New Contributor
BGinVA
Posts: 131
Registered: ‎10-03-2011
Re: Take the FICO Fitness Challenge for 2012!

I'm excited to be in the 2012 challenge.  I have a few rough years behind me where I let things slip, several late mortgage payments, and some credit card collections.  I have almost 2 years of perfect payments as of  2012 (one will age to 2 years in September), but have LOTS of lates and 3 paid collections that will need anywhere from 18 months to 5 years to totally drop off. 

 

After I let things get so bad I didn't rely on nor apply for much credit for a few years, except a personal loan for $6K with Citifinancial(now One Main Financial) and I got a pre-approved Orchard in Nov 2010 with a $300 balance (recently increased to $500).  Then the interest rates fell to an all time low, and I started fantasizing about refinancing my high rate HELOC, that's when I got serious last summer. 

 

First pull I did here at myfico in July was a 599, I knew I didn't have a shot.  But I signed up for credit monitoring and something fell off around Sep  and I got a nice boost to 642, so decided to take my chances with a Walmart card so I could get the free TU score, boost my credit mix and available credit with a card that had no AF and would be used for practical day to day expenses and paid off each month.  Got it with a $700 limit (and an increase to $800 in December). 

 

The next month when I got my TU score from Walmart I was sitting at 630 (yeah it took a little dip from the new card and inquiry) but I pulled the gun and started making some calls about refinancing.  After being turned down by Wells Fargo, I called Quicken loans and they fully approved me with just a few easy conditions.  So I refinanced my first that was at 6.5% and my HELOC that was at 9.75% to one mortgage at 4.25%.  Just prior to being approved for the refinance I had accepted a pre-screened offer from Merrick Bank (I fully disclosed it to the lender as I didn't know wether I was approved or not), and suprise $1K cl approved in December. 

 

My score is kind of bouncing around right now with several inquiries, new mortgage, paying off the HELOC, but right now its up (but I expect more bouncing as the new mortgage has not reported yet, just that I paid off my original 1st, HELOC still showing open with balance).  My goal for 2012 is I need a new vechicle, my current one is sitting at 195K miles and I commute 150 miles round trip on the days I have to go in the office, plus have 3 six to twelve hour road trip vacations planned this year and want to make sure we make it.  So I want to get to a minimum of 660 before I apply for auto financing, as that seems to be the lowest range of getting  a decent interest rate.  I'm hoping that will come by June.  I have a little playing around I can do with my credit card utilization, as I used them a bit for Christmas, but plan to have them all paid off by the end of January and then play around with using small percents to see how to best maximize my score.  Other than that, time is all I can do, as I messed up pretty bad a few years ago.  The thing that seems not fair to me, is I show 6 seriously delinquent accounts, but the truth is I only had 3, the other 3 are from the collection agencies (which I paid) who were assigned the accounts.  It somehow doesn't seem fair that you get a double ding for the same account.  I might try some goodwill letters, but other than that, time is the only thing that can help my score at this point.

 

I'm wishing everyone a wonderful FICO year and may we all reach our goals! 


Starting Score: EQ 630 TU 632
Current Score: 660 EQ 663 TU
Goal Score: 660 to purchase new vehicle


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