August 2020 Check In Thread

[Kenny]

I know you are all hard at work with your credit goals.  Have you progressed as far as you hoped?  Were there any unforeseen expenses that popped up and may have thrown you off schedule?

As a reminder, participation in these monthly check-ins 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 judgment-free 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! 

[Anonymous]

Well it is that time of year again. We are past the half way mark for 2020 and have experienced more things in life than generally are found over many years! It seems lenders have taken a serious look at new customers as well as adjusting the holdings of many current customers.

To open my August 2020, closed another card as I continue to cull the herd. Getting myself down to the cards I really use that generate the most rewards (cash) for myself. Problem I had was not enough spend to use all the cards. As many of you know, lenders are combing the lending base reducing and/or closing cards to reduce their actual or perceived risk. In light of our present market place who can blame them?

Chase tried twice to reduce my CLs but I talked them out of it. Closed the Barclay MC as it was a no rewards edition and I did not want them doing what Barclays does sometimes when there is no activity. Took out a BT with Discover and expected all heck to break lose on my scores (major drop) and nothing happened (used the BT for Home Improvements)!!! Well go figure? Will be using the remaining cards regularily to ensure activity and keeping one card reporting to the CBs.

Will update if there is more to report this month!

[Anonymous]

Yay, it's a new month and check in time!!!I I'm still loving this challenge. 

I am working on my credit age and not opening any new accounts. So far so good!

My fico8 scores are: 

Experian 694

Equifax 706

TransUnion 712

I can feel the good energy and I know Experian will make it's way into the 700s soon.

I started this challenge in May and I definitely can see the growth! Every point feels amazing and like a victory! 

I'll post another update if there are any other changes later this month!

We Got This Fellow Challengers !!!

[Anonymous]

@Anonymous do understand and it seems time c_r_a_w_l_s by as we are waiting patiently for some upward movements in our scores. Drove me crazy when I hit a plateau for two years (around 700) and nothing happened. Every profiles is different along with the times so my experience may be different than others!

As you are doing, "hanging in there" for the time being is good

[Anonymous]

@Anonymous totally agree! I feel once I'm really in the 700s across the board, it's going to move like a turtle for me as well. It'll be up and down. The end game is keeping a clean profile and continuing to make smarter choices now that I learned a lot from you all! Knowledge is Power!!

[Anonymous]

My credit has been f*cked for a while. Due to maxed out cards. My utilization was 107% I've been paying the minimums on time. I came into some extra money and paid down $20K of my $27K credit debt. My CC debt is 24 open accounts and 9 closed accounts. I got the utilization under 27% for all my open cards. I got the utilization down to 47% on the closed cards.

I have two open and five closed with late charges from 2018. I emailed goodwill letters out to presidents and CEO. Indigo who is active called me and told me they don't do removals. I'm waiting for the rest. For four of them, I have 30 days late. For three of them, I have four 30 days late. 

I'll run a new CR in Septemeber. Hopefully, my fico goes up. 

[MemoryLane]

This month marks the point where all my progress starts to slip away. I've run out of cash, and will have to use what little credit I currently have, because I have been denied for everything due to "high loan balances". All I can do is hope that my business launch next month (fingers crossed), goes really well, really quickly.

If I could go back in time and only change one thing, I never would have taken out student loans. Couldn't get approved for credit cards for most of my life, but they sure had no problem letting me bury myself with $70k in student loans with interest payments that were more than I even made in a month. I'll be in my late 50s before I'm free of that mistake.

[GApeachy]

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@Anonymous 

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I'm closing some cards too.  It's nuts trying to put enough spend (meaningless, wasteful, useless spend) on a herd of cards.  I don't blame you for closing some to hang on to the good ones.

Funny your expected drop from the BT didn't happen.  Ain't that some good mess!  I'd love to do BT's and enjoy the BT's but I always pay off early for fear of AA from somewhere else. Jeez!

Keep on Truckin' Dino!

[GApeachy]

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@Anonymous wrote:

I can feel the good energy

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Awesome upbeat post!  Thanks, I needed that

[GApeachy]

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@MemoryLane wrote:

Couldn't get approved for credit cards for most of my life, but they sure had no problem letting me bury myself with $70k in student loans with interest payments that were more than I even made in a month. I'll be in my late 50s before I'm free of that mistake.

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I feel your pain and sure wish I could wave a magic wand over your debt.  Hopefully you'll be able to hang on and get your business up and running soon.  Don't beat yourself up though...we didn't do this, and you certainly aren't alone.  Still hoping that $olutions for everyone treading water is coming.  Hang in there!

Well I have an update.  My TU is now 788! I haven't seen a score like that since before the Housing Bubble.  Feels Good, hope it lasts, LL!

Hope everyone has Happy, Healthy & Safe August!   Happy Dog Days of Summer too! (not)