Re: Take the FICO Fitness Challenge for 2012![ Edited ]
01-12-2012 11:30 AM - edited 01-12-2012 12:06 PM
I found this forum in November, and so far the information has been great - really good stuff here that will help me clean up my credit.
I sowed my wild credit oats in the '90s (slow pays, charge-offs, etc.), and then realized I couldn't keep doing that - it was embarrassing to apply for a car loan, CC, and get denied. So, I paid everything that was derogatory and waited for it to clear; also, my last slow pay was in 2001. I've had 10 years of paying everything on time/clean credit, but still have very low scores (low 600s).
Since browsing these forums, I've realized my problem has been paying off a CC and then closing it, which resulted in not having a very long AAoA. I was caught in the subprime borrower category in 2007/2008 and had several CCs that were cancelled on me by creditors, which has resulted in an extremely high utilization %. And, I've indiscriminately applied for credit at every turn, not aware of how inquiries affected my scores.
My goals for 2012: 1). Apply for no credit/no inquiries in 2012. 2). Work on paying off my revolving credit lines with high interest rates (I have 14 total, and I hope to pay off half of these this year). 3). Keep making all payments on time.
Looking forward to being with everyone here this year.
Ok - I'm putting my dunce cap on now...
While my goals are the same, I'm not in near as bad of shape as I thought. After more research on the forums, I realized that my current scores in my signature are FAKO scores - I thought because I purchased them from Equifax that they were FICO scores. WRONG (Equifax Credit Watch is NOT FICO). So, I purchased an Equifax Fico score from myfico.com, and got a free TU Fico score from Walmart - my scores have increased by 30-50 points!
FAKO scores in my sig: EQ - 604, TU - 640, EX - 614.
FICO scores (soon to be in my sig): EQ - 659, TU - 670, EX - ???.
Anyway, I will be updating my 2012 goal for the year to have 700 scores across the board. I think this is now "doable."
Love this forum!
Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:Dec 2013: EQ - 770, TU08 - 751, EX - 730