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July 2020 Check In

MemoryLane
Established Member

Re: July 2020 Check In

Happy July.

 

Just floating along at this point. Saw close to 10 point increases for EX and EQ as inquiries have fallen off, a few accounts had birthdays. TU lagging behind because it's slow to update, but I'm okay with that. I'm still floating in the 20-22% util zone, and I'm okay with that, too. I'm tempted take my new scores on a test run, but still resisting the urge to apply for credit I really don't need.

 

A few months ago I had a frank conversation with my 18 year old about my credit journey, my scores, and my stuggles. He asked me then how he can build up credit from nothing, and I told him I could add him as an AU to one of my cards. He called me last week to thank me for that. After 3 months, and with my card being the only account on his report, his score is 695 and he was approved for a new phone on his own plan without a down payment with a company that traditionally requires at least $200 down. Such a simple act for me to do and it's already had such a huge impact on him and his understanding of how credit works. Just 7 months ago, when I started this challenge, I would not have been able to do that for him. I'm proud of myself for not only fixing my relationship with money, but being able to actively impart what I've learned on to him in a meaningful way.

Starting FICO8 Score: Jan 2020: EQ648|TU648|EX660
Current Score: June 1 2020: EQ765|TU745|EX763
Goal Score: 740


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Message 11 of 47
GApeachy
Super Contributor

Re: July 2020 Check In


@MemoryLane wrote:

I'm proud of myself for not only fixing my relationship with money, but being able to actively impart what I've learned on to him in a meaningful way.


Proud of you too!

"My Take Home Pay Don't Take Me Home"
Message 12 of 47
Rjones79
New Visitor

Re: July 2020 Check In

Proud of the fact that the generatonal lerning curve is being shortened. 

Message 13 of 47
Revelate
Moderator Emeritus

Re: July 2020 Check In

I really suck these days at planning.

 

Ah well refinancing the old LA mortgage when I still can't help but think I should just dump it and one less thing but every reason I bought it 5 years ago is all starting to come to fruition over the next few years and that, meh.

 

Wanted a diversification play, wasn't expecting that to be an empty LA condo.

 

Admittedly not like I need my credit for anything else in the next several years, smoke em if you got em.




        
Message 14 of 47
REbuilding101_
Established Member

Re: July 2020 Check In

Hello all! 
Congratulations on all the improvements! Smiley Happy. I have seen a steady rise in my FICO 8 scores and I have not attempted to apply for any new credit. I'm trying to hold off on that until spring/summer 2021. My Cap1 should be reporting sometime within the next few days and I am expecting to see an increase in my scores!

Current scores - 

EX: 630 (last updated 6/18)

TU: 640 (last updated 6/30)

EQ: 621 ( last updated 6/21)


FICO 8 Scores as of July 4, 2020

Starting Score: 561
Current Score: 561
Goal Score: 680


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Message 15 of 47
Jersey85
Valued Member

Re: July 2020 Check In

Hello my fellow challengers! My last post was just a few days ago for June about only Equifax going up at the end of June. To start my July off, Experian decided to let me know it didn't forget about me and went up 3pt to 681. Hey, I'll take that because it's showing me approvement and growth...will post again if anything else changes

Starting Score: 678
Current Score: 706
Goal Score: 740


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Message 16 of 47
Dinosaur
Moderator Emeritus

Re: July 2020 Check In


@GApeachy wrote:

@Dinosaur wrote:
@GApeachy... that is all we can do! Try again! You know you can do it as you have done it before! Smiley Happy

Well guess what?!?  myFico just notified me my Equifax score just climbed from 739 to 744!  Talk to me Dino!Smiley Wink



@GApeachy wrote:

@Dinosaur wrote:
@GApeachy... that is all we can do! Try again! You know you can do it as you have done it before! Smiley Happy

Well guess what?!?  myFico just notified me my Equifax score just climbed from 739 to 744!  Talk to me Dino!Smiley Wink


Amazing how you MyFicoer's get hard work to turn into score increases! Got'ta love it Smiley Happy

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


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Message 17 of 47
Dinosaur
Moderator Emeritus

Re: July 2020 Check In

@Jersey85 the idea of taking every point you can certainly grabs my attention. Remember the day clawing out of the cellar so it is a good feeling Smiley Happy
Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 18 of 47
Dinosaur
Moderator Emeritus

Re: July 2020 Check In

@Rebuilding101 ... it can be hard to Garden when you are trying to grow credit again. As many around this Forum know, it is a slow steady process and adding new credit slowly works in our favor Smiley Happy
Starting Score: 850
Current Score: 850
Goal Score: 850


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Message 19 of 47
Dinosaur
Moderator Emeritus

Re: July 2020 Check In

@MemoryLane   the hardest part of credit building in the early days is relating to the idea it is not a race but a slow steady process. Lenders get squishy when they see a lot of new credit for rebuilders or beginners. Why? One needs to develop a reliable performance track record. Also, the effects of the economic times can change the credit pattern for a time. For example right now and back in 2008-2009 etc. lenders draw back and get more conservative which can make rebuilding more challenging.

 

Helping a family member certainly feels rewarding and getting them started. Eliminating a deposit for a phone is a good example.

 

Best Wishes as you develop your credit profile Smiley Happy

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


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Message 20 of 47
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