November 2019 Check In Thread

[Lucifer]

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@VanderSnoot wrote:
Congrats, Luc. Better be one helluva cake.

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You're obviously never seen me cook......

Nor would you ever want to  - I am allergic to kitchens.

I'll mostly just eat the cake batter and bask in the glory of being in the 800's....

[cygnusjen]

Posted in the main thread, but for more specifics figured I'd add on here...

Been working on the hubby's credit for a decade, but we've always struggled with cc balances.  Seems if we have credit we find things we need to buy. This past month has been no exception.  Before things get more out of control we need to apply the brakes and start paying things down.  We have too many things we need to do next year, including take out car loan in July when his lease is up - we'll be buying it out.  We also need to clear some room in our budget to afford tuition payments in June, and then a big new student loan payment starts up early 2020, so paying down the credit cards to free up that cash flow is critical.   We need to apply as much toward the credit cards as we can between now and June so we get a good rate on the car, and improve the cash-flow.  Current cc debt is ~$28k.  Not sure how much of that we'll be able to tackle in the next 12 months.  Scores will be ok by July if we can make a dent in the debt.  Which means NO SPENDING!  That's the hard part!

[OneMurphy]

Only thing I would recommend is trying to find one more source of income. Whether it’s $500 a month or $5,000 a month. Heck, both you and your husband could donate plasma for a year and use all of that towards cc debt. My situation was different because I invested into a beach rental duplex and it generates passive rental income. Helped me pay almost $40k in cc debt in less than 2 years.

[VanderSnoot]

You might also check out the budgeting thread. YNAB is great for cutting spending.

[cygnusjen]

I've tried dozens of different budget apps and techniques, they just don't do it for me.  I use Excel.  We have a budget, but then things always come up and they're not budgeted!  It's probably 95% an error with my budget and not the behavior, MOST of the time.  As for earning more money - not donating plasma.  Just no.  LOL!  We can do this - we have overtime, bonuses, and our tax refund that should really help with it all.  Just need to stay FOCUSED on the goal and stop those 5% of impulses!

[Jannelo]

Cap One just reported my charge-off account paid.    Finally, no more updating every month on that charged-off account every time I make a payment.  Today I received a 6-point increase in my Experian FICO score.  It finally happened.  I am officially over 650, which was a short-term goal I set on my march towards a "good" FICO score.  My FICO score is now 653.  I'm inching towards that "Good" FICO score ever so slowly it feels like, but  I am getting there.   When my EQ and TU scores cross the 650 mark, then I will be elated. 

I have calmed down about my rebuild and am finally developing patience.  I apply for nothing.  I have cards in place for my rebuild, and I am just focusing on on-time payments and budgeting and saving.  I plan to close my secured Green Dot CC in a few months.    I have my next goal card, but I am giving it six months from the last CC I got, which is my Discover CC.  Once I found out I am eligible to join NFCU, thanks to the members here, that has become the next goal, to join and establish a relationship with them and apply for a credit card.   But that's months down the road.   My Discover card is only two months old.  Right now I am focusing on seeing how my Discover grows.   So I'm gardening, I guess you would call it.

But, all in all, November turned out to be a good month, because I am done with the charge-off, and I hit a 653 Experian FICO score.  

[heyigottacreditcard]

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@Lucifer wrote:

Ok - it's official......

My other FICO 8 that was 795 last month just jumped up to 804

That puts me at     

F8(tu) 804

F8(ex) 802

I dont get my EQ score but the date there is lock step with the other two.

I have met my MYFICO Challenge GOALS.....

And I have returned from the depths of credit hell (aka the 300's).

I am soooooooo making a cake over this.

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CONGRATS!!!!! 

[heyigottacreditcard]

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@cygnusjen wrote:

Posted in the main thread, but for more specifics figured I'd add on here...

Been working on the hubby's credit for a decade, but we've always struggled with cc balances.  Seems if we have credit we find things we need to buy. This past month has been no exception.  Before things get more out of control we need to apply the brakes and start paying things down.  We have too many things we need to do next year, including take out car loan in July when his lease is up - we'll be buying it out.  We also need to clear some room in our budget to afford tuition payments in June, and then a big new student loan payment starts up early 2020, so paying down the credit cards to free up that cash flow is critical.   We need to apply as much toward the credit cards as we can between now and June so we get a good rate on the car, and improve the cash-flow.  Current cc debt is ~$28k.  Not sure how much of that we'll be able to tackle in the next 12 months.  Scores will be ok by July if we can make a dent in the debt.  Which means NO SPENDING!  That's the hard part!

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Isn't that the truth!?

I've gotten to a point where I've just had to start leaving a card at home. Out of sight, out of mind and I accidentally deleted it from the cards that are auto saved from my phone when I go shopping online, so I have no choice BUT to just pay it down and not collect anymore purchases on it.

Lol I didn't plan to do it that way but hey, seems to be working. 

[heyigottacreditcard]

So I have an update!!

I thought November was going to be TERRIBLE, but it turns out, my scores have actually gone up!

And I really can't explain why.

But my Equifax has gone from 591 to 612!! Experian, from 607 to 611, and Transunion from 582 to 588!

Okay, so it's nothing major lol. But it's definitely better than what I THOUGHT was gonna happen. Using all those credit simulators had me scared my scores were gonna plummet 30 or more points! 

I'm glad that's not the case here. I paid off the card I was active with and that was more of a mistake than I thought, because I'm nearly back at the balance it was before from everything I budgeted on it and that left me very little to pay off the one card I don't use at all (Capital One Platinum).

So this month, my goal is to pay off the Cap One Platinum and just use it for my phone bill and renters insurance and that's it. Then I can start paying down my other cards and continue using them the way I had been.

I'm just so excited that TWO of my scores are over 600! I might actually reach my goal of having all three of my scores over the 600 threshold before the year is out! Gotta be good through December. 

[GApeachy]

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@OneMurphy wrote:
Heck, both you and your husband could donate plasma for a year and use all of that towards cc debt.

At first when I read this I was like....  But then I looked onto this....$40.00 to $50.00 a pop! 

(edit: $400/month)

Dang, I'd do it if there was one close to me.  I donate to Red Cross, appt. in two weeks.

So last month I did not really try to meet my goals and this month was even worse.  So now "no more goals" is my goal.  G O A L is like that other four letter word.....DIET.

P.S.

Maybe next year I'll re-join, Happy Holidays!