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Administrator Emeritus
Sarah
Posts: 599
Registered: ‎03-26-2012
0

February check-in thread - how are you doing?

Hey Challengers! It's February 1st, which means it's time for our first ever monthly check-in thread! As a reminder, participation in these monthly check-ins is optional, but encouraged.

 

Think of it as a recurring pitstop on your 2013 financial journey: here's a place for you to pull over, take a quick break, and reflect on the last 30 days. Did you hit any potholes or speedbumps? Find yourself in need of a tune-up? Achieve some goals, either small or mighty? Add a new leg to your journey?

 

Let us know how you're doing! What have been your biggest accomplishments and obstacles so far in the myFICO Fitness Challenge for 2013?

New Member
brokeagain
Posts: 3
Registered: ‎01-19-2013
0

Re: February check-in thread - how are you doing?

   Where are my new scores after laying out thousands to get squARE WITH CREDIT CARD DEBT?

 

   do the scores here really match what the mortgage broker willl run for me?

 

             how long does it take for payments to get reported to the credit bureua

 

  guess I should be glad I like the house i have

 

 definitely

 

  broke again

Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007
0

Re: February check-in thread - how are you doing?


brokeagain wrote:

   Where are my new scores after laying out thousands to get squARE WITH CREDIT CARD DEBT?

 

   do the scores here really match what the mortgage broker willl run for me?

 

             how long does it take for payments to get reported to the credit bureua

 

  guess I should be glad I like the house i have

 

 definitely

 

  broke again


You'll get there. Hang in there. For the answers to your questions in detail, definitely check out the Understanding FICO Scoring board. In summary, congrats on the debt paydown. Many do see nice increases after paying off CC debt. Your lender's scores may or may not match. Depends what they use. And typically CCs report once per month to your credit reports. But definitely post over in that board for more eyeballs and more support for your questions.

Regular Contributor
DesertLife
Posts: 134
Registered: ‎07-09-2012
0

Re: February check-in thread - how are you doing?

Well, I started the year off with two credit cards approvals both Visa Signature products to add to one other Visa sig. product I have. They are all listed in my signature below. Anyhow, I figure that this may have a very short and minor negative impact on my AAoA, but I expect by the end of 2013 it will have recovered nicely and then some! But, (and this is a topic for another thread) I am having a hard time staying in the garden because there are so many wonderful credit products to apply for. I'm really not interested in taking on more debt (car loans, etc.), but I am enjoying reaping the benefits of having credit cards and using the rewards. I have been fairly moderate in my applications I feel (not going on app sprees of 4+... 5+ 6+ whatever cards). I usually apply for two at a time and have had great success with that. Three in July '12, one in November '12, and two in Jan. 13. Approved for all of them (some after contacting the reconsideration line). I was declined for a second Citi Aadvantage Visa when I applied for two at the same time. I am writing a letter to their executive department for reconsideration just in case (All they can say is "no". The initial application for both only resulted in one HP...though they may do a HP for reconsideration of the second, hard to say). I'm really motivated by the progress I was able to make in only 6 months last year, just by applying for new cards to increase my credit score! All the hard work I did over the past years cleaning up my credit has really paid off. I think there still may be some things I can do to further refine my credit report, and I'll look to the boards for assistance there. I have a few baddies from 2007 that still show. I believe I have written GW letters in the past, but I'm willing to try again with some suggestions and advice. (Gordon's Jewlers HSBC retail credit, Alliance One - traffic violation collection agency). Either way, they'll come off next year so I'm not too worried, especially since I'm still getting approved for premium products.


Starting Score: EX: 717; EQ 723; TU 732
2014 Current Score: PenFed FICO NextGen 781 (5/14); Discover FICO08 790 (7/14); EX 748 (4/14); EQ 737 (4/14); TU 761 (5/14)
Goal Score: All 775+
Available Credit: $100K+
Gardening Since: April 17 2014
New Member
Daretodream
Posts: 4
Registered: ‎01-08-2013
0

Re: February check-in thread - how are you doing?

So I started my journey in 2011 really. I did not use credit or care what it was for. I was able to get car loans so I assumed it was OK. Then I decided to try and get an fha loan. The first tine I saw my score was scary (530). I had two big issues hanging over me. The first was that I had no credit cards and the second was a bad debt that would pop up as 120 days late at the end of every year. I started by opening the cap one secure card. After a few months I was offered their rewards card. This got me into the low 600s by 2012. Since then I have settled the negative account though I am still waiting for it to post to my reports. I also opened a new credit line with chase for 2000 at Christmas time. I am not sure if that will help or hurt me. I am currently are 638 (so close) but I hear. The fha requirements will be going to 660 as minimum this year. Best of luck to all

Starting Score: 599
Current Score: 624
Goal Score: 700


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Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010
0

Re: February check-in thread - how are you doing?

As I stated in the 2013 fitness thread, I set my goals to be: 740+ across the board, allow my current crop of cards to age, and get a good APR on a car loan later this year around late spring or summer.

 

I didn't expect to achieve the score part of this so soon! At 735, my TU score wasn't far off, but my EQ score was 723, so I thought I had a ways to go. Things are pretty stable on my reports at the moment, so I thought that with aging I'd be making progress at the rate of a couple of points a month, taking me well into the year to get my EQ up into the 740s. But I pulled my scores yesterday, and to my utter shock I found that both TU and EQ had surpassed my goal score, at 744 and 766 respectively!!! :smileysurprised:

 

I'm absolutely thrilled about this turn of events, but now I find myself wondering if I should reset my goal? Perhaps shoot for 760+ FICOs? Or simply be happy that I've come as far as I have? I need to think about this, but any feedback would be appreciated. :smileyhappy:


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: February check-in thread - how are you doing?

Doing OK Sarah.  Still broke but everybody is paid!   haha


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Member
dheather00
Posts: 45
Registered: ‎12-31-2012
0

Re: February check-in thread - how are you doing?

My credit limit on my CapitalOne Secured Credit card was increased to $300.00 this month.  I was able to obtain a Victorias Secret credtit card with a $500.00 limit through a soft pull.  Once I pay my credit cards this month I will have my usage under 10%.  Once that's done I plan on tackeling the last couple of items on my credit report that are showing outstanding.

New Member
BabyGirl82
Posts: 4
Registered: ‎08-04-2009
0

Re: February check-in thread - how are you doing?

I'm proud to say that I'm moving right along with the challenge.  I have managed to pay off 2 accounts in January.  I'm looking forward to paying off 2 more accounts with my anticipated tax refund in Febuary.  I'm pressing to get my monthly debt paid down as much as possible so I can obtain a decent amount for a mortgage by April.

 

 

Starting Score: 637
Current Score: 637
Goal Score: 700


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Valued Contributor
creditnocash
Posts: 2,222
Registered: ‎07-23-2012
0

Re: February check-in thread - how are you doing?

i've been gardening. 

paid off some good balances from christmas shopping. 

 

hanging in there. 

only time will help my score at this point! 

 

A mix of low aaoa and high amount of inquries! 

but no baddies whatsoever so thats a plus. 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000

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