Good morning everyone!
When I was working at Port of Subs prior to graduation. I went into my local Wells Fargo to establish a Student Checking account with the bank. Therefore no matter where I go in the Nation I will have access to a branch to make my deposits and withdraws. Wells Fargo at the time had a College Credit Card that they said I qualified for. I accepted that line of credit with $700 limit not knowing anything about what my credit report looked like; better yet not knowing my scores. The reasoning for me doing this (not just out of excitement) is because I knew credit was a big deal! I was eager to establish it at an early age.
Was I irresponsible? Yes! Did I fail to do as I so sternly said I wouldn’t? Yes. Did I have to fight them on the collection later? Yes. It was a snowball effect from there.
All of life’s necessities are based upon how you manage your finances and how you deal with creditors. In the eyes of a lender you have to be in a ‘three piece suit’ in order to be approved or even looked at. Even if you are a qualified borrower perhaps the strategy you are utilizing is not working. Do you understand the criteria for lenders?
In my position when I started working with Jantzen (my current employer) I had poor credit. It could have very well been due to derogatory items on my report. I had the company do a hard pull to see just where I was at. I ran into a lot of snags with the credit monitoring services I was attempting to use. They ‘could not locate my report’. The problem with that is; I did not know what was on my report specifically, especially since I had never viewed it. All the questions they ask you about your addresses, your creditors, account(s) that are new, and mortgages… I had no idea. By allowing the company I work for pull my credit I was capable of locating the report itself. From there on out I was able to start utilizing a monitoring service for any further repairs or references to updates.
When I initially pulled my report, like I mentioned, I had poor credit. My credit score was a 580 from Experian! This was the first time I had ever viewed my report, not just in detail, but PERIOD! I wasn’t surprised at what appeared on the report. I was very much surprised by how that one collection account had affected my score so dramatically. I had to do something about this. I always wanted good credit, but I failed to maintain the one chance I had at proving my stability. The creditors viewed me as ‘High Risk’. I couldn’t establish credit any further (at least that’s what I thought).
Now I will proudly say that I have good credit. Through the trial and error process of repairing my credit I have become very familiar with how I think the algorithm works. Again, it’s an algorithm therefore nobody can really tell you how the score is determined. I again though will state that I have successfully pulled myself out of the rut I CREATED FOR MYSELF.
Now I am here to explain to you how to do it yourself! In case you, like me, did this exact same thing.. Or something similar?