. As a matter of fact, one out of the three credit bureaus actually considers my credit, “excellent,” but that is because that particular bureau focuses more on recent history. I have a “B” average on the credit grading scale, which means that I am a low risk candidate for a loan. :-)
My new goal is to have an excellent overall rating within one year.

I’m at 595. still crap… but I think It’s gone up about ten points. Something is wrong with my bank’s website, but as soon as it’s fixed, I’m going to start adding a monthly payment to my student loans as an automatic withdrawal. Even though I can’t afford to pay the full amount… at least something will be reflected in my credit score… and in another 20 years, maybe I can go back to school!

My secured loan is on my credit report, with a 3 month positive history!
9 months to go, then I will do it again with a larger secured amount. I’ve been able to keep $1000 in my savings for a couple of months now…. so I am making progress.

So much of it is about passage of time.

I’m trying to think of something I can actively do that will make a difference. I have not a surplus of money, so paying down student loans will just hurt me.

I’ve been applying for better jobs… and working more hours where I am, but it’s like pennies.

I have eight months until my secured loan is done… so it doesn’t make sense to try for an additional loan, until I’ve finished the term with this one.

I would like to get a more reliable car… but it makes sense to drive it another year, and then maybe I can apply for a car loan through my bank? (I’d rather trade in and pay for it outright, but I want to work through a reputable dealership this time instead of more privately and getting shafted on carfax)

and my first payment on my loan went through this week. still don’t know if they report to credit agencies each month.

it’s nice to see the progress in my online banking. My loan is listed under saving and checking as a liability, and I can see every transaction. I love it.

I will check my credit report in another 3 months, and see if anything has changed. maybe in a year, I will be able to get a car loan, and replace my current vehicle, and get a new one while repairing my credit. We shall see. I don’t want to jump ahead too far… but if I am able to make steady payments on a car, that should look good for a future mortgage?

$500 in my savings account is “held” for a year, but can continue to accrue interest. I just added the $500 loan to my savings account where it will be earning interest as well. Puts my savings balance even higher, and the 4% interest the loan acquires will be offset by continuing to add to my savings account.

I need to make sure that they report my payments to the credit bureaus EVERY month. then, I will be on my way to repair.

I need to write another letter disputing an account that went to collections. It was on a store credit card I opened two years ago, bought a few items on and then returned them. Should have put me at a zero balance, but they never received my return. I don’t want to be responsible for something that was not my mistake, but it is still messing up my credit.

for my $500 secured loan through my bank.

I just have to take in a pay stub, then it will all be finalized.

it is a one year loan, and I’ve set up monthly payments. I can choose to roll over the loan in a year, or pay it early without any repercussions. The only point I can see to this type of loan is for building credit. I just hope that in a year’s time, my score will have improved, and my bank might trust me with a different type of loan.

I only requested $800 as a secure loan, but based on my equifax record, my bank rejected my loan request.

I wonder if I go into my bank, and sit down with someone, we can find an amount that they would approve? I mean… the point is that you have to have 110% of the loan amount in your savings account. I didn’t even request that much!

so, I guess for now, I’m stuck with the orchard bank secured credit card… which I’m a little hesitant about anyway. Right now, it is only secured for $200, so maybe if I add $100 to it each month, it will do something.

experian, transunion, and equifax. There is a reason you are allowed one free credit report per year. Just to keep up with normal finances, sometimes things need to be fixed. If I had started this process seven years ago, perhaps my plight would be entirely different. I think I just felt hopeless in my financial and personal situation, so I didn’t even know where to start emotionally.

Now… after pretending it all didn’t exist, I am step by step making daily attempts to work on this goal. I have to call back my bank and give them more information about my reasons for requesting a secure loan. (I’m not even to the point where I want to use the loan for anything, like a car, furniture, etc… right now the goal is to pad my savings account, have it accrueing interest while I maintain consistent payments on it for two years. Maybe at that point, I will have moved my credit score up to the “fair” zone and some of the old stuff will have fallen off, and I could be ready, to buy a car? then, a house?

I have also applied for a secured credit card through orchard bank… I am scared of having too many credit requests in a short period of time, so those are the only two I’m doing. in another six months, if my score has improved, I might be ready to apply for a store card? Target makes the most sense, since that is where I do most of my shopping, and you can pay in store. I got a preapproval when I checked out the other day, but I used good sense, as I have been doing for years now, and denied the offer. Perhaps soon, I will be there.

so… due to good parenting I wasn’t given everything, but somehow I never had a cashflow to teach me how to manage money. I did the typical in my early twenties with credit cards, lost a job, was a student, got married and divorced, and ended up with really crappy credit and 50,000 in student loans. I haven’t had credit cards in six years, but I’m still waiting for old stuff to fall off my report, and making attempts to begin a new credit history.

I have just applied for a secured loan through my bank of four years… and will hear back on monday…

I performed my annual credit check today, and I was pleased to see that, although my credit score still sucks, I am now in the “fair” credit range, as opposed to the “poor” credit range for the first time in years. My score has increased by over 100 points since last year. In addition, since I recently opened my first revolving account in years (as a more financially mature adult :P), and I hope to push my credit score into the “good” range by next year’s report. Yay!