I would like to take the myFico Fitness Challenge 2018, how can I do so?
Just list your goals for the year that you think will be attainable. Rather it be reducing utilization on credit cards, to working on any derogs, or is a new car or house a goal for this year? Last year for me was cleaning up credit, reducing overall utilization, dropping sub prime annual fee cards and obtaining ones that would grow with me.
To mark your progress, it is best to have some avenue to obtain your Fico 8 scores, either subscription here, or doing the trial offers with credit check total and cancelling within a few days. Some credit cards give you a FICO 8 score, others give Vantage scores and is not reliable, nor credit sesame, or credit karma. Post your scores with the date you begin with in January and your goal scores.
Welcome to the forums!
Fresh start - January 2015!
Stats - as of 01/15/18:
FICO8 - EQ: 732 | TU: 760 | EX: 736
CC Revolving UTL: 4%
AZEO: Citi BBV 6%
Spending: 20% Maximum UTL per card / paid in full before statement cut
Note: Minimum 5th CC most helpful towards 850 FICO8? - Which card will be best 5th card to app for?
Alliant SSL/60m $500
Note: 1st Installment loans since clean slate
Combined CL: $9300
AoOA: 2 yrs
AAoA: 12/17: 15.5 months > 01/18 (post app spree): 11.3months
AAoA = 24 months: June` 2019
Inq’s. Eq - 3 (1 denial 12/17)
Inq’s. Tu - 0
Inq’s. Ex - 4 (1 denial 12/17)
Payment History: Never Late
Negative Accounts: 0
Public Records: 0
Goals January 2018 -
Goals February 2018 -
Goals March 2018 -
Goals 2018 -
HOW WILL I ACHIEVE THESE?
My major mission is to raise /adjust my Standards & perceive these goals as Necessity!
Looking forward to your motivational support support guys <thumbs-up>!
My goals this year
Pray I don't have disasters as in 2017, major flood in kitchen, lived in hotel for 3 months, had to pay for upgrading electrical, new appliances, etc. Also pray insurance company doesn't drop us (first claim).
To exceed 760 ATB both Fico 8 and at least middle score on mortgage
Keep AZEO, do have a big higher utilization on the one card, but does not exceed danger zone, should hopefully be only statement cut max of about 6% after March. Fingers crossed.
Stay in garden- been 9 mos since last app, only ask for CLI if a soft pull only
Save at least 10% of net income monthly.
I'm new to this forum and the challenge. My current scores are as follows:
My Experian score just took a 21 pt hit because my auto loan was paid off last month (which I'm not happy about). I also recently changed a secured credit card account with my bank to an unsecured card, which closed the old account and opened a new card account. The new account has a higher limit, but I'm hoping that it won't hurt me that the previous card was closed. And finally I opened a new Amex gold card account a few weeks ago. Neither one of these card changes are currently reflected in my scores at the moment, so I'm curious to see how these changes affect my scores. Do you think it will hurt that my older unsecured card was closed and 2 new cards were opened in such a short time frame?
Welcome to the forums!
Yes, not having an installment loan reporting can hurt your FICO scores but the best loan to report is one that has less than 8% of the original balance left to pay. This is why many of us did the SSL Technique here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
As for your new accounts, the only way to know is for you to calculate your AAoA on all accounts reporting. If you need help let us know and we can guide you. New accounts usually hurt the most for 0-3 months, hurt less for 3-6 months, hurt a LOT less for 6-24 months and hurt zero at 24 months typically. But the first 3 months are the worst.
|FICO8||FICO8||Visit my homework posts:|
|03/17||12/17||My 11 Rules to Credit Rebuilding||Free FICO Scores!|
|FICO alert: why did my credit score drop???|
|.||.||FICO Score: What to pay down first?|
|.||.||Post more than your overall utilization please|
|.||.||Debt Consolidation Loans|
Currently sitting at 768. Hope to get to 800 by the end of the year.
Current scores: EQ-768 TU-768 EX-767
As well, seriously consider closing the Amex & Discover cards.
(I dislike the phrase, "We don't accept ... ", tend not to keep track of rotating categories, and would prefer not have to think about what card I use. That said, we eat out often enough that a Savor might make sense, as might the QS (no AF, no FTF) -- but those are thoughts for the latter half of the year, when I've lifted the 'New Credit' component of my FICO score out of the gutter.)
|EQ||758||6 INQ (3 CC, 2 mort, 1 auto)|
|EX||742||7 INQ (3 CC, 2 HELoan, 2 mort)|
|TU||810||6 INQ (4 CC, 2 mort)|
|4/24||< 5%||AAoA 91-97m | AoYA 3m | AoOA 19y 2m|
My financial situation is such that I am in a year of rebuilding. By goals are:
1. Improve credit scores.
2. Remove and/or dispute inaccuracies on each of my credit reports.
3. Maintain below 20% credit utilization (according to the reporting date of the bill).
4. Pay all bills on time/Pay credit balances in full by due date.
5. Save a downpayment for a house.
6. Buy a house.
7. Refinance car loan.
First Timer to the MyFico Fitness Challenge! Can't wait to see how this year plays out for rebuilding my CRs!
10/2017 01/18/18 10/2017 01/18/18
TU: 578 TU: 597 TU: 632 TU: 651
EQ: 591 EQ: 608 EQ: 616 EQ: 629
EX: 598 EX: 628 EX: 590 EX: 627
2018 Goal: 700s across the board FICO8, Mortgage Mid Score in 700s
I went straight to the monthly challenge and started posting, then remembered I forgot to post my 2018 goals
Since the end of 2017 was such a disaster, my goals for 2018 are high
I want the bogus mortgage lates off of all three reports. 1 down, 2 to go
All scores back up over 700, and hoping for 740 range or higher
All credit limits restored to same amount, or higher, than before the mortgage lates appeared
$67K card limits have been reduced to $48K, due to the mortgage late payments that started appearing
Get credit card interest rates restored from the higher rates that were imposed
Pay off one card a month
Focus on side work for savings and home improvements
Push my congressman to introduce something that will protect the consumer, by requiring some sort of verification of negative information reported that can cause potential financial cost, employment opportunities, credit and banking approval, and other negative impacts the consumer endures when inaccurate information is reported.
Beginning Scores 554, 622, 669
And the final goal is to find out why I have been in the forums since 2012, but still have New Contributor flying abover my posts