topic Re: Take the myFICO Fitness Challenge 2023! in Take the myFICO Fitness Challenge!

Take the myFICO Fitness Challenge 2023!

Kenny — Sun, 01 Jan 2023 12:12:33 GMT

Happy New Year to the myFICO Forums Community!

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

What is 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. 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 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. If you'd like, you can review 2022's challenge here.

Re: Take the myFICO Fitness Challenge 2023!

Anonymous — Sun, 01 Jan 2023 12:24:43 GMT

Well MyFicoers ...

Kenny has us set up for the 2023 Year. I will offer that there are no plans for any new financial products at this time.

Will stay in the Garden for now. Note, I will be observing to see if some financial product comes to pass that is of use for my 2023 spending needs.

The past year of 2022 found a new local bank that matches the services of the big boxers and I switched to it (right in town about a 1/2 mile from home). Also, added a couple of financial products that I needed.

S ...o ...o who is to say?

Re: Take the myFICO Fitness Challenge 2023!

mgood — Sun, 01 Jan 2023 13:19:59 GMT

Same things. Getting revolving utilization down and bringing scores up. Still shopping for that used Corvette I was looking for a couple years ago. That was the original point of this, to get my scores up to ensure I'd be approved for a loan, then to get a better interest rate on that loan. The auto market has been so insane lately. My goal is to have all three of the Classic 8 scores at 780+. I have had scores that high, but not all three at once. And I have had other scores breifly over 800 at times. But I want all three FICO 8 scores at 780+, at the same time. Screen-shot that mess and put it in my sig.

@Kenny wrote:

Please be sure to update your myFICO Fitness Challenge signature, so it directs to the current challenge.

I didn't realize mine still said 2021 and linked to that thread I think I fixed it.

Re: Take the myFICO Fitness Challenge 2023!

sportsguy83 — Sun, 01 Jan 2023 19:31:44 GMT

Happy New Year!

Last year was all about consolidating my debt, re-establishing good credit habits and getting my scores to a respectable level. Mission accomplished.

This year my focus is entirely on paying off my consolidation loan as soon as possible to save money on the interest. Thanks to my good credit behavior and improved scores I have balance transfer offers available from Discover and Citi and am going to take advantage of them. This will allow me to pay off my loan by the end of February (woot!).

In the short term my scores will take a hit as my aggregate utilization will go from 7% to 30% and I will have several cards with high individual utilization. However, by the end of 2023 I will be debt free and my scores will be about as high as possible for a dirty scorecard (three 30 day lates).

Re: Take the myFICO Fitness Challenge 2023!

broadnms — Mon, 02 Jan 2023 12:22:29 GMT

Good morning everyone!

I am very excited about this challenge. For 2023, I am looking to boost my credit and purchasing power.

1) I want to purchase a home eventually, as I am tired of renting and dealing with the "politics" of renting. By the end of this challenge, my goal is to be financially ready to start the house-hunting process. Maybe the real estate market will be more in the buyer's favor by this time.

2) Reduce collection debt. I am down to three collections in comparison to the 6 I had in 2022.

3) I have a secured Navy Federal credit with a CL of $1000, and in 2022, I started paying a majority of my bills on that CC. I've been doing well in paying on time and paying off 60-80% of the balance by the statement release date. I am hoping to graduate to one of their unsecured credit cards and get my deposit back by the end of the year as well.
4) Pay down my SeedFi loan. I took out this credit builder loan to boost my on-time payment percentage. However, they just sold my loan to another company (and I personally feel it was a bit shady how they executed the sale). I will probably have the loan paid off by the summer, instead of December 2023, like my current contract states. I honestly feel I will end up paying more than expected with this new company.

All in all, I feel better about my finances this year than previous years. I wish everyone a ton of luck for 2023!

Re: Take the myFICO Fitness Challenge 2023!

westcoastpeach1965 — Mon, 16 Jan 2023 18:15:27 GMT

I haven't posted on this forum in many years. I have just decided to start gardening because my scores aren't where I want them to be. Chapter 7 in 2018 and I've gotten some small credit lines, but I can't keep my finger off the trigger, so I'm hoping by entering this challenge, I can garden for the next year. I have a big plan to move and buy a new car in 2024, so if I can keep my hard pulls at zero between now and then, I believe my scores will be in really good shape. Right now, they are around 660 and that's because I have too many hard pulls and the bk in 2018. My credit card payments are 100% and now my utilization is less than 5%, but that just happened because I just paid most of them off. Thanks for letting me join and for future encouragement!

Re: Take the myFICO Fitness Challenge 2023!

jolinoir — Fri, 20 Jan 2023 16:27:35 GMT

Hey to all MyFICOers !

Im a newbie to this challenge but better now than never!

I have already started rebuilding my credit and it has been a great motivating feeling and experience thusfar.

I was approved for a vehicle which is great to add to my credit profile, since having a good mixture of credit is essential to the algorithm of your credit score.

I currently have the following credit cards:

Capital One Platinum Secured Card-Credit Limit of $200 (New Acct as of July 2022)

CBIndigo Unsecured Card-Credit Limit $300 (New Account as of December 2022)

Capital One Secured QuickSilver Rewards Card-Credit Limit of $300 (New Account As of January 2023)

I do not plan to get any more credit cards. I will work with these starter credit cards and hopefully Im able to get a credit limit increase on at least 2 of the 3 cards.

***Additional goal is to be approved for an unsecured card with Capital One with at least $1000 Credit limit

I plan to pay off a few collections still on my report via "Pay for Delete" Request Letters.

By the end of 2023, if the market is in a good position, I will be able to get a preapproval for a mortgage loan.

As of January 7th my scores were TU 606 EQU 607 EXP 546

but once the new INDIGO card was added my score dropped 40-50 point for TU and EQU. EXP is likely around 506.

It will increase but likely not, because the Capital One will follow up next and then my new car loan..but once these new account stabilize, my score will be at if not over, 700. ***happy dance***

Much abundance and growth to all !

Re: Take the myFICO Fitness Challenge 2023!

Lionsonly008 — Thu, 19 Jan 2023 05:19:52 GMT

<img align="left" border="0" width="50" height="50" src="https://ficoforums.myfico.com/html/assets/challenge.png">Starting Score: 458 Current Score: 687 Goal Score: 700 <a href="https://ficoforums.myfico.com/t5/Take-the-myFICO-Fitness/Take-the-myFICO-Fitness-Challenge-2023/m-p/..." target="_blank">Take the myFICO Fitness Challenge</a>

Re: Take the myFICO Fitness Challenge 2023!

FireMedic1 — Fri, 20 Jan 2023 17:08:25 GMT

Welcome @Lionsonly008

To add your challenge to your siggy. Click on your name from the main forum page. Go to settings. Then signature. Patse your HTML. Save. Got to post a few times once the new badge is gone. Good to go.

Re: Take the myFICO Fitness Challenge 2023!

mgood — Fri, 20 Jan 2023 00:17:33 GMT

@Lionsonly008 wrote:
<img align="left" border="0" width="50" height="50" src="https://ficoforums.myfico.com/html/assets/challenge.png">Starting Score: 458 Current Score: 687 Goal Score: 700 <a href="https://ficoforums.myfico.com/t5/Take-the-myFICO-Fitness/Take-the-myFICO-Fitness-Challenge-2023/m-p/..." target="_blank">Take the myFICO Fitness Challenge</a>

@FireMedic1 wrote:
Welcome @Lionsonly008
To add your challenge to your siggy. Click on your name from the main forum page. Go to settings. Then signature. Patse your HTML. Save.

I think you have to be at least "Member" rank before you can do that.

Re: Take the myFICO Fitness Challenge 2023!

Chazzay12 — Wed, 25 Jan 2023 14:44:36 GMT

Hi everyone!

I wanted to join the FICO fitness challenge here! My goals for this year are just to garden and purchase a home.

Me and DW are already prequalified for house and will start actively putting in offers late Feb/March. So obviously no credit moves until after closing.

I don't have any cards in sight or mind, and mostly just want to keep gardening while increasing current credit lines and waiting for old CO derogs to fall off in 2-3 years I think. Hoping and curious to see if cross over into 700+ this year!

Re: Take the myFICO Fitness Challenge 2023!

TheRedHat — Tue, 14 Feb 2023 04:31:08 GMT

Hello my fellow MyFICOers!

My goal for this year is to get my total credit utilization under at least 30 percent from what is currently 61 percent. I'd also like to get my credit scores into the 740-760 range, so I have been gardening. As far as goal cards are concerned, when I reach 13 months with zero inquiries (I'm currently at 4 months), I'm going to apply to graduate my Secured U.S. Bank Cash+ card. I have several other goal cards, but none that I wish to apply for this year.

Re: Take the myFICO Fitness Challenge 2023!

Akroyear — Wed, 15 Feb 2023 08:45:01 GMT

Greetings all!

I'm excited to take part in this challenge. I'm looking to finally have good credit for the first time in my life. I got my credit score up to 630+ after bankruptcy, but inflation hit my family hard and I had to sacrifice my credit to keep the lights on and a roof over my head, along with feeding a pre-teen and a teenager. I did it once, I can do it again. I got all of my credit card balances back down, I'm paying off my closed accounts, and I plan to just garden for a few months while my credit score rises. I'm treating the credit cards as just temporary holding cells for my money. I have reminders to pay them way down before they report. So my utilization should stay low.

Re: Take the myFICO Fitness Challenge 2023!

PlatinumCredit — Sun, 26 Feb 2023 18:54:18 GMT

This is my first time doing the MyFico Fitness Challenge.

My goal for this year is to pay down my credit debt that was reporting at 86k. I have thus far this year paid off 4/13 cards which now has me around 70k still owed. I want to raise my FICO scores so that in 2 years I can attempt to buy a 2nd home (assuming interest rates have come down by then). I am also paying down my total debts. I managed to pay off my private school loans, making my federal school loans the only school loans left to tackle...but paying that off will be a marathon not a sprint. I would like to be realistic and say I would like to pay both my AMEX cards off this year as well as try to save at least 5k this year (doing the 100 envelope challenge with a friend).

I am gardening until next year due to me wanted to get the Chase Freedom/Chase Sapphire cards. But this year is just all about the pay down and trying to save what I can on the side.

I am eager to see if I can achieve the AMEX pay off and savings because I make plans, and life always happens and throws me off track. GL everyone!

Re: Take the myFICO Fitness Challenge 2023!

ozzman469 — Wed, 01 Mar 2023 21:41:55 GMT

Hi Everyone,

First time doing a challenge like this. Currently have about $89k in debt between 2 car loans, 5 credit cards (58% total utilization), and 1 personal loan. My goal for the year is to pay off my personal loan and get under 20% utilization. This is all to set up for (hopefully) purchasing a house next year once 1 of my car loans is paid in full (Feb 1 2024).

Re: Take the myFICO Fitness Challenge 2023!

chelleinLV — Wed, 08 Mar 2023 05:10:43 GMT

Hi everyone,

I know, I am late to the party. I am looking to raise my scores and pay off my debt, currently am in 25k including my car but not including my house. I was lucky enough to buy a house years ago that now people say is worth a LOT more than it is lol I have four credit cards, two of which are maxed out and my total utilization is at 63%. Filed BK 08/2019 and fell right back into the credit card debt trap and am now trying to dig myself out. Thanks for letting me join!

Re: Take the myFICO Fitness Challenge 2023!

zbbws — Sat, 11 Mar 2023 18:28:03 GMT

Hi everyone!

I am about two months late to the party, however, I have a couple of solid goals this year I think. The first goal is to learn more about FICO scores, the scoring system, and the factors that routinely result in adjustments to scores (whether up or down). Secondly, because I've had poor to fair credit most of my short adult life, making recent improvements has me nervous and I'd like to maintain this momentum. My scores exactly one year ago were EX: 624, TU: 631, and EQ: 637 and now they're currently at EX: 731, EQ: 770, and TU: 774. Bringing my utilization down helped significantly with it moving between 4-6% regularly across all cards on a monthly basis. I've been consistent the past 5 months with paying it down and keeping it down.

I also have quite a few revolving accounts, 9 in total (3 of which aren't bringing me much value but I'm forced to keep one due to the age of the card and how it helps my overall score).

Because I'd like to buy a new car within the next year I am laser focused on stabilizing my scores for the long-term.

Re: Take the myFICO Fitness Challenge 2023!

Staralchemist — Mon, 13 Mar 2023 23:02:54 GMT

Hello everyone!

Signing up to join this challenge! Prior to joining, I had begun bringing a couple credit cards current after missing payments from an extended period of limited income after a layoff during the pandemic. Thankfully, I recently started a new role that will help me to work towards eliminating debt and build savings. My challenge now is to bring my scores up, utilization down, and be in the best position possible to purchase a new vehicle by mid-summer. I am currently at 618 TU, 583 EQ, 581 EX. This should be better next month as I just paid one of my credit card balances in full - from 95% utilized to 0%! I also sent a goodwill letter requesting the removal of late payments... results to be seen. My main goal is to raise my TU FICO to above 700 by the time I talk to a credit union for an auto loan approval. Everything on my reports point to the lates in 2022 and high utilization as being the blockers to that goal.

In reviewing my credit, my objectives in 2023:

1) Pay off another credit card (possibly a 3rd where I am an authorized user)

2) Pay off a small outstanding loan and request for it to be deleted from my reports.

3) Seek to remove old paid collections.

4) Continue to make payments on time

I will definitely have some questions and seek to learn more strategy in the coming weeks and months. I know this is the best place to be get my credit back on track.

EDIT: Forgot to add that I am in the garden for the next few months, not applying for any new credit until the auto loan.

Thanks for having me

Re: Take the myFICO Fitness Challenge 2023!

MzOptimistic — Sun, 02 Apr 2023 23:49:21 GMT

Hi! I am new to the Challenge. I just completed my BK13 and now waiting for my Discharge. My goal is to raise my scores (750 club) and obtain great cc's with awesome credit limits. Looking forward to reaching my goals.

Re: Take the myFICO Fitness Challenge 2023!

WildestDreams — Thu, 06 Apr 2023 03:17:45 GMT

Late to posting... Better late than never?

I had a chapter 7 bankruptcy dismissed in December 2022 and am working hard to rebuild. I know its an ultra marathon not a sprint, hoping to be able to refinance my auto loan before 2024. Fingers crossed when I hit the 1 year mark (not sure if its discharge or file date that makes it 1 year?!?) some bank will give me a chance - open to insight on any lenders who will lend after a year