Hello every one,
This is my first time doing this .....not to sure how it all goes but gonna wing it any way I have started on the journey to aggressively trying to to improve my credit and purchase a home. Right now I have a fico score of 570 , 592 and not sure of the top of my head what the third is. I hope to pull my credit up far enough to get financing by the end of the summer ( fingers crossed ) I have payed credit cards to $0 balance and paid collections that I had on my report. It has also been over a year since my late auto loan. I can't seem to do anything else to it to have enough of inpact to give it a bump up.....kind of at a Lull ! I could sure use some advice or suggestions from anyone that might have gone through something similar....PLEASE ! Thanks
Welcome to the forums...
There is a wealth of information here and so many people to help guide you.
You will get a much better response if you post your questions in the "rebuilding your credit" section of the forums. Or...Mabye a mod can move it there for you.
Since November 12 I have been a subscriber of SW and found it quite interesting to follow my score and do some testing with reporting util and balances on my accounts. After MyFico kind of "kicked" me out of SW I completely lost my motivation. Fakos are not the same and I have hardly any changes on these scores. So I guess for me this thread should rather say "Check Out Thread" as I will say Good Bye until maybe one day I can get SW back. With Fakos and the free services it is not the same. ... in the 3 months I had access to SW I did learn a lot and was just about to test what I learnt from the forum with my own profile. It was really interesting.
I wish you all the best and a lot of success on your missions .. Greetings from Switzerland
thanks to all that have given me suggestions and support
I have been chomping at the bit for my FAKO (i know but i want the reports not just the score from scorewatch) to appear for the month.
I got a nice 1500 CLI from cap one with my last statement and all the scores went up because of it. Also intersting that I did pay for my score from here for my EQ score and found that the actual score was higher then the FAKO score. FAKO came out as 683 and the myfico came out as 691.
I also got approved for a victorias secret card with a SP but it has not hit the CR yet. I can look forward to that possible bump for next month. SO offical April Stats
TU (FAKO) January - 687, February - 712, March - 712, April - 726 (after my tax lien is removed I will buy a real fico for TU)
EX (FAKO) January - 694, February - 694, March - 694, April - 704
EQ January (FAKO) - 678, February - 683, March - 683, April (FICO) - 691
So although these are FAKO it is nice to think I am close to that first goal of all 700.
I've raised my score only six points, but it's still six points higher than where I started!
My credit card balances should be lower with this reporting, so I'm hoping I get a jump to my first milestone (680). I've paid considerably extra on my student loans each month, and have paid the balances down over $9000 so far.
Just signed a new contract for work starting Monday, so hopefully this will allow me to pay down those debts faster and raise that score to a 720 which puts me in a more marketable bracket for a home loan.
I'm checking in!
I have paid down about 6k in debt since earlier this year... I will be able to pay off another 3k this month.
Its all on 0% interest and some of this was BT of student loan debt onto the credit card. The rest of this debt was from a remodel project that I did in late 2012 on my rental property. The total project cost about 19k, of which half is paid off. Some of the costs for the remodel were un-budgeted "found work"
When my contractor removed the existing shower, he found minor water damage due to deterioration of existing shower water barrier. This "found work" added a little bit of money to project, as the water damaged wood was removed and replaced with new wood. Leaving it in place was not an option, because it could cause structural issues and mold issues.
I'm glad we moved forward with the project... By remodeling the bathroom and taking out the old shower installation, we are pre-emptively saving ourselves thousands and possibly tens of thousands in water damage repair costs from these upstairs bathrooms. The damage was there in both units (this house is a duplex)..
Fortunately, the water had not seeped through the wood and into the ceiling of the lower level yet, so we were all good. The new shower pan comes with a life-time warranty... The new shower walls also come with a lifetime warranty.. and are an engineered product that can be rebuffed and re-polished if it gets dull or scratched over time. The pattern is a classic pattern, something that will last for years and years and years.
We also put down 4k in cash on a new car, since our old one got totalled in late 2012 and we paid off the IRS and State 4k worth for old taxes that my husband owed prior to our marriage.
I wasn't able to pay off the entire amount as planned, due to an unexpected 10k tax bill... Had this tax bill not occured, then the entire balance would be 0 now.
The reasons for the tax bill were: I didn't realize that there was a cap on maximum amount of deductions for rental property owners. My HR department at work did not withold any state taxes, and did not withold the amount that I requested on my federal taxes. I also was required to pay back a 2008 first time homebuyers tax credit since I converted that home to 100% rental property.
We do have a new HR rep at work now, and she and I spent time in March making sure that all of my witholdings were correct.
oh well, c'est la vie...
I am happy to report that I set a score goal for this year. I want to hit 780 this year on TU, and I want to get above 730 on EQ. I don't know if the EQ one is doable, since my AAoA dropped dramatically on EQ as old student loans that were consolidated in 2007 are falling off too early. We will see how that goes.
I did get a nice boost today an old late on a Nissan Auto loan aged off today, bumping my score up to 754. I'm going to try to hit the MyFICO high achiever list pay paying all accounts before statement is due (I usually don't worry about this because I'm not planning on applying for anything anytime soon)
I also plan on sticking with my gardening goal of No apps until 2014.
Paying off debt and not applying for new credit will hopefully get me to the 800 club by 2015.
Checking in/starting out:
So I started out wonderfully. Had amazing credit for a college student. My loans were good standing, I was paying the interest monthly. Even got a personal loan that I took out to build credit. Had two store credit cards, and one credit card from my bank. And then I left college in 2008, and my cell phone got past due. Then my credit cards. Then my student loans went into default. So my 700 club credit shot down to like, 495. I cried, I really did haha.
I was going to let stuff age off, took forever to find my student loan information, and then my car broke down beyond repair. Racked up a bunch of hard inquiries for financing, and naturally, not approved for ANYTHING. Luckily, a friend of mine worked at a Buy Here, Pay Here - they would finance me since I had a steady job and could afford the payments.
13 months paid on time with that has really helped my credit score. Two months ago, I entered rehabilition for my Direct student loans. Also entered into a repayment plan with my private loan through MRU/younomics, who has agreed to a modified payment amount for 6 months (increased payment) to cover my past due and stay current (as in, they report paid on time during this period, part of the payment goes to current bill, remainder goes to outstanding). After 6 months, they will see how much I have left to owe (outstanding), may resubmit for another modified payment if I owe anything still, and once my outstanding is cleared up, they have agreed to remove the lates.
I also applied for a secured credit card with Capital One, and was approved for $200 limit for $99 deposit (plus a dollar-per-dollar CLI for deposit made over that amount). I'm good on the HP's now... I've got too many, but they should drop off next year. My goal is to not have anymore hard pulls for 1 year (that's when most of them drop off - by March 2014).
Check In for April:
1. Second Payment for Student Loan Rehab sent. (4/22)
2. Second payment for private loan modified payment sent. (4/5)
3. Approved for secured credit card, have not received card yet. (4/22)
4. Sent out 4 DVs for collections that appeared on my credit report. (4/24)
Just checking in for the first time..need to see if the siggy works.
Woot it worked! Im hoping to increase my fico by atleast 75 points in two years at the most. I will not have any late payments on credit cards or car/home loans. I will have paid down a line of credt that is at 4700 out of the 5000 available by atleast 4k in two years. Think I can make my 75 point goal increase by two years time?
April was pretty good for me. The 2 FP CO's finally reported and my scores went from 635/636 to 661/681. Started my savings plan with automatic deposits. Its small but it is a start. Still working on GMAC CO removal finally got someone at EQ to listen to me and hopefully we can get this cleared up on Monday . Greatly reduced overall utilization down to 13%. Developed a plan to get hubby going on his credit repair journey. Stayed in the garden.
Checking in for April.. I have successfully negotiated with a creditor for a lower payoff!!! woo hoo!!! paid that off in full.. was aproved for the usaa secured card, finally reporting now my score has increased 30+ points!! So I've met my goal for this month... my next goal is 630. Continuing to negotiate with some of my creditors to get them paid off.