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LinkedKube

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450 to 770, $0 to $40,000 in one year.
Let me start with some facts.

I'm no credit expert. Just looking to share my experience.
I'm 30 years old and started dealing with credit at a late age.

April 2014 I realized that I was getting married soon, I had just joined the ARMY and credit was going to be instrumental to my financial future. I found credit karma back in 2013 and it was just a tool to get rid of some old debts from sprint and the collections company that they forwarded delinquent accounts to. Joining the ARMY I understood that I had to treat everything as a "fresh start." So I cleaned up old accounts(paying off debts.)

Fast forward to the beginning of my credit repair journey. April 14, 2014. Checked CK for my score, 470. So I thought to myself "how can I increase my credit score." and fast. I had $0 in credit available, a negative sprint and verizon reporting, sprint from 2007, verizon from 2008. So then I read that a secured CC was the best way to start. I applied for a Capital One secured card, $200 deposit. Once I got approved and that account showed up on CK a month later I applied for First Premier, Fingerhut, and Barclay and deposited money into a separate account for a secured card with my bank, USAA. by June 2014 my credit score increased from mid 400's to 580ish, not great but progress. So July I applied for a $21,000 car loan with USAA at 8.5% with just an income of $30,000( of course everyone is different, I don't have many bills). So I used all my cards responsibly, making payments every month.

January I made over 60 total payments reporting, avoiding interest by paying in full and my credit score had jumped to 640.

Now I'm worried about this old Verizon account, the Sprint bill had dropped off after a lot of calls and a letter; Not to mention the account was almost 7 years old. I called lexington law firm...or whatever the name is. I did some research, it was hit and miss tbh. I had some extra money sitting around so what the hey. Paid $99 a month so they could do whatever they do. 4 months later low and behold, Verizon was gone off my report and 7 inquiries! I'm not by any means endorsing them. There are ways that you can do the same thing yourself with a few envelopes and some ink. I didn't have the luxury of time being in the ARMY.

April 2015 my credit score jumped to 720, so wow. one reporting negative account can affect your credit that much. So here I am wondering what to do now. I know I want to buy a home within the next 3 years. If I'm going to expand my credit now is the time to do it, as inquiries drop off in 2 years. A month later checked CK it stated I had a score of 750. MMM, being skeptical I paid for an actual 3 bureau report. I Acquired one through my bank, my lowest score was 741, highest was 770. I was amazed. I refinanced with USAA for the remainder of my loan for 4.5%. Now the ball is rolling. Read an article account card inquiries and how they affect the ability to get a CC once a specific number is hit. I'm not sure if this next part works but this is how I applied for cards. I literally opened 15 windows filled out applications, and submitted them all within 5 seconds. In an hour at sitting at the computer I went from 5 to 18 CC accounts, $1400 to $43000 in credit. YES, I was approved for every single account. IM NOT SUGGESTING THIS METHOD, do what works for you. You can easily do them a few at a time, a few years apart. That's totally your personal preference.

So here and now, while I do have all these accounts I must stress the importance of keeping information safe, using credit responsibly. The downside is that after all the reports hit my score dropped to 640 on one of my reports, but I don't care as it was part of my plan, and it was successful. Increase my Account number's, total limits and gaining experience. Not to mention that when I start looking for a home in 2 years as long as I pay on time, manage everything diligently my credit score should be even better than what I previously achieved, along with all the reports falling off in the 2 year period.

Again, I'm not expert, just my experience and I hope it helps someone one day.

PFC Jones
~US ARMY

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Wow, thank you for sharing your story! Your progress is very impressive. 

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Insane

Helpful to 1 out of 1 people

That is a great job at rebuilding your credit. The only thing I'd be concerned about is, is that fact that now you're gonna have to get rid of some of the accounts so as to have availability for a mortgage.

Right now it looks good, but your debt-income ratio is gonna be terrible so take that into account. 

I personally have gone from 525-700 in a year by getting 1 card and paying off everything I have but a car. 

Good luck in the future.

Reply by
LinkedKube

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4 People Helped

I was someone worried about my debt to income ratio.   I did get rid of the First Premier, for good reason.  And I'm contemplating getting rid of the Cap Secured card as I was approved for the 12m 0APR QuickSilver during this process.

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49 People Helped

Great Job

I can only hope that I can do the same as you . Congratulations

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