Happy New Year!
A new year is often a time that people reflect on past events and is also a great time to renew something in your life. Maybe that renewal or renovation is on your financial body or physical, now is a great of a time as any to shed those extra things holding you down from being the best you possible.
Most people sit down and write out New Year's resolutions. Credit wise, what is on your list?
As a reminder, participation in these monthly check-ins is optional & encouraged. The goal is to help keep you on track, so feel free to post your progress updates here. This is a no-judgment zone; feel free to say what's keeping you up at night or give yourself kudos for having it all together.
If you're a continuing myFICO fitness challenger: 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! Now that 2024 is behind us, may 2025 be ever more fruitful going forward!
Happy New Year everyone,
My goal this year is to get a credit score of 740 using TransUnion VantageScore 3.0 by 7/1/25. I am using that score version because my credit union uses it in Credit Score Goals. My current TU Vantage is 725, so I need to increase it by 15 points. Other scores: TU Fico8 746, Experian Vantage3 727, Experian Fico8 730, Equifax Vantage3 731. My previous goal was to get a 729 Experian Vantage3 score by 1/8/25 but I failed because I increased the balance on my cards, and because I opened 2 new accounts (a Citi card with a $7300 limit, and a car loan with Nissan Finance).
In order to reach my goal, I need to: 1) not open any more accounts; 2) reduce usage on each individual card so that it is less than 29% (I have one card at 59%); and 3) reduce total revolving usage to below 10% (I am currently at 21%). I can easily reduce the usage to below 29% by doing a balance transfer, but getting the total usage down will take more work.
Starting Score: 725 (TransUnion VantageScore3)