approaching 700 true FICO

[ronsetoe]

I started rebuilding about 8 months ago after, stupidly, waiting waiting 4 months to start. I had quite a few bad trade lines deleted, some corrected, and added over 8000 in unsecured cc and a new auto loan at 4.6%. I have a utilization rate of 2% with very few inquires and a perfect payment history since BK, 7/11.
I charge about 2% of my total credit right before they report in the middle of the month and pay them off right after they report and then do the same the next month. The auto loan just started reporting as of Friday and despite the hard pull, myfico.com has my EQ report at 693 and TU at 709! I just paid with a CC this morning too have these pulled and those were the results. Paying to have these pulled is also part of my 2% plan
FWIW for all of those people that look at credit karma and sesame....my scores are about 50-70 points lower on those sites, so if you want a true score I would look at myfico. The other sites are a good tool in rebuilding and getting a gauge on your score but most FAKO scores are just that.
I just wanted to post to let all of the people rebuilding know that it can be done!
Start by reading most of the stickies at the top of this forum and don't be afraid to take on the bureaus and establish new TL. Just remember the mess that you were in before you filed, never rely on credit and if you can't pay it off the next month then don't buy it.....autos and homes excluded. good luck everyone!

[pamkev]

How do you find out when your cc reports

[Floridagail]

They report each month when your new cc statement goes to cycle or prints. I actually changed all my cards to have same due date so that they would all go around same time. So much easier to make sure the cards are at 10%. I keep all zero and one at 10% . Since doing
this I have maintained a 700 score. The main thing with the credit score is utilization. If I have 50percent usage, then my score drops 60 points. I discovered this by tracking my score for awhile.

[pamkev]

They report each month when your new cc statement goes to cycle or prints. I actually changed all my cards to have same due date so that they would all go around same time. So much easier to make sure the cards are at 10%. I keep all zero and one at 10% . Since doing
this I have maintained a 700 score. The main thing with the credit score is utilization. If I have 50percent usage, then my score drops 60 points. I discovered this by tracking my score for awhile.

Let me have this right if cc reports on the 15th I want to have them paid off on the 16th.

[Floridagail]

You want to have them paid by the due date of your credit card it will close and report within a few days.

[Floridagail]

The main thing to have good score is , pay on time, keep utilization low, no inquiries unless you really need one. I started in Feb raising my score and it worked. I was 642 and now around 700 with TU and EQ FIco scores. I use my cc and pay by due date each month to keep the 10% utilization.

[justbroke]

I don't think people understand how much utilization affects your score! Even with PERFECT payment history and DECENT credit limits and LACK of inquiries, high utilization will KILL your score.

Thanks for reminding everyone!

[ronsetoe]

justbroke, you could not have stated it any clearer! I hope people pay attention to the caps. If not for this board and a TON of reading I would have never been in the credit or the good financial situation that I am in now. Thanks bkforum!

[joshuagraham]

I don't think people understand how much utilization affects your score! Even with PERFECT payment history and DECENT credit limits and LACK of inquiries, high utilization will KILL your score.

Thanks for reminding everyone!

I agree. I had a 2 decade long immaculate history, but with one problem - high utilization (about $120K of $125K available!) I was always trying to get an increase or take advantage of a low balance transfer deal, and I started to get rejections stating the high utilization as a reason. I guess the folks at FICO have a good idea of risk, as it turned out that I defaulted on my creditors in Chapter 7.

[IBroke]

I don't think people understand how much utilization affects your score! Even with PERFECT payment history and DECENT credit limits and LACK of inquiries, high utilization will KILL your score.

Thanks for reminding everyone!

Absolutely. I always feel sorry for folks who THINK they should have a great utilization because they always pay off the entire balance once their receive their statement. That's too late though..

[ronsetoe]

The key is knowing when they report and that can be found by pulling daily from a reputable site. I currently use USAA, EQC and smartcredit.com daily and myfico.com I use monthly. I will discontinue all except USAA next month. I like them the best and after 2 months of use, you can get it for around $6 per month. good luck rebuilders!