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Established Member
Posts: 23
Registered: ‎06-20-2017
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Re: Take the myFICO Fitness Challenge 2017!

[ Edited ]

Hi Everyone,

 

Like the others who have posted lately I am slow to join the challenge but I definitely want to take part. Over the last year I had quite a few bad accounts that I got removed and now I am down to 1 left on EX. I also have a problem with applying for cards hoping to get one which has caused me to have a lot of inquiries. My main problem is I can't seem to get ahead in my finances to keep my CC utiliaztion down which is stopping me from getting what I want. I owe around $1,500 in debt right with a utilaztion of 70%. Not very much debt but I haven't been very responsible with my money over the last year so hopefully I can change that. I want to raise my scores as fast as I can possibly make it happen. One of the problems I have right now is applying for cards hoping to get a bigger CL rather than wait until I am in a better situation. My goals are to pay off the rest of my debt and not use my cards so I can raise my scores to use my VA home loan, refinance my car loan as well as get another major credit card. My current scores at TU 591, EQ 590, and EX 614. My goal for my scores is to get them all above 700. Hopefully with all the advice in the forums that people give I will be able to achieve my goals.

Starting Score: TU 591 EQ 590 EX 614 (7/30/17)
Current Score: TU 632 EQ 621 EX 640 (9/1/17)
Goal Score: TU 700 EQ 700 EX 700

New Member
Posts: 5
Registered: ‎09-01-2008
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Re: Take the myFICO Fitness Challenge 2017!

Good Afternoon Everyone out there in la la land.  I'm really at a loss of what to do right now.  Or even where to begin anymore.  I am in total credit card hell and debt, maxed out credit cards, charge off's.  I'm just ready to give up.  I listen to Dave Ramsey and Clark Howard-- it all sounds so great to do , but I just don't know where to begin.  Do I just start paying the lowest balance card down, then move to the next one... Snowball method I think that is called.  My credit score ranges anywhere from 520 to 560 depending on what bureau.  That is another definite grip of mine, I think something should be done at a Federal level, to get these credit reporting companies all on the same page. It should be illegal to have 3 different credit scores.  Welcome to America.  Ok, sorry Rant over.  I think I just need a community I can come and talk to -- to try to get me through this.  Thank you guys for listening. -- J



Starting Score: 517
Current Score: 575
Goal Score: 700


Take the myFICO Fitness Challenge
New Member
Posts: 2
Registered: ‎08-02-2017

Re: Take the myFICO Fitness Challenge 2017!

[ Edited ]

Hello,

 

First, a very heartfelt thank you for all the wonderful content on this site. I've been studying the pages and internalizing all the wisdom and am very grateful for this community.

 

Now, the fitness challenge.

 

Credit Score: Ex fico 8 score - 621

Positives = Long history + Bills paid on time recently

Negatives= 4 Serious Delinquencies + few accounts paid on time (i have no other accounts) + no credit card + no revolving credit

 

 

Credit History:

4 school loan account delinquencies in 2012. 2 of which are fully paid off, 2 of which are in a rehab program which will remove them from my credit report in 6 months if all payments are made on time (so they say). I have paid down 60% of the principal.

I had several cards that have been used and closed with no issues. Needless to say, they would still be active if i knew then what i know now.

 

Current Credit:

4k in school loans being paid regularly and expected to be paid off in 9 months. first, 6 months of rehab program through Texas Guaranteed. Once rehab is over the loan is sold to a bank and i will pay off balance. I would pay off whole balance now but the rehab program promises the expunction of delinquant account. Here is hoping.

 

Goals: I have entered the Real Estate investing world and been able to invest as a silent partner but am looking to find my own deals now. I will need a better fico score to secure decent mortgage loans.

 

Plan: After having paid off 2 school loans, reduced 2 other accounts by 40 percent the next step is to add credit card activity. Experian score simulator suggest a jump of 50 points after opening first credit card account. The score ingredients mention high achievers have multiple revolving accounts and a good mix of credit. I have read the forums here and understand there is a difference in opinion on whether to open multiple cards at once (I need 3 or more accounts in the long run). I have a brother with excellent credit history that is willing to add me as auth user or co sign mortgage but would like to move forward without using those options.

 

Next Action: I am shopping for credit cards. I have been pre-selected for a BOA preferred rewards secured card. I would be able to have a 10K limit but it would be reported as secured. The other option is to roll the dice and apply for an unsecured card and see what limit they are willing to give me. My bank rep thinks I would be able to land the unsecured card with a small limit. Secured 10K limit Vs. Unsecured 500 limit what to do?

 

Timeline: Immediate - get first credit card possibly 10K BOA secured card, 6 months - apply for second card unsecured with Chase. 12 months apply for 3rd card, have school loans paid off and potentially 2 delinquent accounts removed from report. Apply for first mortgage loan.

 

*****************************UPDATE******************

Went to BOA and decided to try for the Unsecured card. With a decent income, good savings in my account with BOA and a strong status with the bank I was able to get a 4 K limit unsecured card. Unfortunately it has 23.99% APR after the first year. The hard pull has been noticed by experian but I lost zero points for it. I will begin utilization under 10% soon and update agin as my score increases.

 

**********

 

This is my story in a nutshell. Please feel free to share your thoughts, criticisms and advice. I've been reading obsessively and trying to make the best decisions to reach my goals. Thanks again for all the wisdom shared in the forums.

 

 

 


Starting Score: 533
Current Score: 621
Goal Score: 750


Take the myFICO Fitness Challenge
Valued Member
Posts: 49
Registered: ‎05-19-2017

Re: Take the myFICO Fitness Challenge 2017!


wolfgolden76 wrote:

Good Afternoon Everyone out there in la la land.  I'm really at a loss of what to do right now.  Or even where to begin anymore.  I am in total credit card hell and debt, maxed out credit cards, charge off's.  I'm just ready to give up.  I listen to Dave Ramsey and Clark Howard-- it all sounds so great to do , but I just don't know where to begin.  Do I just start paying the lowest balance card down, then move to the next one... Snowball method I think that is called.  My credit score ranges anywhere from 520 to 560 depending on what bureau.  That is another definite grip of mine, I think something should be done at a Federal level, to get these credit reporting companies all on the same page. It should be illegal to have 3 different credit scores.  Welcome to America.  Ok, sorry Rant over.  I think I just need a community I can come and talk to -- to try to get me through this.  Thank you guys for listening. -- J


Hi wolfgolden!  Welcome to the Challenge.  I'm working on cleaning up my own credit and getting back on track after some major difficulties.  

 

It's hard to know where to start when there's so much going on for you, but what I recommend is this:  

 

1.) I know this sounds hokey, but make a list of what you owe and to whom, with interest rates, and payoff amounts.

 

2.) How old are the charge-offs?  If they're fairly recent (within in the past 1-4 years), see what you can do to settle it.  Are you in a position where you could possibly pay in full?  If you are, offer to pay in full in exchange for deletion from your credit report.  Explain any hardships that you were having at the time they occured.  DO NOT fall behind on any credit card payments.  Stay current.

 

3.) if the charge-offs are older, or you can't pay in full right now, move on to paying your credit cards off.  I would do the snowball method, especially since you feel frustrated and like giving up.  Start with the smallest balance, and pay that off, then move onto the next.  I did that myself, and it made me feel more encouraged with each one that gets to the zero balance.

 

4.) DO NOT cancel any of your credit cards, no matter what Dave Ramsey says (the man's right about several things, but wrong about others).  You'll destroy your utilization percentage, and you don't want to do that.  

 

For other methods of dealing with charge offs, I suggest you go over to the "Rebuilding" board on this forum.  You'll find a lot of help there! 

 

Don't give up!  You'll get this fixed, but it's going to take time, discipline, and some research.  

Starting Score:EQ 630 TU 621 EX 614
Current Score: EQ 681 TU 681 EX 668 (8-19-2107)
Goal Score: EQ 750 TU 750 EX 750


Take the myFICO Fitness Challenge
New Member
Posts: 5
Registered: ‎09-01-2008

Re: Take the myFICO Fitness Challenge 2017!

Thank you so much for the detailed response. I really appreciate your help.


Starting Score: 517
Current Score: 575
Goal Score: 700


Take the myFICO Fitness Challenge
Member
Posts: 16
Registered: ‎07-19-2017

Re: Take the myFICO Fitness Challenge 2017!

[ Edited ]

Just starting over after BK 9 years ago and not careing. At 53 I decided I needed to fix this. In one month I have raised over 100 points and not stopping now..

Starting Score: TU 508 EQ 547 EX 528 (07-02-17) - Current Score: TU 661 EQ 634 EX 671 (08-14-17) - Goal Score: TU 750 EQ 750 EX 750
Credit One $450 | Merrick Bank: $550 | QUICKSILVER $400.00 | Capital One $300.00 | First Premier $700 | First Premier $300 | Bascov $250 | J.Crew $250 | Vic. Secrets $350 | Brylan Home $500 | Ann Taylor $250 | NFCU Rewards $1600 | NFCU CCL $2000

Take the myFICO Fitness Challenge
Member
Posts: 8
Registered: ‎08-10-2017
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Re: Take the myFICO Fitness Challenge 2017!

This is awesome!  My current FICO 8 is 645 and my goal is 745.

I have high balances on my credit and retail cards, too many inquiries and a late payment from 2015.

I hope to raise my scores by paying down my cards, avoiding new credit (except for a mortgage).

I may have to get a little more advance to get above 700, but knowledge is power and that is why I am here!

Starting Score:645
Current Score: 645
Goal Score: 745


Take the myFICO Fitness Challenge
Established Member
Posts: 23
Registered: ‎04-23-2008

Re: Take the myFICO Fitness Challenge 2017!

[ Edited ]

I'm 100 years late but, I'm just gonna jump right in and introduce myself and then head over to the current month. 

 

I've officially started working on building my credit after a divorce of a 20 year marriage. That left me with no credit history and a really old baddie from Midland Funding that I, legit, never owed. But I digress.

 

I started out below 600 and have been working to build my credit profile with secured cards, cards using the SCT and joining NFCU.  I've been working hard to balance building credit with running a small business and stabalizing my home finances, as I'm now a single mom of 2. When I originally applied for CC with NFCU, I was declined. This week I've been approved for Signature Cash Rewards ($7k) and NavCheck ($15K) and my highest score (TU) is 697, although Discover told me it was 702. Either way, I'm greatly encouraged and well on my way. So, I'm joining this Challenge today (although I've been lurking for months) hoping to reach a year end goal of 750, and of course, ultimate goal of 820+.  That MF account is scheduled to fall off this month so, I'm pretty excited about that. I've been fighting them for months.

 

I look forward to growing with you all. Heart

Starting Score: 584 TU
Current Score: 755 TU, 696 EQ, 728 EX
Goal Score: 820+


Take the myFICO Fitness Challenge
Established Member
Posts: 11
Registered: ‎08-15-2017
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Re: Take the myFICO Fitness Challenge 2017!

Hey All,

 

New to MyFico, but have been rebuilding my credit for about 8 months now. I have about $70,000 in student loans I am looking to refinance within the next 6 months and then trying to be a first time homebuyer in the next 2 years or so. I am excited to be a part of these forums as they have already helped me find information over the last 8 months and I suspect they will be even more helpful now that I am a part of MyFico.

 

Starting Scores 8/15/2017| EQ: 606 | TU: 678 | EX: 656
Current Scores 10/18/2017 - EQ: 647 | TU: 738 | EX: 683
Goal Scores - EQ: 720 | TU: 730 | EX: 720


Established Member
Posts: 11
Registered: ‎08-15-2017

Re: Take the myFICO Fitness Challenge 2017!

 


Subexistence wrote:

I recommend mentioning you have those cards and are afraid to close them in the fico-scoring sub-forum. Many others more knowledgeable than I will be able to assist you on the best way to do it.


 


Subexistence, 

 

I have the credit one card as well, I opened it a few years back to just start my credit rebuiliding process. I have plenty of new cards now and do not need the credit one, but don't want to close it due to it being one of my older cards. Can you point me in the right direction on why I should get rid of the card and the reasonings behind it?

 

Thanks!

Starting Scores 8/15/2017| EQ: 606 | TU: 678 | EX: 656
Current Scores 10/18/2017 - EQ: 647 | TU: 738 | EX: 683
Goal Scores - EQ: 720 | TU: 730 | EX: 720


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