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Moderator
Posts: 10,071
Registered: ‎01-15-2009

Take the myFICO Fitness Challenge 2016

Happy New Year to the myFICO Forums Community!
Can you believe we’re entering our sixth  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 2015. 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 MyFICO Fitness Wrap Up 2015!   

Established Contributor
Posts: 772
Registered: ‎07-19-2007

Re: Take the myFICO Fitness Challenge 2016

[ Edited ]

 

 

Edited 01/15/16

 

So as I wrote down my bills, I've decided to change my plans for my tax refund. Instead of pfd/negotiating accounts, I'm going to pay ALL my bills for the month. Every month I will do this while saving each and every paycheck through the month? With a refund in excess of @ least $3K, I figure this will allow me to save quite a bit through June. Then evaluate where I'm sitting. 

PFD/negotiate 2 accounts each month respectfully. 

I really need to start to sit down, clear my thoughts and figure out a plan versus impulse actions. This is so hard for me. I think it's because I've never had a budget and did things "as they come". I don't have rent or a mortgage, nor am I paying student loans at this time. So no big payments going out. This year I need to put a plan in action. I think I can.....I think I can.....

 

 

 

 

2016 Siggy is set!
😆

Goal Card
Goal Score: 800 Across the Board

Member
Posts: 10
Registered: ‎01-12-2016

Re: Take the myFICO Fitness Challenge 2016

I am looking to purchase a home that I have been renting for a year now.  I had some difficulties back in 2008 -2009 when I was unemployed and homeless.  I feel that I have made some good move, now working fulltime for past 3 years.  My scores seem to be extremely low, but I need to make this happen.  Any suggestions would be greatly appreciated.


Starting Score: EQ 618 TU 613 EX 569 Mortgage EQ 582 TU 557 EX 601
Current Score: EQ 618 TU 616 EX 574
Goal Score: 620 mortgage 700 anywhere





New Contributor
Posts: 58
Registered: ‎01-12-2016

Re: Take the myFICO Fitness Challenge 2016

Hi! Happy New Year to you too! I too, have quite a few financial goals for this year that I'm hoping to achieve.

 

 

The first is to finish getting rid of all of my student debt that I have. Recently we finished a fight through the courts to get my father (parents are divorced) to pay off some of the student loans as that was part of the divorce agreement way back when. I currently have a few thousand left, although they became past due a few years back after the deferment ran out right when I started Basic training and defaulted before I came back home and realized they were past due. This are currently being rehab'd and will most likely be payed off a little after the rehab is complete.

 

The second is to get my credit score to above 700. For the longest time, I've always paid cash for my purchases. Lately I've been trying to see what other ways I can save and even my money by doing different promotions and such. Over the last few months I've added three credit cards to my credit mix (USAA Secured, NFCU nCashRewards, and CapitalOne Platinum). I'm now trying to let these accounts age a little before I see about getting a few others.

 

Finally the last is to continue to build my financial well-being... a few years ago after I got off of Active Duty, It was really hard to find a good full-time job. Luckily, I was able to get a good job through Hiring Our Heros but it took a long time and I nearly exhausted my savings in the time and went nearly back to square one (NY isn't cheap y'know!). Anyways, I'm hoping to never get back into that situation and hopefully by rebuilding my savings and living smart, I'll be back to a place where I will feel secured enough to take some more changes any eventually get into a good position to retire eventually.

 

 

Anyways, its good to be here and I hope I'll enjoy my stay! Smiley Wink


FICO 08 (12/28/15): EQ: 582 TU: 561 EX: 589
FICO 08 (04/03/16): EQ: 684 TU: 711 EX: 704
Goal: All:750+

Member
Posts: 8
Registered: ‎08-22-2015

Re: Take the myFICO Fitness Challenge 2016

Feliz 2016!

 

I’m a first-time Challenger looking to improve my scores once again. The advice I’ve gotten on the forums has been invaluable and I want to participate fully this year instead of trolling the threads.

 

Recently relo’d without a job, which has been liberating, but some of my CC’s are taking a hit. My three scores fell from an average of 697 to an average of 627; still an upgrade from a history of irresponsible credit behavior. I did take advantage of the score improvement and received approval for my goal card. Now, I have a good credit mix with respectable limits, so I no longer need or want additional cards.

 

I have two credit goals:


1) $0 balances on all CC’s by Dec 2016
2) Pay down a minimum of half of remaining car loan by Dec 2016

 

My plan is simple for realizing the above goals:


1) Not straying from my budget while I continue searching for employment.
2) Until then, pay a small amount above the mins monthly (Makes me feel better in my head).
3) Once employed PIF, any individual cards, up to $1k and mins on the remainder until my two largest card balances are the only ones left.
4) Double-up on car loan payments.


Total current CC debt is less than $18k.Remaining car loan is less than $10k.

 

I look forward to watching my balances decrease and my savings build in order to begin a new home search. Additionally, I’m looking forward to sharing our successes over the next eleven months.

 

Current Fico 3B’s below.

 

Kay


Starting Score: 627 Average
Current Score: 627 Average
Goal Score: 750 All


Valued Contributor
Posts: 1,098
Registered: ‎04-24-2014

Re: Take the myFICO Fitness Challenge 2016

I'm a returning Challenge member.  I originally joined challenge in 4/2014,  but I keep meeting a surpassing my goals.  

 

Joined the fitness challenge in 4/2014 & met al my goal by 8/2014.  Which were: 1) Improve FICO score to 760 - 850 range 2) Get pre-approved for new home loan 3) Buy new home in Bay Area (relocating near adult kids).  In August I established a new goal:  1) not have more, total debt, for credit cards and student loans than I had at the beginning of 2014.

 

Paid off student loan. Thus, my new goal effective 10/2015 was to keep cc debt below 1/2014 and to pay off new house at least 10 years sooner than 30 year loan. My credit card  debt was $30,128.11.in Jan 2014.  

 

In December 2015 my  credit card debt  was  $3845.65  and I did a re-fi to a 15 year mortgage loan.  Thus, unless a catastrophe hits, my new mortgage maturity date is Jan 2031 which surpasses the 10 year sooner goal.

 

My new challenge for 2016 is to pay off my new 15 yr mortgage at least 1 year sooner than Jan2031 and to keep cc debt below 20K.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
New Member
Posts: 1
Registered: ‎01-19-2016

Re: Take the myFICO Fitness Challenge 2016

Happy New Years!

 

This year I want to become more financially sound. I was not always the best with my credit as you can see, but I have every intention to improve that by this years end. I am 35 years old, I want to be a homeover and stop avoiding the nagging debt collectors.

 

Empresscut


Starting Score: 563
Current Score: 563
Goal Score: 750


Member
Posts: 10
Registered: ‎07-20-2013
0

Re: Take the myFICO Fitness Challenge 2016

[ Edited ]

goal is to clean up my credit. during a rough patch in my life, lost of job, barely made payments, as a result, i had over 21 delinquent and 14 derogatory accounts on my cr which reduced my score to 480. it was the lowest financial point in my life. my financial situation changed and so did my credit score to 512. currently it is 636.

 

i want to remove all delinquent and derogatory accounts from my cr. i am still learning how to accomplish this goal.

 

2016 goals: 733 fico score, removal of all delinquent and derogatory accounts.

Strategy:

step 1: send gw letters 

step 2: increase monthly payment

step 3: reduce debt by using the debt snowball method

step 4: dont focus on the number, focus on the habit (eliminate bad spending habit)

step 5: take it one day at a time and believe in my ability to accomplish this 2016 goal

Starting Score: 512
Current Score: 650
Goal Score: 733 across the board


Take the myFICO Fitness Challenge
Established Contributor
Posts: 772
Registered: ‎07-19-2007

Re: Take the myFICO Fitness Challenge 2016

February check in?
Goal Card
Goal Score: 800 Across the Board

New Visitor
Posts: 3
Registered: ‎02-11-2016
0

Re: Take the myFICO Fitness Challenge 2016

Hello All!  I tried to past the provided info to join the "myfico fitness challenge" but Im having issues.

Everytime I past the link Im getting this message "Your setting's value has been changed because invalid HTML was found. The invalid HTML has been removed. Please review the value and re-submit the form when you are satisfied."

 

Is this happening to anyone else?


Starting Score: 596
Current Score: 603
Goal Score: 700


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