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Holiday fun, already reflecting on how the year has passed. Have to admit, finding this forum and announcing a plan and sticking to it has been nothing but goodness for me.
Original plan:
@Revelate wrote:2012 plan:
- Jan: open up another secured card at old credit union
- Jan: take out a secured CD loan 3 year term USAA, cheaper way for installment tradeline
- Jul / Aug (depends on when they report sixth payment): finish off the unsecured personal loan
- Aug/Sep/Oct: depending on current FICO score, pull trigger on refinancing auto loan
- Dec: *maybe* try for an Amex Zync if scores look better, report gets a little cleaner, and mortgage is delayed as I expect
- Ongoing: depending on finances, figure out when to use the long stick to wake the tiger (IRS), might be paid but my documentation has been lackluster this decade
- Ongoing: seeing if I can get that collection removed
I hit nearly every single milestone with the exception of finishing the IRS issue and getting the collection removed (really didn't try hard on this one as frankly the collection is righteous from my own wayward stupidity). Highlights from the year included:
- Hitting my goal score of 640+ in July, though my score has since flatlined at 643 for the last several months.
- Refinanced my car from 19.35% APR in August down to 5.99% (now 5.74% with DCU's good behavior bonus)
- Zynced just under the wire in October before it was discontinued.
Next year's plan is a theoretically simple two-step process (with some random score target since I've no idea anymore):
- Deal with IRS
- Get mortgaged
Have a wonderful holiday season and best of wishes and luck to everyone for next year!
Edit: Tale of the FICO score (EQ Beacon 5.0) for the curious:
01/01/12: 561
02/03/12: 571
02/24/12: 595
03/30/12: 608
04/27/12: 617
05/25/12: 619
06/29/12: 631
07/27/12: 646
08/31/12: 634
10/01/12: 643
10/26/12: 643
11/30/12: 643
Did not achieve my goal because I started last month only. At the same time I went on an app spree 4 hard pulls and 3 new cards: CapOne (already reporting), Amex and Discover (not yet reporting). So far I have not been punished yet but it might come as of JAN13. So you might see my scores going in oposite direction next year. Just got ready for 2013 and updated my signature. More realistic goal for end of 2013 now. We will see.
Happy Holidays to all of you and great success on your goals for 2013
Happy Holidays!
The first step on this journey was to get my credit score. I am pleased. But I want to take it higher. A bad choice, an impulsive decision to get a Macy's card while doing Christmas shopping and one missed payment in '08 still haunts me. In 2 years, that red flag can be eliminated. In the mean time, what can I do to maintain or improve my credit score? Besides property or a car, what else might I buy on installment?
@Anonymous wrote:Happy Holidays!
The first step on this journey was to get my credit score. I am pleased. But I want to take it higher. A bad choice, an impulsive decision to get a Macy's card while doing Christmas shopping and one missed payment in '08 still haunts me. In 2 years, that red flag can be eliminated. In the mean time, what can I do to maintain or improve my credit score? Besides property or a car, what else might I buy on installment?
There is no need to buy a car or something else just to have an installment loan reporting.. check with banks in your area and find one that offers a secured loan... that is a loan secured by your money. What happens with a secured loan is that you take money to the bank and use it to buy a CD. They then take out a loan against the CD, and give you the money back. Then you pay the bill on the loan for 12 months, while earning interest on the CD. After 12 months, you own the CD free and clear, and you've built 12 months installment history which can help if you want to buy a car later on.
Started to rebuild exactly a year after filing bankruptcy. Went from 523 to my highest score being 663 this year. Up 130 points
After reading forums on bankruptcy and rebuilding credit I did the following:
March 2012- started rehabilitation on defaulted student loan
April 2, 2012- approved car loan Capital One
June 2012- approved Capital One unsecured & secured
August 2012- Learn all accounts were not iib, and got them corrected.
November 2012- completed student loan rehabilitation. Loan in deferment. Currently in school
December 2012- approved Barclay Apple Card & Apple Federal Secured Credit Card
Plan to garden until June 2013. That way all my hard pulls except the two I did this month will be a year old.
As soon as the collection is removed from a rehabilitation student loan, I am looking for another boost in my credit score. Was hoping it would have been completed before the year ended, but no success as of yet.
I have learn so much from the forums this past year and my suggestion to new comers is time is your best friend, learn from your mistakes and others! It will take some time and patience, but the reward is worth the wait.
My goal is to be at 700 post two years filing bk (April 2013). Hopefully, when default loan is removed and with time I will make my goal.
Well, I just found this forum but since I started using myFico, my score has increased from 715 to 747! I'm pretty happy I guess I will sign on for the 2013 FICO fitness challenge. Hoping to get to at least 765 in 2013 and have all of my outstanding CC debt paid off. Here's to a prosperous new year, Cheers!
Wow!! iam just starting out. ( EQ 629 TU 644 fico ) (EXP 590 on credittotalcheck.com )so iam tying to REMOVE some inq now, wanting for that to come off, here shortley.
my file is light how ever JUST A couple of small cards thinking about putting some AU with long history and larger balances what do you think? trying to get up to 700 club with in 60days and so on >>>>> 2013 WILL BE MY YEAR JUST PLAY THE GAME RIGHT......
I had a mixed year. I'd hoped to break 700, and did so for TU, not for EQ.
My EQ scores have stayed in the low 680s all year. But I was able to purchase new home, kill off the high fee rebuilder cards (First Premier and CreditOne), and replace my last secured card with 6.2K in two unsecured cards.
I believe inquiries generated to finally get my mortgage and utilization are the reasons I didn't do better in 2012.
I had a wonderful 2012! My credit rebuilding journey was successful, during which I was able to achieve the following goals:
I'm grateful for all of the knowledge and support that I've received on these forums. My participation in the myFICO community has really been a life-changing experience. My sincerest thanks to all.
01-16-2012 04:06 PM
My wife and I decided to get serious about our debt when we bought our first house. We found out that she was pregnant with our first child the day that we closed. A couple of weeks later, we bought her a car as hers was about to shoot craps. Our goal was to pay as much down as we could in 2011. Last year, maternity leave notwithstanding we paid off the remaining $4,500 on my car. We paid her car off in one year too. We also knocked a bit off our student loans and mortgage and paid off a little over $11,000 in credit card debt. We also paid off the $3,200 we owed on furniture we bought when we moved in our house. We haven't carried a balance on a credit card since 2010.
Our debt is now her student loans and mine and our mortgage. Our goal for this year is to pay off another $50,000 in student loans. Unfortunately, we haven't always been good about paying down debt or even paying our bills on time. We each have scores in the low 700's and I'd like to see 750's by the end of the year. Good luck to everyone else this year. I look forward to seeing updates from everyone.