Diamond and Husband – Removed 5 defaults, increased Credit Score from 220 to 730
Diamond and her husband had found themselves in a difficult financial situation, with overwhelming debt and bad credit. Their dream of buying their first home for their family seemed impossible. Diamond, who is of Samoan descent and for whom English is not her first language, had a credit score of just 220, while her husband’s score was 467.
The root of their problems lay in a lack of understanding about the impact of applying for credit. Diamond had a total of 5 default listings and approximately 30 inquiries on her report, mainly with Cash Converters and other small loan companies. She was unaware that each application was negatively affecting her credit score. Her husband had one default listing, and the numerous inquiries, especially with low-tier lenders, had significantly damaged Diamond’s credit.
Outcome
Determined to change their situation and get on top of their finances, they took action and reached out to us for assistance. This is what things look like now:
- Once Diamond understood that applying for small loans was detrimental, she stopped doing it immediately.
- On our end, we reached out to credit providers to remove the 5 default listings and a number of inquiries from her credit report.
Diamond’s credit score has soared to 730 after the successful removal of defaults and inquiries. We are currently still working on resolving issues on her husband’s report, but once that’s done, they expect to finally be able to proceed with buying their first home together.
