08-26-2013 10:27 AM - edited 08-26-2013 10:39 AM
This is my first post and I am excited to start my fitness challenge, although the year is almost ending.
My plan is to get my lowest score, EQ at 700+ by Jan 2014 and hopefuly well over 720 by May 2014 (wedding date!). Hoping to start my new life right.
My first plan is to mail a GW to Bank of America for 6(30 day late) and 3 (60 day late). I worked out a payment plan with them and paid it all, however the DOLA is March 2013, meaning I'm screwed until 2020. Any feedback on this toughie?
I also need to send a GW to a closed by grantor AMEX for a 1 (90day late) in 2008 (Paid account/was a collection account, insurance claim or government claim or was terminated for default).
I want to make more plans, but am unsure whats next. I haven't seen any movement on my Equifax, just it going down if anything by small points:
690 8/24/13 (made a tiny purchase on my inactive Discover which lowered me)
692 6/29/13 (fiance added me to his business account which lowered me)
Does anyone know what I can do to move upwards? I only have 2 major credit cards and 20k in student loans/installments that are paid promptly.
08-27-2013 12:58 PM
been lurking for the past few months gathering information and "learning the ropes", so to speak, about getting my financial house in order but maybe putting it out there for this challenge will help motivate me further ...
over the years I had amassed a fair number of negatives on my report due to periods of financial hardship and my own irresponsibility. I had a credit card in college that I started off well with but pretty much just stopped paying at one point. I had utility bills go into collection. I defaulted on my student loans. Not really a pretty picture. At one point a couple of years ago my score was somewhere in the low 500s.
I've managed though a combination of GW letters, charge-offs falling off of my account, payment plans, and secured cards to raise my scores into the 600s. I've recently begun the rehabilitation process for my defaulted student loan so that should significantly pay off in 2014. While I did let the CC balances get higher than the should have I am currently paying them down as well. I am currently also on a Chase auto loan so as that matures / pays down that should move things in a positive direction as well.
EQ started at 599 (Nov 2012) now 636. FICO 632 now 655. Hoping to get up near 670 by the end of the year and into the 700s next year.
Thanks to everybody for all of the information throughout this forum, it is an invaluable resource.
08-28-2013 10:22 AM
Hey all. I just found this forum within the last month, and enjoy it immensely. I am new to credit and have a straight 0 across the board.
I recently received a $300 dollar secured Fifth Third Credit Card
I am also looking into obtaining one from the bank I've worked for the last 8 months or so, not looking good though (they don't offer secured).
I'm moving out of state in a couple of years and my goal is to get myself set up with a good score from all three reporting agencies, as it will help with rent and utility deposits where ever the Ms. (then to be Mrs.) and I go. My goal is a 700 after two years, I believe it shouldn't be that difficult as I will (ideally) have no bad marks on my record at all, only good. My major handicap will be that my longest Credit History will have been 2 years.
|Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)|
Starting total revolving credit: $0 | Current total revolving credit: $1100.00
Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013
Mechanically Sound Car
|Fifth Third $300|
U.S. Bank Harley Davidson $300
Capital One Platinum $500
08-29-2013 02:32 PM
So this is my second time around with MyFico.*sigh*
From about 2007-2010 I had spent endless hours cleaning up my credit that had previously been brought down due to being an irresponsible college student who lived off of credit cards during the millennium (that sounds so long ago, doesn't it?). When I found this site around '07 it was a complete lifesaver! I was totally hooked and I paid daily attention to the amazing advice it delivered. Although I had already paid off my debts by that point, I sent dozens of GW letters after learning the process from MyFicoforums. My CO's and lates started dropping off one by one. In doing so, by 2010 my score jumped from the low 500's up to the mid 700's. I was able to buy my first car in 2009, I qualified for multiple prime credit cards, I maintained a low utilization, I had zero lates. I was so proud of myself and swore I would never let myself fall victim to credit card debt again!
Then came a huge blow in 2011 that rippled into way too many financial problems than I wish to count. My mother passed away suddenly and due to family obligations and unexpected costs incurred with her passing, I ended up having to live way beyond my means. Therefore I maxed out my credit cards, the interest rates skyrocketed and I was no longer able to afford to even pay the minimums or the late fees. I shut down mentally and emotionally, buried my head in the sand and sulked away from my credit cards and from my beloved MyFico. I prioritized my family's day to day living costs and needs over my own financial health. What many people don't realize is that grief not only affects your own personal health, but it can also have a terrible effect on your financial health. Fast forward 2.5 years and my credit score is back down in the gutter, I have zero open lines of unsecured credit, and I owe close to $6k on the ones that are defaulted (this is after already paying off almost double that recently). I am just kicking myself every day for being back in this crappy boat.
That being said, it's taken the past two years to clear the fog of grief, and get out of my hole of denial and now finally face the music. So I am back. I am back on the MyFico boards, I am determined to pay off the rest of my credit card debt (the good news is I only have two more car payments with zero lates over the past year or so!) and my financial confidence is much much stronger thanks to MyFico. I shall overcome this hiccup, and move onward and UPWARD (scorewise!).
My CR goals are:
1.) Work on settlement agreement for my remaining three defaulted lines of credit (totaling $6k - can’t afford to PFD at this time) – once paid GW the living heck out of them
2.) I’ve sent a DV letter for a random defaulted medical bill in 2010 that I had no knowledge of. I only found out about it when I checked my CR. Will try to contest or PFD ($585), no plan yet. Suggestions?
3.) GW letters to Cap 1 for paid CO
4.) GW letters to rest of paid CO trade lines
5.) Positive trade lines – I already have two secured cards – USAA Amex ($500) and US Bank Visa ($300) – will continually keep 9% utilization or below, pay each and every month to help my score
6.) Pay off rest of auto loan (only $800 more to go!!!!) and then GW for lates from two years ago
7.) Current score of 564 - Goal of 700+ score by 2015
Future planning goals:
1.) Emergency savings fund of $3,333 each year, $10k in 3 years
2.) NEVER ever ever be dependent on credit cards ever again!
08-29-2013 07:15 PM
I am glad to see a forum that focus on long term and short term personal financial FICO increase goals. Since watching a fico score is similar to watching a clock, it helps to have others that are doing the same thing and reporting changes. I started giving attention to my credit scores a few years ago, but now realize the FICO score is definitely the score to watch. By the way, is there a difference in FICO score and credit scores? I have been following my Transunion score more regularly than the other sites.
My goal is to reach a 800.
My current score is 672.
08-30-2013 12:42 AM
Yay! Received my discover.it card today in the mail, and it also included an official FICO score: 752 (experian)! I originally set my goal for 750, but I guess I need to move the goalpost to 800 :-)
08-31-2013 12:06 AM - edited 09-07-2013 02:10 PM
Wanting to improve my credit for 2014 for a possible home purchase.
Scores as of 09/01/13: EQ- 679, TU- 686, EX- 687
08-31-2013 01:54 PM
Currently in my mid 20s. Spent the last 6 years messing up my credit.
Overall goal is to hit the 700 club and get rid of all baddies.
The past two years I've been doing way better and have actually been able to get a couple cards to help rebuild my credit.
Here are my stats:
EX: 543 (FAKO)
EQ: 638 (FICO)
TU: 574 (FAKO)
By the end of this year I wanna hit 680 across the board.
What's in my wallet? Cap 1 $500 | Cap 1 $200 | Best Buy $500 | Credit One $450 | Victoria's Secret $500 | Express $250 | Wells Fargo $700
Take the myFICO Fitness Challenge
09-01-2013 12:37 PM
I'm new to the forum have been reading a little. Hope to make some contributions to the community and most importanly reach my credti score goal. I have a few late payments on my records that I'm attempting to delete or bring current. Anyway this day marks the beggining of my, myFICO Fitness Challenge.
09-05-2013 12:51 PM
With the decline of the economy and my business I lost control of my finances a few years ago resulting in13 accounts being charged off. I successfully ignored the countless phone calls from creditors and the mountain of letters I received, however I could not ignore a CA state tax lien which levied and wiped out my entire bank account three times. I made so little money I stopped filing my taxes and it finally caught up with me.
Recently engaged and wanting to start a family I knew I had to clean up my past. I considered filing for bankruptcy, but then I learned that after 4 years creditors don't have recourse and after 7 years my old accounts would drop off. All my accounts are past the statute of limitations for legal recourse with the exception of two. With these I'm just laying low and waiting them out. Between 2015 and 2017 all of my negative accounts will drop off. I just opened a Capital One secured master card to start a positive trade line and will probably apply for a Wells Fargo secured card in the near future.
My goal is to rebuild my credit with a few secured credit cards so when all my old accounts drop off I have some positive history. I'm also in the process of settling up back taxes with the IRS and CA FTB and hopefully having the FTB tax lien removed. Once all the negative items have been removed or aged off I would like to methodically build and structure my credit portfolio to achieve a 750+ score.
I'm excited to be addressing this head on and to participate in this community.