01-10-2012 09:03 PM - edited 01-10-2012 09:07 PM
01-10-2012 09:29 PM
I was excited for this 2012 forum to open up! Reading through the 2011 challenge, I really was inspired. I, as with a lot of us, want to be financially stable in life, and no more than now do I truly believe that.
Okay, here we go...
I have had "credit" for a while, although did not really pay much attention to it (chalk it up to ignorance). About 2005, I was in a dirt biking accident that landed me in the hospital. Unfortunately, this happened while I was in between medical insurances, so needless to say, I was screwed. Thousands of dollars later, I was unable to pay and fell behind in payments...all the while by score was being affected. Long story short, the medical bills, my ignorance in paying things on time, and my whole immature approach to financing, has left me in a world of hurt. High interest rate auto loan, students loans, and credit card balances has left me down in the dumps.
But enough is enough, I'm tired of seeing "On Approved Credit" or "Excellent Credit" on T.V. and in ads without my heart sinking into my stomach. I have to get out of this hole, I want to get of this hole, and most of all...I NEED to get out of this hole. I have already begun taking steps in cutting back and saving money for the new year. Changing my medical insurance, auto insurance and other living arrangements...I was able to calculate $1k in savings over a year. Super excited!!
Now, my goal will be to lower debt, no more late payments, and overall repair anyway possible to reach my overall goal. I’m confident with hard work, determination, and this forum, I can reach my goal and reach that pinnacle state of “financially stable”.
Thank you for opening this forum, and I look forward to 2012 as my most productive year to date!
Good Luck everyone!!!
01-10-2012 09:32 PM
01-10-2012 09:53 PM
01-10-2012 10:29 PM
01-10-2012 11:34 PM
Hello everyone!! I am happy to join to challenge again this year. Last year I was doing well for awhile but ran into a little financial trouble and a couple of my scores declined. I have worked really hard the past 2 weeks to get back on track an the results have been outstanding, thanks to all the advice and help here!
The results of 2011: my EQ and EX scores dropped dramatically my EQ FICO score actually dropped to 470
So far in 2012: On December 27th, I pulled my Fico scores and reports and saw the new very low scores and set out to change it fast. I am happy to report that as of January 8th my EQ score jumped to 524!!! That's 54 points in less than 2 weeks Woo Hoo!! Im on a roll!
My goals are to try my best to reach 680 on all three bureaus by Summer and hopefully get approved for a home by Fall and move in before Winter!
01-11-2012 04:52 AM
Hey Fitness Family,
Just updating. Like so many others, I've found the advice given here to be so useful, and I'm grateful for myFICO. So my score actually increased last year. When I first signed up for myFICO and checked my score, I was at 636. Now, after doing some gardening and excercising self-control with my spending, I'm at 719.
My goals for 2012:
1) Increase score to at least 770 or above.
2) Apply for NO NEW CREDIT
3) Use the current cards I have and let them grow and increase in Credit Lines
4) Pay all bills in FULL every month
5) SAVE, SAVE, SAVE!
All the best to everyone!
01-11-2012 05:27 AM - edited 01-11-2012 05:28 AM
Found this forum when I finally decided to pull my head out of my tookus regarding my credit and dump my cash-based existance: this community is a fantastic resource, thank you all!
End goal is to be able to get a mortgage, so raising my score to 640 is pretty much where it's at for the first bar and I hope to reach that by the end of 2012 as a target, Would be fantastic to hit it earlier, but we'll see how things go.
Starting report: one IRS enormous albatross from 2004, a paid CA tax lien, one paid collection (2010), an old secured card that had a sixty day late back on 8/10. Empty file beyond that.
Dec 2011 "Madness"
- opened up two credit cards, one BOA secured, one Orchard bank unsecured
- bought a car mostly for the car loan at an entirely awkard (though expected w/Auto EX of 551) APR
- took a ridiculous unsecured personal loan for short-term cash and another tradeline. Expensive way for an installment tradeline
- Jan: open up another secured card at old credit union
- Jan: take out a secured CD loan 3 year term USAA, cheaper way for installment tradeline
- Jul / Aug (depends on when they report sixth payment): finish off the unsecured personal loan
- Aug/Sep/Oct: depending on current FICO score, pull trigger on refinancing auto loan
- Dec: *maybe* try for an Amex Zync if scores look better, report gets a little cleaner, and mortgage is delayed as I expect
- Ongoing: depending on finances, figure out when to use the long stick to wake the tiger (IRS), might be paid but my documentation has been lackluster this decade
- Ongoing: seeing if I can get that collection removed
Thank you everyone for all your contributions, looking forward to this year!
01-11-2012 08:58 AM
I am looking to clean up my credit report and get all my bad information off my credit report. I have established good payment history on the credit cards that I have. Now, I am going to work on my bad items that I still owe on my credit report. I owe about $1,500 in collection debt, I have one attachment/garnishment for $6,000-$7,000. (Not sure on how much exactly) Also, I have $3,000 in credit card debt. So I am going to try to work on the collection accounts first while making payments on my credit cards. Hopefully, I will raise my credit score.
01-11-2012 11:52 AM
HELLO FICO FAMILY
IM READY FOR THE 2012 FICO FITNESS CHALLENGE!!
14 CREDIT CARDS...12 W/ BALANCES
$2082 DELINQUENCY ON TU FROM OLD CAR LOAN
3 COLLECTIONS 2 UNPAID
GOALS FOR 2012
RAISE CREDIT SCORE TO AT LEAST 675
PAY DOWN BALANCES ON CARDS
PFD OR JUS PAY COLLECTIONS & DELINQUENCY
GARDEN MODE & NO APPS UNTIL 2013
REFINANCE CAR LOAN
&&& RAISE SCORE ENOUGH TO GET MORTGAGE PREAPPROVAL EARLY 2013 ((FINGERS CROSSED))
WISH ME LUCK && GOOD LUCK TO EVERYONE!!
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.