topic Re: What are you doing to stay a head in the new FICO 08 release? in General Credit Topics

What are you doing to stay a head in the new FICO 08 release?

Anonymous — Wed, 23 Jan 2008 20:53:36 GMT

I thought this would be a good topic. There are some changes that we know of coming with the FICO 08 release. Feel free to post what you have or plan to do to take advantage or prevent lost points in this next release model.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Wed, 23 Jan 2008 21:16:26 GMT

let things age

get rid of the med collection by hook or crook.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Wed, 23 Jan 2008 21:27:33 GMT

No idea. I hate feeling unprepared, and I feel totally unprepared. It's hard to know how to handle something like this when there is such little indication of what would be good preparations.

It's like knowing something bad is going to happen and not being able to stop it. Feeling more out of control than normal, I guess.

There's not much I can do for myself except aging and waiting for old baddies to fall off.

Re: What are you doing to stay a head in the new FICO 08 release?

fishbjc — Wed, 23 Jan 2008 21:51:12 GMT

Opened up online bill payment with my bank. Listed all of my accounts. Make EARLY payments and PIF it at all possible!

I double-think my purchases, i.e. do I really need that or can that purchase wait? Approx. 99% of my purchases are items on sale, so some items get stocked up on.

Holding off on that new car until fall or when the 2009's come out so I can get a great price on a 2008.

I turned my heat down 2%, new cellphone plan, and wear my daily wear contacts for two days. DH is going to the dr. to see if two of his meds can go to generic since that cuts him from $70/monthly to $8.00.

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Things I do NOT cheap on: My animals. They get prime food, premium vet care. I will go without lunch before I cheap on them.

Every little bit of money saved will go toward paying down debt. I've got dh off of my cards as au and was able to move him to joint on one. The only way to stay ahead is to budget everything.

Bring it ON FICO 08...I'm ready for you!

Re: What are you doing to stay a head in the new FICO 08 release?

haulingthescoreup — Thu, 24 Jan 2008 01:08:26 GMT

Oh my gosh, fish, change your contacts! No score is worth having gunk growing on your eyeballs!

Anyway, there isn't anything that I can do to prepare, even if I knew exactly what's in the new formula. My history is what it is, warts and all. I'm still GW'ing, but I would do that anyway.

I am AU on a card that made my history 6 years longer, but I'm curious to see what will happen when it's no longer counted, so I'm not changing anything for the moment. If it's a complete disaster, I'll switch over to joint then.

Re: What are you doing to stay a head in the new FICO 08 release?

marty56 — Thu, 24 Jan 2008 02:03:25 GMT

I think if we continue to do things to imporve our current FICO score, we will probably be in good shape for anything that comes down the pilke. Maybe for those who are using AUs to boost thier score, maybe its time to leave the nest so to speak.

For me its to conitnue what I am doing now. Lowering and elimiating CC balances. Working a budget, and possible another prime CC to add to the mix. I better get that Kiss Chase card before they merge with WaMu.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 02:17:40 GMT

carrying low balances and letting accounts age is best strategy for me--dont have a clue what is really changing in 2008--I am not an AU on no accounts they are all mines

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 02:30:02 GMT

haulingthescoreup wrote:
I am AU on a card that made my history 6 years longer, but I'm curious to see what will happen when it's no longer counted, so I'm not changing anything for the moment. If it's a complete disaster, I'll switch over to joint then.

I'm an AU on two of my wife's cards. Is switching them to joint an easy process? They are Chase and BoA.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 03:03:08 GMT

i'm with you awlegz i thought from reading some stuff the fico 08 was going to be a good thing for someone like me w/lates not an au user..maybe i dont understand completely and need to go reread, but i am overall trying to budget more not eat out lunch every day have saved me $$ i used tospend about $8 on lunch a day so that's $40 a week and $160 month, the gas is killing me i drive a gas guzzler, if i had a more fuel effecient car that would help but still working on cr and fico's to get best possible rates

Re: What are you doing to stay a head in the new FICO 08 release?

fishbjc — Thu, 24 Jan 2008 03:51:30 GMT

Lol, my contacts are fine because I don't wear them at night so I can use them for two days.

It's easy to change an au to joint on Chase, just give them a call & they'll send out the paperwork. That's about the only thing Chase has ever made easy.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 05:09:54 GMT

I never did the au thing so I think I'll fenifit from the FICO 08 thingy. I paid off my first auto purchase after my BK and landed 4.9% on the new car before the PIF of that car showed on CRs. Shopped everybody's teirs before I let one hard pull be done that landed that great rate so I only have two hard pulls showing in 2 years and will only need one more in the foreseable future. In May I aply for a second and very carefully selected CC. Other than that, I'm really emereging nicely from the depths of my 2002 chapter 7 and 2008 looks very nice indeed.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 05:32:20 GMT

Which one is your very carefully selected CC if I might ask .. Tks Vicki

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 06:45:27 GMT

I would say if you are an AU, you might think about using this time in the next few months to start your own tradelines. Your AUs will be gone and might loose your chance in the short term to get approved.

Credit cards build great scores in current release. If you have 0 installment loans, and 10 cards you might not gain as many points as you currently have. I read that 08 will weigh less on narrow credit types and consider other factors more evenly. Might be time to open an installment loan to gain history now. They take a long time to build history.

Then there are negative factors like new accounts and inqs that I read will not hurt as much. This is good!

Then again.... Who knows if any of this info I read is legit. I do have a source for some stuff. I didn't know what was scored strongly and lightly so I tried everything in the past year to hit my goal. I think I have a pretty good mix. I'm as ready as I can be. I will probably need to lean the sweet spots all over again for UTL.

http://finance.yahoo.com/banking-budgeting/article/104062/Default-Lines-The-New-Math-of-Credit-Scores

http://articles.moneycentral.msn.com/Banking/YourCreditRating/BuildAKillerCreditScoreIn2008.aspx

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 13:25:28 GMT

I'm not sure what CC I'll need. I don't need any more credit cards but from what I've learned here it would benifit me to have 1 or 2 more cards with low utilization so I think I'll research.

I got my first CC after BK just this last Sept. I've fixed my credit thus far with nothing more than paying off vehicles, adding zero badies and aging.

The CC I have is High interest and low limit but only carries a $59 annual fee and I thought I did well with that one for a first after a BK. I'm going to be pickier with the next one. Any advice?

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 13:36:56 GMT

I never even heard of the AU until I got here.

After I had to file chapter 7 I did not clain my motorcycle. I didn't know how important a choice that was at the time. I never missed a lick on it for the next 3 years. Bought a truck at CarMax at extremely high interest but wrecked it at 20 months. Never missed a lick on it. Been with State Farm for 25 years so accident was forgiven. Got my first CC 4 months ago. Charge up to $40 then pay off. Was able to get 4.9% on a brand new car last week. I want a couple new cards to round this program out.....all from things I've learner here.

I landed a new job 10 weeks after my BK that paid 3 times more than I've ever made before and I've been with it every sense and I've lived in the same place for 3+ years. I've been extremely lucky sinse my BK AND now I'm learning how to round out what I did by accident up until this point. I'm determined to get 700/720 before the 5 year old baddies drop off my report.

I'm never looking back.

Re: What are you doing to stay a head in the new FICO 08 release?

MidnightVoice — Thu, 24 Jan 2008 14:04:45 GMT

I did it all last year - went joint on all the accounts DW and I needed to be joint on.

Other than that - fiscal responsibility and time!

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 14:06:12 GMT

beenthere--

when did you file bk or when was it discharged if you dont mind me asking? i filed bk also discharged 0105, filed 0904..my question is if you know does the bk stay on your report from your file date or discharge? it must be file bc mine says drops off 2014 which would be 10 yrs from 09/04...

Re: What are you doing to stay a head in the new FICO 08 release?

thotgal320 — Thu, 24 Jan 2008 15:28:25 GMT

Changing my cell phone plan, changing cable package. Do I need this or do I just want it? Can I pay cash for it? Just paid off a couple CC, also DV's, PFD's, PIF's. My oldest child moving out so should I downsize to one less bedroom? See what these forums are doing to me anything to save money to pay off debt. These forums have me asking what would the forums have to say about this? LOL thanks guys.

Re: What are you doing to stay a head in the new FICO 08 release?

Anonymous — Thu, 24 Jan 2008 15:32:02 GMT

Keep on keeping on, what I'm doing.....paying bills WELL before due date, keep utils below 20%(aiming at 5), lingerie drawer for all but 5 or 6 cc's to keep me from using them), NOT applying for any new credit, letting my existing cc's age.

Re: What are you doing to stay a head in the new FICO 08 release?

haulingthescoreup — Thu, 24 Jan 2008 18:16:51 GMT

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