Take the myFICO Fitness Challenge for 2012!

[lurk2mem1]

Hello All..

I hope everyone is having a create start on the new year. I've been lurking for the past three weeks and I've learned so much already. This site is awesome!! I thought I understood credit until I read the information on this forum. Boy was I lost.

I'm a year removed from having my mortgage modified but I've kept up on my payments So my credit was fair not poor. My credit scores have increased over twenty points within the past month an a half as I was 25k in debt, now I'm only 5k in debt. (yess!!). I currently have 49% utilization, but I'm working on it.

My current fico scores are

TU: 668 1/23/12

EQ: 683 01/28/12

EX: 667 fico score on 12/28/11 (pulled from CU). 680 FAKO as of 1/28/12 however.

My goal is 740 across the board.

I am extremely excited. I've spoken to my brothers, best friend, soon to be fiancee (she doesn't know yet!!) and I can't wait to get them on the right track as well. Currently, I'm working on a few GW letters and with a little luck I'll get some baddies removed.

I currently have three CCs. My CU's Visa CL: 9K since 2005 8.6& APR, Amazon Store card CL: $120 (reduced from $500 a year ago  by the lender), and the horrible CapOne MC Plat CL: 1.4k    (Average credit history is about 10 years.)

I've applied for an AMEX Green and BCE this past weekend and was approved for both!! CL is only 1k but at least I'm in the door. I also applied for a Sweewater.com card which was denied!! (GE Capital). (Why is it so hard to get credit with them??)

I believe I should get rid of my Amazon Store Card, but my only dilemma here involves the CapOne card. Everything about this card screams GET RID OF IT NOW! The balance is currently $0. CL is only 1.4K, APR is 29% and the annual fee is $59!!! DAMN (Due in Aug)... I was late once last year Jan so they say they're unable to offer me an APR decrease or a CLI! The only thing that's good about the card is the account history. I've had it since 2002 so it's my oldest card.

Now if I get rid of it, my CC util% goes up, but not by much. But my AAoA will take a hit as well. What should I do? From what I've read here, it seems that it may be ok to get rid of the card now as I've just gained 1k in new BCE credit (hoping for a CLI from AMEX in 61 days). This will help with the util% but it's a hard pill to swallow; keeping a card charging me $59 bucks that's not an AMEX with great rewards. Any suggestions??

Other than that, I think I'm on the right track!! Thanks!!

[llecs]

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@lurk2mem1 wrote:

Now if I get rid of it, my CC util% goes up, but not by much. But my AAoA will take a hit as well. What should I do? From what I've read here, it seems that it may be ok to get rid of the card now as I've just gained 1k in new BCE credit (hoping for a CLI from AMEX in 61 days). This will help with the util% but it's a hard pill to swallow; keeping a card charging me $59 bucks that's not an AMEX with great rewards. Any suggestions??

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Welcome! Great questions. I recommend posting the same in the Credit Cards board. There's a lot of folks in there who know the ins and outs of Amex, including the topic of product changes and backdating which might help too.

[lurk2mem1]

Thanks llecs! Will do.

[tubesock]

Congratz on the score increases hateashbury & bornhuge!

[Tropikal]

Finaly decided to take on the fico chanlenge 2012, sorry don't have current scores yet, waiting to get home,

I really hope I can get my scores to my goal this year, I may seen pretty steep but I'm commited and there is no going back. Thanks MyFico forums for such a great informational forum.

A little about my CR stuff..

BK7, discharged on 7/09

Two IRS Liens, Released But not withdrawn

One CC, 50% Util, 1.3K CL

One Car Loan, Since 12/10, Paid as agreed.

My Plan this year is to;

1- Would like to remove the Liens from credit (Not sure how much this will help)

2- Reduce my utilization to under 9%

3- Increse my CL to 2-3K (Meay be additional CC?)

4- Continue to pay all bill on time.

Will see how it goes.. wish me luck.

[Anonymous]

I am new to the site.  There is a wealth of knowledge here.  If only I had come here sooner, I would be in much better shape. 

I want to buy a home in May 2012.

I am not sure exactly what needs to be done, but I will continue reading and learning.

My payment history 13 months and older really stinks, but I am stepping up and taking care of business.  (Never too late)

Open to suggestions from all.  Look forward to getting to know members of this community!

[izzesparks]

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@MarineVietVet wrote:

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@izzesparks wrote:

Thanks Mr. Barry !! One question. How do you post a reply with the original post listed in your reply, like how you replied to mine, I know confusing, hopefully you get what I am asking. I cannot figure out how everyone is doing that, lol....

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After you hit "Reply" to answer a post you'll see above and to the right of the tool bar the "Quote" button. Hit that and then type your comments underneath.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Ahhhhhhhhhhh thanks MarineVietVet!!! that was driving me crazy, lol

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[haulingthescoreup]

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@izzesparks wrote:

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@MarineVietVet wrote:

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@izzesparks wrote:

Thanks Mr. Barry !! One question. How do you post a reply with the original post listed in your reply, like how you replied to mine, I know confusing, hopefully you get what I am asking. I cannot figure out how everyone is doing that, lol....

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After you hit "Reply" to answer a post you'll see above and to the right of the tool bar the "Quote" button. Hit that and then type your comments underneath.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Ahhhhhhhhhhh thanks MarineVietVet!!! that was driving me crazy, lol

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But you have to make sure that your cursor is below the line before you start typing, or your post will wind up within the previous quote.

[jaypeedee]

Hello all.

I am looking toward buying a first home at the end of 2012 / beginning of 2013.  My spouse and I are working hard toward saving a decent down payment so we may finance for decent rate on an FHA loan or similar.  Also I am attempting to improve my credit score to at least 700 by years end.  I made mistakes when I was just starting out in my credit history.  But I am a far more responsible person now.  I have been making my payments on time for about 2 years and though I have a charge-off, and some collections I believe I am on the road to credit recovery.  I hope to soak in a lot of good info and experience from this forum as well as share some wisdom as it comes to me.

[music2hisears]

Hi, I'm Brenda and this is my first challenge. I'm starting off at a 546 (EQ) and a 527 (EX). I haven't pulled my TU yet. My goal is to be at a 700 sometime in my foreseable future.

I filed for BK back in 2005, so this is the year for my derogs and BK to fall off the reports. I made the mistake of getting behind on a couple of medical bills, so I have a handful of medical collections on my reports. Other than that, I have a wonderful payment history with my auto, student loans, and CCs. Only thing is that DTI is a little high at the moment. My plan is to have the CCs paid down or off by summer. 

My number one goal is to buy a home in summer 2013 as that is when the lease I renewed ends. To get there, I have so far paid the OC for the handful of medical collections so there will be $0 balances. I have also started paying off my credit card debt. When it comes time to buy, I should have a car note with only 1 year left on it and my student loans.