For Those That Have Rebuilt… (2024)

Tom Petty says the waiting is the hardest part.

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce

• Debt Management
• FICO Score
• FICO Score changes
• Score improvement

@twilliam1313 Congratulations on how far you've come! How long did it take you get here? Thank you for your response.

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce

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You've really answered your own question. The one thing people have absolutely no control over and have the hardest time dealing with is waiting on the calender/time to do it's thing.

The other big mistake I've seen a lot of people make is trying to add too many new accounts, too soon. I guess their thinking is that if they have more good accounts, that will help... but that's not how it works. Patience is one of the greatest attributesone can have in this particular game.

Just my 2¢

@MissLiz, I took a different path to my rebuild, I filed a Chapter 13 in 2015 and had to wait for my discharge in 2020 to start rebuilding. When the rebuild started I was in the very low 600s from a FICO perspective; I got the requisite three cards and an SSL and then I waited for the 7-years to pass from my filing to see a clean credit report.

For me, the hardest part was seeing my scores pop up into the 800s across the board, only to take a pretty hard hit when I applied for a few new credit cards, a vehicle loan, and now a mortgage. I don't know where they're going to bottom out because I closed on our new house less than a month ago, so I may not see the final damage until my credit reports post in early July, but I'm guessing they'll level off in the low- to mid-700s.

@CreditPoorwrote:

What is too many accounts? I helped someone rebuild starting from 03/2023 and has added a total of 2 personal loans, 11 cards that total 30k in credit. He now sits at 800 FICO and all of his cards age at or about the same time. Started with score undetermined.

There's no FICO score penalty for having too many accounts, at least I've never seen it reported.

My opinion, it's subjective and really depends on your comfort level with being able to manage payments, credit limits, etc..

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

@JoeRockheadwrote:

You've really answered your own question. The one thing people have absolutely no control over and have the hardest time dealing with is waiting on the calender/time to do it's thing.

I figured as much. I was hoping to hear, "No, no! You're doing the hard part now. Once your done, you can just sit back and relax!" 😂

@JoeRockheadwrote:

The other big mistake I've seen a lot of people make is trying to add too many new accounts, too soon. I guess their thinking is that if they have more good accounts, that will help... but that's not how it works. Patience is one of the greatest attributesone can have in this particular game.

Just my 2¢

Another thing to consider, adding a couple of cards at the beginning of a rebuild can be very beneficial for score growth. Plus, you can count on those account to age and the INQ's to fall off right around the time you get a clean scorecard.

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce

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@CreditPoorwrote:

What is too many accounts? I helped someone rebuild starting from 03/2023 and has added a total of 2 personal loans, 11 cards that total 30k in credit. He now sits at 800 FICO and all of his cards age at or about the same time. Started with score undetermined.

I think this scenario counts more as a build rather than a rebuild, but excellent results!

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce

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