Happy New Year everyone!
Im working on raising my FICO score this year. Starting with 702 trying to reach 800.
FICO simulator says pay down credit card debt. Gotta make a plan and stick to it!
Happy New Year! I am taking the Fitness Challenge for 2013 to get my financial house back in order. I started the forums a few years ago, raised my score 80+, purchased a new home, car, and obtained credit cards. I then began late paying the credit card and ultimately lost it.
I sold the truck I purchased and drove an older model vehicle without payments for several years. At this point, I just want the option of apping for a credit card or loan without worrying if I will qualify. So to sum it up I'm doing this for peace of mind.
I would like to upgrade to a larger home within the next three years. So I'm putting in the hard work now to make that goal a reality. Ultimately, by the end of 2013 I'd like a score of 650 or more AND Nordstrom's Card (my sanctuary).
3 Years ago I had a 505 FICO score. November of 2011 after 8+ years I was approved for my first credit card (Discover More) and a variety of others with 630 FICO. 2012 was spent putting the cards through plenty of use. And 2013 will be dedicated solely to paying them now and throwing them in the sock drawer. I hope to end the year with a 720+ FICO. Wish me luck and I'll see you at the finish line...
As far as my financial situation, I just feel like i'm too much into debt. I'm 22, and my fico score is pretty good. I've NEVER been late on a payment. But, in order to bring my fico score to my goal, I'm going to need to pay off more debt. However, I feel like I need to find additional ways to increase my income. Not only do I want my fico score to be 750, I also want to have higher limit credit cards as well as the Chase Sapphire Preferred. If I'm able to have that credit card AND bring my fico score up to 750, I'd be satisfied. In order for me to do that, I'd need to increase my income and decrease my expenses to pay off more debt.
Wells Fargo Credit Card: 868/3600
1st Financial Bank USA: 2819/4900
Citi Bank Thank you Preferred: 1991/2200
Without getting too deep into what I make a year, I will say that I am middle income and take care of a lot of folks. I'm not saying that I'm any different than anyone else, just starting my post. With that being said, I am FINALLY in the position that I need to be in to repair the damage that I did as an ignorant young adult. I was never taught to use credit wisely, and I wasn't very responsible with it in the first place. My years have taught me that I would prefer to work for myself, and invest in properties, and as we all know, that's made easier with good credit.
So starts my long journey back to the top of the mountain. I hope that you will follow me through the ups and downs and give me encouragement when available, as I will return the favor. Good luck to all who embark on the same journey.
GOAL: To pay off my $20,000 loan by November.
HOW I WILL GET THERE: Save 80% of each paycheck and put it directly towards that loan.
HOW I WILL CELEBRATE IN NOVEMBER: Treat myself to a deluxe pedicure at the fanciest spa I can find. (In the meantime, do my own pedicures and manicures!)
Went through a debt reduction program in 2005 and started rebuilding my credit last year. Obtained my first card (secured) for $300 in January 2012 and was approved for a second card in March 2012. Have been using them frequently so got a bump to total credit limit of $1050 in October. I wanted to wait for a full year of payments till I apply for some new accounts so will start applyiing in February. My credit started out at 609 in February and is currently at 693. My goal for 2013 is total credit limit of $10k and a score of 710+. I hope to obtain a card for $2k-$3k in February and apply again around the 4th quarter of the year for another $4k-$5k card.