topic Re: January 2016 -=- Check In in Take the myFICO Fitness Challenge!

January 2016 -=- Check In

Kenny — Fri, 15 Jan 2016 00:46:46 GMT

Most people sit down and write out New Year's resolutions. Credit wise, what would be on your list?

I know you are all hard at work with your credit goals. Have you progressed as far as you hoped? Were there any unforseen expenses that cropped up and may have thrown you off schedule?

As a reminder, participation in these monthly checkins is optional, but encouraged. The goal is to help keep you on track, so feel free to post your progress updates here. This is a no-judge zone; feel free to say what's keeping you up at night or give yourself a kudo for having it all together.

Did you hit any potholes or speedbumps? Achieve some milestones, either small or mighty? Change your goals or add new ones?

Let us know how you're doing! Now that 2015 is behind us, can you see any improvements?

Re: January 2016 -=- Check In

OMW2_HighAcheiver — Fri, 15 Jan 2016 02:58:20 GMT

Checking in!
Pay down utilization monthly!

PFDs & negotiating derogs will begin in February! Not focusing on savings until mid year.

I have made tremendous progress since August '15, acquiring about $2000 in credit lines! Last March I had $0. No resolutions because those forever seem to be broken. One month at a time for me.

Let's make this a great year & prosperous year!

Re: January 2016 -=- Check In

javonnj — Fri, 15 Jan 2016 13:59:05 GMT

Hello,

I am incredibly excited to continue the progress that I started making last year. My scores as recently as 9/2015 were 501/459/447 respectively. As of today, my scores are 618/632/582. I learned that it is incredibly important to not have a high utilization on my cards, and so I will continue to do that this year. I am also excited about finally attacking my student loans to make a dent in them this year. I put them on hold for the last three months of the year so that I could bring the utilization on my cards down to zero while also building up a little savings. I just sent off my first payment this morning, which was more than what my minimium due was.

My goals for this year are to raise my credit score and finally get a card that I think will be good for earning points/miles. My dream card is an AMEX/Discover, so I will be working towards that this year.

Best of luck to all of you on your journey.

Re: January 2016 -=- Check In

tricie17 — Sat, 16 Jan 2016 01:03:38 GMT

I am starting the new year on a ch13.. During the year, I will be concentrating on paying my bills mortgage on time each month and being debt free. My scores are all running the mid 500s. I will report often updates. KEEP ME STRAIGHT "FICO"

Re: January 2016 -=- Check In

bdhu2001 — Sat, 16 Jan 2016 15:52:11 GMT

I'm excited about continuing the progress I've made since joining the challenge in April 2014. Summary recap: Buy home in Bay area, pay off 30 year mortgage at least 10 years sooner, improve Fico score to 760-850 range, and not have more total debt for credit cards and students than I had the beginning of 2014. Total Debt was $39377.44 in Jan 2014. Credit card debt alone was $30,128.11.

Having met all my previous goals. My new challenge for 2016 is to pay off my new re-fi 15 yr mortgage at least 1 year sooner than Jan2031 and to keep cc debt below 20K.

The plan that I put together indicates that paying an extra $140 per month will pay off the mortgage 1 year early.

Re: January 2016 -=- Check In

Anonymous — Sat, 16 Jan 2016 16:22:20 GMT

*Cue's Rocky Theme Music*

2015 Resolution. Fix my credit.

Removed ChargeOff, Switched Banks to APY accounts, Started IRA, Removed 3 collections, Increased Credit Value from Negative $750 to Positive $38 thou.

2016 Resolution. Save money. Increase NetWorth.

Depositing CashBack cards into savings accounts, 2 new budget programs with alarms, Moving in w DBF putting money saved in IRA, Requesting CLI's, Using Coupons!

Re: January 2016 -=- Check In

Anonymous — Sat, 16 Jan 2016 22:07:10 GMT

As the new year dawns the paydown begins. Is it a good idea to pay off all cards within the first month of the new year?

Re: January 2016 -=- Check In

Kenny — Mon, 18 Jan 2016 07:23:28 GMT

@Anonymous wrote:
As the new year dawns the paydown begins. Is it a good idea to pay off all cards within the first month of the new year?

Sure, if you're able.. why not! You can always let one card report a dollar or whatever to avoid all cards being zeroed and having a score drop.

Re: January 2016 -=- Check In

ladyjaye82 — Mon, 18 Jan 2016 20:14:27 GMT

Checking in! This is my first year doing the FICO Fitness Challenge.

My goals are:

Garden until June

Pay down credit card balances to below 10%; I'm currently sitting at about 26%

Pay off my car loan before the end of the year (hopefully Oct); Current balance: $12,394.94

After my car is paid off I'll be focusing on saving money and working on my student loans.

Work with ex-husband to get house refinanced into his name and my name off.

Increase scores to 650+

Re: January 2016 -=- Check In

clumsymoon — Tue, 19 Jan 2016 05:48:16 GMT

After my divorce finalized last year, I was left with years of debt in my name. This month, I moved in with my parents for a year to help have the extra funds to pay down some debt! Started out January 1st with $27,362 in credit card debt (12 cards), $87,135 in student loan debt (just consolidated and started on the PSLF), and $1923 owed on my car.

Just this month, I was able to pay off my two smallest credit card balances. It's a small victory, but I am excited about having less bills and getting this debt under control. My student loans will not decrease very much, but I'm starting the PSLF program and in ten years should not have any loans to worry about.

Good luck to everyone in 2016!

Re: January 2016 -=- Check In

OMW2_HighAcheiver — Tue, 19 Jan 2016 06:02:26 GMT

@margotandzoey wrote:
After my divorce finalized last year, I was left with years of debt in my name. This month, I moved in with my parents for a year to help have the extra funds to pay down some debt! Started out January 1st with $27,362 in credit card debt (12 cards), $87,135 in student loan debt (just consolidated and started on the PSLF), and $1923 owed on my car.

Just this month, I was able to pay off my two smallest credit card balances. It's a small victory, but I am excited about having less bills and getting this debt under control. My student loans will not decrease very much, but I'm starting the PSLF program and in ten years should not have any loans to worry about.

Good luck to everyone in 2016!

I say stay with your parents as long as you need to! Good luck on your journey!

Re: January 2016 -=- Check In

renamariee — Thu, 21 Jan 2016 04:22:56 GMT

This year I hope to remove some collections and get some unsecured credit cards!

Re: January 2016 -=- Check In

Anonymous — Thu, 21 Jan 2016 16:17:00 GMT

I've been lurking here for a while, finally decided to get my financial health back on track last month! Just landed a new promotion and a lot more money, so I feel I can finally work toward something here.

Goal 1: Monthly check in here!

Goal 2: Get rid of baddies by 06/16

Goal 3: MC and VISA unsecured approvals by 06/16

Goal 4: FICO increase to 700 by 12/16

Just had my fiancee add me to a few cards as AU, and my score increased 100pts in a month! Still waiting on TU score to update though. Do they usually take a while?

Good luck to everyone this year!

Re: January 2016 -=- Check In

Anonymous — Fri, 22 Jan 2016 01:23:01 GMT

raised my score from 525 in september 2015, to 655 current score, a lot of hard work and lots and lots of reading, put a boat load of money in the back by setting a budget and living within it, later this summer i hope to buy our 1st house, working and watching score daily not to make same mistakes i did before...

Re: January 2016 -=- Check In

Anonymous — Sun, 24 Jan 2016 23:26:19 GMT

For 2016 my credit goals are to lower my utilization on all cards. Im sitting at about 92% all cards combined. I have two satisfied tax liens that became satisfied on October 2015. All, I can do is let them age because New York City is a pain in the a** when it comes to removing tax liens. I also have 3 late payments on my student loans from Navient. It was my mistake and they refuse to remove them so again something else I have to let age. All I can really do is lower my utilization to bring up my scores...My goal is to get my scores high enough to get my dream cards which are the Venture Card and the Amex BCE card. Venture card to use for my trip to Greece in June 2017 and Amex of course for groceries. Now that 2015 is behind us I see lots of improvements...We just climb from the top from here on out 3 Snapz...Best of luck everyone

Re: January 2016 -=- Check In

Anonymous — Tue, 26 Jan 2016 01:11:10 GMT

Hello!

Im checking in. I am post BK discharge 11/2015, 2 months ago. I am on a mission of getting my credit in tip top shape. My current scores are EQ: 503, TU: 491, and EX: 479....

Tomorrow I move in my new apartment and this is my new beginning.

I have been reading lots of success stories with folks raising their score in a short amount of time. Please give me all your sound advice as Iam starting today. My goal is 825 or higher in 24 months or less.

Thanks,

Jamie

Re: January 2016 -=- Check In

Windfall — Tue, 26 Jan 2016 18:05:12 GMT

I did this challenge in 2011 and didn't really keep up with it, but I've always monitored my reports and scores. A few years ago I was below 500 and now my Equifax score is 730. I never thought I'd see that number.

I started paying off my $13K+ credit card debt using the snowball method - most of my cards (over 7) were/are retail cards - I'm down to a little under $10k now with a $21k student loan and I'm leasing a car which will be up in August.

I'm now down to two credit cards: Macy's and a bank Visa card. My fiancee allowed me to transfer my $3k Macy's balance to his credit card because he had a zero balance and they offered him 0% introductory APR on balance transfers for a year (with the method at which I'm paying off my Macy's card it will be at zero in 6 months). Not to mention his credit score is well above 770.

Once that is done my focus will be on the bank card with a $6K balance - with the snowball method it will be done in 9 months. Then I can take all of that money and pay off the student loan.

We plan on getting married some time next year and hope to buy a house in 2-3 years so I need my score to match or be higher than his when that time comes. The biggest challenge for me was NOT SHOPPING.

Best of luck to everyone.

Re: January 2016 -=- Check In

bdhu2001 — Thu, 28 Jan 2016 00:14:19 GMT

@Anonymous wrote:
Hello!

Im checking in. I am post BK discharge 11/2015, 2 months ago. I am on a mission of getting my credit in tip top shape. My current scores are EQ: 503, TU: 491, and EX: 479....

Tomorrow I move in my new apartment and this is my new beginning.

I have been reading lots of success stories with folks raising their score in a short amount of time. Please give me all your sound advice as Iam starting today. My goal is 825 or higher in 24 months or less.

Thanks,
Jamie

Welcome aboard. Be sure to check into the re-building thread with questions and to see the advice already available. Also check out the BK to 700 thread.

Re: January 2016 -=- Check In

Anonymous — Thu, 28 Jan 2016 03:29:53 GMT

Just wanted to check in - my goal from last year was to have 760+ mortgage scores and (hooray!) as of this week I just hit 761 as my middle score! My husband (formerly of the 500's FICO club as of two years ago) hit 760+ two months before me so we are now both in good shape after two years of hard work. For 2016 we will start slowing down (not stopping!) our agressive debt payoff and shift our top priority to building up our savings for a house down payment, closing costs, etc. We have to move in August and since we know we are staying put for at least 15 years it would be SO NICE to *buy* a house and move ONCE instead of renting and then having to move again!

Re: January 2016 -=- Check In

lg8302ch — Thu, 28 Jan 2016 03:40:59 GMT

@Anonymous wrote:
Just wanted to check in - my goal from last year was to have 760+ mortgage scores and (hooray!) as of this week I just hit 761 as my middle score! My husband (formerly of the 500's FICO club as of two years ago) hit 760+ two months before me so we are now both in good shape after two years of hard work. For 2016 we will start slowing down (not stopping!) our agressive debt payoff and shift our top priority to building up our savings for a house down payment, closing costs, etc. We have to move in August and since we know we are staying put for at least 15 years it would be SO NICE to *buy* a house and move ONCE instead of renting and then having to move again!

Congrats on the excellent work and good luck in finding your dream home 😄😄