Just starting my repair journey. Looking at purchasing a home in the next 6 months or so. My credit took a nosedive midway through 2018 and we've been on the road to repair every since. Climbed from the 400's to the high 500's in 2019 and with my trusty little secured Discover, we're now in the 600's.
Since that card graduated w a CLI in January, we have added 3 more low limit cards that are just used for monthly bills and myFICO memberships and paid off every cycle.
I've only been a member here a few days, but I've learned to keep Disco as my daily driver if i want to see some substantial CLI's. Also learned its not always in our best interest to settle collections, even if they PFD if they are tied to a charge off. This tidbit has adjusted my April game plan just a bit.
1) Get on payment play with MRS to pay off a small Cap One charge off. I was really in the midst of clicking the settlement button when I realized, A) MRS isnt showing as a collector on my report and B) I would still have the remaining balance show up on my CR, affecting my revolving credit usage. I will admit, that 40% discount almost got me and if it was showing as a collection, I probably would have taken the bait.
2) Set up payment plan with TD Bank/Target. I realize it wont ever leave my report, but it will bring my utilization down and also show underwriters that I am capable of paying debts in full (another tasty tip I learned from my forum jedi.) I owe $790 so will try to work out a plan that gives me 3-4 months to pay it off. It may seem like a small debt, but I am also trying to save for a house and pay down balances on other debts as well.
3) Pay off WIlliam and Fudge. Its a $300 debt and I think seeing even a little score boost would give me the incentive to tackle a few more. I am attempting to climb out of deliquent debt by using the snowball method. Knocking the little guys out of the way and putting the money I would towards those monthly to take a bite out of the biguns.
I have more on my list, but I think 3 tasks is enough for April. If I knock those out, I'll loop in some of my May goals!
Im getting there. Still watching the scores rise. I went in the garden for about 6 months came out and headed back. Working on paying things off and tackling the collections. Getting there though. Hope everyone is enjoying the spring weather!!!
I am new to this challenge and starting right here and right now. I am excited with potential and possibilities. I am looking to build a house in the near future and purchase my first luxury vehicle!
As you are working your way into the credit world take a look at some of the posting in the MF Forum for items of interest. May even pick up on a dark horse. Seems every now and then a special card comes along
Looking for a few posters to liven up the springy month of April! We remember that "April showers bring May flowers".
What is your outlook for this new month? Tell us here.
In tending my garden 🪴, we here in SoCal are always grateful for whatever APR showers 🌧🌦 we can get. I realized I'd achieved actually two of goals, had only expressed them in my siggie but hadn't chime in here in the FICO Fitness 💪🏼 Challenge updates thread.
I joined her EOM FEB and cited my sort of arbitrary CS improvement goals for the then next few months and year. But I say they were arbitrary because I really didn't know what was feasible to accomplish with good behavior in a few months through to the end of the year.
I've achieved both hitting 670 ✅ by MAY and 675 ✅ by JUN in APR with Experian. I want that 675 to be across the board. TU is slouching centimeter by centimeter to 670. I suspect with the increment of time and good PIF's still carrying a small balance or two will put me over 670 it not 675 early on in MAY.
I additionally set a goal if 700. I think that's actually feasible this summer and hitting maybe 710, 715 this year.
For the most part, 750 this year may be out of reach. But it's worth the stretching towards it!
It was what felt like a long month, but yet I cannot believe we are almost through April.
So far I am meeting the schedule I have set up for myself to knock out my smaller balances by the end of the year. I'm actually one month ahead.
I haven't paid off the current cc I'm working on, but I am scheduled to pay it off on the 30th. One month earlier, then planned. Knocking my overall utilization down to 78.1% from 81% back in March.
However, currently we are throwing more money into savings than towards are debt to help pay for some things this summer, as our dog needed to be seen in an emergency and took about half our fund that we were using for this summer needed travel and transport. We're waiting on the pet insurance to see if we're getting anything back from there. The hope is yes. Still little steps at a time and we didn't need to use credit for the dogs emergency and currently we are on par not to have to use credit for this summer either. Win Win.
Still hanging in there. Paying off CC's-payed off one this month, close to paying off another. Saving money and paying bills on time.
If I can give you some encouragement. I was in the same place, collections and poor credit score. It took a little time, focusing on the goal of being debt free...the process can be frustrating while on the journey. I would suggest a credit builder CC or a small loan to help increase your score. I had to stay away from some threads/posts also just for my own mental health. After I started seeing the progress, I could venture out and see what other people were doing to build credit and get out of debt. Do what's best for you but stay on the journey, despite the challenges you face!
Well I have to say I am glad that I found the gardening club...I just got notified that I am a member of the 700 club 🎉🥳.
E-699, Exp-710, T-704.
I am sitting back and watching my garden grow for the summer!