topic Re: 2007-Triumphs and Disapointments in General Credit Topics

2007-Triumphs and Disapointments

Anonymous — Tue, 01 Jan 2008 15:23:31 GMT

Looking forward to 2008, soo much!

9 out of 11 baddies will be removed from CR between January and August 2008, depending on CRA. most of them have ZERO balances and are PIF.

Although that sounds good, but on paper still looks kinda lousy

2007 was a year of Triumphs and Disappointments Here are some of Mine!

Triumphs

NCO, collections disappear in three days after emailing Mike Barisit (shocked)
CSC (CRA for Exuifax in Texas) deletes everything I dispute
Hooters Card $1,500 (almost cried)
Refinance auto loan from 18.9% to 11.9%
Mastered the Dispute Letter, GW Letter and DV letter writing.

Disappointments

Discovered the wonders of Private Student Loan PREDATORY Lending (NO LIMITS ON FEES, INTEREST, TERMS, SOL when they go into collection)
No longer can dispute ONLINE with Experian.
3 hard Pulls for Bank of America secured card
Too many inquiries on Experian (9)
Learned that Pre-Approved means nothing.
My FICO deleted all my history of saved CR's on this site, cuz i did not renew subscription.

What are your Triumphs and Disappointments?

Re: 2007-Triumphs and Disapointments

marty56 — Tue, 01 Jan 2008 15:40:10 GMT

2007

1. Started monioring my credit.

2. Smart use of credit now.

3. Graduated DMP.

4. Got 2 new credit accounts *(es there is life after DMP)

2008:

1. All FICO scores over 760

2. Pay off truck and get new car

3. Start putting money into 401k

4. Start ball rolling to pay off home in 8 years.

5. Have a positive affect on at least 1 person in the FICO forum.

Re: 2007-Triumphs and Disapointments

haulingthescoreup — Tue, 01 Jan 2008 15:55:42 GMT

@marty56 wrote:

2007

1. Started monioring my credit.
2. Smart use of credit now.
3. Graduated DMP.
4. Got 2 new credit accounts *(es there is life after DMP)

2008:
1. All FICO scores over 760
2. Pay off truck and get new car
3. Start putting money into 401k
4. Start ball rolling to pay off home in 8 years.

5. Have a positive affect on at least 1 person in the FICO forum.

Think you're already part-way there, marty. What a great post!

Re: 2007-Triumphs and Disapointments

marty56 — Tue, 01 Jan 2008 16:31:32 GMT

Thanks haulingthescoreup

I view myself as soemone who needed to be in credit rehab and it someone could learn from my bad example that became a good one, then I have paid back my debt.

I liked the show "Maxed Out". I dont know if its still on but I think everyone should see it.

I wish I had something like that 20 years ago, though I dont know if I would have listened then.

Re: 2007-Triumphs and Disapointments

haulingthescoreup — Tue, 01 Jan 2008 16:36:49 GMT

I've always liked the Catherine Aird quote:

"If you can't be a good example, then you'll just have to be a horrible warning."

Certainly, my kids (20, 22, and 24) treat my advice this way!

Re: 2007-Triumphs and Disapointments

haulingthescoreup — Tue, 01 Jan 2008 16:54:17 GMT

OK, let me behave myself and get back on-topic:

2007 Triumphs:

--Discovered these forums in late August, and the light bulb finally went on!
--Raised EQ from a low of 599 in mid-April (after a late posted) to 675-ish (my lowest score)
--Offered and accepted a HELOC at WSJ less 0.95% and started updating and remodeling
--All cards stay PIF'd at all times, other than the one which gets to report each month.
--Increased total revolving CL to $52K+
--I understand my credit history, how it got there, and what to do about it.
--I have my Plan! I know where I'm going, I know why I'm going there, and I know how to do it!

2007 Not-yet-triumphs: (nothing's a disappointment --it's just not finished yet!)

--No luck yet removing the late off of Sears/ Citi or the string-o'-lates from J.Crew
--Some exasperations getting the CRA's to report the status and balance of J.Crew

The best thing about my credit in 2007: meeting all the great people here on these forums. Thank you, FICO friends! Best wishes for health, wealth, and happiness in 2008!

Re: 2007-Triumphs and Disapointments

Anonymous — Tue, 01 Jan 2008 17:08:12 GMT

2007

1. Decided to take control of my finances.

2. Signed up for my FICO.

3. Starting reading the forum (gained lots of knowledge).

2008

1. Join the 700 club.

2. Never lose control again and let things get out of hand.

3. Always know what is on my credit report.

4. Never be late again.

5. Never ignore any mail or put it off for later - a lot of work to correct.

HAPPY NEW YEAR TO ALL

Re: 2007-Triumphs and Disapointments

Anonymous — Tue, 01 Jan 2008 17:15:59 GMT

hauling,

thats a great quote, ill have to make a note of it!

yeah, disappointment for now

Re: 2007-Triumphs and Disapointments

wmarat — Tue, 01 Jan 2008 17:22:31 GMT

marty56 wrote:
2007

1. Started monioring my credit.
2. Smart use of credit now.
3. Graduated DMP.
4. Got 2 new credit accounts *(es there is life after DMP)

2008:
1. All FICO scores over 760
2. Pay off truck and get new car
3. Start putting money into 401k
4. Start ball rolling to pay off home in 8 years.
5. Have a positive affect on at least 1 person in the FICO forum.

Can you in simple terms explain me the idea of 401(k) and how it works. Thanks

Re: 2007-Triumphs and Disapointments

haulingthescoreup — Tue, 01 Jan 2008 17:49:12 GMT

@wmarat wrote:
Can you in simple terms explain me the idea of 401(k) and how it works. Thanks

A 401(k) is a retirement savings plan offered through your employer. If you work for a non-profit like a university or hospital, it might be a 403(b). Federal employees and the military have the TSP (Thrift Savings Plan.) The numbers are from the sections of the federal tax code that set up the process.

Essentially, you deduct a portion of your earned income and direct it into various investment and savings vehicles, including mutual funds, annuities, and so forth. This diverted income is not taxed, although social security and Medicare is still withheld. Most employers match up to a certain percentage of your withheld money, which gives you free extra money to invest. For instance, my employer gives me 1% of my gross income immediately, and then for each 1% that I put in, they match by 1/2%, up to a total of 5%, I think it is. So if I put in 10%, it winds up being 16%, including employer contributions.

All of this money, plus the earnings on it, grow tax-free. Except under special circumstances, it is not withdrawn until age 59 1/2 at the earliest, at which point you start paying taxes at whatever your rate is then.

No matter how much mac-and-cheese and tuna casseroles one has to eat, everyone's goal should be to fund their 401K to the point where they get every penny of matching money from their employer. Otherwise, you're just walking away, leaving money lying on the ground.

You're eligible to contribute up to $15K/ year, plus another $5K if you're over age 50. (And you can save more in other investment products like IRA's as well.) And start young!!! If only, if only, if only. I chose to stay at home with my kids when they were young, and I'm glad I did, but that's why I'm working two jobs at age 53.

I haven't read through this, but it looks like a useful intro:

http://money.howstuffworks.com/401k.htm

Re: 2007-Triumphs and Disapointments

wmarat — Tue, 01 Jan 2008 19:22:03 GMT

@haulingthescoreup wrote:
@wmarat wrote:
Can you in simple terms explain me the idea of 401(k) and how it works. Thanks

Thanks for info, it is great, but still a question. Must this plan be employer sponsored or I can open such an account as a private person without any relation to employer?

Re: 2007-Triumphs and Disapointments

haulingthescoreup — Tue, 01 Jan 2008 19:38:17 GMT

There are IRA's (individual retirement accounts), that you control completely, but they have a smaller limit. Roth IRA's use money that is already taxed, and when you withdraw the money in retirement, it is untaxed, which is a great deal. (I've got a Roth also.) There are also variants of these for self-employed people, but at that point, I'm completely over my head!

I'd say that as members come up for air between the football games, we'll hear from people who have these. Sorry --I hit the bottom of my very shallow knowledge bucket!

PS: also, the newsstands are probably full of personal finance magazines with advice and information, as we all head into panic mode for taxes. And as a general personal finance guide, I love Smart and Simple Financial Strategies for Busy People, by Jane Bryant Quinn. It's in hardback, published two years ago today. Very clear, very straightforward --good for people who want to start stuff up right and then put it on autopilot.

Re: 2007-Triumphs and Disapointments

Anonymous — Tue, 01 Jan 2008 20:44:52 GMT

Triumphs Nov 2006-Dec 2007

Got my first CC in Nov 2006 - a First Premier with $250CL (closed Oct 2007)
Got My Second CC in Nov 2006 - an Exxon with a $100 CL (CLI to $500)
Jan 2007-Apr 2007 got HD and JCP
Jul-Nov - added 6 CC including a CitiBank MC!
Paid the Tax Lien I didn't know was there (released Feb)
Deleted 2 CA accounts

Disappointments in 2007

Ruined my Equifax score until Oct 2008 with INQs
Still have 1 CA account (mission for 2008 to remove it)
Still have a paid tax lien (misson is to GW until someone takes pity and removes - it was $237 in taxes)

Re: 2007-Triumphs and Disapointments

FantumGrey — Tue, 01 Jan 2008 21:26:55 GMT

Triumphs

-- Got my youngest Cap One card upped to $7000 (my first ever over $5000 card!)
-- My WaMu card aged to a year bringing a nice boost with it.
-- All of my TU inquiries aged off/disappeared.
-- The 1.5 year old KCA collection on my reports disappeared.
-- I applied for and received a Discover More card (as well as a Citi mtvU card).
-- I paid off most of my credit card debt, ending the year with just $1100 owed.
-- My overall credit debt is currently about 5.5% and steadily going down.
-- I joined the 700 club!

Disappointments

-- Cap One rate jacked one of my cards from 14.9% to 19.74%.
-- I couldn't get CLIs for my other two Cap One cards.
-- My new Citi mtvU card only has a $2000 limit.
-- Neither MBNA/BOA nor Merrick Bank would give me any goodwill.

Re: 2007-Triumphs and Disapointments

Junejer — Tue, 01 Jan 2008 22:18:36 GMT

2007:
Triumphs

1. Signed up for myFICO in Dec
2. Found about about these forums in late Dec
3. Got total of 12 baddies off of CRs
4. Discovered that I don't have to live in credit hell for life
5. Got approved for mortgage loan

Disappointments

1. Bogus CA shows up on CR out of nowhere
2. Discovered that there's a 170+ point spread between the high and low scores

2008

1. Will close on mortgage in two weeks (homeowner again, yea!!!)
2. Have plan to pay mortgage off in 9.1 years (maximum)
3. Remove remaining baddies off of reports (six)
4. Obtain a few CCs to get scores up
5. Continue on this forum to learn the techniques to join the 800 club
6. Never be late on anything again in life

11/29/07 FICOs EQ 742 EX 669 TU 568

Re: 2007-Triumphs and Disapointments

MidnightVoice — Tue, 01 Jan 2008 22:32:10 GMT

Triumphs:

Started credit repair on my own

Found these forums and got better at it

Wrote the 12 step program

Went from a CL of $1500 on one credit card to a CL of $35,000 on 4.

Collection dropped off 4 months early

Got best auto deal I have ever had

Met some cool people here

Disappointments

Should have applied for AMEX earlier than I did as my EX score was stable all year.

Should have applied for Amex a week after I did (EX collection dropped off 6 days after I got the Blue and score went up 50 points).

EX insists my HELOC is a CC

2008

Get a CL of over the magic number of $10,000 (a dollar more than my highest)

Get CLI on Juniper after a year

Get 2 CLIs from Amex

No more new cards or loans (unless I move)

Hammer my HELOC with tax rebates to keep EX happy

Re: 2007-Triumphs and Disapointments

granny031350 — Tue, 01 Jan 2008 23:02:37 GMT

1. financially independent from my ex

2. found out about score watch and my fico

3. working on credit repair. No word yet on disputes started in december

goals for 08

get scores up to 600's

discharge from chapter 13

buy a home

keep my finances under control and my credit score up

hope everyone gets their wishes in 08

Re: 2007-Triumphs and Disapointments

Anonymous — Wed, 02 Jan 2008 02:20:50 GMT

Disappointments -

Learned the very hard way that creditors will kick you to keep you down, not credit your account when payment is made so they can make more interest...
File your taxes (even if you can't pay), it is worse if you don't file - I really truly thought someone would listen that I knew I owed but just couldn't pay the 47.5% interest - they simply do not care
Found out how bad stress is for the heart & body

Achievements -

Found myFico forum and learned better ways to fight for my rights against the bureaus and b.s. creditors
Learned through Fico friends, how to play the credit game to my advantage
Found Prosper, they gave me life (life was good but extremely tough), now I can breath, get out of an extremely predatory auto loan
Took Home Buying to learn as a woman "how/what" to watch out for with all the scams & changes people may make from the time a Good Faith estimate is done to the closing
Between Prosper & my Mother, my tax debt is over...I had decided to pay very little out of payroll in order to be home w/kids at night instead of working 2nd job, killed me in interest/penalty - would have taken me 10 more years to maybe be paid off

2008 - will buy a home for my family & not have to drive 480 miles each month to get my kids to school, thanks again to all of you wonderful people!

May all your wishes come true!

Re: 2007-Triumphs and Disapointments

Anonymous — Wed, 02 Jan 2008 14:03:23 GMT

Triumphs "07
-Finding myFICO Forum
-FICO Score obsession

Disappointments
-Too many to list

Outlook for'08 (starting small)
-Getting Judgment removed
-GWs worked
-Credit Score boost

Re: 2007-Triumphs and Disapointments

Anonymous — Wed, 02 Jan 2008 18:16:21 GMT

Dec. 2007-
-found myfico
-Opened up a Macy's CC with a 100 cl (charged 39.00-pif)
- will ask for a cli in 3/08
-PIF Collections for library fine
-still working on having it removed from my cr
-GW'd Collections for husband for a Nationwide claim
-NCO is supposed to delete it could take 45 days (will check back)

Disappointment
-Too many inquiries for new credit until at least July/August 08
-Still have 98% util
-Could not reopen BOA CC due to library fine
-Denied Denied Denied Denied

2008!!
-Have A baby (due feb )
-Straighten things out with the Hyatt (owe them 1500)
-CLI on Macy's Card
-CLI DH Cap 1
-After library fine is deleted- ask for a recon from boa
-if boa reopen- request CLI
-Pay Down all Credit Cards (including dh) would like 10% or less
-Start a savings account
-Join the 750+ club

I better get started now