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03-08-2015 08:09 PM
My first time participating in this, really excited to see if it helps. Recently medically seperated from the military and while I was in I took some terrible loans out that I could not afford and had them fall into collections, but just the other day got ahold of Experian and found out a few other peoples credit was being reported onto mine as well. I am also disputing a couple of the things. The good news is, that in just 3 days my score went from a 430, to a 486 (still terrible I know) Just opened a secured credit card as well, so heres hoping to being able to get on the right track. Thanks!
Congratulations on the score increase!!! Keep up the good work and you will get there.
03-08-2015 08:17 PM
I didn't understand before how these scoring systems worked,and that I've watched closely for a month I am really confused. As I said when I started this challenge, last summer my scores werein the mid 700s and I had extra expenses from a severe hail storm that dropped them. Anyway I've been paying down balances and my scores go up and down all month. I make a small charge of $200 and payments totally $1300 but my score drops instead of going up because my balance decreased. My overall bankcard balances are substantially lower this month than when reported at the beginning of this challenge,yet my scores are about the same. I haven't got a clue how this system works.
There are a lot of factors that could impact your score. For example, when do your creditors report your TL information to the 3 CBs? If they report before your payment posts to your account, it could impact your acore. Are you keeping your TL utilization below 10%? A good rule of thumb is to keep your utilization below 10%. I hope this helps. I'm fairly new to myFico so I'm learning just like you. Good luck!!!
03-08-2015 08:25 PM
This month's goal is to payoff another Navient loan. I'm down to two left which total approximately $3000 and Im attacking the one whose balance is $1085.Hopefull in April's check in I will be down to the last one.
I lost 3 points on Equifax - going in wrong direction. It was due to inquiry from car loan on Saturday so expected. While I want a higher score right now, I know that my short term goal is to pay off Navient which frees up cash to paydown credit cards which will (eventually) reduce utilization and increase scores. So in the meantime I'll keep swimming and swimming.
You are doing an A W E S O M E job paying off your student loans!!! Keep up the good work!!! Being able to pay down/pay off a bill is a wonderful feeling. I'm looking forward to reading your April check-in post. Until then...
03-08-2015 08:28 PM
Goal still remains to stay 2015 in the garden. Do not need any new credit. Need to get the DTI lowered and utilization down (made progress in the last thirty days). Further, looking to get the inquiry count lowered (that has happened too - some dropped off). Decided to stay the course for this month and not close any credit cards even though two lenders have been watching my accounts due to the opening of a Barclays card last May 2014.
Good luck on your progress Spider15!!! Question... How do you know a lender is watching your accounts?
03-08-2015 08:45 PM
Yesterday I noticed my car making a funny noise and it felt like it was slipping between gears. I hope that I do not have to replace the transmission or anything else too costly. I have an appointment for Friday to see what's wrong. I want to stay on track paying down my debt so I am hoping that I do not have to add to it.
I hope your vehicle doesn't need a costly repair. Have you thought about starting an emergency fund, so you won't need to add to your debt for unplanned expenses? I know it can be diificult to save and pay down debt at the same time. Good luck on your 2015 goals!!!
03-08-2015 08:50 PM
So this is new for me and I am taking a chance and trying something new because I have heard great things about this site and also read alot of success stories and I want that.
I recently got married, started a new job and now of course my husband and I want to buy a home. I made very poor financial decisions in my college years, which is now still effecting me. I have started to take to take steps in the right direction, just need more help.
Current: EX 602, TU 618, EX 614
Good luck LadyKeyes97 and welcome to myFICO!!!
03-08-2015 09:00 PM
So January was a great month for me, February -- not so much scorewise. I was able to see the results of having tax liens and old collections removed from my credit reports. The timing was great, as I needed to replace my old car. February was a month of change. I paid off my old auto loan, opened a new one, closed my stupid FP MC, and my J Crew card finally saw a CLI, going from $740 to $4940 (yay!). My scores literally change daily with new items reporting, and other items going away. In January, I opened an AMEX BCE and a Green card, as well as a Visa from my CU (preapproved/offered to me from the same HP as my new auto loan). All of the ups and downs in my scores were within 1-5pts -- no big deal, however yesterday my old auto loan reported as paid on EX and caused my score to drop 25 points! I am very bummed to say the least. I am now waiting to see another anticipated drop in score when my new auto loan reports later this week or next (I just made my first payment yesterday).
So -- all that said, while I am sad to see my scores drop after they've seen some big jumps up, I have to remind myself that I am in a much better place financially and though my scores are not where I want them to be, I believe they will be in time. So, at this time, I am gardening, gardening, gardening.
I'm glad you are staying positives regarding all the ups and downs of your credit scores. Maybe your new car loan won't decrease your score, but help you recoup some of the 25 points you lost by PIF your car loan. I always find it interesting when PIF a installment loan or CC balance negatively impacts our scores. You would think it would have the opposite effect, right? Good luck and enjoy gardening!!!
03-08-2015 09:02 PM
Found out I went up 5 points today
C O N G R A T U L A T I O N S missindependent on your credit score increase!!! Keep up the good work!!!
03-08-2015 09:10 PM
I've been in the garden since I received my secured Discover it card back in December, but I hopped out of the garden when I received a preapproval for an unsecured Capital One Premium card with no AF today. I was approved, so while I hated leaving the garden it was worth it to add a second credit card to aid in my credit building. I'm right back in, though, because I am proof that gardening works. I went from no credit and some kind of fako in the 500s to (according to Discover's credit score) a 669. So, I definitely hit a milestone today. Hoping to be in the mid to high 700s by the end of the year.
C O N G R A T U LA T I O N S on your preapproval, new credit card, and increase in credit score!!!! Keep up the good work!!!
03-08-2015 09:12 PM
Over 600 in all 3 CRAs now!
paid off loan reported
new $500 cl visa w cu reported
EX down 5
EQ up 14
hasnt reported to TU yet
C O N G R A T U L A T I O N S!!!!!
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