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March 2016 Check In Thread

Moderator

Re: March 2016 Check In Thread


Rockitect14 wrote:

Just started the challenge, but figured I'd go ahead and give an update on my actions this month. I began March with a 589 average, but have added to my cc base.

As of now, I was accepted for three accounts putting my CC total at four, and a CL of $9,000. 

 

NFCU - 6.5k (5.9k balance)

*CapitalOne Platinum - 2k (zero balance)

*Vicky's (SCT) - $250 (zero balance)

*Express (SCT) - $250 ($50 balance)

 

Goals for the next six months is to garden these four cards, which means paying down the NFCU and alternating purchases on the other three once per month. I will then reavaluate and look for a decent travel rewards card or potentially an Amazon card. 


Do remember though that if you're paying interest on any balances, don't look for any new credit that has great rewards (IMHO) One needs to make sure these balances aren't charging you more or keeping you in debt, so look for 0% interest transfer cards or something if you must look. Rewards are great, but if you're being charged more on the balances you have than you're actually making in your spending, what's the point? Has to make financial sense, you know? Best of luck! On the Express card and any other SCT, I'm assuming you're PIF on those, right? (Since they always have a high APR.)

Message 11 of 24
Moderator

Re: March 2016 Check In Thread


BrittNCali wrote:

Morning... I've been on this site way longer than intended this morning, lol... Anyhow... This month has started off fantastically. The end of last month, I got a mailer that I was pre-qualified for the GM BuyPower Card. I was not sure if it was a joke or a waste of a hard pull, so I let it sit. One day, I was on Victoria's Secret and finally, after months of trying, got the SCT pop up, for $350, I accepted. After accepting, I waited a few days and decided to try for the GM Card, approved $300. I tried more SCT stores and got the King Size Credit Card, with a $150 limit. 

 

I just plan on making payments this month, nothing exciting. The end of the month, I MAY try for a Barclays or a Cap One card. Dunno.... 

 

Finally glad to have more than a Fingerhut Account. 


Don't go too crazy on the SCT cards or store cards. Yes, they serve a purpose, but if you get a ton I think that devalues any potential major CC you'll be approved for in the future. And also, they'll be more likely to deny due to too many new accounts and other things just simply do to the thinness of your profile. (Garden for say 6 months to 1 year and try Capital One or other prequalifiers.) You'd probably be approved for a QS1 now if you got the GM card. With regards to the King Size card.. can you actually use this? If you do try Barclay, make sure you do garden for at least 6 months after opening it. (As you'll want to show any major lender that you're trying to build a solid foundation for your credit.)

Message 12 of 24
New Contributor

Re: March 2016 Check In Thread

helloSmiley Happy i'm waiting for the Ch13 (discharge 1/2014) and 4 inquiries (3/2014) to fall off all 3 reports, keeping credit usage around 7%, getting ready to refi in a couple of months, haven't opened new credit in almost 2 years.

(edit: i can't type proper dates today for some reason)


Ch13 filed 3/2009 : discharged 1/2014
Starting 2/16/2013:
EQ673 TU667
Current 12/04/2017: EX732 EQ829 TU837
Goal: 850

Take the myFICO Fitness Challenge
Message 13 of 24
Established Member

Re: March 2016 Check In Thread

 

Kenny wrote:

 

Do remember though that if you're paying interest on any balances, don't look for any new credit that has great rewards (IMHO) One needs to make sure these balances aren't charging you more or keeping you in debt, so look for 0% interest transfer cards or something if you must look. Rewards are great, but if you're being charged more on the balances you have than you're actually making in your spending, what's the point? Has to make financial sense, you know? Best of luck! On the Express card and any other SCT, I'm assuming you're PIF on those, right? (Since they always have a high APR.)


Kenny, 

 

That is correct, I will PIF the Express and Vickys every month as the APR is very high at 27%. The only acount with a carried balance is my longstanding NFCU which I'm paying down $750 every month. Thanks for the tips on rewards cards. I have plenty of time to research my next card (6-9 months) but I'm leaning towards a card with a specific use such as 0% for 6 months on large purchases or similar. 

 

Thanks for the feedback!



Starting Score: TU 587 EQ 600 EX 580
Current Score: TU 587 EQ 600 EX 580
Goal Score: 750 All


Message 14 of 24
Regular Contributor

Re: March 2016 Check In Thread

Thanks Kenny =-)


Starting Score: 493 (6/30/15) | Current Score: 621 (as of 3/9) | Goal Score: 675 (By 12/31/16) | Total Available Credit: $1,300 (As Of 3/9/16)
|------$500 CL------|--------$300 CL-------|------$150 CL-------|------$350 CL---------|
Message 15 of 24
Established Member

Re: March 2016 Check In Thread

I posted in the 2016 thread, but thought I'd pop in here, too. My Transunion score just updated and increased 20+ points for paying down my balance. My other reports haven't updated yet, and the Transunion hasn't reported all of my payments, so I'm pretty psyched to see what happens when all of my reports are recognizing 9% util!

Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 16 of 24
Member

Re: March 2016 Check In Thread

My update for March 2016:

 

I have three medical baddies on my credit report. I read on the website MagnifyMoney.com (blog dated August 12, 2014) that if you have unpaid medical bills you will be “punished less”  with the new FICO 9 scoring model. Although that may be the case I still want them removed from my credit report.

 

The three unpaid medical bills totaling $326 ($59, $76, $192) will be paid off one per month.

 

I’m slowly but surly getting there. I’m just glad to finally tackle this and get my credit back in order.

 

I can’t say it enough that these forums are so invaluable. I am learning so much every day from the community. Many thanks to the community for sharing.


Starting Score: 03/05/2016 EQ 558 TU 561 EX 532
Current Score: 550
Goal Score:800










Message 17 of 24
New Contributor

Re: March 2016 Check In Thread

Things I paid off (charged off cards) are starting to reflect on my reports as zero balances and my scores are climbing a bit.  I did app and get two more cards.  I wanted that magic number of three, and now I'm sitting at that.  I'm pretty much in a holding pattern for now.  My myFICO scores as of 03/11/2016 are EQ 590, TU 594, and EX 614.

 

I keep obsessing over how slow it's going as I really want my scores to climb enough so I can get my dream car...


Starting Score: 02/08/2016: EQ 566 | TU 571 | EX 597
Current Score: 05/08/2016: EQ 636 | TU 632 | EX 655

Gardening until Mid July 2016
Message 18 of 24
Established Member

Re: March 2016 Check In Thread

Nice work, Tia. I'm in the same boat, waiting for my balances to report as being paid down and checking every day for updates. This process really does require a lot of patience.  😬


Starting Score (3/7/2016) 648 EX 631 TU 620 EQ
Current Score (3/18/2016) 699 EX 679 TU 672 EQ
Goal Score: 700


Take the myFICO Fitness Challenge
Message 19 of 24
New Visitor

Re: March 2016 Check In Thread

Hi Everyone!

 

So i'm officially taking the FICO score challenge to better the way i use my credit along with monitoring it. 

 

I haven't always been great at doing this (as you can see below) but if i want a house and a nice car one day then i need to start somewhere.

 

Here it to breaking bad habits and discovering new ones that will help shape my life in the future.

 

I'm looking forward to the road ahead!

 

Also, if anyone has tips or please feel free to share them with me since i'm new to this. 

 

In advance its greatly appreciated. 

 

Thanks 

hr>Starting Score: EQ 557 | TU 570 | EX 573 (3/15/16)
Current Score: EQ 557 | TU 570 | EX 573
Goal Score: EQ 700 | TU 700 | EX 700


Message 20 of 24