2007-Triumphs and Disapointments

[Anonymous]

Looking forward to 2008, soo much!

9 out of 11 baddies will be removed from CR between January and August 2008, depending on CRA.  most of them have ZERO balances and are PIF. 

 Although that sounds good, but on paper still looks kinda lousy 

2007 was a year of Triumphs and Disappointments Here are some of Mine!

Triumphs

• NCO, collections disappear in three days after emailing Mike Barisit  (shocked)
• CSC (CRA for Exuifax in Texas) deletes everything I dispute
• Hooters Card $1,500 (almost cried)
• Refinance auto loan from 18.9% to 11.9% 
• Mastered the Dispute Letter, GW Letter and DV letter writing.

Disappointments

• Discovered the wonders of Private Student Loan PREDATORY  Lending (NO LIMITS ON FEES, INTEREST, TERMS, SOL when they go into collection)
• No longer can dispute ONLINE with Experian.
• 3 hard Pulls for Bank of America secured card
• Too many inquiries on Experian (9)
• Learned that Pre-Approved means nothing.
• My FICO deleted all my history of saved CR's on this site, cuz i did not renew subscription.

What are your Triumphs and Disappointments?

[marty56]

2007

1.  Started monioring my credit.

2.  Smart use of credit now.

3.  Graduated DMP.

4.  Got 2 new credit accounts *(es there is life after DMP)

2008:

1.  All FICO scores over 760

2.  Pay off truck and get new car

3.  Start putting money into 401k

4.  Start ball rolling to pay off home in 8 years.

5.  Have a positive affect on at least 1 person in the FICO forum.

[haulingthescoreup]

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@marty56 wrote:

2007

1. Started monioring my credit.

2. Smart use of credit now.

3. Graduated DMP.

4. Got 2 new credit accounts *(es there is life after DMP)

2008:

1. All FICO scores over 760

2. Pay off truck and get new car

3. Start putting money into 401k

4. Start ball rolling to pay off home in 8 years.

5. Have a positive affect on at least 1 person in the FICO forum.

---

Think you're already part-way there, marty. What a great post!

[marty56]

Thanks haulingthescoreup

I view myself as soemone who needed to be in credit rehab and it someone could learn from my bad example that became a good one, then I have paid back my debt.

I liked the show "Maxed Out".  I dont know if its still on but I think everyone should see it.

I wish I had something like that 20 years ago, though I dont know if I would have listened then.

[haulingthescoreup]

I've always liked the Catherine Aird quote:

"If you can't be a good example, then you'll just have to be a horrible warning."

Certainly, my kids (20, 22, and 24) treat my advice this way!

[haulingthescoreup]

OK, let me behave myself and get back on-topic:

2007 Triumphs:

--Discovered these forums in late August, and the light bulb finally went on!
--Raised EQ from a low of 599 in mid-April (after a late posted) to 675-ish (my lowest score)
--Offered and accepted a HELOC at WSJ less 0.95% and started updating and remodeling
--All cards stay PIF'd at all times, other than the one which gets to report each month.
--Increased total revolving CL to $52K+
--I understand my credit history, how it got there, and what to do about it.
--I have my Plan! I know where I'm going, I know why I'm going there, and I know how to do it!

2007 Not-yet-triumphs: (nothing's a disappointment --it's just not finished yet!)

--No luck yet removing the late off of Sears/ Citi or the string-o'-lates from J.Crew
--Some exasperations getting the CRA's to report the status and balance of J.Crew

The best thing about my credit in 2007: meeting all the great people here on these forums. Thank you, FICO friends! Best wishes for health, wealth, and happiness in 2008!

[mmts0717]

2007

1.  Decided to take control of my finances.

2.  Signed up for my FICO.

3.  Starting reading the forum (gained lots of knowledge).

2008

1.  Join the 700 club.

2.  Never lose control again and let things get out of hand.

3.  Always know what is on my credit report.

4.  Never be late again.

5.  Never ignore any mail or put it off for later -  a lot of work to correct.

HAPPY NEW YEAR TO ALL

[Anonymous]

hauling,

thats a great quote, ill have to make a note of it!

yeah, disappointment for now

[wmarat]

---

marty56 wrote:

2007

1.  Started monioring my credit.

2.  Smart use of credit now.

3.  Graduated DMP.

4.  Got 2 new credit accounts *(es there is life after DMP)

2008:

1.  All FICO scores over 760

2.  Pay off truck and get new car

3.  Start putting money into 401k

4.  Start ball rolling to pay off home in 8 years.

5.  Have a positive affect on at least 1 person in the FICO forum.

---

Can you in simple terms explain me the idea of 401(k) and how it works. Thanks

[haulingthescoreup]

---

@wmarat wrote:
Can you in simple terms explain me the idea of 401(k) and how it works. Thanks

---

A 401(k) is a retirement savings plan offered through your employer. If you work for a non-profit like a university or hospital, it might be a 403(b). Federal employees and the military have the TSP (Thrift Savings Plan.) The numbers are from the sections of the federal tax code that set up the process.

Essentially, you deduct a portion of your earned income and direct it into various investment and savings vehicles, including mutual funds, annuities, and so forth. This diverted income is not taxed, although social security and Medicare is still withheld. Most employers match up to a certain percentage of your withheld money, which gives you free extra money to invest. For instance, my employer gives me 1% of my gross income immediately, and then for each 1% that I put in, they match by 1/2%, up to a total of 5%, I think it is. So if I put in 10%, it winds up being 16%, including employer contributions.

All of this money, plus the earnings on it, grow tax-free. Except under special circumstances, it is not withdrawn until age 59 1/2 at the earliest, at which point you start paying taxes at whatever your rate is then.

No matter how much mac-and-cheese and tuna casseroles one has to eat, everyone's goal should be to fund their 401K to the point where they get every penny of matching money from their employer. Otherwise, you're just walking away, leaving money lying on the ground.

You're eligible to contribute up to $15K/ year, plus another $5K if you're over age 50. (And you can save more in other investment products like IRA's as well.) And start young!!! If only, if only, if only. I chose to stay at home with my kids when they were young, and I'm glad I did, but that's why I'm working two jobs at age 53.

I haven't read through this, but it looks like a useful intro:

http://money.howstuffworks.com/401k.htm