Good Morning Challengers!
We're starting a bit late this month, but as it's already June 5th, this means it's time for our fifth monthly check-in thread.
Summer has started, schools are out for most, and storm season hit early (I know, I drove through some of it on my way to the West Coast). For those with grade-school kids, how does the summer forecast look for you? Are they in summer camp, summer school, or picking up a job? For those with kids in college, are you footing a bill for summer courses? And for everyone, are you taking potential storms into consideration when setting aside savings or investing?
So what are you doing to keep cool financially? Any new accomplishments, achievements, or barriers over the past month? And don't forget Father's Day is coming up. Can a new set of golf clubs really improve your score?
As a reminder, participation in these monthly check-ins is optional, but encouraged. The goal is to help keep you on track, so feel free to post your progress updates here.
Well, I got a nice bump of 17 points on ScoreWatch on June 4! Made sure my Capital One was right at that sweet spot of 9% utilization when my statement was generated. I'm making some awesome progress towards my initial goal of 640, then I'll take it 20 points at a time. I've also added my wife as an authorized user on the Capital One, so hopefully her score starts to get some boosting.
I'm starting to solidify some upcoming goals for the remainder of the year. I'm finding that my GW letters have fallen mostly on deaf ears, and my creditors aren't willing to modify the tradelines on things that were paid for less than full. I'll continue to send some more GWs, but I've come to terms with the fact that they might not accomplish anything. Fortunately, they are from 4 year old delinquencies, so they probably hurt less. Anyways, here are some goals I have:
1. Get approved for a request to waive owner-occupancy requirement for Dovenmuehle Mortgage. Mortgage is currently underwater with no end in sight to be able to sell. Looking to rent it out.
2. Clean up Asset Acceptance collection that is outside of SOL but not reporting to CRAs.
3. Clean up Asset Acceptance collection on wife's credit report. Hoping for a PFD.
4. Rent out condo to some nicely qualified tenants.
5. Apply for $250k FHA loan around September-October.
There IS hope!
I was able to raise my FICO score 7 points in two months! (every little bit counts) I believe paying on time on my recently opened car loan (albeit at high interest) plus paying the balance on a newly opened secured credit card is starting to help improve my situation.
Financial plans for the summer: continue to pay the CC off each month as much as possible and increase the credit limit. Continue to build my savings and stock investments in small but consistent increments.
Go "small" this summer on vacations with short trips, weekenders, etc. to help stay on budget, reduce debt, and increase savings.
New to site and challenge. Unable to get signature line to work so will post for June check in.
My starting scores per mortgage lender pull on April 2, 2013 were TU 637, EX 637 EQ 621. Per mortgage lender pull on May 7th scores were TU 640, EX 636, EQ 623.
I signed up for MyFico scorewatch on 5/30 and EQ was 629 and on 6/4 raised to 632.
Over the past two months I've paid my credit cards and personal loan down by $2k.
My immediate goal is 640 for two of my cras by 6/15 before lender pull again to get through GUS underwriting. End of year goal 680 accross the board.
Got a mystery bump up at the beginning of the month (probably from paying my auto loan last month) and my EQ is up to 663, and I got my capital one statement today that I put 7.5% utilzation on, so hoping to get another email from ScoreWatch in the next few days telling my my score went up again.
This month has been awesome for me. I went from 685 on June 4th to 745 on June 5th!! 60 points! I about had a heart attack when I saw that ScoreWatch report. Two fairly bad late payments fell off my credit report after a long, grueling 7 years PLUS my partner and I have been paying off massive debt on both of our credit cards. On my report I've gone from 88% util in January to about 50% today. Looking forward to having between 1% - 9% util and no student loans soon! ($4900 left)
It's been so difficult credit/money wise the past 10 years I feel like evreything is starting to look up.
Just joined the site and wanted to check in and say hello.
For the foreseeable future, my sole financial goal is to improve my credit score and overall credit worthiness. I have student loans that have been ignored for far too long and I need to take some responsibility and come up with a plan to clean these up on my CR and begin to chip away at them.
This site has been a tremendous resource in the short time I have known about it, and I look forward to being a part of the community in the future.
Hello FICO Challengers,
I am happy to report that I have been building up my savings as I have planned, but I am falling a little behind on my debt paydown. I am using the snowball method and my snowball got a little small towards the end of the month. I am still chipping away at paying off my Bank of America Mastercard with the 27.99% interest rate. I hate that card. So my goal this month is to get caught up so that I can pay off that credit card in full next month. Then I will be left with four credit cards, two student loan bills, and a car loan (my step son's car loan that he is paying). It still seems like so much debt to get through. I got my credit scores in April when I got my annual free credit report, but I was reading the forums and read that those are FAKO scores. Is this correct? I want to know where I stand right now with my scores and thought I was getting true information. If someone knows the difference please advise. Thanks.
Patiently waiting for my bankruptcy discharge paperwork to come in the mail, should be here any day. My score went up 1 point without me doing anything so I will take that point. Only 1 point away from bumping up to the "fair" category - I have never been so excited over 1 point before! Once I have my discharge paperwork I will open my account at the credit union and apply for a secured card - staying in the garden until then.
June started on a wonderful note!
I am so relieved my scores made big jumps because May was pretty stagnant. TU and EX jumped 39 points since May! Unfortunately EQ only budged 2 points.
Currently my scores are: TU 630 EX 660 EQ 591
Things that happened in May/June:
1. I have been added to my mother's BoA and AMEX credit cards as authorized user.
2. Paid off my one and only collection account.
3. In good standing with my student loan account. Since this is my only revolving account, I am making the minimum monthly payments. Not sure if it's better to pay the entire loan off - I only owe another $2300.
4. Keeping my utilization around 7%.
5. Recieved $100 unsecured increase on my CapitalOne secured card at the 6 month mark.
Things that didn't go so well:
1. In May, I applied for US Bank Platinum Card and BoA Cash Reward card and was denied for both.
2. Haven't been able to PFD my collection account so I paid if off and I am hoping to send GW letters once the account is reported as PAID.
Goal for June:
1. Send out GW letters to get my paid collection removed.
2. Resist applying for credit cards and build my score for few more months.
3. Continue keeping my utilization under 10%.
4. Pay all my bills and student loan on time.
Good luck to everyone!