Happy New Year to the myFICO Forums Community!
Can you believe we’re entering our fifth year of the myFICO Fitness Challenge? If you have financial goals for the New Year, the myFICO Fitness Challenge is the place for you!
What’s the myFICO Fitness Challenge?
To take part in the myFICO Fitness Challenge, simply post an introductory note, and state your financial goals for the coming year. Are you hoping to raise your FICO Score? Buy your first home? A new car? Get that coveted rewards card? Tell us about what you hope to achieve, and what reaching those financial goals will mean to you. As the year progresses, check back here to report on your progress, talk about hurdles you encounter, or simply reach out for support and encouragement from your fellow Fitness Challengers.
Monthly Check-Ins
To help you stay on track we encourage you to stop by for monthly check-ins for 2014. On the first day of each month, myFICO will post a monthly check-in thread for you to talk about your progress, successes, speedbumps, etc. Participation in these monthly check-ins is optional - but encouraged!
First time Challenger?
If you’re new to the myFICO Fitness Challenge, then welcome! To begin, set up your official myFico Siggy signature on your Profile page (Go to My Settings=>Personal Profile=>Personal Information). Then just reply to this topic, telling us a little about your financial situation, your goals, and how you plan to achieve them during the coming year.
Returning Challenger?
Welcome back! Please be sure to update your myFico Fitness Challenge signature so it directs to the current challenge. You can also tell us about your results in the myFICO Fitness Wrap Up 2013!
Here’s to ALL of us achieving our goals!
Hi Everyone! I don't know what to say because I don't know what to do or where to start. My problem started way back in high school. I've always had issues with money. I got a job without telling my parents (I was not allowed to work -- school was my job). I would sneak off to work when I should have been in class or my activities, I hid the money and the things I bought. I got caught of course. In college I signed up for every credit card, got the free t-shirts, and amassed a large amount of debt (and student loan debt). However, I paid off all of my credit cards (not the loans) before graduation. Went to grad school 100% on student loans and lived off of student loans and credit cards with no real way to pay anything back. That set me up for failure. It probably wouldn't have gotten so bad if I'd told my parents the truth. I am certain they would have helped. Moreover, I handled my mounting debt by not handling it. I pretended like it didn't exist. I would pay whatever I had to pay to keep a nice place to live and a nice car to drive. After years of maintaining this rat race lifestyle I am tired and ready to tackle it head-on. I could really kick myself because nothing tragic ever happened to make it this way. All of this is because I was not willing to live the ugly truth -- instead I chose to live a beautiful lie. This year it is now or never because so much in my life hinges on this. I probably have the worst credit score of anyone on the site, but oh well it's mine and I have to face it head on. I'm ready, but I need some guidance with this and reading everyone else's experiences and advice will definitely help.
Starting Score: 460
Since joining this site, I have made a serious push towards paying down debt. I used to apply and get denied for cards or get them with low, toy limits. Did not understand exactly how credit worked, but since joining this site, what I have learned is tremendous and has helped so much.
I brought my overall utilization down from over 80% to just around 20% and have been approved for a couple cards that I have wanted for some time.
My goal for 2014 is to continue paying down both revolving and installment debt, let my accounts age and spend less. I hope to pay off one car loan and pay off my last remaining revolving debt that is currently around 15k.
I brought my overall utilization down from over 80% to just around 20% and have been approved for a couple cards that I have wanted for some time.
My goal for 2014 is to continue paying down both revolving and installment debt, let my accounts age and spend less. I hope to pay off one car loan and pay off my last remaining revolving debt that is currently around 15k.
Starting Score: EQ 717 EX 724 TU 736
Hi Everyone! Happy New Year! I have been a lurker for a few months and have learned a lot of information from this forum. I got into my debt after personal sickness, which caused me to go out on short term disability and then taking care of family between 2 major lay offs in my career. I have been focused since 08/13 on paying off my debt so my family and I can buy a home by summer 2014. I have a short sale that is just over 3 years post sale (11/2010). Since Sept 2013, I have been able to get 14 collections deleted, 6 accounts paid in full or settlement, and have 5 more that remain that are in dispute. Most of my debt is medical debt I incurred from having a high risk pregnancy and having complications. I owe about $2300 left in outstanding "bad" debt". I own 1 credit card which carries19% utilization balance on it, 1 department store card that carries a 6% utilizatiion balance on it, student loan that is in deferral, and my car payment.
I look forward to this journey with all you!
Current scores:
Equifax: 529
Transunion:591
Experian: 595
Short Term Goal: 640 (All 3)
Long Term Goal: 720
Happy New Year to everyone! I hope, no that is the wrong attitude. I know this year will be better than last year because I have shed some major debt in 2013. January 2013 is the last time I have had scores in the 700's and getting the decent territory. In 2013 I had to put my house on the market for shortsale. I was current on mortgage until February 1, 2013. That is when I put on market and what should have taken only two or three months to complete wind up being six months. My shortsale was completed and recorded on August 23, 2013. So of course there is that ding! I also had to move in March, 2013 because that is when I was advised to vacate property, of which I did. So, I had expensive moving expenses. The whole first and last and deposit, the whole nine yards. I applied when I still had pretty good credit. During this time I also let my credit card utilization go from 1%-5 to 50-100% on and off. I also, had a BK7 that reached the 10 year completion that was filed on 9/2003. So basically my BK7 dropped off credit at the same time that my shortsale and high utilization of credit card was added. Trust me you cannot plan every detail. Now, I will concentrate just on rebuilding my credit and building up me an emergency fund and possibly another mortgage in the future. Two things will have to happen first. I must be at least in the 730-760 range and I must have 20% down payment on whatever I decide to purchase or not. Maybe I will invest, I need the liquidity for either. As far as my debt is concerned I have a car that has $13,000 left on it that was purchased in 2011, and a revolving credit card debt of $2750 spread over two cards. I have a personal loan of $3,000 that I obtained in October. I just need to pay on my couple of installment loans and pay off credit cards. That is what I am looking at for this year. I have no charge offs, no collections, and no inquiries.
Equifax- 539
Transunion - 572
Experian - 578
Greetings Everyone,
I discovered this forum last month and am so excited for this challenge. I am on a quest to purchase a home this year. I am optimistic in that I'd hope to make it happen in 6 months. That means I have to raise my score 100 points. I do not have any late payments since 2011, so I think I will be good also since someone here noted they raised theirs in 1 month. I filed bankruptcy in 2011 and was well on my way to a great score in early 2013. A divorce this year tanked my score about 60-75 points. Now I am trying to recover and raise my points in order to qualify for a home. I have 5 credit cards all totaling about 5500 that were hovering around 90% utilization. On Dec 31st, I paid them down to 60% utilization and within 45 days, plan to pay it down to about 45% utilization. That would be around Feb 15th, so I am excited to see what effect those changed will have on my scores. Just got a (3) credit score report to assess my starting point.
Starting Score: 553 Equifax 550 Transunion 563 Experian
Current Score: 553 Equifax 550 Tranunion 563 Experian
Goal Score: 650 All Bureaus, hefty 6 month goal
Back again this year to work on a few loose ends and then garden.
Goals this year are:
Dispute collections showing from two creditors trying to collect the same debt that was settled with the original company. Sending a validation letter to both.
Credit card debt is down to 24%, so my goal is to get it below 10, which should happen in February or March
Pay down car loan, currently at $12,000
The only valid bad mark on my credit report is a charge off that I could not get removed, it should fall off in March or April.
I can pull my annual credit reports later this month, but I want to let the big payments I made in December get reported before I pull them.
From there, its just gardening. Currently:
Equifax 685
Transunion from WM 640
My Fico 676
Credit Karma Fako 614
So, this is the first time I am doing this. I am going to make more of an effort this year even though I have no big plans. I think that following and participating in this thread may help with that. It may not look like it below but I have been real diligent about trying to pay everything on time but have had a few bad spells that caused some big issues. I’ve been ok for several years now but my utilization is higher than I would like. I currently have 11 cards and 5 have balances. Other than that and utilities, I have nothing other than mortgage payment.
1989 – 1999
- Defaulted on a credit card
- Car repossessed
- Purchased a house
- Wages garnished for dental bill
- Utilities, phone shut off at times
- Filed Chapter 13 to keep house
1999-2002
- Moved to Georgia
- Had a few low limit cards (always maxed out)
- Car loan – a necessity
2003-2005
- Made housing changes that caused struggle with payments – Just barely making ends meet.
- Mistakenly typo’d bank account number for online payment and ended up with over-limit and late payment charges. Defaulted on card.
- Defaulted on cell phone
- One late payment on car
- Credit scores 3-400’s
2007
- Employment change that almost doubled salary
- Car loan (Never a late payment)
2008
- Started working on credit.
- Paid off all previous balances. Did not know that I could request pay for delete.
- Got some fraudulent items removed from reports (gotta love the damage exes can do)
- Goodwill letters to get some late payments and other items removed.
- Increased scores to 620-658 by 7/2008.
- Purchased house in October 2008
2008-2012
- Aware but not real diligent with credit. Carry balances about 30% total
- Some new cards
2013 - Current
- Signed up for ScoreWatch – Went from 689 in February to 743 at end of year
- Got 2 new credit cards – Walmart $5,000 and Amazon Chase $6,000
- Some credit limit increases without requesting
Future Goals
- Reduce balances to less than 10% utilization
- Have NO bad items on credit reports (the last late payments, etc should be off about mid-year)
- Increase credit scores
Current Cards:Chevron - $230, Cap1- $400, Cap1 - $500, Cap1 - $500, Cap1 - $6,100, Cap1 - $1,125 (previous Orchard Bank), Kohls - $1,000, Home Depot - $5,100, Best Buy - $750, Walmart - $5,000, Amazon Chase - $6,000
