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April 2016 Check-In Thread

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Kenny
Moderator Emeritus

April 2016 Check-In Thread

 

 

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! 

Message 8 of 27
26 REPLIES 26
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2016

I know it is a late response, but I did PC the platinum after a online chat with someone.  It converted to a QS MC with the same limit.  A few weeks later I decided to try for a CLI.  I got the, we'll get back to you in a few days message.  I also hit the luv button on the QS Visa, and they offered an insulting $100 increase.  I rejected it.   Today, I hit the luv button again for both cards and was offered 1,000 increase on each card.  I rejected them.  My scores did increase.  I went from a 628 to a 657 TU, 610 to 630 EFX, and 624 to 639 Experian all Fico 8s. I would like a 2-3k CLI on both. I'll try again next month, hopefully my scores continue to rise and I get the CLI i'm  looking for.  I got caught with a 204/balance on my cap 1 card too reporting on the 26th.  Also, I started using the platinum card again.  Maybe that helped too. 

Message 1 of 27
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2016

Really looking to increase my score to 680 across the board and get a credit card with a 5-10k limit
Message 2 of 27
curlyJan
New Member

Re: Take the myFICO Fitness Challenge 2016

Hello all,

 

I’ve never had good credit. I don’t even know what that feels like. When I’ve applied for credit, I’ve always had that scared, knots-in-my-stomach feeling.  I don’t want that anymore.

 

I am 33. I have a house (my hubby financed), a car that I financed with a horrible interest rate, student loans in deferment, and one payday loan (yes, I know they are horrible).

 

When I hit 30, I was determined to learn about good financial habits. I’ve read several books. I have invested in stocks. I have a 529 for my daughter. I am saving for retirement. I budget our monthly expenses. I find ways to save on things like groceries, clothes, travel, etc. However, through it all, I have completely ignored my credit. I figured if I just wait the 7 years, then all the bad stuff will fall off. I’ll be good then. Well…I realize that’s faulty reasoning.

 

I want to face my situation head on. It’s time. I’m not going to wait. I’m tired of the annoying  collection calls from a zillion numbers. I’m just tired of it. I feel good in so many areas of my life. I really want to feel good about my credit.

 

My dilemma: Most of the bad stuff is from 4-6 years ago (lost job, went through divorce, etc.). I have no idea what to do. Will addressing these accounts really help raise my score? If I pay them, will they stay on 7 more years? So…that’s why I’m here to learn.

 

My goals: I want a better interest rate on my car. I want the coveted Dillards card. Not to carry a balance, but just to get first dibs on the sales. I want to own rental property one day. Heck, I just want good credit.

 

I’m open to all of the help I can get. I look forward to conversing with you.


Starting Score: 527
Current Score: 527
Goal Score: 750/b>

Message 3 of 27
Revelate
Moderator Emeritus

Re: Take the myFICO Fitness Challenge 2016


@curlyJan wrote:

Hello all,

 

I’ve never had credit. I don’t even know what that feels like. When I’ve applied for credit, I’ve always had that scared, knots-in-my-stomach feeling.  I don’t want that anymore.

 

I am 33. I have a house (my hubby financed), a car that I financed with a horrible interest rate, student loans in deferment, and one payday loan (yes, I know they are horrible).

 

When I hit 30, I was determined to learn about good financial habits. I’ve read several books. I have invested in stocks. I have a 529 for my daughter. I am saving for retirement. I budget our monthly expenses. I find ways to save on things like groceries, clothes, travel, etc. However, through it all, I have completely ignored my credit. I figured if I just wait the 7 years, then all the bad stuff will fall off. I’ll be good then. Well…I realize that’s faulty reasoning.

 

I want to face my situation head on. It’s time. I’m not going to wait. I’m tired of the annoying  collection calls from a zillion numbers. I’m just tired of it. I feel good in so many areas of my life. I really want to feel good about my credit.

 

My dilemma: Most of the bad stuff is from 4-6 years ago (lost job, went through divorce, etc.). I have no idea what to do. Will addressing these accounts really help raise my score? If I pay them, will they stay on 7 more years? So…that’s why I’m here to learn.

 

My goals: I want a better interest rate on my car. I want the coveted Dillards card. Not to carry a balance, but just to get first dibs on the sales. I want to own rental property one day. Heck, I just want good credit.

 

I’m open to all of the help I can get. I look forward to conversing with you.


Welcome!

 

I stuck my head in the sand for years, and you're right about it's being faulty resasoning (and stupid in my case certainly).  The last 13 years have been with a dirty credit file and I still have another 1.75 years to go to get clean finally on some things I can't fix (paid CA state tax lien).  Would state though that having your financial house in order is more important than having a pretty credit file, so you aren't in a bad place from your description, well done on managing that part!

 

Pull your credit reports, make a list of the negatives on them, and then post them over in the Rebuilding Your Credit section.  Some things if they're 6 years old, you may be better off waiting, but others more recently, not so much depending on what else is in your file and frankly how much cash you have to work with.  Paying a debt is not generally a bad thing (though some negatives once paid can look new which sucks), but getting them off is vastly superior and there's a lot of information this forum about how to do that... and the more specific you can be on the negative, who owns it, and the associated dates on them (sanitize the account number information if it's there), the better answers we can give you.




        
Message 4 of 27
curlyJan
New Member

Re: Take the myFICO Fitness Challenge 2016

Excellent! Thanks for the advice. I will do that.


Starting Score: 527
Current Score: 527
Goal Score: 750/b>

Message 5 of 27
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2016

Hello myFico Forums,

 

I am new to this but very familiar with the Fico Score. I had a subscription last year, which I cancelled of course, and never valued the Community (so much information!). I am now, seriously, working on getting my credit together. I had tried in the past but never kept up with making on-time payments and just could NOT stop applying for credit when I knew I would not get approved.

 

As a starting over grad student with LOADS of student loans, it is time to get my finances together. I made HUGE mistakes by taking out loans while attending community college seven years ago and during my remaining studies at a university. Now I have over 94k in federal loans and INTEREST with two years of grad school remaining. Yes, I took the max they allowed me to. I was an independent student. Offer 12.5k with tuition/fees for the year only 3k? Where do I sign?! I did not know the impact. Enough of the personal rambling.

 

Over the next several months I am paying off a lot of revolving credit debt. I have several collections that range from $240 to $5,500.

 

I have nine revolving credit accounts:

 

  1. Macy's SC: 0/100
  2. Wal-Mart SC: 335/400
  3. CO QuickSilver One: 699.35/700
  4. Gettington: 134/400
  5. Barclay/Apple: 1,013/1,000
  6. Fingerhut: 170/750
  7. Amazon Store: 101/600 (Opened 4/1/16)
  8. CreditOne: 470/700
  9. CO Platinum: 0/500
  10. CO Platinum Secured (Closed 3/27): -8.00 (deposit applied; closed out at 421 awaiting update)

 

Collections:

 

  1. Public Record (apt. co-sign): 5,424 (other person discharged from ch. 7 bankruptcy)
  2. Herff Jones: 400
  3. SouthWest Credit System (Comcast): 591
  4. Credit Protection (Comcast): 236 and 590
  5. State Collections: 2,527
  6. D&A Services, Student Apt: 2,907 (HAS NOT HIT CR)
  7. Two Failed Semesters of Grad School: 1,541 and;
  8. cont. 2,657 (HAS NOT HIT CR)

Goals:

 

  1. Eliminate ALL balances on revolving credit accounts by July 2016
  2. Maintain a 30% utili on each revolving account OR total 30% utili, forever!!!
  3. Pay off Collections 2, 3, and 4 by end of August 2016
  4. Pay off Collection 5 by December 2016
  5. Pay off Collections 7 and 8 by January 2017

 

Note: One a limited income this is VERY difficult to do. I am thinking of getting each of my revolving accounts down to 30% utili FIRST instead of paying them off. Then, I would focus on the collections monthly. Any ideas for a grad student (I am working on obtaining a summer internship OR permanent position)? Based on the myFico Score Simulator I can get into the lower 620's by paying off the revolving accounts. I am taking any and ALL advice under heavy consideration. Thank you, all!!!

 

Message 6 of 27
Revelate
Moderator Emeritus

Re: Take the myFICO Fitness Challenge 2016


@Anonymous wrote:

Hello myFico Forums,

 

I am new to this but very familiar with the Fico Score. I had a subscription last year, which I cancelled of course, and never valued the Community (so much information!). I am now, seriously, working on getting my credit together. I had tried in the past but never kept up with making on-time payments and just could NOT stop applying for credit when I knew I would not get approved.

 

As a starting over grad student with LOADS of student loans, it is time to get my finances together. I made HUGE mistakes by taking out loans while attending community college seven years ago and during my remaining studies at a university. Now I have over 94k in federal loans and INTEREST with two years of grad school remaining. Yes, I took the max they allowed me to. I was an independent student. Offer 12.5k with tuition/fees for the year only 3k? Where do I sign?! I did not know the impact. Enough of the personal rambling.

 

Over the next several months I am paying off a lot of revolving credit debt. I have several collections that range from $240 to $5,500.

 

I have nine revolving credit accounts:

 

  1. Macy's SC: 0/100
  2. Wal-Mart SC: 335/400
  3. CO QuickSilver One: 699.35/700
  4. Gettington: 134/400
  5. Barclay/Apple: 1,013/1,000
  6. Fingerhut: 170/750
  7. Amazon Store: 101/600 (Opened 4/1/16)
  8. CreditOne: 470/700
  9. CO Platinum: 0/500
  10. CO Platinum Secured (Closed 3/27): -8.00 (deposit applied; closed out at 421 awaiting update)

 

Collections:

 

  1. Public Record (apt. co-sign): 5,424 (other person discharged from ch. 7 bankruptcy)
  2. Herff Jones: 400
  3. SouthWest Credit System (Comcast): 591
  4. Credit Protection (Comcast): 236 and 590
  5. State Collections: 2,527
  6. D&A Services, Student Apt: 2,907 (HAS NOT HIT CR)
  7. Two Failed Semesters of Grad School: 1,541 and;
  8. cont. 2,657 (HAS NOT HIT CR)

Goals:

 

  1. Eliminate ALL balances on revolving credit accounts by July 2016
  2. Maintain a 30% utili on each revolving account OR total 30% utili, forever!!!
  3. Pay off Collections 2, 3, and 4 by end of August 2016
  4. Pay off Collection 5 by December 2016
  5. Pay off Collections 7 and 8 by January 2017

 

Note: One a limited income this is VERY difficult to do. I am thinking of getting each of my revolving accounts down to 30% utili FIRST instead of paying them off. Then, I would focus on the collections monthly. Any ideas for a grad student (I am working on obtaining a summer internship OR permanent position)? Based on the myFico Score Simulator I can get into the lower 620's by paying off the revolving accounts. I am taking any and ALL advice under heavy consideration. Thank you, all!!!

 


Welcome to the forums!

 

Before you pay the collections post over in the Rebuilding Your Credit section as it's way way better to get them off rather than pay them where possible, and you might be able to do that in a few cases from your list.

 

You don't want to be paying CC interest when we're talking limited cash flow if possible, pay pretty much all of them off every single month... bleeding cash to try to pay off other debts which aren't going to be at ~20% APR and that you can negotiate with, isn't something I would suggest honestly.  Sort the immediate financial outlay, and then go start addressing the collections.

 

Regarding being a grad student, it depends what program you're in and what you're hoping to accomplish with it as some degree programs have comparitively easy opportunities (most of the sciences and engineering programs for example) but others not so much... try to do something which furthers your prospects post graduate work, income now and better income potential in the near future.




        
Message 7 of 27
Kenny
Moderator Emeritus

Re: April 2016 Check-In Thread

Just want to formally apologize for the late thread this month! My birthday was April 2nd, so that's all my mind was on this past week. Hope everyone's journey is going well with their credit and financial house.
Message 9 of 27
Revelate
Moderator Emeritus

Re: April 2016 Check-In Thread


@Kenny wrote:
Just want to formally apologize for the late thread this month! My birthday was April 2nd, so that's all my mind was on this past week. Hope everyone's journey is going well with their credit and financial house.

Go sit in the corner Kenny! Smiley Happy  Happy Birthday!

 

Anyway with the Check In thread now being broken out:

 

Got my last collection deleted!  All of 4-5 points across the 3 FICO 8 scores, my FICO Beacon 5.0 (FICO 04) didn't move at all... and as it's the score I actually use for my personal benchmarking, meh Cat Tongue

 

Still stuck on the tax lien.

 

Anyway life changed somewhat and I'm back in school now, and as such will be picking up a HELOC to finance things probably in a couple of months (might as well leverage the condo equity since I'm just trying to cover short-term cash flow issues) at ~3.25% rather than student loans at 4.5% or worse.  

 

I cross over 3 years AAOA either next month or the following one depending how FICO rounds things, so March was simply spent trying to pretty up my revolving utilization, still waiting for DCU to report zero after the end of the month but alas, such is life Smiley Happy.

 




        
Message 10 of 27
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