New Contributor
Posts: 61
Registered: ‎12-18-2011
Re: Take the FICO Fitness Challenge for 2012!

Hey All!


This is my first post, and I've wanted to participate in this challenge for about a month now!  I'm excited to carry out this task as my new year's resolution was simple.  "To Be a Financial Adult". 


Brief History--  I was financially illiterate.  My family lived by the live for today because you're going to die tomorrow and you can't take it with you philosophy.   Although highly intelligent people otherwise, this was the stupidest lesson they could have taught me.  My parents finances currently are a nightmare that I can't begin to wrap my head around.  Needless to say, spendthrift ways, a bad relationship, and living in perpetual denial landed me in a Chapter 13 by age 25 in 2009. 


Today-- I was recently discharged from the 13 after paying back all my creditors at 100%, I am on track to graduate this year, and I have a well paying secure occupation.  I make money, now what do I do with it?  This is where my new year's resolution comes into being.  I have taken the steps through the great advice of many on here, I read a TON over the christmas holiday and in a month raised my score astronically through some of the tips I gained. 


Currently, my CR shows only student loans, the 13 discharge, and remaining creditors at 0 balance which majority will fall off in April and May.  I have 3 small collection accounts that total less than 300$ combined, and I am in the process of goodwilling and PFD them away wish me luck.  I have had 2 30 day lates in the last year with current accounts.  This is from adminstrative oversight on due dates, I'm hoping that a goodwill letter will resolve that deficiency as well. 


Finally, I have a car loan that is not reporting as I purchased it as a lease with gps device (excellent option for the credit strapped) and will have it paid in full by April.  At that time, the company will report 24months of ontime payments to the 3Bureaus.  The interest for the vehicle was a little high, but opportunity costs.  It is my hope that if I can rid my report of the lates, post the payment history for the car, remove the CAs and let the remaining baddies fall off by June I will reach my goal.  The only negative remaining will be the 13.  Which is beneficial because will report as 3 years old this month, so I am in great shape I believe to keep on trucking.  Any advice that you all have is welcomed, as I am a thirsty sponge. 


Long Term--My goal is to buy a house.  I make too much money not to be able to take advantage of the tax benefit.  I think that I can try and secure a loan by August if my plan works as designed.  Once I get myself out of this rut, its been 4 long years, I plan to stay out and be the financial adult I know I can!  I will never purposefully put myself in this position again.  Good luck to you all. 


Starting Scores--  11/28/11


TU  479  EQ 481  EX  508 (FAKO)


Current Scores--  01/7/2011


TU  553  EQ 533  EX 601 (FAKO)


Goal -- 740+



Starting Score: 479 (TU) 481 (EQ) 508 (EX FAKO) November 2011
Current Score: 687 (TU 3/26/2012 Lender pull) 658 (EQ 3/15/12 Score Watch) 640 (EX FAKO)
Goal Score: 740+

Take the FICO Fitness Challenge