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@Anonymous wrote:Here goes my first post! I've been lurking for almost a week now.
I've made some mistakes in the past, mainly related to ignoring bills until they went into collections and not doing anything to put a hold on student loans, despite not holding a job (or holding very low income positions). Before last year, I didn't really care about my credit.
Now I have a steady, good-paying job and a wonderful SO whom I'd love to marry in the next year or so. I've also got my eye on home ownership, because the rental life is driving me insane. So my goal is to get mortgage-worthy by the summer of 2018. For this year's challenge, I'm going to try and pull myself up to an even 650 across the board. My FPB CO should be dropping next month. Other than that, my 2017 goals are:
- PIF ~$1800 collections
- Try to get ahead of medical bills which will be reporting soon
- Stick to payment plan with both student loans, which are deferred until July
- Properly utilize Cap1 Secured that I got approved for recently
- Try not to app anything else (I plan on moving to another apartment in a few months, which may be another pull)
Any and all help is appreciated. There's a lot to learn about this world, but I'm eager to do it. I really want that house and to not have to worry about my credit creating speedbumps in the relationship.
Welcome to the forums!
Before PIFing those collections, check on them over in Rebuilding (which I wish I'd done personally haha) as there may be some options like PFD or otherwise which might get them completely off your report which is way way better than just getting them paid/closed.
This is a great place to start though!
I know I'm late to the game, but I'm ready to clean house. It's been a crazy 12+ months, and I'm just getting around to cleaning up my credit. I graduated from grad school a little over a year ago, started a great job last August, and am earning enough to pay my debts off and raise my score so I can buy a house.
I have 2 credit cards that are active that I'm paying down. One is a citibank card with a balance of 8400 (limit 9300), and the other is Bank of America 3900 (limit 5800). I decided to do the "snowball" technique as both have the same interest rate. I also have a Chase card that was closed by the issuer with a balance of 6500 on it when I ran into financial trouble after graduation and unable to immediately get a job. I'm paying minimums on that one too, because from what I understand, paying it off is not really going to affect my credit score until the others aren't so close to their balance. How did I get here? Grad school, unemployment, and unanticipated expenses. By the end of school, I was completely broke. Had some late payments, as a result.
I have 2 collections, one from when I was hospitalized ($2400) with a severe illness while I was in school and unemployed! Life has such perfect timing, doesn't it? The other ($480), I'm not quite sure what it is, and so the moment I get actually get ahold of the collection agency, I'm likely going to dispute it.
I have a car loan, with about 4400 on it and 13 months left of payments. A few late payments when I ran into trouble last year with my being depleted financially. I have a personal loan of 7500 with around 17 months left. No late payments here, as it's been on autopay.
And, of course, I have a student loan (several, consolidated into one), having been in grad school. You probably don't want to know how much the principle is, but I'm paying 1200 a month on it on autopay, so never a late payment. Interest rate is 6.4%
At least I'm earning a 6 figure salary now...so that helps.
Goals:
So, I'm going to start with BofA and pay 2000 a month to get that one gone. It's an airline miles card, so I want to make sure it stays active, so I'll use it for gas, or whatever.
Then I'm going to pay that medical collection, in full. I agree with it, I know I did it, so I'll take responsibility. As for the other one, if I find out that I'm indeed responsible, I'll pay that one too. It's only right.
Then I'm going to move on to the Citi card--and pay 3000 a month. I'm getting a raise in August, so I may actually be able to through some more at it.
Then I'll get rid of Chase with large payments until it's gone.
As for the student loan, as soon as I have a better credit score, I'm going to refi that one to a lower rate.
By then, it should be nearing the end of the year. I don't know whether to pay the car off at that point, and then the personal loan, or just continue to autopay those down...there won't be much left on them. I guess I'll see how everything is going!
Thanks, excited to clean up my cluster of a credit score/report after a really tough year!
My first time on this site. i am 8 months discharged from BK. I was blessed to be able to get a auto loan 4 days after discharged thru capital one. I started rebuilding in January with Capital One Platinum Secured Card Discover It Unsecured and now Walmart Credit Card. My have raised my scores a least 50 points sinced then.
My Goals:
1 Continuing to rebuilding my credit, basically getting all 3 Fico scoreds in the 700s
2 Becoming on homeownwer
I'm a new member.
For years I followed the ideas of Dave Ramsey and I have to say, they absolutely work. I was debt free.
However, I put myself into a situation of not having much credit history or much of a credit score. At the time it was okay because I paid cash for almost everything. I lease a nice home which made my landlord responsible for any major repair expenses. But that lifestyle only lasted so long (9 years).
Now I want my own home and I need a credit score to get financing.
My FICO Fitness Challenge Goals are:
This will get me started and I will check in often to give updates on my progress.
Hi
I am new to the challenge. I began working on my credit since the beginning of the year. My immediate goals include writing good will letters to try and remove some late payments. I will be sending those out in the next 30 days (by 7/15/17).
I would like to increase my goal to 800 so that I can finally purchase a home late 2018. I am excited and motivated. I am hoping that by entering this forum/challenge I hold myself a bit more accountable and plan accordingly.
Good luck to everyone!
Starting scores: EQ 578 EXP 590 TR 600 Current Scores: EQ 618 EXP 621 TR 658 Goal Scores: 800 800 800
Hi!! I am really excited to be joining this challenge (though I'm 6 months late)! I was unemployed after graduating from law school and then I was not making enough money to pay for all the bills I had neglected while in school and the loans that either entered repayment or were no longer deferred since I graduated. Long story short, my credit really suffered. I have known that it was bad for the past few years, but I just ignored it. I would pay my bills on time, but I did not make any effort to clean up any of the past "baddies." This all changed on May 2, 2017 when I finally mustered the courage to retrieve my reports from all three bureaus.
What prompted the aha moment? I applied for a Discover It (I look back now at how ignorant this was) and I was denied. In any event, it was a hard pill to swallow. I hired a credit repair company (I honestly do not have the time to send out all the letters as I have a very demanding job and a young child). I also started reading this forum and just acquiring as much information as I could. Though I hired a company to assist, I have been doing what I can as well. I applied for federal loan consolidation and I am paying off my last unpaid collection account. Exactly six weeks later and my scores have increased.
I opened a Fingerhut account ($300 CL) and applied for an OpenSky Secured (200CL).
My goal for the rest of this year:
1) clean up the remaining baddies (Portfolio Recovery CA for $635 (will be paid in full by July);
2) pay all of my bills on time every month
3) get some more late payments removed from my SLs and car loan;
My goal score is 650+ for now. As of right, my scores are EQ 570; TU 580; EX 576. My starting scores were: EQ 528; TU 561; Ex 512
Ade1385 wrote:
Hi!! I am really excited to be joining this challenge (though I'm 6 months late)! I was unemployed after graduating from law school and then I was not making enough money to pay for all the bills I had neglected while in school and the loans that either entered repayment or were no longer deferred since I graduated. Long story short, my credit really suffered. I have known that it was bad for the past few years, but I just ignored it. I would pay my bills on time, but I did not make any effort to clean up any of the past "baddies." This all changed on May 2, 2017 when I finally mustered the courage to retrieve my reports from all three bureaus.
What prompted the aha moment? I applied for a Discover It (I look back now at how ignorant this was) and I was denied. In any event, it was a hard pill to swallow. I hired a credit repair company (I honestly do not have the time to send out all the letters as I have a very demanding job and a young child). I also started reading this forum and just acquiring as much information as I could. Though I hired a company to assist, I have been doing what I can as well. I applied for federal loan consolidation and I am paying off my last unpaid collection account. Exactly six weeks later and my scores have increased.
I opened a Fingerhut account ($300 CL) and applied for an OpenSky Secured (200CL).
My goal for the rest of this year:
1) clean up the remaining baddies (Portfolio Recovery CA for $635 (will be paid in full by July);
2) pay all of my bills on time every month
3) get some more late payments removed from my SLs and car loan;
My goal score is 650+ for now. As of right, my scores are EQ 570; TU 580; EX 576. My starting scores were: EQ 528; TU 561; Ex 512
Hi Ade! Welcome to the forums! Last year, I was sort of in the same position as you, having graduated with some big student loans (grad school), and no employment in sight. Isn't it just horrifying to watch the clock run down on deferment and no possible way to pay? I was very worried about it, kept me awake at night--another stressor to add to the job hunt, and grad school had already rendered me broke A.F. Fortunately, I started my job a month before my deferment ran out.
I wound up with medical collections because right towards the end of school I had a severe illness. Bad timing: if it had happened in the beginning I would still have had my nest egg to draw from. But, as we get closer to graduation, we run out of money! I'll admit to sticking my head in the sand, too, about my credit. Too much to worry about at the time: passing boards, getting a job, moving...the list goes on....I just got overwhelmed.
Sounds like you got a great plan to clean up your report! Smart idea to hire a credit repair company if you don't have the time to do it on your own. I think if I was just slightly more busy than I am, I would do the same. Writing letter after letter, then off to the post office to send certified mail, then checking the mail everyday to see if they agreed to the offer for PFD or settlement or whatever, can be cumbersome.
All the best for your rebuild!
I am new to this forum and have learned a lot. My starting scores in August 2016 were around 540 across the board. After studying and learning what I can to better my scores, my current scores as of June 2017 are Trans 667, Eq 647, and Ex 608. Hopefully, by the end of the year I hope to increase by 50 points on each bureau.
Greetings everyone!
Even though we are 6 months into the year, I still would like to participate in the challenge! I must say that I have done pretty good so far and I'm eager to keep it going. I filled BK in 09' so waiting for the day that it drops off my CR. I have re-established credit lines (unsecured and secured) and my FICO scores have responded. I would like to get into the 760 range, increase my CL's and be approved for a mortgage. I'm pretty sure I am forgetting something....
Good luck everyone!!!!!!!!!!!!!!!!!!