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January 2020 Check In Thread

Peazmom
Frequent Contributor

Re: January 2020 Check In Thread

Goals for 2020:

1) Let existing accounts age.  When my credit started turning around in April 19, I embarked on a somewhat ill advised spree.  This was before I really dug into the boards, or I would have known better.  Luckily, I suffered no AA from it, but I do have 7 CC's and 1 CLOC that need some age.   

2)  Pare down some of those CC's. In the heat of the spree, I acquired at least one card that is really useless to me, and another that is now redundant.  I will probably ditch my two remaining store cards.   

3) SP CLI will be the order of the day.

4) I have my eye on one goal card.  The AMEX BCP.  Will consider apping for that sometime after the mortgage closes in June.

5)I'd like to see at least one of my scores enter the 800 club by the end of 2020. 

6)Cushion my savings for an emergency fund. 

Starting FICO 8 December 2017

FICO 8 as of 6/7/20



Sock Drawer:

Message 11 of 22
Dinosaur
Moderator Emeritus

Re: January 2020 Check In Thread

@Peazmom   if you are looking at a mortgage in June, it may be better to cool your credit world activities and let "sleeping dogs lay"!

Speaking from my own experience, the lender did not prefer to see waves in my credit accounts being added or closed (unfortunately I had made some)!

Likely it would do you well to "Garden" until after the mortgage and then add or subtract cards. Keep the credit waves minimum, smooth and quiet.

In my case I had made credit waves before the mortgage not knowing any better and the lender made me justify my actions going back six months which they added to the mortgage approval process and investigated my actions. Ultimately I did get approved but it got a little hairy.

Yes, not all mortgage approvals are done the same way but in reading around this Forum, the period of time going into a mortgage may be better served by little activity.

Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 12 of 22
Peazmom
Frequent Contributor

Re: January 2020 Check In Thread


@Dinosaur wrote:

@Peazmomif you are looking at a mortgage in June it may be better to cool your credit world and let "sleeping dogs lay"!

Speaking from my own experience, the lender did not prefer to see waves in my credit accounts being added or closed!

Likely it would do you well to "Garden" until after the mortgage and then add or subtract cards. Keep the credit waves minimum, smooth and quiet.

In my case I had made credit waves before the mortgage not knowing any better and the lender made me justify my actions going back six months which they added to the mortgage approval process and investigated my actions.

Yes, not all mortgage approvals are done the same way but in reading around this Forum, the period of time going into a mortgage may be better served by little activity.


I absolutely agree!  I will do nothing at all to my credit file, with the exception of maybe a SP CLI until after the mortgage closes.  Any changes otherwise can wait until after that time. 

Starting FICO 8 December 2017

FICO 8 as of 6/7/20



Sock Drawer:

Message 13 of 22
Jenn10011
Valued Member

Re: January 2020 Check In Thread

2019:

 

8 year anniversary of 800 club -  830-835 (me) 800 ish (dh)  - biggest achievement for DH who was 400 something when we met! Smiley Happy

 

Managed to add only 1 card this year (Costco) and resist the urge for other unnecessary ones

 

Goal for 2020:

 

Convince DH to budget more /spend less

 

Lighten up about spending $ / micro budgeting a little more!

 

 


Scores 835 & 800DH I Amex OBC 50k I Discover IT 50k I Citi DCash 35k I Cap1 Spark 20k I Chase Ink 20k I Costco Citi 10k
Message 14 of 22
Dinosaur
Moderator Emeritus

Re: January 2020 Check In Thread

@Jenn10011 Welcome to the MyFico Challenge Group. You already have a plan! Nice scores!
Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 15 of 22
Revelate
Moderator Emeritus

Re: January 2020 Check In Thread

Longer post in the main 2020 thread but truly as far as goals for 2020/2021 paraphrasing the immortal words of the Beastie Boys:

 

No Inquiry Till Mortgage!

 

(or refi Smiley Happy)




        
Message 16 of 22
VanderSnoot
Established Contributor

Re: January 2020 Check In Thread

My main financial goals for 2020 don't involve access to credit, but I wanted to post here anyway for accountability. My delinquencies will age off this year. I requested EE from TU and my EX report should be clean next month -- I'm looking forward to hitting the milestone of "middle score being high enough to get the best rates." I don't expect opening any major LOC this year: I'm not eyeing any cards and am well set for now; home/auto are at least a year out. Of course, things change, sometimes unexpectedly; another reason to keep my credit in good standing.

Message 17 of 22
Dinosaur
Moderator Emeritus

Re: January 2020 Check In Thread

@VanderSnoot seems to me you have laid out a good credit plan that will age accounts and potentially increase credit scores! You would be ready for opportunities if they came by you Smiley Happy
Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 18 of 22
Caramelhunnyva
New Contributor

Re: January 2020 Check In Thread

I just wanted to say thank you for this forum. It has helped me a great deal with getting on the right track and not getting discouraged when I hit a road block. I hit several milestones last year, bought a house, made timely payments and was approved for a few credit cards. This month I was approved for a car (used). In continuing to focus on budgeting and monitoring my credit. Thanks again to this forum and everyone for the help and encouragement
Starting Score: 499
Current Score: 640
Goal Score: 850

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Message 19 of 22
Dinosaur
Moderator Emeritus

Re: January 2020 Check In Thread

Grats on ALL you have accomplished. It is a handsome list! Paying attention to our credit can work wonders when we have requirements to meet. Glad the Forum has helped you! If you have questions or matters to share please do as others may benefit from your successes Smiley Happy

Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 20 of 22
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