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Regular Contributor
Posts: 155
Registered: ‎02-07-2017
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Re: Hammer in hand...


rmduhon wrote:
Are your student loans current? If so, and you can push the house back some, the lates will be off late next year and will improve your scores even more. Just wanted to point that out.

Thanks rmduhon!  They are current and I do not NEED to buy one at any specific time although with my bankruptcy on my record I don't know that pushing it back for the student loans to drop off will maky any difference because I think I will still have to deal wtih the same terms unless I am willing to wait until I reach the 4 year mark or more. I could be wrong on that though and it may be worth checking with the mortgage broker that I met with a few months ago. I see her again tomorrow so I saw your message at exactly the right time. Heart



In the garden until spring 2018. Final date to be determined by closing on my new house!
Frequent Contributor
Posts: 479
Registered: ‎01-20-2016
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Re: Hammer in hand...


MikkiD wrote:

jjking54 wrote:

MikkiD wrote:

kaykay65 wrote:

@MikkiD.

 

Looking forward to following your journey.  Congrats on the rebuilding process.  For FICO scoring purposes, you need to have only 1 account report a balance at less than 10% and the others at zero.  Use them however you need to during the month, just make sure when the statement cuts, that only 1 account is reporting.


Thanks @kaykay65!  That is where I find that I am still getting confused. 

 

I see that I should have only 1 balance reporting at <10% and the others at 0 but WHEN???  All my cards report at different dates so just because I pay them off before their due dates doesn't mean they are all at currently at those ideal values for reporting. Should I just be picking one that keeps the tiny balance (apparently that should be my Amazon Prime since it is reporting my balance multiple times a month) and then as long as the others always get paid off completely each month then I am good? 


Not that this is bad advice, but I want to clear something up. 

 

The ONLY time you need to do the "let one report 10%, the others report zero" thing is when you are trying to maximize your credit score. For example, next spring, after all your hard work this year, when you want to apply for a mortgage, that's when you do the maximize thing. 

 

The most important thing you can do between now and then is use the cards responsibly, make EVERY payment on time and work on the balancing act between your cash budget and using your cards. Get organized. I keep a spreadsheet each month of our bills. 

 

You can do this! I went from scores in the high 400s and low 500s to closing on my own home in 12 months. If I can, anyone can Smiley Happy Good luck! 


Thanks for the advice and encouragement JJKing54!  I have been paying evverything right away because I am focused on making sure that I don't miss a thing and trying to demonstrate to the creditors that were willing to take a chance on me that they made a good choice when they took that risk, Plus, there is just the fact that I find it so disheartening when my scores drop that I try to avoid any dings to them for a while until they stabilize. I was incredibly happy to see that the damage everyone warned about from opening several new accounts was minimal.

 

Spreadsheets?  Haha!  I am WAAAAYYYYY ahead of you there. I am a data analyst so I have color-coded charts and graphs of EVERYTHING. LOL


Fantastic ... you're well on your way then! When I/we first got serious about budgeting, etc ... I used Mint, and loved the charts and grafs. It really opened my eyes to our spending. Now I just use the spreadsheet, but it does have colors on it! Smiley Wink 

Regular Contributor
Posts: 155
Registered: ‎02-07-2017
0

Re: Hammer in hand...


jjking54 wrote:



Fantastic ... you're well on your way then! When I/we first got serious about budgeting, etc ... I used Mint, and loved the charts and grafs. It really opened my eyes to our spending. Now I just use the spreadsheet, but it does have colors on it! Smiley Wink 


I do use Mint and a few other sites too. Gotta get all those numbers from somewhere to keep me occupied while I wait patiently for my scores to improve. I really need to find a new hobby!  The charting and graphing everything makes me a real dud at parties!  Smiley Embarassed



In the garden until spring 2018. Final date to be determined by closing on my new house!

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