topic Re: Take the myFICO Fitness Challenge for 2013! in Take the myFICO Fitness Challenge!

Take the myFICO Fitness Challenge for 2013!

Anonymous — Wed, 02 Jan 2013 17:29:35 GMT

Happy New Year to the myFICO Forums Community!

Can you believe we’re entering our fourth year of the myFICO Fitness Challenge? If you have financial goals for the New Year, the myFICO Fitness Challenge is the place for you!

What’s the myFICO Fitness Challenge?

To take part in the myFICO Fitness Challenge, simply post an introductory note, and state your financial goals for the coming year. Are you hoping to raise your FICO Score? Buy your first home? A new car? Get that coveted rewards card? Tell us about what you hope to achieve, and what reaching those financial goals will mean to you. As the year progresses, check back here to report on your progress, talk about hurdles you encounter, or simply reach out for support and encouragement from your fellow Fitness Challengers.

New this year!

To help you stay on track, we're introducing monthly check-ins for 2013. On the first day of each month, myFICO will post a monthly check-in thread for you to talk about your progress, successes, speedbumps, etc. Participation in these monthly check-ins is optional - but encouraged!

First time Challenger?

If you’re new to the myFICO Fitness Challenge, then welcome! To begin, set up your official myFICO Fitness Challenge logo signature on your Profile page (Go to My Settings=>Personal Profile=>Personal Information). Then just reply to this topic, telling us a little about your financial situation, your goals, and how you plan to achieve them during the coming year.

Returning Challenger?

Welcome back! Please be sure to update your myFICO Fitness Challenge logo signature so it directs to the current challenge. You can also tell us about your results in the 2012 Wrap Up Thread.

Here’s to ALL of us achieving our financial goals in 2013!

Re: Take the myFICO Fitness Challenge for 2013!

Revelate — Tue, 01 Jan 2013 22:46:34 GMT

Starting the new year with a new challenge, after the first brought me so much personal success credit-wise!

I've been on this forum a little more than a year, and last year's goal was simply to start getting my financial life together and establish credit. Previously I was effectively a thin file with some negative information; this year I'm no longer thin, though still have some negatives which are going to depress my score for a while to come.

This year's goals are basically an incredibly simple (theoretically) two step process:

1) resolve IRS tax lien

2) obtain first mortgage

Everything else is so secondary to be near irrelevant; if / when I obtain a mortgage or otherwise give up on it, I may consider opening another credit card or two that I've been looking at from a rewards perspective if my scores and report support it, but this isn't a process I can get ahead of myself on so just keeping the slate blank. Been renting for nearly 20 years now, and I'm desperately trying to obtain a house here in S. Cali before something awkward happens in the economy one way or the other which may put them out of my reach.

I made last year's goal of getting to a FICO score of 640; I'd originally estimated that my score would top out around 700 until some negatives age off; however, just going to guesstimate that it may float up to 680 by the end of the year, so that's the goal at least.

Good luck to everyone, and may 2013 bring you much success both credit-wise and in life in general!

Re: Take the myFICO Fitness Challenge for 2013!

starry1 — Tue, 01 Jan 2013 22:23:14 GMT

Currently in chapter 7 with discharge expected 2/4. I really want to get back into the credit game, so emergency medical expenses don't force me into a situation like bankruptcy ever again. I haven't had a cc in about 10 years, my choice, and in some ways I regret it. Basically, I just want a nice nest egg again and coverage for emergency expenses. looking forward to being an NFCU member shortly. Goa score is 625 for now.

Re: Take the myFICO Fitness Challenge for 2013!

Anonymous — Tue, 01 Jan 2013 22:41:28 GMT

Happy 2013 everyone! I'm looking foward to improving my score and my life this year!

2012 Wrap Up

Found this board, learned A LOT!
Increased FICO from 599 September - to 656 December
Paid off 3 collections (no more left!)
No late payments or missed payments in 3 years
Increased CL on JCP, Orchard Bank, and other secured CC

2013 Goals

Increase FICO to 700 by June
Make final progress on GW to remove old COs and lates from 2006/2007
FHA Mortgage by May
Refi auto after mortgage
App for Amex (Green), Southwest Rewards, local credit union cc (right after mortgage then garden)
Save - add $5k to add to emergency fund

Re: Take the myFICO Fitness Challenge for 2013!

CarlyK82 — Tue, 01 Jan 2013 22:55:52 GMT

In the midst of being pregnant, getting married in May 2014, and attempting to buy a house sometime in the future, I have taken this leave of absence for a semester from school to work on my fiance's credit. We both thought it would be a lot worse than what it really is, and it wasn't terrible. Meanwhile in the background, I will be working on my credit, which I messed up years ago...young, dumb, and in a stupid relationship where I was the sole provider for the boyfriend who wanted to do nothing...but that is another story.

Our main goals right now are settling these tax liens, since he is self-employed (ugh).

Setting up a checking account to make payments from to get the liens removed. I don't think he is quite at $25,000 yet, but may be close.

Settling the tax liens, which are a lot cheaper, but still troublesome.

Re: Take the myFICO Fitness Challenge for 2013!

scorebuilder30 — Tue, 01 Jan 2013 23:23:00 GMT

Happy New Year!!

I started my initial fico challenge for 2013 in the other thread,so let me just repost some of the things I'm working on for the new year.

I will order my fico scores this month so I can get an idea of how much work is ahead of me,and to qualify for a mortgage by the beginning of 2014. I will do a few PFD's on collections that are not even worth my time to dispute anymore lol I have a new credit card so I will make monthly payments on time,stay under the 35% utilization so that I can qualify for new cards in 6-8 months. I will open a secured credit card as well and do the same. Dispute remaining items on all 3 credit reports,paying off debts and overall just watch my score improve over the months so that I can get my dream home and a better car It's all about rebuilding this year!!

2012 Goal Wrap Up

Deleted 10/13 baddies on my Experian report!

Obtained a new credit card w/ $1000 cl

Students Loans posted as positive (paying as agreed or deferred)

2013 Goals

Start Disputing baddies on Equifax and Transunion this month (January)

Make timely payments on credit cards

Open a secured card w/ a credit union

Continue saving money for my down payment

Pay off items gone to collections

Increase Fico to 620 by April

Re: Take the myFICO Fitness Challenge for 2013!

dheather00 — Tue, 01 Jan 2013 23:14:27 GMT

I just joined yesterday, with the goal or taking care and improving my credit in 2013. My plan of attack is workinig on collection items, getting paid items deleted, and getting a second secured credit card that will eventually graduate. Taking it one day at a time!

Re: Take the myFICO Fitness Challenge for 2013!

newhouse2013 — Tue, 01 Jan 2013 23:27:17 GMT

I just joined this site but have been working on my credit since the summer of 2012. My primary goal this year is to increase my score enough to buy a house with a 4% or lower interest rate. I recently paid off all but 1 negative account and will focus on sending out GW & PFD letters to have any negative TLs removed if I can.

I will also concentrate on paying off my auto loan in the next 3 months so I can save more money for my down payment. I am really nervous about being able to achieve this goal but after reading so many positive experiences and following the advice from people on this site not only do I think it is possible, Im really excited to get this year started.

Good luck to everyone!

Re: Take the myFICO Fitness Challenge for 2013!

KAISMOM — Tue, 01 Jan 2013 23:33:37 GMT

Goal by end of 2013:

1) Pay off CC's ($1900 balance) by April 1. It's apparently better to do it incrementally then all at once...

Add one or two prime cards when my fico score cracks the 700 club to assure fewer hard hits, chances of acceptance and higher CL.

2) Save for DP for car, 3-5k, get approved for car loan, and buy a new, or nearly new subcompact car (eyeing the ford fiesta titanium currently)

3) Earn 50-60k+ this year, currently self employed, get second job (w/health insurance) and/or create another stream of income.

4) Continue to live where I am, never late on rent (something I was for 2+ years until 2 months ago) to show consistancy (currently paying 1400 monthly, the equivalent of a 200k mortgage)

5) Save up for DP on condo/house 5-40k

6) Qualify for FHA loan, start the process of looking to buy once my score is up

7) Pay down student loans by at least 2k currently hovering above 13k

8) Fico score of 730+ by December 2013, ulitmately qualify for Tier one credit, currently hovering at three.

Re: Take the myFICO Fitness Challenge for 2013!

H-Town_Tider — Wed, 02 Jan 2013 01:00:20 GMT

Happy New Year, all! I started 2012 with below average scores, and until I found this board I didn't know jack with regards to the credit system and how it works. I have learned a ton this year just by reading these boards and doing a little bit of research. I had a successful 2012, but I have even bigger goals this year.

2012 Recap:

Improved my scores from the mid 600's to the 730 range.
Successfully had a 30 day late and medical collection removed from mine and my wife's credit reports, respectively.
Reduced my CC utilization from 60% to 33%.

2013 Goals:

Hit 760 across the board on my scores.
Reduce my CC utilization to below 10%.
Have the final two 30 day lates removed from my credit reports.
Buy a new car by April.
Obtain my first mortgage.

Good luck to everyone on their credit journey this year! Credit repair takes time, but it will be worth it in the end!

Re: Take the myFICO Fitness Challenge for 2013!

Oorah — Wed, 02 Jan 2013 00:55:47 GMT

Back for round two this year and hope that I have better success than last year. For every forward step I took, it seemed like there were one or two backsteps made. Progress was made, but not what I was hoping for.

2012 Successes

Approved for three credit cards, have been using them and paying on time, no lates, no over the limits

I was on an all cash diet for five years, but always kept a car loan with never late payment record. New loan this year approved in 15 minutes

In 2012 my score went from 573, to 684, and then back down to 590, I just shook my head

2012 Regress

Denied a Best Buy in store account, which I didn't mind since I don't really shop there

Foreclosure from 2007 successfully won with Dismiss w/Prejudice in 2010 but was refiled in Sept 2012. Hearing later this month and hopefully will be thrown out. Atty has filed motion to dismiss, and other attorneys are co-counsel for academic purposes. Go figure ugh So much for trying to pay and lender not accepting money.

2007 filing was due to note being sold and my payments being mailed all over the country. When I received a good address, payments were sent back stating foreclosure had been started.

2013 Goals

Get foreclosure off of my credit report, it is still reporting as if the first suit never happened, and still reporting me late every month

Challenge a Applied Bank credit card that I am sure I paid off through a collection agency back in 2006

DV letter sent to a creditor on my report that I dont recognize.

Watch a JCP account that appeared out of no where on one credit report. Payments were timely, and states acct closed, but I have never had credit with JCP ever.

I also plan to continue working on my stock accounts and savings accounts. Started selling on ebay, and will work on three websites that I purchased to gain extra income. Biggest issue to clear up is the mess with the house. Tried to pay the bank for three years, so I guess they got what they deserved, although I won't feel completely secure living here until this is resolved.

Hopefully, things will not be so discouraging this year, and I won't throw in the towel like I did last year. In reality, things are looking up, I just felt like I had been hit with a ton of bricks last year.

Re: Take the myFICO Fitness Challenge for 2013!

maiden_girl — Wed, 02 Jan 2013 01:00:09 GMT

2012 was such a roller coaster for me! I'm happy 2013 is here!

In 2012, I:

- Opened 7 credit cards for a total of 9

- Paid off 3 credit cards with balances over 4k

- Lost my job

- Got into a car accident that caused a major set back credit wise

- Obtained new job (approx 3 months later after job loss)

- Obtain first auto loan (approx 1 month later after new job)

In 2013, I:

- hope to pay off 2 more credit cards with balances around 2,900 and 1,800k (still avoiding interest til 2014)

- working on a promotion

- avoid credit cards

- want to age my accounts and inquires (currently at 29 inquires)

- and garden like crazy!

Re: Take the myFICO Fitness Challenge for 2013!

starry1 — Wed, 02 Jan 2013 02:09:03 GMT

It looks like we all have lots of work ahead of us. I just cracked open a lovely bottle of Italian pinot grigio because apparently I didn't drink enough yesterday. Anyone want some?

Re: Take the myFICO Fitness Challenge for 2013!

Oorah — Wed, 02 Jan 2013 02:12:22 GMT

Love your train of thought Starry

Re: Take the myFICO Fitness Challenge for 2013!

Anonymous — Wed, 02 Jan 2013 02:29:44 GMT

I would like to start the New Year by raising my credit score to a 700 by the next eight or nine months. My goals are to obtain a good credit score and purchase a new home this year..

Re: Take the myFICO Fitness Challenge for 2013!

Roarmeister — Wed, 02 Jan 2013 03:23:50 GMT

Financial Goals for 2013:

My promotion and salary increase are effective today
Open a TFSA account for additional savings ($5500) and continue my RRSPs
Continue to payback on my RRSP withdrawals for home loan
Look at increasing my charitable contributions
CLIs on credit cards
Pay off credit cards and overdraft (current debt utilization of 8.9%, looking for 1%)
Build up savings account for create significant down payment for...
Purchase new vehicle in the fall
July 30 was my last credit app(2) so the effect of hard inquires should disappear, looking to upgrade to gold and platinum spades
Bring my credit score back up above 800 by year end.

I think financial goals should be balanced and tackle all aspects of fiscal health not just "pay down the debt". They should also address short, medium and long term issues.

Lastly, I want to figure out how to put both FICO Challenge logo and Spade logo on at the same time!

Re: Take the myFICO Fitness Challenge for 2013!

smiths38 — Wed, 02 Jan 2013 03:44:22 GMT

Hi all,

My goal is to raise my score from 553-600 because I want to apply for an FHA loan the first of July, my lease ends the end of August. I had a chapter 7 discharged December 2009.I have an auto loan with 6-7 payments left.I have 2 cc maxed out with balances of $1050 AND $600, which I plan to pay down to 20% by February. I have an HH Gregg card with a $2500 limit and a JCP card with a $500 limit both with zero balances.I also have a Walmart card with a $500 limit and a $90 balance.The 553 score is the lowest of the three and I am fighting with equifax because they merged my file with my twin's file and he also has a chapter 7 bk along with collections and judgements which I do not have.I got all 3 scores from Equifax complete advantage plan.

Re: Take the myFICO Fitness Challenge for 2013!

credit_monkey — Wed, 02 Jan 2013 05:10:50 GMT

This is my first year here on myfico. I have had credit problems in the past, but all baddies are off my reports except for a 120 day late on student loan. That will fall off in May.

2012 recap

1. My first auto loan ever. 29K. This was really a milestone for me, actually my first loan of any kind.

2. Since discovering this website, I have increased my credit limits and applied for some new credit. Credit limits have gone from 16K in September to 24K now.

3. I'm not sure what my scores were like in the beginning of this year, but myfico is 659 as of a few days ago.

Goals for 2013

1. Garden my current crop until at least July. CLI's with softs only.

2. Pay down my credit cards. Currently at about 55% utility. Looking to get this down to under 30% by summer, hopefully sooner.

3. Increase credit score to at least 700 by the end of the year.

4. Get myself in a position to start thinking about a home loan for 2014.

Thank you all. And I hope we all meet our financial goals for this year and all to come.

Re: Take the myFICO Fitness Challenge for 2013!

Blazesian — Wed, 02 Jan 2013 05:22:39 GMT

2012 Recap

Acheived a 700 FICO!
Never missed a payment
Opened five CC accounts (sounds bad, but I have an AAoA plan!)
CLI from Capital One after four months

2013 Goals

I was unemployed for a month, causing me to almost max out two cards, take out a loan, and get my first app rush (where my three new cards came in) and destroyed my 700 FICO score. I'm hoping to bring that back up and achieve atleast a 720 FICO --- I'm really aiming for 750. I went from 0 credit to 700 in a year....
Bring down my utilization rate to under 35%
Have a few inquiries removed off of my report
Start Gardening! <3

Re: Take the myFICO Fitness Challenge for 2013!

Unique620 — Wed, 02 Jan 2013 05:28:32 GMT

2012 Achievements

Started working on credit after filing BK in April 2011
Got a Auto loan in April 2012
Open 3 credit cards
Got all accounts IIB
Finished rehabilitation for student loan. Waiting on credit report to update
Average of 130 points up since started rebuilding credit score

2013 Goals

Rehabilitation loan deleted from credit score as letter stated would happen by end of January 2013(60 days post completion of rehabilitation)
Close secured credit card (does not graduate)
Open third unsecured credit card & maybe a store card
garden to allow accounts to continue to grow
Rejoin the 700 club at two years post filing BK (April 2013)

Looking forward to the new year. 2012 was the start of my long journey back to rebuilding my credit. I am thankful of all the information I have learn from the threads and look forward to even more success in 2013.