01-16-2013 04:53 PM
I am new to the FICO fitness challenge but hoping this will help me get where I need to be. I have been working on my credit over the past year, and getting some tidbits from the message boards but had never posted before. In 2011 I ran into some hard times and was unable to make many of my payments. Because of that almost all of my accounts showed late payments during most of 2011. My Citi card went to collections and I settled that payment in the beginning of 2012 and since November 2011 do not have any late payments. I do still however have a collection for Dell which I am saving up for to pay off.
This year, we are also trying to buy a house and plan a wedding, so there is a lot going on right now. I currently have a 570 score and my fiance has a 770. My biggest goal is to get to 620 so that we can apply for the VA loan (fiance is a veteran).
I am hoping to learn what I can do to get the rest of my baddies off and continue to rebuild my score in the quickest way I can.
01-16-2013 07:57 PM
This is the first year that I am/will be actively be aprticipatiing in the fitness challenge. I have planned to in past two years but I never got down to the nitty gritty. I am in the midst of getting my finances/credit together to finally purchase a house. It is going to be a tough challenge but I think I can do it. As of today I was in contact with a mortage broker who gave my updated scores, my scores wher a lil lower than I expected but I'm glad that I know where I am. This is goign to be a great baseline test/start for me. He also advised me to some of the accounts that I should try to remove in order to get my score up. I do not have a credit card on my report, I did get a unsecured card last year from HSBC/Orchard Bank and did not take care of what I had to do, biggest disappointment in last year. So now I have to rebound and get it going.
My current goals are to plan to remove the bad collections on my account as per instructions of my mortgae broker that ran my credit to get a house. Once I get theses on track, I will attempted to get at least one credit card on file so that I can get some revoloving credit on file to show I can keep payments up. I will use all the tools and helpful ideas/steps that I read from this site and just do the damn thing.......
01-17-2013 05:16 AM
I have spent the last four years fighting the damage of identity theft. While the laws make it appear, so simple, oh no! I can remember never having a score below 800 and now will be thrilled when I get to 700. I still have 3 accounts divided on two CRA's to have removed, and since all are late pays, and one a 69,000 charge off, that should give my score a great boost. I completed the identity fraud victim, had a huge police report, sent it to every agencie on my 3 reports, did it by the book, and for the most part it was useless. I am getting ready to have the identity fraud alert, long term ones, removed from all three of my CRA's, having seen how they continue to cause harm, in many ways.
This year, I have to open some credit lines, which I hate, having stuggled at times, to get my home, car, and other major debts paid off. I am planning on doing a second mortgage, then a revolving line of credit tied to the house, and a car loan. The second mortgage, if I am understanding all this I will do for 10X what I plan..ie 100k then pay 90k back in 15 days, and then make the payments on a regular basis, there out. The revolving credit around 50k, which I will likely tend to pay off monthly, never getting close to the 10% of available credit. Seems really wierd way to score someone one, why have a line of credit for 50,000, you dont need, and have to pretend is 5000. Leaving 45,000 to fall in the wrong hands
I have been in all three agencies since 1979, having never missed a payment on my accounts, I don't have sufficient credit, as even paid mortgages, credit card accounts, and car loans drop for your report. Now there have been approx 120,000 in various accounts reported as negative at each CRA, so my reports were active..
I retired from the state four years ago, while still in my 40's, when all this hell broke loose. In the last 3 years I have managed to get my Masters in Nursing, and looking forward to new career and a clean credit report, then off to live in a nice tropical area. Enjoy my career and a semi-retirement. With all of the up and downs with the 3 CRA's, OC's and attempted suits, I know these last three accounts aren't going to be any different, a fight to the finish. As I can not practice until my credit report is corrected, these CRA's and OC's, have pushed me way too far, but civil suits aren't worth it. I want my life back at this point, and some of these OC's and, employee's from each of the CRA's need so be subjected to the penalty of incarceration, for not abiding by the law, and the laws would have some teeth then.
I have 11 months, hope I can accomplish my goals. I want an 800 FICO and nothing on any report that I didn't open, or take responsibility for paying. Hence, with a clean credit report, acquiring a position as a Practitioner at the type of facility I want to practice, will take care of itself.
What I have read on here, hoping I can utilize some more effective methods, and make it much less painful, this last go round.
01-17-2013 11:33 AM
Hi... I will be taking the fico fitness challenge this year. Goal? Get all scores up over 770, preferably at least one above 780. Which requires me to pay down the little bit of credit card debt I racked up last year. Otherwise I am in really good shape. (And the credit card debt is pretty small, too). Thanks myfico. I used to be one of those people who needed a lot of help with this, but now I am not.
01-17-2013 11:34 AM
I have been looking at this forum for over 6months and taking advantage of the awesome advice but never posted! I am so happy to start this challenge, my goals of this year are below:
Obtain FIRST Mortgage
Raise credit score to 700
Obtain a awesome credit card.
LETS DO THIS!
01-17-2013 02:09 PM
I've been using this website for information for about a year now and it is the best site hands down. I just signed up for the Score Watch program after using FAKO Experian for a year and FAKO Equifax. I ruined my credit in college and ended up with several collections in addition to late payments on my student loans. I am now paying everything on time. I started with a secured card in 2009 and I qualified for a Captial One unsecured card with a $1K CL in April 2012. I paid on time for my 6 months and then I got the CL increase to $1500 in October. A month later I changed the secured card to an unsecured card with a $1K limit. My main goal right now is to apply for an auto loan but I'm afraid of being denied. I'm glad to see such a supportive community here!
Buy a new car by February (I've been gifted two cars but now that I'm 27 I think it's time to buy one on my own)
Qualify for an Amazon.com Card
Buy a condo before I turn 30
Continue to use new credit lines responsibly
01-17-2013 03:09 PM
I am so ready to move up the FICO ladder! I have been trying for years and now I'm see progress with the info I have learned for these forums.
Right now I have 4 Credit Cards. Walmart 400 (a week) First Premier Bank 550 and 500 (since 04) and capital 1 500 (since 2011). any advice on something else I can do to improve my CL and my FICO scores. A friend suggested secure loans, but I'm not so sure.
thanks in advance!
01-19-2013 08:52 AM
01-19-2013 09:33 AM
So I am totally new to this message board. I have been lurking for months, picking up tips and tricks, but now that I am getting serious about my financial health, I thought it was time to join in the conversation.
There are a few shaky things that I am ready to shed from my credit report in the next few years, but I want to use this forum to find everything I can to add more positive aspects to my report and help me buy my first home in the next few years.
From what I have seen, you guys are AWESOME! And just from the advice I have followed, I've added three new lines of credit, improved my on-time payment, lowered my balances and increased my scores by leaps and bounds. I look forward to aiming for the 700's this year!