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February check-in thread - how are you doing?

Established Member

Re: February check-in thread - how are you doing?

So this credit thing really has me frustrated... I have been out of BK7 for a year. I have established 8 credit lines : Cap 1 secured $1k, Orchard $400, Credit 1 $500, Firestone $1200, FingerHut $600, Matrix Discover $300, GE Chevron $300, and a car loan that I had for 11 months but sold due to interest of 30%. My FICO score is a 584 and my EQ from the Equifax site is 565. WHat can I do to get the ball rolling toward higher scores and better rates?? Any help please!!

Starting Score: 554
Current Score: 584
Goal Score: 720

Take the myFICO Fitness Challenge

Message 41 of 43
New Member

Re: February check-in thread - how are you doing?

Hello this is great I think I signed up but don't see an icon to start a post Smiley Embarassed.  Anyway, I have been working on my financial goals since Feb 2011, I finally realized I needed to focus or I was not going to reach my goals of home ownership ( I could get a home, just not what I wanted).  I also need a car and even with that I realize I need to save more money and maybe even buy a 2-3 year old used car (pay cash)


Well my goal of government employment has happened even with budget cuts I am employed and before 1 March I was able to use my payroll to put to payments.  I erased $110,000 in exactly 1 year of employment and have less than $6K left in debt.


So now I am focusing on getting debt free (in preparation) for the best loan rates for my new mortgage (end of 2014; I am planning on saving for down payment or I may use my VA options.  In addition, I need a car and I want to go to Culinary school again using VA Tuition assistance.


I am following my FICO score monthly; which has not moved much despite paying down this 1st Home Equity.  I so have (2) missed payments (1) a credit card which I closed cause it was costing me money in exchange I opened up a new credit card (2011) as I need one for my travels abroad and the credit limit is $10K but I do not even use it for anything but traveling once a year if then.  Then the other (1) is I missed a Home Equity payment and I am disputing that with the bank.


So, while I am in abroad I am able to make a little over $10K a month and that will be reduced to $6.5K when I come back to how long does it take for FICO score to move?


Mine has been hovering around 747-757 and I have paid more than $20K in this home equity.  Will it go up and plato out if I am not using any credit?  I don't plan to purchase anything while over here.


Since I only owe a little bit left; I wonder how many months after debt free will be my somewhat final FICO score with no change in movement (purchases etc).  I am thinking 4-6 months will be the score I am stuck with or will it take years for the score to rise


Will I reach my goal of 800 if I do not buy anything else for the next 18 months?



Starting Score: 747
Current Score: 757
Goal Score: 800

Message 42 of 43
Administrator Emeritus

Re: February check-in thread - how are you doing?

A new month is upon us! The March check-in thread is now open, so feel free to head over there to post your progress updates: 


myFICO Fitness Challenge March check-in

Message 43 of 43