02-20-2013 07:08 PM
my credit has gone to pot over the past few years as I have been in medical residency and just barely making ends meet. I maxed out my credit cards about 2 years ago, but was still paying everything on time. Then I took a pay cut last summer and fell behind on some things - including unfortunately my mortgage. I also racked up some lates on student loans because I got overwhelmed back in 2008 and again in 2010 and didn't put in my forbearance forms promptly. I got rid of my one collecction with a PFD a couple weeks ago. Now to take care of the rest of this mess.
I want to buy a new house in the summer of 2014, so I have just over a year to get my credit respectable again.
02-21-2013 06:59 AM
My current situation is I just discharged a Ch 13 BK December '12. I have just received a secured credit card from Cap One and no other credit accounts at all. I have student loans holding me down in debt.
My goal is to rebuild my credit. I will be paying my bills on time every month and trying to reduce my student loans as much as possible. Currently on a 3 year project with my company and hope to also save at least 8 months worth of expenses.
1) Pay all bills every month on time
2) Use secured credit card monthly and pay it off on time
3) Reduce payments of student loans so it has less of a financial burden and my family and I
4) No new credit accounts until score has plateaud
5) Pay savings as a bill every month
I'm hoping this works for me as I'd like to get my FICO up to 750 someday.
02-21-2013 01:55 PM - edited 02-21-2013 02:05 PM
Starting this new year out right!
I just found this forum a couple weeks ago and I love all the advice it gives it is very helpful and I am sure will help me keep raising my score!
My year started out with four collections 1 paid 3 unpaid. I also had 3 credit cards 1 good standing maxed out 2 negative one maxed and one closed with a balance. Since then I have opened 4 new credit accounts and have paid all of my accounts to zero including collections! Collections are still pending unpaid so I am hoping my score will jump a good amount when those are gone Goals this year are to keep raising my credit scores and keep ALL credit cards PIF every month. I would also like to apply for a NFCU card hoping for a higher limit then my other cards! And lastly working on getting an auto loan so that we can get another car for the family hoping for $10000 crossing my fingers...I will be on this site checking back for advice to improve my score, weekly if not daily.
02-21-2013 11:17 PM
Hello, everyone! This is my first post, and I am so happy to not just be a "lurker" anymore! I have enjoyed these forums so much, and learned a lot from all of you. I have just begun a round of GW and PFD letters; can't wait to see how it turns out!
My goals for 2013:
1. Raise my scores from TU 616 EQ 598 EX FAKO 555
2. Get some illegitimate baddies removed from CR
3. Get some legitimate baddies GW removed from CR
4. Refinance my mortgage for shorter term and better rate
5. Pay off all DHs student loans
6. Pay off truck loan for DHs work truck
7. Garden my 3 post-BK CCs
Thanks all! So glad to be a part of this! Very motivating. Will keep you all posted!
Ohmigosh! Just checked my FAKO and one of my GW letters worked! That along with a CC payment raised my FAKO EX score 95 points!
02-22-2013 10:02 AM
Just realized how important it is to have good credit.
Signed a purchase contract for new construction home in January. Received conditional pre-approval with one of the conditions being to raise my credit score to 640. House is scheduled to be complete end of May or early June. I'm very very very nervous and worried about not maintaining a FICO score of 640. My husband and I will be first time homebuyers and I'm so worried about going through underwriting. Our dream is to buy our first home and just so scared something will go wrong.
So glad I found this site; wish I would have done so sooner. Thank you to all the contributors who offer great advice.
02-22-2013 12:05 PM
I am New and Feeling inspired by your stories, So I'm taking the 1st step on the road to my recovery. A few years ago I let everything go due to a bad situation. i just said forget it... but now is the time to get my life back on track and move on. I'm really hoping this is a place i can come to for help.
The only place to start is what is going on today....
August 2013- Get Approvd for a Mortgage 1800,000 to 200,000
With the hopes of getting my act together I will make it.
Thanks for the support
02-22-2013 01:19 PM
This is my first time with myFICO.
- send out GW's - see if I can get the 30+, 60+ lates on my report removed including Paid item from 2010 Best Buy Credit Card (HSBC) deleted (fingers crossed/ a girl can try right?).
- I have lived in the same apartment complex going on 5 years now and paid my rent late once. Hoping for a good recommendation from them when I move into my own place in 2015.
- Get down from 70% to 30% (1450 total debt/2050 total card limit) by August 30. I am working full time and in grad school, while hubby works part-time and is in grad school so we will have to be slow and steady on this one.
- join the garden club
- Save for DP for car, with loan ~$3500
- Actually Start Saving. NOT just for the X-mas fund, or the birthday fund.....but a real bonafied 3 months of salary. I had some bad credit habits when I was 18 (so did my husband). I am 25 so I am really taking this 7th year to enact some real change. and definitely want to break the cycle.
- Qualify for FHA loan, start the process of looking to buy once my score is up next 2 years.
Let's do this!!!!!
02-22-2013 08:44 PM
I've been teaching myself how to be more financially responsible for many years, but lost ground 5 years ago when I went through a surprise divorce. I've been able to bounce back and now own a small home in a low-income area of Seattle, but I managed to rack up some credit balances when I was out of work and suffering from cancer and clinical depression. These balances carry 22% interest, and my goal is to increase my credit score so I can qualify for balance transfers to cards with lower interest rates. I'm also helping my new husband become financially savvy, and helping him pay off debt, remove delinquencies, and gain unsecured credit at favorable rates. In early 2014 we hope to be able to purchase our retirement home (a rural fixer on acreage)- using great credit and a hefty down payment that we will be saving towards! Here's to good planning, patience and wise financial strategy.
02-22-2013 08:51 PM
Good for you! Keep up the good work and reward yourself for breaking the cycle. I applaud your courage. Have you called any of your collections (perhaps the lowest one you can pay off in full) and negotiated for a lower balance if you can pay it off in full immediately? My husband had 2 delinquencies and one was willing to lop off 1/2 of the balance if he could make the payment immediately. Read up on this strategy, and see if you can make it work for you! I'm pulling for you
02-23-2013 09:04 AM
I joined not a long time ago but so far I read some very great tips.
I started with TU612, Now I have TU685 and EQ693, for 2013 I hope on getting above 750 on both