topic Re: Take the myFICO Fitness Challenge 2014! in Take the myFICO Fitness Challenge!

Take the myFICO Fitness Challenge 2014!

09Lexie — Tue, 01 Jan 2019 20:32:38 GMT

Happy New Year to the myFICO Forums Community!

Can you believe we’re entering our fifth 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.

Monthly Check-Ins

To help you stay on track we encourage you to stop by for monthly check-ins for 2014. 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 Siggy 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 signature so it directs to the current challenge. You can also tell us about your results in the myFICO Fitness Wrap Up 2013!

Here’s to ALL of us achieving our goals!

Re: Take the myFICO Fitness Challenge 2014!

CourtneyJ723 — Thu, 02 Jan 2014 17:27:22 GMT

Hello!!!

Back in 2012 my husband and I were involved in a family tragedy, I was hospitalized for a majority of the year, he lost his job... and as such, we lost our house to foreclosure and everything that we had went to collections. We even ended up with a judgement. YUK.

Now our credit score is down lower than I even knew possible. We're both rebuilding our credit in 2014 and hope to buy a home again near the end of 2015. Hopeing to at least see 600 by the end of 2014, and see 700 by 2015.

Can we do it?!?! I think so!!! I'm ready to get cracking on this and work as many extra hours possible to get our accounts settled.

Here's to a better, fruitful year in 2014.

Re: Take the myFICO Fitness Challenge 2014!

onenine08 — Thu, 02 Jan 2014 22:16:12 GMT

Hi Everyone! I don't know what to say because I don't know what to do or where to start. My problem started way back in high school. I've always had issues with money. I got a job without telling my parents (I was not allowed to work -- school was my job). I would sneak off to work when I should have been in class or my activities, I hid the money and the things I bought. I got caught of course. In college I signed up for every credit card, got the free t-shirts, and amassed a large amount of debt (and student loan debt). However, I paid off all of my credit cards (not the loans) before graduation. Went to grad school 100% on student loans and lived off of student loans and credit cards with no real way to pay anything back. That set me up for failure. It probably wouldn't have gotten so bad if I'd told my parents the truth. I am certain they would have helped. Moreover, I handled my mounting debt by not handling it. I pretended like it didn't exist. I would pay whatever I had to pay to keep a nice place to live and a nice car to drive. After years of maintaining this rat race lifestyle I am tired and ready to tackle it head-on. I could really kick myself because nothing tragic ever happened to make it this way. All of this is because I was not willing to live the ugly truth -- instead I chose to live a beautiful lie. This year it is now or never because so much in my life hinges on this. I probably have the worst credit score of anyone on the site, but oh well it's mine and I have to face it head on. I'm ready, but I need some guidance with this and reading everyone else's experiences and advice will definitely help.

Re: Take the myFICO Fitness Challenge 2014!

Epcot — Thu, 02 Jan 2014 23:41:26 GMT

Since joining this site, I have made a serious push towards paying down debt. I used to apply and get denied for cards or get them with low, toy limits. Did not understand exactly how credit worked, but since joining this site, what I have learned is tremendous and has helped so much.
I brought my overall utilization down from over 80% to just around 20% and have been approved for a couple cards that I have wanted for some time.

My goal for 2014 is to continue paying down both revolving and installment debt, let my accounts age and spend less. I hope to pay off one car loan and pay off my last remaining revolving debt that is currently around 15k.

Re: Take the myFICO Fitness Challenge 2014!

Journey03 — Fri, 03 Jan 2014 01:56:51 GMT

Hi Everyone! Happy New Year! I have been a lurker for a few months and have learned a lot of information from this forum. I got into my debt after personal sickness, which caused me to go out on short term disability and then taking care of family between 2 major lay offs in my career. I have been focused since 08/13 on paying off my debt so my family and I can buy a home by summer 2014. I have a short sale that is just over 3 years post sale (11/2010). Since Sept 2013, I have been able to get 14 collections deleted, 6 accounts paid in full or settlement, and have 5 more that remain that are in dispute. Most of my debt is medical debt I incurred from having a high risk pregnancy and having complications. I owe about $2300 left in outstanding "bad" debt". I own 1 credit card which carries19% utilization balance on it, 1 department store card that carries a 6% utilizatiion balance on it, student loan that is in deferral, and my car payment.

I look forward to this journey with all you!

Current scores:

Equifax: 529

Transunion:591

Experian: 595

Short Term Goal: 640 (All 3)

Long Term Goal: 720

Re: Take the myFICO Fitness Challenge 2014!

dcal — Fri, 03 Jan 2014 02:43:58 GMT

Happy New Year to everyone! I hope, no that is the wrong attitude. I know this year will be better than last year because I have shed some major debt in 2013. January 2013 is the last time I have had scores in the 700's and getting the decent territory. In 2013 I had to put my house on the market for shortsale. I was current on mortgage until February 1, 2013. That is when I put on market and what should have taken only two or three months to complete wind up being six months. My shortsale was completed and recorded on August 23, 2013. So of course there is that ding! I also had to move in March, 2013 because that is when I was advised to vacate property, of which I did. So, I had expensive moving expenses. The whole first and last and deposit, the whole nine yards. I applied when I still had pretty good credit. During this time I also let my credit card utilization go from 1%-5 to 50-100% on and off. I also, had a BK7 that reached the 10 year completion that was filed on 9/2003. So basically my BK7 dropped off credit at the same time that my shortsale and high utilization of credit card was added. Trust me you cannot plan every detail. Now, I will concentrate just on rebuilding my credit and building up me an emergency fund and possibly another mortgage in the future. Two things will have to happen first. I must be at least in the 730-760 range and I must have 20% down payment on whatever I decide to purchase or not. Maybe I will invest, I need the liquidity for either. As far as my debt is concerned I have a car that has $13,000 left on it that was purchased in 2011, and a revolving credit card debt of $2750 spread over two cards. I have a personal loan of $3,000 that I obtained in October. I just need to pay on my couple of installment loans and pay off credit cards. That is what I am looking at for this year. I have no charge offs, no collections, and no inquiries.

Equifax- 539

Transunion - 572

Experian - 578

Re: Take the myFICO Fitness Challenge 2014!

Anonymous — Fri, 03 Jan 2014 03:43:29 GMT

Greetings Everyone,

I discovered this forum last month and am so excited for this challenge. I am on a quest to purchase a home this year. I am optimistic in that I'd hope to make it happen in 6 months. That means I have to raise my score 100 points. I do not have any late payments since 2011, so I think I will be good also since someone here noted they raised theirs in 1 month. I filed bankruptcy in 2011 and was well on my way to a great score in early 2013. A divorce this year tanked my score about 60-75 points. Now I am trying to recover and raise my points in order to qualify for a home. I have 5 credit cards all totaling about 5500 that were hovering around 90% utilization. On Dec 31st, I paid them down to 60% utilization and within 45 days, plan to pay it down to about 45% utilization. That would be around Feb 15th, so I am excited to see what effect those changed will have on my scores. Just got a (3) credit score report to assess my starting point.

Starting Score: 553 Equifax 550 Transunion 563 Experian
Current Score: 553 Equifax 550 Tranunion 563 Experian
Goal Score: 650 All Bureaus, hefty 6 month goal

Re: Take the myFICO Fitness Challenge 2014!

Oorah — Fri, 03 Jan 2014 05:25:48 GMT

Back again this year to work on a few loose ends and then garden.

Goals this year are:

Dispute collections showing from two creditors trying to collect the same debt that was settled with the original company. Sending a validation letter to both.

Credit card debt is down to 24%, so my goal is to get it below 10, which should happen in February or March

Pay down car loan, currently at $12,000

The only valid bad mark on my credit report is a charge off that I could not get removed, it should fall off in March or April.

I can pull my annual credit reports later this month, but I want to let the big payments I made in December get reported before I pull them.

From there, its just gardening. Currently:

Equifax 685

Transunion from WM 640

My Fico 676

Credit Karma Fako 614

Re: Take the myFICO Fitness Challenge 2014!

buskels — Fri, 03 Jan 2014 07:52:51 GMT

So, this is the first time I am doing this. I am going to make more of an effort this year even though I have no big plans. I think that following and participating in this thread may help with that. It may not look like it below but I have been real diligent about trying to pay everything on time but have had a few bad spells that caused some big issues. I’ve been ok for several years now but my utilization is higher than I would like. I currently have 11 cards and 5 have balances. Other than that and utilities, I have nothing other than mortgage payment.

1989 – 1999

Defaulted on a credit card
Car repossessed
Purchased a house
Wages garnished for dental bill
Utilities, phone shut off at times
Filed Chapter 13 to keep house

1999-2002

Moved to Georgia
Had a few low limit cards (always maxed out)
Car loan – a necessity

2003-2005

Made housing changes that caused struggle with payments – Just barely making ends meet.
Mistakenly typo’d bank account number for online payment and ended up with over-limit and late payment charges. Defaulted on card.
Defaulted on cell phone
One late payment on car
Credit scores 3-400’s

2007

Employment change that almost doubled salary
Car loan (Never a late payment)

2008

Started working on credit.
Paid off all previous balances. Did not know that I could request pay for delete.
Got some fraudulent items removed from reports (gotta love the damage exes can do)
Goodwill letters to get some late payments and other items removed.
Increased scores to 620-658 by 7/2008.
Purchased house in October 2008

2008-2012

Aware but not real diligent with credit. Carry balances about 30% total
Some new cards

2013 - Current

Signed up for ScoreWatch – Went from 689 in February to 743 at end of year
Got 2 new credit cards – Walmart $5,000 and Amazon Chase $6,000
Some credit limit increases without requesting

Future Goals

Reduce balances to less than 10% utilization
Have NO bad items on credit reports (the last late payments, etc should be off about mid-year)
Increase credit scores

Current Cards:Chevron - $230, Cap1- $400, Cap1 - $500, Cap1 - $500, Cap1 - $6,100, Cap1 - $1,125 (previous Orchard Bank), Kohls - $1,000, Home Depot - $5,100, Best Buy - $750, Walmart - $5,000, Amazon Chase - $6,000

Re: Take the myFICO Fitness Challenge 2014!

mimi_k — Fri, 03 Jan 2014 14:30:12 GMT

Hello All!!! Newie Here!

After successfully increasing my score over the last 2 years, I have placed myself back at the same situation I began with...a low credit score. So I am focused on starting over AGAIN and never going back to this situation!

My 2014 goals are to pay off debt, increase my credit score, and start saving & investing.

I have begun creating a 2014 budget. This budget includes my debt payments and savings. I will continue to check my score and CR monthly. I am focused and ready to start this challenge!!

Wishing you all much success!!

Re: Take the myFICO Fitness Challenge 2014!

Anonymous — Fri, 03 Jan 2014 14:58:24 GMT

Happy New Year Everyone!!!!

So after lurking around for a while and finally starting my credit journey in December, I am all in for the 2014 challenge. I made a ton of mistakes when I was young and got every credit card that came with something free, didn’t pay them on time. My parents helped bail me out of debt, but I didn’t learn my lesson and basically did it all again. After finally getting my credit up to 500 {I know its not high at all} I decided it was time to make a HUGE change. I want to buy a house/townhouse either in 2014 or early 2015 and I know that is not ever going to happen unless I fix my credit. So when I started in the month of December I pulled all my reports to find a ton of errors and started my journey.

For 2014 the goals I have set for myself are:

-I plan to create a budget and track my spending all while building my credit up again.

- Increase my 401K at work from 8% to 18% if possible. Start investing.

- I want to pay off my {2} student loans that total to about $50K.

- Pay down current car loan from $20K to about $10K if possible. Or seek a way to get a lower interest rate

- Get all credit debt to about 5% utilization {should happen before end of Jan 2014}

- Continue to dispute the items that are not correct on my credit report. And do monthly checks to see if things are updating accordingly.

- Get an AMEX card. {I know it is a semi-dumb goal. But I really want one}. In the Garden until June 2014 to make this goal happen.

Wishing everyone much success this year; excited to be part of this journey!!!

Re: Take the myFICO Fitness Challenge 2014!

songsofexperience — Fri, 03 Jan 2014 16:53:53 GMT

Hi everyone,

I've been rebuilding for about a year now. I got into trouble in 2009 when I was in graduate school and working full time. I lost my teaching job and lived off my savings for a while, trying to get my mortgage company to help me. They wouldn't and I couldn't get a job of any kind (I was in Rhode Island, which is still suffering a lot). I eventually got a job that meant I had to move to Oklahoma (in July 2010), which cost me $6k. I also put $10k into my condo association as I was trying for a short sale. I wasn't able to sell and it took the mortgage company until March of 2012 to finalize the foreclosure! I was also married at the time to a man who spent, spent spent. When we met, I had $20k in savings, no debt except for student loans, and a FICO score of 740. When we divorced, I was $15k in CC debt and in foreclosure on my home (and my FICO plummeted to 510).

Last year I successfully defended myself against being sued by Portfolio Recovery. At the end of this month, I am defending myself against Midland and hopefully I will win. Unfortunately, I have a judgment from Midland (on a different account) that they won in 2011. I was going through a rough time (mom was dying) and I just couldn't get the energy up to defend myself. That was really dumb of me, but there you go. I still need to pay that judgment (just under $4k).

I don't carry any CC debt right now except to keep utilization around 4-8% which amounts to about $200.

So . . . I need to pay off the judgment and get this collection from Midland cleared up and then I'll be on my way. I do have some late payments on student loans from February 2013 that, as time progresses, will effect me less.

I would love to buy another home, but since I'm only 2 years out of the foreclosure I would have to use the new FHA program and document my job loss etc. For now, I'm trying to take the long view. All the bad stuff will be off my report by 2018 (most by 2017). That's only 4 years. Time heals all right?

For now, I'm committed to my own financial well-being. I'm putting money into savings every month so I have a downpayment when I am ready to buy. I'm also starting a Roth IRA as I don't have any retirement savings and I'm 40 and need to get on that! I expect my score to rise a little as I take care of the collection and the judgment and as my lates age, but I know I'm not going to see above 700 for a while!

Good luck to everyone - may 2014 bring greater financial success and security to all.

Re: Take the myFICO Fitness Challenge 2014!

learningfrommymistakes — Fri, 03 Jan 2014 19:03:40 GMT

Hi all!

I am working to rebuild my credit from dumb choices when I was 18yrs old. There isn't a whole lot of stuff on my credit, so my task is PFD to get the collections accounts off my report and open up a couple secured cards to help rebuild. I've had 3 judgements this past year only 1 is on my CR. I was very surprised to realize I was able to pay off over $4000. So it gave me the push I needed to see that getting out of debt is very possible. My goal is about a 100 point increase by the end of the year so that I can buy a house in 2015-2016.

I signed up for the forums last night and has already received a host of information.

Re: Take the myFICO Fitness Challenge 2014!

Kmams — Fri, 03 Jan 2014 21:04:01 GMT

Hello

I have been avoiding taking care of my Fico score for many years now, But with my first kid on the way I understand that this is something that I have to fix now. I was young and uneducated when it comes to credit so I made some mistakes when I was younger, I am 28 now and I have a better understanding of what I need to do. I would like to get into the 600's by the end of this year and payoff most of my debt. I have about $4,000 in total bad debt and I hope to clear that out within 6 months. I have to find ways to get some positive credit onto my file which would help me along (am open to Tips).

I have been watching this challenge for about 3 months now and I have seen a lot of positive outlooks and I am happy to say that I am finally a part of it for 2014!!!!!
Happy New year to all of you and good luck on your challenge.....

Re: Take the myFICO Fitness Challenge 2014!

Anonymous — Sat, 04 Jan 2014 05:48:03 GMT

I was a lurker for the 2nd half of the year last year and am looking forward to participating in this year's fitness challenge. I have a pretty good payment history, just high debt, high inquiries and high utilization. Here are my goals for this year:

Pay off 2 of 3 installment loans (one @ 56% ), and 2 cc's

Maintain low UTIL on cc's after paying off

Limit INQ this year - Skymiles AMEX in december; considering 2 others - Student Loans for MBA and Potential computer for school, only if I qualify for 0%

Make $2000 in additional debt payments

Build $1K emergency fund.

Current FAKOs:

CreditKarma (TU) 597

Credit Sesame (EX) 624

Re: Take the myFICO Fitness Challenge 2014!

JYKim1 — Sat, 04 Jan 2014 06:38:28 GMT

Hey all,

Phew. Words cannot describe the way I feel about this forum. It is truly another blessing in a currently long line of up-and-coming things for me. I am so thankful for each and every person that takes the time to help me out with advice or words of encouragement. I look forward to growing and sharing my progress in this journey of credit.

I have always been quite the mess up, especially in regards to money. I hit rock bottom in 2008 and lost everything. My job, my wife and son, my home, my license and car, and most of all...myself. I was a loser. And I realized that I had had such a great life and limitless potential, but I was wasting it all away! I let drugs and selfishness ruin all great things I ever had going for me. So I decided to put an end to it. 2009 was the turning point for me. I transformed myself into an eternal optimist with an unlimited amount of motivation. I have since found a new lease on life, and am so incredibly grateful for the many opportunities I have come across in the process. Since then, I have been doing absolutely whatever I can to be the best ME that I can be. I am a full-time student with 2 jobs, a full-time single father, coach, Property Manager, Teacher, PTO President, 350.org organizer, amongst many other things. It's even got to the point now where I find my plate too full with new endeavors and challenges. I can't help but get excited about bettering myself. Knowledge is power to me, it truly is. And I don't feel like many things are NOT possible, and it's the best feeling in the world! But even now, money is still a challenge for me. And I knew that once I got to exorcising the demons inside of me, I'd have to start correcting and picking up the other pieces of my life. And that is where myFICO comes in. I can't tell you how many times I have dodged the collections calls and letters, and simply ignored them hoping it would go away. After reading this forum, maybe not talking to them was a good thing . But I can't keep dodging things forever. If I don't change my ways, I can't ever expect things to be different. So I am buckling down and taking care of business.

At this point in time I have zero credit cards, a low credit score, and a number of baddies on all 3 reports. But I am determined to get it taken care of. My goals this year are to not only get my credit scores up past 650, but to get an auto loan and put myself in position to buy a home in a few years after I finish school. I am a full-time Dad now and approaching 30 in a few years. I want to enjoy my 30's and provide an awesome life for me and my son. And improving my credit will be a major step in the right direction. So, here is to a prosperous and successful 2014! May your hard work and persistence provide you the many successes and wishes that you desire.

Thank You

Re: Take the myFICO Fitness Challenge 2014!

makeupho — Sat, 04 Jan 2014 07:43:35 GMT

happy new year!

i'm looking forward to getting our 5yr ch 13 discharged soon (by end of Jan would be nice!), as our last payment was in mid-Nov. since we're not making that huge payment to the Trustee now, i can start contributing to a retirement fund. i'd like to obtain another card with a very small limit - hopefully unsecured this time - to help rebuild. i'd also like to request that my secured BofA Visa graduate to unsecured.

lots of great advice on this site. thank you! i wish you all the best in your journeys to clean credit and high scores.

Re: Take the myFICO Fitness Challenge 2014!

bhartline2612 — Sat, 04 Jan 2014 15:13:37 GMT

Hello,

I paid some CC down at the end of 2013. I am waiting for those payments to hit. I also disputed some items. I hope it helps. I am having a hard time waiting.

CCs:

Apple FCU secured: 3000 CL, down to 864 from 2900

Credit One: 1500 CL, down to 285 from 1500

Capital One: 1000 CL, down to 816 from 911

Capital One will give me a $500 CLI after my first 5 payments and another CLI after my 6th payment. Credit One will give a CLI after 6 payments. I hope to apply for a mortgage late Feb or early Mar. I want to move July 2014. I am also planning to teach Summer School this summer to help pay off stuff and add to savings. I will clear quite a bit even with putting my daughter in camp all summer.

Goals for 2014:

Close on new build townhome July 2014

Apply for a Discover It card

Apply for a new Apple CC and close secured card to release $3000 savings account

Save some of summer school money to pay HOA dues for one year

Make extra payments on car loan

So looking forward to 2014!

Re: Take the myFICO Fitness Challenge 2014!

OneDay_750 — Sat, 04 Jan 2014 15:38:21 GMT

Happy New Years to all fitness challenge members! I joined the challenge in late November and since then have managed to remove three judgements that were not mine and correct some other inaccurate information on my CRs. My goal for 2014 are as follows:

****OVERALL: Raise FICO scores by 100 points by Dec 30, 2014****

1. Save at least $320 each month

2. Pay all credit card bills on time EVERY time and maintain utilization below 9%.

Use residual income to:

3. PFD off small/medium collection debt (~$800)

4. Pay off USAA AMEX Card (~$2.24K) and Pay off Military Star Card (~$6.4K) by March 2015.

5. Refrain from applying for new credit until at least Jan 2015; ZERO Hard Pulls until Jan 2015

6. Increase CL on Secured Cards to $1.5K each; Obtain CLI on Express Card

7. Send Good Will letters to creditors to remove baddies.

Re: Take the myFICO Fitness Challenge 2014!

homebound14 — Sat, 04 Jan 2014 18:50:55 GMT

june 1st apply to another major credit card
hopefully an increase to care credit and vs card
currently 14 negative items between all credit reports
by mid near i expect at least half gone
by end year no more than 3 left
current score : 560
mini goal ie mid year: 650
long term 720