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03-01-2017 06:05 PM
Count me in this year! I've been interested for the past few years and always was a silent member since back to 2010. But this year, I am interested to being more active on forums and looking forward to being accountable with others. My goals are to strengthen my scores to have overall a healthy credit file, to purchase a home in less than 2 years and to move my credit cards to prime cards.
I am also having an issue posting the siggy. Can someone please help with that?
Welcome Cherekas to the myFico Challenger!
03-01-2017 06:10 PM
This year I hope to achieve:
- Improve my FiCO score to 700-750 range.
- Pay off my debts.
- Get my first auto loan approved with less 7% APR.
- Save 10% of my income every month.
- Keep my credit cards under 30% utilization.
- Pay off My FP credit card and remove it from my CR.
- Remove Natural Gas from my CR.
- Get approved to increase limits in NF, CO and CO credit cards.
This is my first time myFICO Fitness Challenge and I am so excited to see the my accomplishments in December 2017. Reaching my goals will bring me a lot of peace, I've been very stressed over my financial situation and that affected my health, so I want to be free and healthy!
Starting Score: EX 579 EQ 533 TU 535 on 1/1/2017
Current Score: EX 579 EQ 533 TU 535
FICO 8 569
Goal Score: 700
Welcome to the myFico Fitness Challenge! I wish you all the best in reaching your goals - they are all very worthy goals! Just keep chipping away at it and you're be at 700 before you know it!
03-01-2017 06:15 PM
2016 saw me closing six credit cards with a reduction of $50K in credit. Also, a rearrangement of my mortgage dropped my FICO 08 Score from 848 (300 to 850) to 800. After taking all the hits my scores are back up to 838 in 2017. No credit needs forecast at this time. Did pay off all my credit card debt in 2016 which hurt my scores. Let one account report a few dollars in 2017. Likely will garden all year unless some really outstanding card that fits my needs is offered.
I often hear that there is really no real point (except bragging rights) to get score above 760. This ^^^^ proves the benefit of getting your scores as high as possible. It allows you to do things to better your overall financial situation and take a significant point hit in the process and still have good scores. I also notice that those who do bounce back fairly quickly. Congratulations and good luck gardening in 2017!
03-01-2017 06:34 PM
I want to join the challenge and start repairing my horrible credit.
I have 13 accounts with late payments
I have 6 accounts in collections
I owe somewhere in the neighborhood of $60,000 in student loans that I have yet to pay on as I have no job.
My goals for 2017 are to pay down all my credit cards to less than 10% of utilization. I got several of them using the shopping cart trick over the holidays and they have already bumped my scores more than 40 points. I would like to cultivate my credit to get a higher limit credit card ($5000+)
I know next to nothing when it comes to repairing credit and even less on how to deal with crediors. My second goal is to learn how to fix the mess I dug myself into.
My goal is to raise all 3 credit scores to 650 (ideally 680) by the end of the year.
My final goal is to start paying my student loans that are my mountian blocking the sun.
Welcome to myFico Fitness Challenge!
If you haven't had a chance it, check out the Rebuilders forum. There is a wealth of information on repairing your credit. You may also consider checking out the Garden. I do hope you're able to find a job soon. Having been unemployed for a long period of time in the recent past myself, I know how it can be stressing to financial obligations. The great thing about student loans is that you can easily have payment deferred while you are looking for employment. You have some great goals. I wish you all the best in reaching them.
03-01-2017 06:36 PM
So I am still trying to figure this out. Hopefully I joined? I am a mother of 3 biological children and also raising my niece and nephew. I was diagnosed with cancer in 2015 and my finances took a hit. Now that I am cancer free I am trying to get my credit and finances back into shape.
reddaisy25, Welcome to the myFico Fitness Challenge! So glad you are cancer free! If you looking to get your credit and finances back on track...myFico is the place to be! The rebuilders forum is a wonderful place to start when tackling the various negatives that may be on your CRs. I wish you all the best in reaching your goals!
03-01-2017 06:38 PM
Welcome to all the first timers that have joined the myFICO Fitness Challenge! I am a first time challenger too! I hppe we all attain our goals this year.
@reddaisy...yes, you joined the challenge. Welcome! Glad that you are here, and that you beat cancer. You sound like an amazing person to be raising your own kids and your niece and nephew. Look forward to seeing your FICO journey unfold!
03-01-2017 06:40 PM
Hello everyone and welcome to the myFICO Fitness Challenge!!! I enjoyed reading all of your goals.
- Garden - 4 months - I may pick up another BBR in March but I'm still undecided.
- Increase CL on a couple of cards - so far its been a no go with Cap 1 & IT seems to be on a 91 day cycle.
- Combine Cap 1 accounts - I still can't combine, but I'm not stressing over it. It will eventually happen.
- Reduce utilization - I'm still on track to PIF first card March 2017.
Stay positive & focused so we can meet our goals!!
Yes it will! It sounds like you're well on your way to reaching your goals.
03-01-2017 07:09 PM
My goal is to reach for 800+ Just not sure how to get there yet.
I know for starters I must get my debt down. Just paid all my credit cards to zero. Waiting for the next months to see the updated scores. I have no bad marks, just had to high of utilization.
We did a House refi in Dec. 2016 / SoFi loan Jan 2017 - Used all the money to pay credit cards to zero. Now with only a mortgage, car payment and loan.
2/8/17 Update: I am learning so much these days about credit data.
- TU hoards updates for about 3 weeks before doing an update. So, data that has shown for a few weeks on Experian and Equifax has not been updated on TU yet.
- Once the credit bureau updates your data it can take another 24 to 72 hours before your FICO score is updated. So, if a credit pull is made the data may not be the current data that the credit bureau has.
- FICO does not like a zero balance, so if you have no balance you can lose points from your score. So, if you don’t want to pay interest and not lose points you must figure out when the data pulls for reporting, and then pay after that but before due date so you are not late.
- Account alerts, they can take 24 to 48 hours, weekly, or even monthly to reach you. I was thinking alerts would be fast.
- I also discovered you can be rejected with good credit scores (in low 700’s with no negative marks) for a reason of too small of payments with capital one.
- I still have confusion around the fact the I get better scores by paying off my debt for 24 months, rather than paying it off all at once was I use the score simulator.
As I continue with my path towards 800 land, I will keep reading, researching and praying I don’t make too many mistakes along the way.
Baby steps I guess. For now, using credit cards and paying them off weekly, some times daily so we don’t spend the money elsewhere. Keep a small balance for credit agency reporting, my next quest is to find out how I need to use the credit cards to make my creditors happy and want to give me Credit Line Increases, keep FICO happy for the best score and keep my budget in check since I want to get and remain debt free. The debt free part will take about 4 years to pay off car and installment loan, and doesn’t include mortgage.
llpooj, Welcome to myFico Fitness Challenge!
I noticed you mentioned that you paid all your CC to zero. To maximize scoring, you want all your CC reporting a zero balance except one and that one CC that reports a balance should have a util <9%. But this is only if you want to maximize your fico score.
Also, don't depend on the score simulator too much. The additional points shown in the 24 months estimation assume some things that may not necessarily be true.. I have scores now that according to the simulator I'm not suppose to have for another year and half. So, do what best make financial sense for your family - not what a simulator tells you.
I use the simulator often, but only as a crude estimator - not as an exact prediction. This is, IMHO, the best way to view this tool.
And how do you reach your worthy goals? You've answered it...baby steps! Everything doesn't have to be solved overnight....just chip away at it one bit at a time.
Good luck and please keep us updated.
03-01-2017 07:12 PM
February 28, 2017 = 5 months of gardening
I'm 1 month away from PIF my first credit card and it feels good. Everything else remains the same.
03-01-2017 08:18 PM
Returning for the challange again after joining for the first time last year.
My goals for this year are to since I'm not expecting much of a score change:
1. Continue saving money for a downpayment to prepare for potentially buying a house late this year.
2. Continue gardening and requesting soft CLIs.
3. Try to address/remove my only collection once it passes SOL in March (Medical, only reporting on TU).
Overall last year was very successful. I ended up substantially increasing my scores and now just have to wait on aging my profile to continue increasing my scores (other than TU). I also opened up several credit cards and increased my CL to $30K and was able to work down utilization below <5% and kept it there for the past 6 months. I received rewards for spending money for the first time last year as I shifted most all my spending from strictly my debit card to credit cards with rewards. Come mid February once I force a couple cards to report zero balances I'll pull my reports one last time to see where my mortgage scores stand and plan from there. My last pull was 738/691/734 so hopefully I'll have a couple more points squeezed out on those.
Other non FICO score financial things to note. Currently working on my taxes (waiting on one more form to finish everything) and I also finally have a rough budget for the first time ever. It's definitely not quite there to drive all my spending but slowly improving it every month.
You did very good last year. May you have just as much or more success in 2017!
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