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01-03-2013 08:32 AM
New to the boards! I was re-directed here by a google search I did for "IRRRL Refinancing". My credit scores have been stalement for about a year. They don't go up nor down. I don't know what the issue is there. I guess I need to use my credit cards more often. I just use and carry a small balance on one, my USAA CC. I have a limit of 20k, but only carry 2.5k at the most all the time. In total, I have about 9 CC's from every major issuer; Mastercard, Visa, Discover, AMEX.
Any thoughts or suggestions on how to get my score moving again would be greatly appreciated!
- Increase FICO to 775+ by year's end.
- Refinance current home through IRRRL to atleast a 3.5% from a 4.5%.
- Save on refinance and add to my Emergency Fund by atleast 3 - 5K by year's end.
- Start using my CC's more often.. (responsibly!)
I'm glad you found the VA IRRRL refinance forum that I recently posted about my current situation. Right now, in my opinion, is certainly the time to refi if you can, because I think despite all the things still happening, the interest rates are bound to go up (they can't go much down from here)!
We are using our credit cards responsibly and actually making money for spending what we're already spending through the rewards points for signing up for them, and through the cash back method. The card companies need people who are paying off their bill each month to keep cash flow in their system which is part of what makes it work for those who are paying interest on their purchases each month.
I've been paying attention to Dave Ramsey's baby steps (1) $1k emergency fund (2) Pay off all debt (3) build 3-6 months emergency fund (4) 15% invested in IRA / pre-tax retirement (5) save for college (6) pay off home early
My savings will be reduced to refinance. Instead of putting our savings from a reduced monthly mortgage payment, we will continue paying what we are paying now.
For the 2013 myFico Fitness Challenge, I hope to achieve my 755 goal.
01-03-2013 10:05 AM
I am new to the boards and excited about this challenge! Learning so much here.
01-03-2013 11:34 AM
In 2012 I got a CLI on a previously secured credit card. Card is no longer secured. I had a decent increase in my TU and EQ scores. I paid off a little more than $52,000.00 of student loans.
In 2013 I want to pay the remaining 28k I have in student loans and see my score go into the 740's. Would like another CLI on my card as well. Will update if anything good (or bad) happens.
Best of luck to everybody else!
01-03-2013 12:10 PM
01-03-2013 12:27 PM
In an effort to improve my scores, I found these forums a week or so ago, so I am a newbie. I've been reading up and have learned much so far.
Goals for 2013:
Due to a terrible financial struggle, I let many medical bills slide in an effort to keep everything else afloat. We had to refinance our mortgage in 2011, but our scores were awful and we had no choice but to go with a 3-yr balloon. So - that needs to be refinanced just as soon as the scores move up.
The suggestions I read on these forums are great. I plan to put some of the things I have learned into action this month!
Best of luck to all!
01-03-2013 01:15 PM
2012 Wrap Up
- Bottomed out at 525 EQ FICO in May
- Paid off all CC debt and three open collections
- Had three collections removed
- Brought EQ FICO to 645, EQ TU to 676
- Opened 1 new card, Walmart store card
- Only left the garden once in 2012
Auto loan (Could be as early as this weekend)
- AMEX Member
- Add 3 total cards: AMEX BCE, Discover IT,
- Hit the 5 figure mark in credit card limits, including 5k on one card
- 700 club on 2 out of 3 bureaus
Figurd I'd update my original, since it's already changed a bit.
|Chase Freedom $9500|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
|Lowe's CC $8500|
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
01-03-2013 01:22 PM - edited 01-04-2013 05:35 AM
Happy New Year everyone. After many years of ignoring my credit score, I recently checked it and was mortified to see that my score was 503!! I had late payments here and there but always caught up with them. I was laid off for a while and also had a couple collections after graduating from school while I was still looking for a job. Anyway, this year is a new beginning and I am working on paying close attention and becoming much more responsible for my bills. I will also contact some of the creditors and see what I can do to remove some of the negative info from my account. Wish me luck!!!
1. Pay off all credit cards by April
2. Dispute negatives on credit report
3. Save $10,000
4. Take 18 credits for grad school
01-03-2013 01:26 PM
Happy New Year!!
My goals for 2013 are to:
Completely pay off my credit card debt
Pay off two personal loans
Save $5,000 towards downpayment for a house
For the next two months i'm going to focus on reducing the balance on each of my **7 **cards by $100 or more to start reducing my credit utilization.
I'm EXCITED about getting out of debt this year!!!
01-03-2013 01:28 PM
Okay what is the 'gardening' thing I keep reading about in posts?
01-03-2013 01:38 PM