2015 Financial Resolutions

[revvystoke]

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@Anonymous wrote:

what do you guys resolve to do in the new year?

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Stay debt free.

[Dj4Money]

 I started my rebuilding journey in Oct 2014 by making the decision to do it. In Nov 2014, I applied and got Cap One Secured ($99 for $200 CL) and SDFCU Secured Card ($275).

 I got both of my cards in Dec 2014

 So based on that -

1. By the 90 Day mark, increase balance on both to over $400
2. By the 120 Day mark, get a CL increase from Capital One, apply for Captial One Quicksilver
3. Finish Baby Step #1 ($1000 Emergency Fund), then transfer to Money Market Account
4. Originally to buy a car by the 9 month mark (August/Sept 2015)*

* May change because I currently don't have a car and I am serious considering working for Uber, along with returning to one of my last jobs being a courier. I also need a car to take DJ gigs outside my immediate area, typically $500-$700 per gig.

 In turn, that will increase my cashflow allowing me to properly save for a long awaited trip to Brazil for a month +. 

[BarryNTexas]

2014 was an amazing ride for me on the credit front.  I got my files cleaned up, sub-primes closed, and got my act together.  Here's what I plan to do and also a little background...

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For 2015 I have the basic goal of getting my scores into High 700s or even to 800 and if I take care of business, I think I have  a legit shot!  For credit card action see below where I started from and what I plan to do in 2015 with credit.  Feedback most welcome.

My Credit Cards Pre-2014 (I lived a cash life)

• CapOne       $500  
• Cortrust        $250 
• CreditOne    $750
• Merrick         $1,000
• Orchard #1   $300
• Orchard #2   $300
• JC Penney   $600
• Wells Fargo $1,000
• Total             $4,700

Today

• Diner's Club Premier         $20,000 (Not Reporting)
• Diner's Club Elite               $20,000 (Not Reporting)
• AMEX Skymiles                 $15,000
• Barclay USAirway              $7,500
• Barclays Rewards MC       $6,500
• CapOne 5178                    $2,250
• CapOne QS 5178              $1,000
• Chase Amazon                  $6,000
• Chase Freedom                 $6,000
• Citi AAAdvantage               $7,000
• Discover It                          $1,200
• HomeDepot Consumer      $9,000
• JC Penney                         $4,000
• NFCU Cash Rewards        $18,000
• NFCU Flagship                  $15,000
• PayPal Extras                    $1,500
• United M Plus Explorer      $5,000
• USAA Visa                         $2,000
• WalMart MC                      $3,000
• Wells Fargo Visa               $2,200
•  Total                                 $152,150
• (I came a long way and added 148K in TL and doesn't inlcude $15K CLOC af NFCU)

2015 Action Plan for Credit Cards

• Close both CapOne Cards if I can’t consolidate CL to QS.  These guys don’t like me and I really don’t like them.

• Close Barclay’s US Air Card and move CL to Rewards MC unless someone sees a better plan or knows a reason to keep it open.  Already have the bonus miles added to my Dividend account.

• Amex Skymiles – 3X CLI in Feb

• Close Discover It – not sure I will get love from them having had a low SL.

• Open CSP and hopefully get an offer from Chase first – will be late in 2015 as I had 3 Chase cards in 2014.  If I am approved I will likely close my Freedom and move my CL over to the CSP.  Gosh and I am getting the AARP Chase offer all the time and maybe want that too!

• I have 2 AMEX cards that are backdated to 1983 helping my overall AAoA (5 Years) at this time.  I want to add 2 more in the near future.  My target card is the SPG and I get monthly offers from them as I stay in their properties on a monthly basis.  Not sure what other AMEX I might try for to round out the MSD play.

• Try to convert my Chase United MPlus Explorer to the Club version.  I know it’s a higher AF but I really need the club access.  I fly 99% on United as that’s where my status is these days.  Not sure if it’s a simple call to Chase or what, but I will try.

• Close JC Penney – I have SD’d this card since it carries a 26.99% APR – really?  It is one or my older lines that has open date of 2008.  Closing it won’t harm my AAoA and will keep the DW from potentially using it on a whim.

• PayPal Extras MC – close this one.  I really messed up here as it was a pop-up offer on my account dashboard.  Wish I hadn’t applied and I really don’t like Synchrony.

• Keep after CLIs with NFCU.

• Enjoy the heck out of my hidden TL with Diner’s Club.

• After all of this completed I think it will have been a great 2015 on the revolving credit front! 

Thanks to those who have helped, encouraged, and challenged me to change my ways and embrace a new credit life!  BNT

[aav]

Stay above 800, get a new(ish) car, increase savings, get a card with 40k or 50k CL (maybe DC if they come back big and don't report)and get hubby to ease up on his spending... The latter being the hardest lol.

[mongstradamus]

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@aav wrote:

Stay above 800, get a new(ish) car, increase savings, get a card with 40k or 50k CL (maybe DC if they come back big and don't report)and get hubby to ease up on his spending... The latter being the hardest lol.

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I am fairly happy with the cards i have now. what i am trying to now is cut down on spending so i can increase amount of money i can put in everymonth for ira. 

[907grown]

Closing AF cards before the AF comes due this year.... cap One QS is the first to go. I tried to PC and they told me I wasn't eligible. Perfect payments, and my credit scores are alright... US Air AF due in August. Have a BT balance that I will have paid off by April.

No more credit seeking other than a new car in mid spring to summer.  Just going to keep util low and payments made.  Hopefully watch that number get bigger and bigger!!

Happy New Year!!

[nachoslibres]

I'm going for no HPs for 2015 unless we decide to upgrade to a newer Honda Odyssey.  Want to be in the best possible situation for when we buy a house (still saving up for a house down payment - should have about $28k saved here in the next week and need another $32k for what we want to do).

[SomeGuyOnTheWeb]

1.) Save up six month's worth of living expenses, "just in case".

2.) Pay down some of the higher interest rate student loans (at least pay off the one with the $2,800 balance @ 6%).

[celluloid17]

I'm more than happy with my current cards and will most likely see about closing or consolidating a TL or two.  Unless a new card comes along that has an unbeatable sign-up bonus and is tailor-made for my spending patterns, I have absolutely no desire to app for any new credit this year.

I will be finally opening up a Roth IRA this coming week with Scottrade.  My first steps towards planning for retirement (I'm mid-30s...better late than never!)

I plan to continue building my savings this year and hope to amass at least an eight month emergency fund.

I really want a new job (career) this year with benefits(!), which will ultimately improve my overall financial, mental and emotional health.

Perhaps a new or used car towards the end of the year, but if not, I'm very happy with my current 10 year-old vehicle (*knock wood*).

So it is and so it shall be!

[peaceonearth]

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@Anonymous wrote:
Resolution 1: make at least $4k profit with my existing cards
Resolution 2: open new cards to make at least an additional $500 in sign-up bonuses

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How is that?

Best success in your wishes.