I started on a journey to repair my credit 3 years ago.. At that time all of my scores were in the low 500's. Now my EXP is a 704 Eq 669 and TU 619. I was approved 2 weeks ago to refi my car loan from Wells Fargo with Tower Federal credit union.. Went from a rate of 22.50% to 4.24%. Payment fell from $450 to $190 and to top it off they gave me a credit card for $5000 with a rate of 7.90% and no annual fees. Last Friday we closed on a home for $225K which my wife and I qualified thru FHA with a rate of 6.20%..Even got 4k back at closing. That evening we purchased a loan for a new car 23K and wiped out another terrible loan by tradeing in our Honda financed thru Americredit with a rate of 22.00%. Dealer told us best he could do was 8.25% with no money down so we pressed our luck and tried the credit union again and even with the recent inquiries and the 2 approvals just granted to us 2 weeks before we were approved on the spot for a total of 30K thru our credit union with a rate of 3.75%. I have to tell you I almost cried when I think of what we have accomplished. Granted we had to pay all of our credit card debt off of about $3200 to qualify for the Mortage (probably why such a big increase in my credit scores) but we did it and it feels good. Now I have total limits of about 13K. My only dilemma is choosing which cards to close because Cross Country. Capitol One, Household, Orchard and Providian all subprime are the only other revolving accts I have. I really would like to get a rewards card of some kind or just have another prime lender showing on my credit bureau. What would be an easy card to get from one of the prime banks out there ? P.S Do not intend to use credit cards again unless we can pay them off within a few days.
Good for you, glad all your hard work paid off. Also congrads on the great rates with your credit union. Take care, Lucas
My hat is off to you. Congrats. It almost makes *me* cry just to read of your success. I have to say that I'm about 3 years behind you. You're very inspiring to me! Take care.
close cross country, do not allow those thiefs to remain in business. if keep it open and sock drawer it, they well find a way to ruin ur credit... I had to pay em, 1800 dollars to get em to delete a 700 dollar delinquency. it was my last derog.. took me from 670 to 743
Thanks again everyone. I will probably look at closing my cross country acct although I must say that thru the use of planet feedb ack I have been able to get 2 credit line increases as well as have my annual fee waived with them. But I have heard all of the terrible stories and will take caution by closing this card out. Only advice I can give is to continue and read this board because if it had not been for this people voluntarying advise I am not sure that we would ever have known where to start to repair our credit..I have purchased several books on credit but nothing helps more that talking with real people about their situations and how they were able to beat credit system. We had a baby girl on the 2nd of May so this month was truly the greatest month of the 26 years of my life. Thanks Again to EVERYONE and good luck,
