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Contributor
Posts: 81
Registered: ‎08-12-2010
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Re: Take the FICO Fitness Challenge!

:smileysad: oh well. I tried to make it to 700 but the banks had other ideas. Since I transferred a cc balance to my new credit union CC, Chase got pissed and dropped my credit line like a stone. I knew I'd take a hit opening a new CC and doing a balance transfer but I think Chase lowered the line for spite (I guess it didn't help I cussed a branch manager out IN PERSON last month for their bad business practices) . Eh **bleep** them. :smileywink: Next year....there'll be next year. Always good for a comeback!

hr> src="http://i.imgur.com/LEYWe.png">Starting Score: TU 610 EQ 655 - 8/2010
Current Score: EQ 714 9/13 EXP 708 8/13 TU 717 8/13
Goal Score: too much of a yoyo, maintain the 700's for 2013

Take the FICO Fitness Challenge
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
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Re: Take the FICO Fitness Challenge!

Yes this is where time is on your side when it comes to credit scores. 

 

IMO bringing down your UTIL will improve your scores also and depending on how high your UTIL is now it may pass you over the hump for the 700 club anyway.

 

Keep up the good work and progress it will pay off in the end. :smileyhappy:

Good Luck
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Posts: 5,267
Registered: ‎03-18-2008
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Re: Take the FICO Fitness Challenge!

 


Errin1 wrote:

:smileysad: oh well. I tried to make it to 700 but the banks had other ideas. Since I transferred a cc balance to my new credit union CC, Chase got pissed and dropped my credit line like a stone. I knew I'd take a hit opening a new CC and doing a balance transfer but I think Chase lowered the line for spite (I guess it didn't help I cussed a branch manager out IN PERSON last month for their bad business practices) . Eh **bleep** them. :smileywink: Next year....there'll be next year. Always good for a comeback!


I don't think Chase singled you out for transferring your balance or chewing out one of their employees.  My guess is that they did one of their routine reviews (Chase does this to me every year), saw the new account (which might have had a high balance from the BT - just speculating) and their computers said, "New account with high balance right off the bat?  This could be trouble."  Didn't matter that the balance was originally theirs - all they see is the new account with the balance.  Thus, they cut your credit limit to protect themselves against some perceived risk.

 

New Contributor
Posts: 59
Registered: ‎01-23-2009
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Re: Take the FICO Fitness Challenge!

I'd like to revise my goal from a credit score of 750 to 800. 

 

I have four credit cards.  I am close to paying off 2.  A Discover card where I've made the last payment (promotion 0.0%); an American Express, limit $26,500 and balance of $8,300 (15.24%); a Bank of America, limit $24,200 and balance of $15,500 (8.99%); and, a credit union Visa, limit $22,000 balance $18,000 (9.90%).   The credit union Visa is my emergency card. 

 

I'd like to do another balance transfer to pay down the BoA account to $8,000 from Discover at 0% for 12 months which will mean the utilization with be lowered on all 3 cards.  The fee for this transfer is $450, but the interest I accumulate for the BoA card is $120 per month, I will pay less in interest.  I am not charging anything on the first 3 cards and only minimal purchases on the credit union Visa, which is why the utilization is high.  I've eliminated more than a few cards this year and believe by June of 2011 the Discover, AM, and the BoA 3 cards will be paid off. 

 

I do have another offer from another credit union where they will only charge me 5% interest for all balance transfers under $10,000; however, if I move an entire balance it will increase my utilization.  There is no fee for this transfer.  If I move 1/2 of one of the high balances to this particular credit card, it will decrease my score because I haven't used the card in a while and it will increase the number of cards I have in use and with a balance to 5 cards instead of 4. 

 

Any advise for the above scenarios would be appreciated.  I'm trying to increase my score faster by any means possible. 

 

Thanks. 

2010 Original Goal 750

Starting Score: EQ 1/2010, 699; EXP 12/09, 723; TRANS 11/09, 710
Current Score(Updated from tri-merge mtge 1/21/11): EQ 1/11, 729; EXP 1/11, 759; TRANS 1/11, 731
Goal Score: EQ 12/2011, 800; EXP 12/2011, 800; TRANS 12/2011, 800


Take the FICO Fitness Challenge
New Member
Posts: 1
Registered: ‎09-09-2010
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Re: Take the FICO Fitness Challenge!

Hello all!! I am new!! I would love to be apart of the FICO challenge '11!! Should I just start by using the fico challenge 10 model?? Please contact me and let me know. I am so ready to get my life back on track!! The economy has not been kind to me! :smileyhappy:

Starting Score: EQ:561 TU:? EX:?
Current Score: EQ:613 TU:? EX:?
Goal Score: EQ 700 by 12/2011

Take the FICO Fitness Challenge

New Member
Posts: 1
Registered: ‎08-11-2010
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Re: Take the FICO Fitness Challenge!

[ Edited ]

Going to also try to join with the 2011 challenge.  Started in 09/2010, so hopefully will reach my goal in 09/2011.  My question is once you get all your CC's balances to zero, what else can you do to improve your score... besides just wait.


Starting Score: 590
Current Score: 625
Goal Score: 700


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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
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Re: Take the FICO Fitness Challenge!


micahb wrote:

Going to also try to join with the 2011 challenge.  Started in 09/2010, so hopefully will reach my goal in 09/2011.  My question is once you get all your CC's balances to zero, what else can you do to improve your score... besides just wait.


Welcome to the forums! Aside from waiting, you can always review what you have and tweak your reports as needed. Maybe there are some bad accounts that can be taken care of. Maybe $0 balances aren't the best for your profile; sometimes leaving a small balance on one CC works best. Maybe your mix of credit could use some improving assuming you only have a card or two, or none. You'll hit your goal. Read in these forums and you'll get an idea of how best to improve your scores. This is one of my favorite threads: Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

New Member
Posts: 1
Registered: ‎12-21-2010
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Re: Take the FICO Fitness Challenge!

[ Edited ]

ok i will play - my current equifax score is 593 as of 12/242010

my goal for 2011 is 650 or better lol

I recently recieved a revolving credit account, new orchard bank cc.  Baddies include many late pays and a 25k charge off by GMAC and a couple of bank charge offs that will be paid in 2011. 

 

I have been told to get a Kia because they use job as credit reference, IDK would that help.  I recently aquired a great job (forutune 200 company) in 2010 after a dismal 2009.  I have the financial ability to pay off most of the baddies with the exeption of the GMAC loan, should expire in 2012 anyway....

___________________________________________________
"Detroit. Leaves those peoples alone, they livin' in Mad Max times." Mo.
_________________________
12/24/2010 equifax 593
Member
Posts: 9
Registered: ‎11-10-2010
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Re: Take the FICO Fitness Challenge!

msdraglox: do you know how your FICO score increased by 50 points in a two-month period.?

Contributor
Posts: 81
Registered: ‎08-12-2010
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Re: Take the FICO Fitness Challenge!

No.... Chase did it because I've been fighting with them for a year and I'm making moves to leave their awful bank.

I was a WAMU customer and had no problems until Chase took over and raised my APR for no reason. I have been asking them to decrease my APR for over a year and what did they do....raise the APR again! Everytime I pay down my CC they would lower my credit line. I had enough and opened a credit card with my credit union and transferred my remaining balance with them. ( My utilization was at 18% but everytime they lowered my limit it would raise my utilization and my score would take a hit...it's all a sickening game) I also closed a CC with them (I had 2 CC accounts with WAMU) and closed my savings account. I am in the process of moving my mutual fund somewhere else and by Feb 2011 I will close my checking account with Chase. I loathe them and their business practices. 

 

My new goal in 2011....no credit cards. I'll stick with my Discover and PIF every month....just tired of the games these banks play.

hr> src="http://i.imgur.com/LEYWe.png">Starting Score: TU 610 EQ 655 - 8/2010
Current Score: EQ 714 9/13 EXP 708 8/13 TU 717 8/13
Goal Score: too much of a yoyo, maintain the 700's for 2013

Take the FICO Fitness Challenge

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