02-28-2013 07:49 AM
So this credit thing really has me frustrated... I have been out of BK7 for a year. I have established 8 credit lines : Cap 1 secured $1k, Orchard $400, Credit 1 $500, Firestone $1200, FingerHut $600, Matrix Discover $300, GE Chevron $300, and a car loan that I had for 11 months but sold due to interest of 30%. My FICO score is a 584 and my EQ from the Equifax site is 565. WHat can I do to get the ball rolling toward higher scores and better rates?? Any help please!!
03-01-2013 07:48 AM
Hello this is great I think I signed up but don't see an icon to start a post . Anyway, I have been working on my financial goals since Feb 2011, I finally realized I needed to focus or I was not going to reach my goals of home ownership ( I could get a home, just not what I wanted). I also need a car and even with that I realize I need to save more money and maybe even buy a 2-3 year old used car (pay cash)
Well my goal of government employment has happened even with budget cuts I am employed and before 1 March I was able to use my payroll to put to payments. I erased $110,000 in exactly 1 year of employment and have less than $6K left in debt.
So now I am focusing on getting debt free (in preparation) for the best loan rates for my new mortgage (end of 2014; I am planning on saving for down payment or I may use my VA options. In addition, I need a car and I want to go to Culinary school again using VA Tuition assistance.
I am following my FICO score monthly; which has not moved much despite paying down this 1st Home Equity. I so have (2) missed payments (1) a credit card which I closed cause it was costing me money in exchange I opened up a new credit card (2011) as I need one for my travels abroad and the credit limit is $10K but I do not even use it for anything but traveling once a year if then. Then the other (1) is I missed a Home Equity payment and I am disputing that with the bank.
So, while I am in abroad I am able to make a little over $10K a month and that will be reduced to $6.5K when I come back to USA...so how long does it take for FICO score to move?
Mine has been hovering around 747-757 and I have paid more than $20K in this home equity. Will it go up and plato out if I am not using any credit? I don't plan to purchase anything while over here.
Since I only owe a little bit left; I wonder how many months after debt free will be my somewhat final FICO score with no change in movement (purchases etc). I am thinking 4-6 months will be the score I am stuck with or will it take years for the score to rise
Will I reach my goal of 800 if I do not buy anything else for the next 18 months?
03-01-2013 01:39 PM