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June 2016 Check In

Moderator

June 2016 Check In

 

 

I know you are all hard at work with your credit goals.  Have you progressed as far as you hoped?  Were there any unforseen expenses that cropped up and may have thrown you off schedule?

 

As a reminder, participation in these monthly checkins is optional, but encouraged. The goal is to help keep you on track, so feel free to post your progress updates here. This is a no-judge zone; feel free to say what's keeping you up at night or give yourself a kudo for having it all together.

 

Did you hit any potholes or speedbumps? Achieve some milestones, either small or mighty? Change your goals or add new ones?

 

Let us know how you're doing! 

Message 2 of 13
12 REPLIES
New Member

Re: May 2016 Check-In Thread

My first secured card bumped up my credit limit for the second time this year. Unfortunately, the building I live in has been sold, but once I move at the end of the month, I'm going to start tackling old collections. I'm also about to ask for a CR of some late payments (several years old) on my student loan.

Starting Score: 607EQ, 605TU, 578EX
Current Score: 607EQ, 605TU, 578EX
Goal Score: 607EQ, 605TU, 578EX


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Message 1 of 13
Contributor

Re: June 2016 Check In

Hello, Today as of June 4, 2016 I am still waiting on my ch13 confirmation.  In the meantime I have managed to have fico 8,s of 577 EQ; 530 TU and 602 EXP.  I have been working to maintain higher scores while suffering through 3-5 years of ch13..  I did manage to get a collection removed through a he ltr and becoming an AU on two accounts that I pay anyway.  Well I hope this encourage some ch13 filers and I will be back for the July update.

Message 3 of 13
Moderator

Re: June 2016 Check In

Added a pair of inquiries (on EQ anyway) aborted mortgage refinance and a HELOC which suprisingly only UW's on EQ and neither of the other two bureaus.

 

My benchmark EQ FICO 5 score didn't move but wasn't really expecting it too, crossed over 3 years AAOA for certain now on EX/EQ and no bump which was disappointing.  On the plus side my mortgage and soon app spree inquiries from last year are starting to fall off... once those are gone by September, then I'm looking at a ~1 year sprint towards getting clean on EX/EQ and that can't come soon enough.

 

The sad part was I cut my checking account balance in half with the summer tuition payment and summer housing fee; I get like $3500 of the former back as soon as I matriculate, and the $600 deposit back at least but it was still a bit of a shock seeing that and a reminder I need to get lean and mean with my budget if I don't want to be eating Ramen soley at this point next year.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 4 of 13
Established Member

Re: June 2016 Check In

I had another good month in May, raising all my scores again. My FICO 8 scores went from:

EQ : 709 -> 759 (+50)

TU: 670 -> 704 (+34) 

EX: 691 -> 735 (+44)

 

I have a feeling a majority of these increases are due to the Alliant Shared Secured Loan trick and reporting at 9% but it's hard to tell.  Yesterday I got CLIs totalling $1250 which brings my credit limit to just over $12k once it reports mid month.  My reported utilization fell from 22% to 16% and I'll be paying this down slowly with a goal of hitting <10% utilization by the end of the year.  I'm looking at buying some additional furniture so utilization may go up slightly but will still keep a goal of hitting <10%.

 

I actually worried a lot less about finances in May.  I'm happy that all my scores broke 700 with two of them breaking 725.  I'm pretty much in it for the long haul now so I need to let my accounts age and inquiries fall off at this point.  I feel like my four lower limit cards are holding me back so I'll be focusing on them.  My priority right now is to convert my $400 secured WF card before the $25 annual fee hits in late July. 

 

My current plan for June:

Keep gardening

Don't poke my last collection (only on TU)

Convert WF secured card

Starting Score: (3/1/16) EQ/TU/EX 605/619/616
2017 Starting Score: EQ/TU/EX 767/718/749
Current Score (10/8/2017): EQ/TU/EX 811/806/797

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Message 5 of 13
Valued Member

Re: June 2016 Check In

May had some ups and downs, since I bought a new car, but overall I was able to meet my goal of 720 credit score, even if only by one point.

I am now going to attempt a score of 750.

 

Still paying down debt on my credit cards, and have managed to suck $750 from my budget each month to do so.  Since this car payment is $50 less than my former car payment, I am going to continue to pay the additional $50, since its in the budget anyway.

 

Also, continuing to use ebay for additional income, and paying what utilities and other expenses I can from my paypal account so that I can throw more money at the debt.  Wish that I could make credit card and car payments from paypal, but to my knowledge none will take paypal as a form of payment. 

 

 


Starting Score: 593
Current Score: 721
Goal Score: 750


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Message 6 of 13
New Visitor

Re: June 2016 Check In

I am just starting the long journey of fixing my credit. This is where I stand with credit score Trans. 557, Equifax 563 and Experian 558.

Collection:

Fair collections & Outsourcing (3) from 2010 and 2013

Calvary Portfolio

Focused Recovery solutions

Berks Credit and Collections

 

12 Late payments from students loan that was deferred

 

Please, I need suggestion on how to tackle it.

Thank you

Message 7 of 13
New Visitor

Re: June 2016 Check In

In addition, have not had credit card for 7yrs but just applied for credit one card and was approved with a 300 credit line.

Message 8 of 13
New Member

Re: June 2016 Check In

Well since my last posting.. Some progress has been made...

 

I was able to pay down both my credit cards, where they were maxed out.  I brought them down to less than 10% of useage.  I asked for a limit increase with one of the cards, and that went up 1,000 dollars.  Now my limits equal 2,000!

 

I still have an old card in collections that I need to pay off. Thats my next journey, a goal I have for end of June.  They are offering to close everything for 50% of the pay off.

 

Baby steps.  Any advise any of you have is much appreciated!!  

 

Unfortunately, my score won't update until Early July.  But hopefully I see big progress!! 

May 2016
Experian 550
Equifax 566
TransUnion 591
Message 9 of 13
Valued Member

Re: June 2016 Check In

Once in a while, the credit bureau's do something that defies all logic, makes us feel like we are beating our head against a wall, and feel that we have been pretty stupid trying to improve our credit score instead of following Dave Ramseys philosophy that credit score doesn't matter because its best not to use credit at all.

 

After reaching my goal last month of 720, I decided to buy a newer car, which would save me money every month, I would have a car that will last longer and be more dependable.  Granted, my former car was not a piece of junk, but it was not big enough to support my needs for work because it was a hybrid with no room in the trunk for much more than the hybrid battery..

 

I knew I would take a hit for the credit inquiry, which actually only moved my score three points lower.  Who would have known that because my former car payoff was reported before my new car loan, that I would not only take a hit for not having an installment loan on file, but would take another hit when the new car loan reported.  I am now at 647, which is a drop from 721.   No lates at all on my credit report, not one collection.  Not one bad mark anywhere on my entire file.  All I did was simply buy a car and trade mine in.

 

74 point drop for nothing more than buying a car, even though my credit card utilization went down 10% in one month.  This is totally ludicrist, and takes me back to where my score was three years ago.  Yes, it will go back up eventually.  But I still feel like I have been kicked in the teeth.  I honestly feel like throwing in the towel, which will probably be temporary.  It almost makes me feel like credit scores are kept down to get creditors higher intest rates.   I am not sure exactly what I will feel tomorrow, but today I am devasted.


Starting Score: 593
Current Score: 721
Goal Score: 750


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Message 10 of 13