Credit Repair Update

A few weeks ago I pulled my credit, and disputed a few items. I did receive the results back from Experian, and I had a couple of things removed completely. I am happy about that. Even having a small inaccuracy removed from your credit report can increase your FICO score.

I will also be sending my April payment to my student loan holder, and they will all be moved to a positive by the end of April. This should greatly increase my FICO score. I will have a car payed off, three student loan accounts, and a secured credit card all on my positive and payed on time. I know that does not sound like a lot to some, but it is a big improvement since last year at this time.

My financial journey is far from over, and I am taking gradual steps. Increasing my FICO score is a very big part of my journey. I am hoping to have a car financed in the next six to eight months, and hopefully have a house in the next year of so. I have to sit down after the baby is born and make a complete plan for mine and his bright future.

Credit Repair

I pulled a copy of my credit report from each credit bureau a couple of days ago. I am actually surprised by how much has been removed from my credit in the last few months. I did not get my FICO score because I am waiting until April. In April my student loans will be moved from a negative to a positive, so I want to know what it will be then.

I will be disputing a couple of other items that are on my report due to inaccuracies, and hopefully have them removed.  The disputing process is fairly easy, and I do not mind taking the time to do it if it is going to help. Since I have began working on my credit report I have had about 7 negative accounts removed from my report. I am now down to 10, which 3 of those will be a positive in April. With those 3 my positive will out weigh my negative accounts.

My secured credit card is already on my credit report, and it is positive. I know it will increase my score due to the fact that it is the most recent, and it is being paid on time. I am trying to keep the amount owed down to half of the available balance because it will make the score even better.

I know that repairing my credit is a process, and will take time. I am on a good path, and feel I will be where I want to be within the next year. I still have three months before the baby is born, so I am putting up every penny I can during that time. After that my focus will be on my baby, and getting our finances on the rite path for both of our futures.

Credit is going to be getting better soon

I am finally feeling a little more confident about my credit. I did have a few things removed from my credit, which will help. I have also now received my secured credit card. I have decided to use it to pay my storage bill every month, and then pay it off. This will help prevent me from using it for unnecessary purchases. The balance owed monthly will be less than half of the available balance, and it will be paid in full every month. Those two factors can greatly increase your credit score in a shorter amount of time.

In addition to my secured credit card I have been paying my monthly payment to the government student loans. I have paid the payment on time for four months now. After six months I will be able to get additional student loans, and after 9 months my student loans will actually go from a negative on my credit report to a positive.

I am figuring that my credit score will be increased by at least 100 points by April of 2011 with the things I have been doing. After my score has been increased and has some positive transactions on it I will then try to get financed for a reasonable car. This may be a little more difficult with my low income, but I am hoping that my income will actually be increased as well.

In other areas of my life:

I had to go to the hospital last night due to being sick. I have bronchitis, which is not to bad. The news is that they listened to the heartbeat and actually heard two in addition to mine. I am not 100% positive about it being twins, but it is enough to have me terrified. I am a single first time mother with a small income, and to have two babies is very scary for me. I am scared, but I know I will get through it. I feel as if this was a plan from God, and it is what he wants. I will get through it with planning, support from family, and hopefully increasing my income.

Update on the Secured Credit Card

About a month ago I told everyone about the secured credit card that I had applied for. I was approved for the card, but I had to put the $200 deposit. I have not been able to come up with that amount because of my hours being cut so drastically at work. Well I will have the $200 at the beginning of November. I will have it because of my online earnings. I have chosen not to spend any of my online income, so I will have well over $200 in my Paypal account the beginning of November. I feel great knowing that I do have some money coming in every month from something that I have not put a lot of work into the last few months.

As of November I will have the secured credit card and will be able to tell everyone how much it affects my credit a few months after that. I am actually very excited to get the secured credit card, because it is a start on my credit repair process.

My At Home Income Blog

Credit Repair

Since I have been working on my credit for a little while, and have learned some of the steps that actually work, I wanted to share them with everyone. I wrote an article today on Firehow. The article is How To Repair Your Own Credit. In this article I have provided steps that I have taken to help repair my family, friends, and my own credit at one time or another. In one instance I was able to increase an individuals credit score by 100 points within a year. Even if you already have decent credit, it will not hurt to try to make it even better.