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Established Contributor
Posts: 687
Registered: ‎09-28-2016

Re: February 2017 - Check In Thread


javonnj wrote:

I managed to pay down about 500 dollars on my student loans which are in forebearance until the end of March. This has also allowed me to lower my monthly payment by applying my payments made now towards future payments in the month ahead. On some of my loans, I am paid up until the summer, which will be a big help for the present while extra earning opportunities are scarce. 

 

 

I also just applied and got approved for a Capital One Quicksilver card with a $500 starting limit. I know this may not be a lot for some people, but in the continued effort to rebuild my credit, this has really been an amazing development for me personally. I really wanted to get a card that allowed me to earn some points for my daily spending. 

 

I want to stay in the garden until later in the year, maybe mid - late summer/fall, before applying for a better card. Any advice on if this is the right thing to do?

 

Thanks as always! 


Congratulations on paying down your student loans and getting ahead of the curve ball, so to speak! Smiley Wink  Also, congrats on your Cap 1 QS card.  Remember to always PIF and on time.  I usually pay right after statement cuts, but at the latest, atleast 3 days before the payment's due date.  This ensures enough time for the payment to post before the due date.  Smiley Wink  If this is the only card you have, try to keep the CC utilization < 9% and definitely < 30%.

 

If you haven't already, make a visit at the rebuild board - they are excellent in giving solid advice to credit rebuilders. Also, the CC board could also offer solid advice on getting additional cards.  Just be careful not to get too carried aways on accumulating cards and applying too much.  Getting those approvals can be addicting ( I speak from experience Smiley Wink )!  Give your new card time to grow - 9 months to 1 year. This will allow you time to establish a good payment history and give your scores time to get stronger so you can get better interest rates on the new cards you do obtain.  Remember slow and steady wins the race!

 

Good luck to you and may this year be quite the financial windfall for you! Smiley Happy

gardening since: 12/02/2016.... last updated: 03/02/2017....rebuild starting score: (02/20/2016) EQ: 648 TU: 642 EX: 657
Curr. Score (Mortgage): EQ 05: 727, TU 04: 745, EX 02: 796
Goal Score (Mortgage): EQ 05: 760, TU 04: 760, EX 02: 796
Curr. Score (Fico 8): EQ: 760, TU: 769, EX: 801
Goal Score (Fico 8): EQ: 800, TU: 800, EX: 801 .......Take the myFICO Fitness Challenge
Established Contributor
Posts: 687
Registered: ‎09-28-2016

Re: February 2017 - Check In Thread


Bella007 wrote:

Checking in for February. Smiley Happy Off to a good start, as I've seen increases to my FICO 8 scores:

 

EQ +4    684 to 688

TU +2    650 to 652

EX +26  653 to 679

 

2017 Goals Review:

 

1). To garden the cards I got last year post-BK, letting those tradelines age and grow. without opening any new tradelines. 

2). To continue to manage utilization and reported balances

3). To watch my inquiries drop from EQ 6, TU 5, EX 8 down to EQ 3, TU4, EX 4 by June. 1 EX inquiry should be off as of end of January, but is still there as of the last time I checked.

4). To pay an extra $100/month on my highest balance and highest interest student loan, which is upside down due to interest accruing while in deferment (I know I should have paid it as I went, but the BK and events leading up to didn't allow for that).

5). To continue saving about 10% of my gross income each month.

6). To hopefully see my three FICO 8 scores hit 700's across the board

 

Pretty simple and it doesn't require a lot of action, just restraint! Smiley Happy


Bella, these are all very good goals!  Your #3 just reminded me to check my # of inquiries as I haven't paid much attention to them.  10% of your gross - darn good - I'm gonna have to copy to you on that too. LOL.  Given your current scores, I figure you will cross over to the 700's across the board sooner than later.  I hope you keep us updated.

 

Don't beat yourself up too much on being upside down on that student loan - life happens. You are aware of the situation and have the mindset and determination to turn it around .  As long as we're continually improving - that's what's matters.

 

I feel ya on the whole restraint thing.  I just got more motivation to practice discipline as I read my rental renewal notice that my rent was going up...again.  

 

Good luck to reaching all of your goals this year...and more!

gardening since: 12/02/2016.... last updated: 03/02/2017....rebuild starting score: (02/20/2016) EQ: 648 TU: 642 EX: 657
Curr. Score (Mortgage): EQ 05: 727, TU 04: 745, EX 02: 796
Goal Score (Mortgage): EQ 05: 760, TU 04: 760, EX 02: 796
Curr. Score (Fico 8): EQ: 760, TU: 769, EX: 801
Goal Score (Fico 8): EQ: 800, TU: 800, EX: 801 .......Take the myFICO Fitness Challenge
Established Contributor
Posts: 687
Registered: ‎09-28-2016

Re: February 2017 - Check In Thread


beautifulblaquepearl wrote:

February 28, 2017 = 5 months of gardening

 

I'm 1 month away from PIF my first credit card and it feels good. Everything else remains the same.


Sweet! Nothing like seeing the light at the end of the tunnel! Congratulations! Smiley Happy

gardening since: 12/02/2016.... last updated: 03/02/2017....rebuild starting score: (02/20/2016) EQ: 648 TU: 642 EX: 657
Curr. Score (Mortgage): EQ 05: 727, TU 04: 745, EX 02: 796
Goal Score (Mortgage): EQ 05: 760, TU 04: 760, EX 02: 796
Curr. Score (Fico 8): EQ: 760, TU: 769, EX: 801
Goal Score (Fico 8): EQ: 800, TU: 800, EX: 801 .......Take the myFICO Fitness Challenge
Valued Contributor
Posts: 1,186
Registered: ‎06-13-2016
0

Re: February 2017 - Check In Thread


LOTR wrote:

Bella007 wrote:

Checking in for February. Smiley Happy Off to a good start, as I've seen increases to my FICO 8 scores:

 

EQ +4    684 to 688

TU +2    650 to 652

EX +26  653 to 679

 

2017 Goals Review:

 

1). To garden the cards I got last year post-BK, letting those tradelines age and grow. without opening any new tradelines. 

2). To continue to manage utilization and reported balances

3). To watch my inquiries drop from EQ 6, TU 5, EX 8 down to EQ 3, TU4, EX 4 by June. 1 EX inquiry should be off as of end of January, but is still there as of the last time I checked.

4). To pay an extra $100/month on my highest balance and highest interest student loan, which is upside down due to interest accruing while in deferment (I know I should have paid it as I went, but the BK and events leading up to didn't allow for that).

5). To continue saving about 10% of my gross income each month.

6). To hopefully see my three FICO 8 scores hit 700's across the board

 

Pretty simple and it doesn't require a lot of action, just restraint! Smiley Happy


Bella, these are all very good goals!  Your #3 just reminded me to check my # of inquiries as I haven't paid much attention to them.  10% of your gross - darn good - I'm gonna have to copy to you on that too. LOL.  Given your current scores, I figure you will cross over to the 700's across the board sooner than later.  I hope you keep us updated.

 

Don't beat yourself up too much on being upside down on that student loan - life happens. You are aware of the situation and have the mindset and determination to turn it around .  As long as we're continually improving - that's what's matters.

 

I feel ya on the whole restraint thing.  I just got more motivation to practice discipline as I read my rental renewal notice that my rent was going up...again.  

 

Good luck to reaching all of your goals this year...and more!


Thanks, LOTR! I'm hoping to make 700's by my BK two year anniversary, Nov 17, at least on EQ and EX...TU hates me, lol! I will definitely keep you updated! I haven't been able to add the extra $100 to the student loan payment yet. But everything else is going well. That's a bummer your rent is going up. DH and I started renting our house when we got married, and the owners had a bad renting experience before us. They promised they would never raise the rent because we are good renters, and they haven't. We are very fortunate. Good luck on reaching your goals too! Smiley Happy

Current Scores------ EQ 689; TU 658; EX 687 FICO 08---------------- Last app 04/12/17
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

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New Member
Posts: 27
Registered: ‎02-06-2017

Re: February 2017 - Check In Thread

Just throwing my nubers in here, hope to get to 800 this year!

Contributor
Posts: 85
Registered: ‎01-11-2017

Re: February 2017 - Check In Thread

Haven't been a member of MyFICO for very long, but thus far have thoroughly enjoyed the discussions and learning on here. Things I am working on for February 2017 and beyond:

 

1) Garden, garden, garden

2) Technically nothing I need to do for this, but I am looking forward to a $4,000 apartment collection finally falling off this month (young and dumb)

3) Arrange a PFD on my last two baddies (both under $200 each). If I cannot get a PFD, then I think I'd like to just pay the dang things off, theyre scheduled to be on my reports for 3 more years....again I was young, dumb, irresponsible....live, learn and do better

4) Use my credit cards and pay off the balances. I've finally gotten to the point where I use them to help earn CLI's and get cash back rewards.

5) Continue saving money - been going at it strong for 18 months, putting away about 17% of after tax income and maxing out 401(k).

6) Buy my first house in 2018 with 20% down, so I have an equitable position and don't waste money on PMI.

 

Happy February!

Starting Score:Low 500s in 2013
Current Score: TU: 681 EX: 674 EQ: 698
Goal Score: 740 Across the Board
In My Wallet: Cap1 QS1 - Cap1 BuyPower - PenFed Power Cash Rewards - AmEx Delta Gold - AmEx Green - DISCO

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Moderator
Posts: 16,496
Registered: ‎12-30-2011

Re: February 2017 - Check In Thread

[ Edited ]

LOTR wrote:

Revelate wrote:

So I'm effectively set now; went and picked up a replacement credit card for the Sallie Mae which is going away and I'm back to rewards complete.

 

The travel gig isn't really getting into full swing until March, but if I wanted to I can pay for none of my meals during the weekdays... 70% of my meals paid for (and it's better food than I would normally eat both in health and quality) has utterly refactored my budget.

 

Decided I'm going to re-evaluate after a year pretty much my entire life, so I'm going to sit on my hands credit wise and put as much lipstick on the current pig as possible for if I need to make changes come next January.

 

Did put a deposit down on a Model 3 Tesla, so that or moving is my next credit requirement both of which are far more important than a meaningless credit card so that's the plan for the rest of 2017... twiddle my thumbs and watch my flatlined credit score for the next 9ish months till some negatives start falling off hah.

 

 


Revelate, it's like you're singing my story!  I just received my yearly notice that...surprise, surprise...my rent is going up!  Aaarrggh.  That just lit a fire in me.  Right now, I'm totally frustrated and mad at myself because my scores are good enough to go ahead and purchase a home - the only thing holding me back is a lack of savings.  No excuse really. Poor funds management.  But as you said above, there are far more important things to focus on in life - of which, I have been negligent for far too long. 

 

A 70% savings off meals will certainily have a nice impact on the financial end result, for sure!  I was amaze at how much I spent on eating out when I started tracking it. I've dwindled it down to almost nothing now.  Your 2017 plan sounds much like mine - sit on my hands and wait for time to do it's thing to my credit and my finances.  

 

Model 3 Telsa?  NICE!!!! I'm sooooooo jealous! lol. Oh, if I could go and purchase one right now, I would!  Congratulations on putting a deposit down on it.  

 

Btw, how is that dating thing going?  I recall you saying you were going to try that for a bit. I've taken myself out of that game for while - my mind is on too many other things and the last relationship - well, let's just say - I'm out of that arena for a reason. LOL.

 

 


Rent increases suck; I loved my property manager but the actual landlord got greedier than hell.  My last notice of increase I had to start laughing as I was already under contract for my condo at that point... some rather choice words were stated in regards to said landlord heh.

 

The free food bit is pretty funny, yesterday morning I had breakfast with a coworker, and needed a coffee something fierce (rare for me but sleep has been awkward lately for no good reason) and the total ran to $18... which normally I would've berated myself on, but realized it just doesn't matter right now.  It's seriously seductive getting much of your life paid for, and between March 1st and April 15th or thereabouts, I have zero slush fund expenses unless I decide to pick up souvenirs or stay out of the country for a few extra days.  Tempted to take extra time in Singapore the way the travel schedule appears to be lining up: just fly me there instead of home and I can Airbnb for like $50/night or whatever till the rest of the team gets there.

 

I'm an unabashed Tesla fan: if money didn't matter I'd be driving a model S almost assuredly... but when we're talking 1K a month on an auto loan, even if I could afford it, it's just not my style unless I get a windfall somewhere in my life, and said windfall needs to have six zeros and start with a 4 probably: i.e. not likely.  But when I could take what I spent in 2000 for a new car (which I swore not to pay more than in the future), adjust for inflation, and be able to squint just enough to see the numbers were pretty identical for the Model 3 and I have income and therefore am cash flush again, why not?  I was paying more for an auto loan that I acquired the day before I found this forum so I figure I'll be OK even if there won't be any six month refinance this time.

 

It's not quite my drive it into the ground philosophy I typically use for getting up cars so I'm admittedly breaking that habit, and it may be yet another mid-life crisis, but if it is I'll own it.

 

Dating started then sputtered, my life is a little awkward right now with the new gig and feeling things out elsewhere.  Need to get resettled and on with my life, even if I can't state with any certainty where or when I'm going to be places until maybe 4 weeks ahead of time (other than Brazil with their visa policies heh).  Probably a two month delay, prep and then get through the major crunch in March and go on with life... already don't have quite the role I was expecting at work, and would like that to come to a resolution too.  I know it's dumb to wait but sigh, dating is hard and I'm just not good at it... chicken and egg problem when put that way.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 693, EX 2 719, EQ 8 732, TU 8 732, EX 8 728 (2/01/17)
Goal Score:    EQ 5 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Senior Contributor
Posts: 5,758
Registered: ‎08-04-2014
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Re: February 2017 - Check In Thread


LOTR wrote:

beautifulblaquepearl wrote:

February 28, 2017 = 5 months of gardening

 

I'm 1 month away from PIF my first credit card and it feels good. Everything else remains the same.


Sweet! Nothing like seeing the light at the end of the tunnel! Congratulations! Smiley Happy


Thanks LOTR! Good luck on your goals too!Smiley Happy 

Gardening since 09/28/16 Gardenversary 09/28/17 Score: 09/15/16 EQ 772 TU 783 EXP 779
Current Score: 779
Goal Score: 800
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Senior Contributor
Posts: 5,758
Registered: ‎08-04-2014

Re: February 2017 - Check In Thread

 

Update:

  1. Garden - February 28, 2017 = 5 months.
  2. Increase CL on a couple of cards - No new CLIs to report
  3. Combine Cap 1 accounts - I'm patiently waiting.
  4. Reduce utilization - PIF first card March 2017.

 Stay positive & focused so we can meet our goals!!Smiley Happy

Gardening since 09/28/16 Gardenversary 09/28/17 Score: 09/15/16 EQ 772 TU 783 EXP 779
Current Score: 779
Goal Score: 800
Take the myFICO Fitness Challenge
Established Contributor
Posts: 687
Registered: ‎09-28-2016
0

Re: February 2017 - Check In Thread


JGGM wrote:

Haven't been a member of MyFICO for very long, but thus far have thoroughly enjoyed the discussions and learning on here. Things I am working on for February 2017 and beyond:

 

1) Garden, garden, garden

2) Technically nothing I need to do for this, but I am looking forward to a $4,000 apartment collection finally falling off this month (young and dumb)

3) Arrange a PFD on my last two baddies (both under $200 each). If I cannot get a PFD, then I think I'd like to just pay the dang things off, theyre scheduled to be on my reports for 3 more years....again I was young, dumb, irresponsible....live, learn and do better

4) Use my credit cards and pay off the balances. I've finally gotten to the point where I use them to help earn CLI's and get cash back rewards.

5) Continue saving money - been going at it strong for 18 months, putting away about 17% of after tax income and maxing out 401(k).

6) Buy my first house in 2018 with 20% down, so I have an equitable position and don't waste money on PMI.

 

Happy February!


Me likie. Smiley Happy  I wish I could wait out home purchasing a year longer than currently planned to save on the pmi, but my apartment complex is get more greedy by the month it feels.  Nice to see somebody's saving is going strong 17% after tax is nice especially when you take in account you're maxing out your 401(k).  Very smart!

 

I wish you much success on those PFD.  If you just pay them off, you lose your bargaining chip to have them removed, so try to hold off as long as possible and get the PFD in writing.  Having them deleted will REALLY help your mortgage scores and you get the best rate possible.  With all the work you've done with savings and all...you should have the best rate to go with it. Smiley Happy  Good Luck!

gardening since: 12/02/2016.... last updated: 03/02/2017....rebuild starting score: (02/20/2016) EQ: 648 TU: 642 EX: 657
Curr. Score (Mortgage): EQ 05: 727, TU 04: 745, EX 02: 796
Goal Score (Mortgage): EQ 05: 760, TU 04: 760, EX 02: 796
Curr. Score (Fico 8): EQ: 760, TU: 769, EX: 801
Goal Score (Fico 8): EQ: 800, TU: 800, EX: 801 .......Take the myFICO Fitness Challenge

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