topic Re: June Check In Thread in Take the myFICO Fitness Challenge!

June Check In Thread

Mike_C — Wed, 05 Jun 2013 16:13:20 GMT

Good Morning Challengers!

We're starting a bit late this month, but as it's already June 5th, this means it's time for our fifth monthly check-in thread.

Summer has started, schools are out for most, and storm season hit early (I know, I drove through some of it on my way to the West Coast). For those with grade-school kids, how does the summer forecast look for you? Are they in summer camp, summer school, or picking up a job? For those with kids in college, are you footing a bill for summer courses? And for everyone, are you taking potential storms into consideration when setting aside savings or investing?

So what are you doing to keep cool financially? Any new accomplishments, achievements, or barriers over the past month? And don't forget Father's Day is coming up. Can a new set of golf clubs really improve your score?

As a reminder, participation in these monthly check-ins is optional, but encouraged. The goal is to help keep you on track, so feel free to post your progress updates here.

Re: June Check In Thread

jmoore87 — Thu, 06 Jun 2013 16:26:31 GMT

Well, I got a nice bump of 17 points on ScoreWatch on June 4! Made sure my Capital One was right at that sweet spot of 9% utilization when my statement was generated. I'm making some awesome progress towards my initial goal of 640, then I'll take it 20 points at a time. I've also added my wife as an authorized user on the Capital One, so hopefully her score starts to get some boosting.

I'm starting to solidify some upcoming goals for the remainder of the year. I'm finding that my GW letters have fallen mostly on deaf ears, and my creditors aren't willing to modify the tradelines on things that were paid for less than full. I'll continue to send some more GWs, but I've come to terms with the fact that they might not accomplish anything. Fortunately, they are from 4 year old delinquencies, so they probably hurt less. Anyways, here are some goals I have:

1. Get approved for a request to waive owner-occupancy requirement for Dovenmuehle Mortgage. Mortgage is currently underwater with no end in sight to be able to sell. Looking to rent it out.

2. Clean up Asset Acceptance collection that is outside of SOL but not reporting to CRAs.

3. Clean up Asset Acceptance collection on wife's credit report. Hoping for a PFD.

4. Rent out condo to some nicely qualified tenants.

5. Apply for $250k FHA loan around September-October.

Re: June Check In Thread

Anonymous — Thu, 06 Jun 2013 18:26:38 GMT

There IS hope!

I was able to raise my FICO score 7 points in two months! (every little bit counts) I believe paying on time on my recently opened car loan (albeit at high interest) plus paying the balance on a newly opened secured credit card is starting to help improve my situation.

Financial plans for the summer: continue to pay the CC off each month as much as possible and increase the credit limit. Continue to build my savings and stock investments in small but consistent increments.

Go "small" this summer on vacations with short trips, weekenders, etc. to help stay on budget, reduce debt, and increase savings.

Re: June Check In Thread

RJA — Sun, 09 Jun 2013 16:44:56 GMT

New to site and challenge. Unable to get signature line to work so will post for June check in.

My starting scores per mortgage lender pull on April 2, 2013 were TU 637, EX 637 EQ 621. Per mortgage lender pull on May 7th scores were TU 640, EX 636, EQ 623.

I signed up for MyFico scorewatch on 5/30 and EQ was 629 and on 6/4 raised to 632.

Over the past two months I've paid my credit cards and personal loan down by $2k.

My immediate goal is 640 for two of my cras by 6/15 before lender pull again to get through GUS underwriting. End of year goal 680 accross the board.

Re: June Check In Thread

Anonymous — Sun, 09 Jun 2013 21:31:06 GMT

Got a mystery bump up at the beginning of the month (probably from paying my auto loan last month) and my EQ is up to 663, and I got my capital one statement today that I put 7.5% utilzation on, so hoping to get another email from ScoreWatch in the next few days telling my my score went up again.

Re: June Check In Thread

AndyJB2005 — Mon, 10 Jun 2013 05:16:04 GMT

This month has been awesome for me. I went from 685 on June 4th to 745 on June 5th!! 60 points! I about had a heart attack when I saw that ScoreWatch report. Two fairly bad late payments fell off my credit report after a long, grueling 7 years PLUS my partner and I have been paying off massive debt on both of our credit cards. On my report I've gone from 88% util in January to about 50% today. Looking forward to having between 1% - 9% util and no student loans soon! ($4900 left)

It's been so difficult credit/money wise the past 10 years I feel like evreything is starting to look up.

Re: June Check In Thread

Anonymous — Mon, 10 Jun 2013 15:38:14 GMT

Just joined the site and wanted to check in and say hello.

For the foreseeable future, my sole financial goal is to improve my credit score and overall credit worthiness. I have student loans that have been ignored for far too long and I need to take some responsibility and come up with a plan to clean these up on my CR and begin to chip away at them.

This site has been a tremendous resource in the short time I have known about it, and I look forward to being a part of the community in the future.

Re: June Check In Thread

Anonymous — Tue, 11 Jun 2013 01:51:19 GMT

Hello FICO Challengers,

I am happy to report that I have been building up my savings as I have planned, but I am falling a little behind on my debt paydown. I am using the snowball method and my snowball got a little small towards the end of the month. I am still chipping away at paying off my Bank of America Mastercard with the 27.99% interest rate. I hate that card. So my goal this month is to get caught up so that I can pay off that credit card in full next month. Then I will be left with four credit cards, two student loan bills, and a car loan (my step son's car loan that he is paying). It still seems like so much debt to get through. I got my credit scores in April when I got my annual free credit report, but I was reading the forums and read that those are FAKO scores. Is this correct? I want to know where I stand right now with my scores and thought I was getting true information. If someone knows the difference please advise. Thanks.

Re: June Check In Thread

Anonymous — Tue, 11 Jun 2013 13:43:46 GMT

Patiently waiting for my bankruptcy discharge paperwork to come in the mail, should be here any day. My score went up 1 point without me doing anything so I will take that point. Only 1 point away from bumping up to the "fair" category - I have never been so excited over 1 point before! Once I have my discharge paperwork I will open my account at the credit union and apply for a secured card - staying in the garden until then.

Re: June Check In Thread

Anonymous — Thu, 13 Jun 2013 02:01:34 GMT

June started on a wonderful note!

I am so relieved my scores made big jumps because May was pretty stagnant. TU and EX jumped 39 points since May! Unfortunately EQ only budged 2 points.

Currently my scores are: TU 630 EX 660 EQ 591

Things that happened in May/June:

1. I have been added to my mother's BoA and AMEX credit cards as authorized user.

2. Paid off my one and only collection account.

3. In good standing with my student loan account. Since this is my only revolving account, I am making the minimum monthly payments. Not sure if it's better to pay the entire loan off - I only owe another $2300.

4. Keeping my utilization around 7%.

5. Recieved $100 unsecured increase on my CapitalOne secured card at the 6 month mark.

Things that didn't go so well:

1. In May, I applied for US Bank Platinum Card and BoA Cash Reward card and was denied for both.

2. Haven't been able to PFD my collection account so I paid if off and I am hoping to send GW letters once the account is reported as PAID.

Goal for June:

1. Send out GW letters to get my paid collection removed.

2. Resist applying for credit cards and build my score for few more months.

3. Continue keeping my utilization under 10%.

4. Pay all my bills and student loan on time.

Good luck to everyone!

Re: June Check In Thread

kjel — Fri, 14 Jun 2013 00:34:54 GMT

2013 Goals:

Finish rehabilitating my student loans

Pay down credit cards to 9% utilization

Pay or settle all collections accounts

Pay all bills on time

Progress to Date:

Student loans out of rehab, picked up by a new lender, related collection TLs DELETED on my CRs, new lender/servicer reporting pays as agreed!!!!!!

Two $500 CL cards, paid $0 balance, working on my third card $525 balance on $750 CL. $250 CLI granted on the $750 card, CLI denied on the two others.

A shiny new $500 Comenity Bank store card, I was not going to app but the salesgirl said they have a new bank and almost everyone has been approved-figured what the heck....BAM!

Two medical collections paid, no action on the GWs, showing paid in full on the CRs.

Payment arrangement on a school collection that does not report as long as I make payments....still making payments, this one will be around for a while.

All bills paid on time....going strong!

Contributing 3% of my salary to 401K....8% return on investment YTD.

Up Next:

Continue paying on third credit card to get it down to 9% util.

Save up to pay/settle a credit card chargeoff and another collection.

Re: June Check In Thread

Anonymous — Sat, 15 Jun 2013 02:59:18 GMT

I just opened myFico account and looking to get my overall CC debt ratio to below 15%. I just recently graduated, so I'm happy with where my score is now, but can always improve my score. Just got a new higher paying job, so plan on using that as a tool to really improving my score by paying down my debt. I am looking to buy a car in the next two years, so definitely tracking my score until then to get the lowest interest rate!

Re: June Check In Thread

GetAHouse — Sat, 15 Jun 2013 14:28:08 GMT

Got a 20 point bump from 705 to 725

Re: June Check In Thread

FL_N8iv — Tue, 18 Jun 2013 21:08:53 GMT

My immediate goal is to PIF two of my four CCs ($640 total). I would like to REDUCE my overall utilization to less than 15% by the end of the year!

myFICO scores pulled today (WELCOME BACK EXPERIAN!!!)

06/18/13...EQ 773...EX 827...TU 777 (~28% utilization)

___________________________________________________

A journey of a thousand miles begins with a single step...

01/03/07...EQ 666...EX 629...TU 682 (??? util) post-graduation lender pull

01/29/08...EQ 718...EX 714...TU 704 (78% util) joined myFICO...THE BEST DECISION!

07/01/08...EQ 700...EX 765...TU 771 (55% util) mortgage approval

01/01/09...EQ 741...EX 736...TU 747 (~48% util) 3 months post-closing

05/12/12...EQ 723...EX Plus 740...TU 748 (~65% util) returned to myFICO following 3-year hiatus...ANOTHER GREAT DECISION!

06/18/13...EQ 773...EX 827...TU 777 (~28% util) meticulous gardening since May 2012!!!

Re: June Check In Thread

Anonymous — Tue, 18 Jun 2013 16:26:05 GMT

6 points to go to reach my first goal! Refi on the horizon!

Your FICO® score has gone up to 614 on June 16, 2013.

Your FICO score may have gone up because the following factor is not hurting your FICO score as much as before:

You've made heavy use of your available revolving credit.

Re: June Check In Thread

Anonymous — Fri, 21 Jun 2013 04:06:10 GMT

Hello, everyone!!

I am new to the FICO community. Please keep me abreast on what the duties are on the Fitness Challenge. My goal before the end of this year is to have a FICO score of at least 675-700 so that I can be approved for the best interest rates on credit cards, mortgage (preparing for purchasing a new house), and for a new car.

Present FICO Score (as of 6/20/2013): 619

Goal: 675-700

Re: June Check In Thread

GetAHouse — Fri, 21 Jun 2013 04:18:15 GMT

"My goal before the end of this year is to have a FICO score of at least 675-700 so that I can be approved for the best interest rates on credit cards, mortgage"

Not to be a bubble burster, but those goal scores will not get you approved for the best interest rates on credit cards and a mortgage. All other things being equal, you should be able to get approved for a mortgage and a credit card, but not at the best rates. For that you might have to be north of 720-740

Re: June Check In Thread

Anonymous — Fri, 21 Jun 2013 04:25:08 GMT

Good enough...thanks!!

Re: June Check In Thread

LuisXIII — Fri, 21 Jun 2013 11:59:46 GMT

Am I too late for the challenge?

Main goal is to buy a house around summer 2014, having a 750+ across the board is ideal, but in this situation you got to be ambitious, going for 780 across.

Currently have four Cards, NavyFederal Cash Rewards (8000) Months, Military Star Card(4800) Months, Discover(3500) 13 months, and Kay Jewelry(7000) 10 months. Kay Card is the youngest and as of today I have canceled it, hoping on getting my account avg. up. I used Kay card once, there's no benefit to this card.

Taking a Car loan next month in order to add diversify and to have an installment loan.

Not applying for any other credit.

Any other good tips? I am also trying to help my wifes Credit Score up, any advice?

Re: June Check In Thread

LuisXIII — Fri, 21 Jun 2013 12:06:08 GMT

27,20,13, and 8 months, appropriately

@LuisXIII wrote:
Am I too late for the challenge?

Main goal is to buy a house around summer 2014, having a 750+ across the board is ideal, but in this situation you got to be ambitious, going for 780 across.

Currently have four Cards, NavyFederal Cash Rewards (8000) Months, Military Star Card(4800) Months, Discover(3500) 13 months, and Kay Jewelry(7000) 10 months. Kay Card is the youngest and as of today I have canceled it, hoping on getting my account avg. up. I used Kay card once, there's no benefit to this card.

Taking a Car loan next month in order to add diversify and to have an installment loan.

Not applying for any other credit.

Any other good tips? I am also trying to help my wife's Credit Score up, any advice?

27, 20, 13, and 10 months approprietly