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June 2020 Check-In Thread

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Moderator

June 2020 Check-In Thread

 

 

I know you are all hard at work with your credit goals.  Have you progressed as far as you hoped?  Were there any unforseen expenses that cropped 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! Stay safe out there.

Best wishes from our homes to yours!

Message 1 of 44
43 REPLIES 43
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Established Contributor

Re: June 2020 Check-In Thread

Hello everyone!

 

As reported last month, my rebuild is complete! The last of my derogatories fell off in May, one month earlier than predicted (and I'm not going to ask why). I expect EQ and EX to remain in the mid 800s, and I hope TU joins them as inquiries and new accounts age. I don't foresee any major purchases in the next 12 months, but you never know, especially in these weird times. Finally, annualcreditreport.com allows you to pull your reports for free every week, which I plan to take advantage of (if not quite weekly, at least monthly.)

 

This is my favorite thread on MF, and I enjoy reading about successes and overcoming setbacks. Best wishes to you all for a happy, healthy month.

Garden Gnome
11 CC | 1 PLOC | 0 MTG | 0 AUTO
No inquiries since: 2019-11
No new accounts since: 2020-01
Message 2 of 44
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Moderator Emeritus

Re: June 2020 Check-In Thread

Aw June is "bustin' out all over" with summer. Time to look at our accomplishments and fine tune our goals

Got all my scores back after my test of AZEO which raised havoc with my years of working toward good scores. Will leave a small balance every month now.

As to what I said previously, I closed my last Barclay Bank Card on June 1, 2020 since it did not have rewards and as much was of no use to me. Over time I have been weeding the flock down to what I can use and benefit from.

For the future I may have another card closure but nothing jumps out at me today.

Wish all of you the best as you move ahead in the MyFico Challenge! Smiley Happy

Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 3 of 44
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Established Contributor

Re: June 2020 Check-In Thread

So far so good for the month. Per my goals I have been working to reduce the overall debt owed on my profile.

 

-I paid off a personal loan last month and received the notification today that it updated on my reports. That clears 7.9k - account closed. Hooray!!!!

 

-I had previously initially entered the payment to pay off 2.1k on my Citi CC account for today (due date). I cancelled that though. I think it will float that out until the 0% promotion ends on the card in May 2021 (unless I change my mind again). It is just under 10% of my credit line and my only card reporting a balance so shouldn't hurt me to extend.

 

-I also paid my car loan down by about 2k. I have 3.8k left. It hasn't hit my reports. But it is still thankfully on track to be paid in full by August as planned.

 

I'm just anxious to begin working on my monster Student loan in September (72k). Unfortunately I can't get the big lump sum in until October (my bonus time). But I will be able to get a smaller lump sum in right before the 0% cut off in September. My goal is to have at least 10k paid off by December. I am then going to try to hit that one full force for 2 years. With my bonuses I should be able to clear it (fingers crossed on the economy).

 

Anyway, I am glad to still be on track despite the crazy times we are in. With things opening back up it is somewhat of a relief. I may be able to achieve my goals. But we will just have to see.... Good luck to everyone for June! I hope everyone reaches the goals set.

Wallet: Amex BCP-28k| Barclays Rewards MC-26.3k| Citi Thank You Preferred-21.5k| Amex ED-12.4k| Citi Double Cash-10k| Target MC-10.5k| Walmart MC-7.5k| Chase Freedom Unlimited Signature-6k| Lowe's Advantage-4.3k


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Message 4 of 44
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Valued Contributor

Re: June 2020 Check-In Thread

I hit a semi-speed bump lol instead of getting my return (that was supposed to be rather large) the IRS kept it saying they couldn't find my return from 2014 or 2015, so sadly they kept that and I'm having to refile those years and pay more a little still since everything went into chaos trying to figure it out, but I think we figured it out with HRBlock :/.....soooooo my DTI/UTL is still higher than I planned at this point was going to use that literally to go straight to cards well one card in particular since I worked down some others but I still did get the rest that I wanted down to where I wanted them to be and I was still able to Open my NF account/get a first card so is it all Down the Hole now....nope, just gotta push forward and keep my head up Next month I'm eligible for an increase and 2nd card with NF so I'm excited for that too   Smiley Tongue    Just venting XD










Message 5 of 44
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Established Contributor

Re: June 2020 Check-In Thread

Don't sweat that bump in the road @Girlzilla88! Keep pushing forward. You got thisSmiley Wink

 

Good luck for your CLIs next month. That will also help with the utilization and bring it down some!

Wallet: Amex BCP-28k| Barclays Rewards MC-26.3k| Citi Thank You Preferred-21.5k| Amex ED-12.4k| Citi Double Cash-10k| Target MC-10.5k| Walmart MC-7.5k| Chase Freedom Unlimited Signature-6k| Lowe's Advantage-4.3k


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Message 6 of 44
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Valued Contributor

Re: June 2020 Check-In Thread

@Tonya-E     Thank you for the luck ^^ And YES I think I can I think I can I think I can XD   haha










Message 7 of 44
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New Contributor

Re: June 2020 Check-In Thread

I have been rebuilding since late 2018, but I am in my final stretch! So I will jump in for a 6 month fitness rehabilitation challenge! 


In 2018 my (fako) scores were all in the low 500's. I had lots of collections and a few chargeoffs. Thankfully most of them PFD or dropped off since most of my faults were from 2008-2013. 

 

Baddies:

-Bank of America Chargeoff, PAID, will drop 1/2022

-My student loans are still dragging me down quite significantly, 9 installment loans all over 100%Util. and defaulted in 2013. I am currently 4/9 months into the process!

 

Currently AZEO:
-Capital One secured (1y8m) $2/200 

-NFCU nRewards (4m) $0/500


Goals:

- NFCU more Rewards in 7 days on 6/8

- 4th card: I would love my foot in the door with AMEX, I would also REALLY use the Costco Visa, I just don't know if I will qualify by the end of the year! 
- Mortgage early 2022, all baddies will be clear, student loans will be positive, and I will have over a year in the garden!!

 

Discover Scorecard updated my score from 611 to 624 today! Looking forward to my two cards posting in the next few days to m see what my real scores are through myFico!



Eq Fico09 715 (NFCU) Ex Fico08 628 (Disco)
Student loans in rehab! Final payment 11/8/20
Message 8 of 44
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Valued Member

Re: June 2020 Check-In Thread

Hello everyone.  This is the 2nd month of the challenge for me.  Today I woke up to big score jump on TU due to a paid CO falling off my credit report.  Once EQ deletes, I should see a jump there as well.  I hope they delete before my reports refresh on the 14th. 

 

Goals for this month.

1.  Continue the practice of paying the full balance on my cards before the statement date. 

2. Write a GW letter for a paid account with a furniture store.  I have a 120 day late that occurred over a year ago.  This month will be 13 consecutive payments since this happened. 




Starting Score:


EQ-499|EX-505|TU-472


Current Score:


EQ-684|EX-661|TU-658



Goal Score: 750 (All Across)


Collections Removed: Portfolio Recovery Associates, National Credit Systems, Hunter Warfield


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Credit Cards



Credit Unions




Message 9 of 44
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Established Member

Re: June 2020 Check-In Thread

Happy June. Hope everyone is doing well.

 

My only speed bump is I had to stop aggressively paying down my remaining high balance credit card while I deal with being unemployed and not being paid unemployment yet. Snowball is in the freezer for now.

 

Since it's the halfway point, I went back and looked at my goals from January so I could see my progress.

 

-Eliminate balance on half my cards, util below 30%: Done! One card with a high balance left. That card surprised me with a $500 CLI, bringing util down to 60% and overall util down to 21%.

-Maintain perfect payment history: Still going strong. This is the longest I have EVER gone without missing a single payment. I have also set up auto pay for every card now that I'm not obsessively checking the balances, just in case I forget if I used one. I credit a post I saw here for that. Finally, I'm stress free about my credit card debt.

-Using credit responsibly: Also still going well. I use the cards that give me rewards for things I need to buy, and then I pay the balance off as soon as it lets me. I've worked so hard to get to this point that I'm not even tempted to go on a shopping spree.

-Set myself up for future goals: I would like a card that gives decent cash back rewards and also reports to all 3 bureaus, since my current daily use card doesn't report to TU. I'll take inventory of my cards when I've finished paying off what I already have. Look at me being all responsible and stuff, I almost feel like an adult now.

-740 score by year end: Done!! Pulled my reports today: 751/742/750. This month made up for the leap I didn't make last month. I gained an average of 30 points in the last month alone, putting me at a 95 point average gain in 6 months. I'm looking forward to next month.

 

This month I learned the difference between statement balance and current balance. A week ago, I got quite confused and a little panicked when I tried to pay the statement balance, but it wouldn't take my money because the current balance is 0. I was able to figure it out and feel silly about it after.


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


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Message 10 of 44
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