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Take the myFICO Fitness Challenge 2018!

Frequent Contributor

Re: Take the myFICO Fitness Challenge 2018!

Hi myFICO Challengers! I'm here to join you! I joined the forums back in January after lurking for a few weeks. I made some mistakes while reading here in the beginning before soaking up the full breadth of knowledge here (specifically, getting over eager and applying for stuff that had 0% chance of getting approved). I wanted to come here to articulate and commit to my goals for the year and to hold myself accountable to them. I don't plan to get a mortgage loan or auto loan anytime soon. Mostly I just want to:

  • get my personal finances in order;
  • get the cards I want; and
  • invest in the life experiences I want.

The actionable and measurable goals I've set for myself this year to achieve the above are:

  1. start a budget and system for managing my bills, credit cards, bank accounts, etc;
  2. start an emergency fund ($750 or so until I take care of bad debt);
  3. pay off 4 out of 9 collections/charge-offs (remaining five will be next year's goal unless I exceed this year's goal);
  4. start paying on my Stafford student loan to save .25% on interest and to reduce my installment loan utilization (currently has an IBR "payment" of $0);
  5. pay off all credit card balances I'm carrying and only use credit cards when I have the cash to PIF;
  6. pay cards in full every week while I'm reviewing my budget, paying bills, performing account reconciliations, etc every Sunday night. (This is because my limits are low and I don't want my regular spending to push me over a utilization threshold once I accomplish #5.)
  7. with #1-6 accomplished I'm hoping to hit 640+ across the board by the end of the year. I wish I could aim higher but assuming 5 collections/charge-offs are still reporting at the end of the year and numerous lates that won't fall off for 2-5 years, I just don't think it's possible to get higher scores.

I'll now head off to the April thread to post my goals for the month there!

EX 8: Jan 2018 - 546 | EQ 8: Jan 2018 - 571 | TU 8: Jan 2018 - 566
EX 8: Jul 2018 - 572 | EQ 8: Jul 2018 - 573 | TU 8: Jul 2018 - 578
TCL: $1,450 | AAoA: 7.9 yrs (I can thank my student loans for this) | Util: 82% (high due to charge-offs)
Cleaning up and rebuilding after a long hiatus from credit
Message 141 of 208
New Visitor

Re: Take the myFICO Fitness Challenge 2018!

I just entered my data for the challenge. I was a victim of identity theft unbeknownst to me! What a mess! Own my home looking to take a cash out refi loan for home remodel trying to raise scores quickly to achieve my goals have cleaned up report as much as I possibly can and taken out a a USAA CC for 5k any other ideas tobget to 700 beacon 5?
Starting Score: 648
Current Score: 696
Goal Score: 850


Take the myFICO Fitness Challenge
Message 142 of 208
Highlighted
Member

Re: Take the myFICO Fitness Challenge 2018!

I'm typically a joiner, except for when it comes to talking about my credit. 

 

I've been to the forums here many times looking for answers.  I've also been working really hard on my credit fitness.  It seems as if I've hit a plateau in my quest.  I have a BK7 (2011) and that seems to be preventing some of my forward progress.  I added the 775 as a goal for the year as I've read that's the most I can hope for with the BK7.

 

I think it's time for me to go into the garden (not as easy as it sounds lol).  I have nine (9) bank credit cards and some store cards.  My utilization is currently at zero on all.  I have one consumer loan and a car note.

 

Ultimate goal the ever elusive 850 score and a couple of the high end credit cards.  I am moving to ATL as soon as this BK7 drops off my credit (or before) and it would be nice to have a solid credit foundation.

 

I get frustrated.  I think I'm doing everything right and there is no movement.  I realize I need some  guidance/assistance as I navigate through this journey.

 

Any and all direction is appreciated.

Heart

 

Starting Score:554EQ, 560EX, 563TU
Last Check In Score:682EQ, 678EX, 689TU
Current Score:704EQ, 704EX, 700TU
Goal Score:775+

Take the myFICO Fitness Challenge
Message 143 of 208
Member

Re: Take the myFICO Fitness Challenge 2018!

Hi, been reading these forums for years and now I finally signed up.

My goal is really to be able to save my home and the only way I can see that is by getting a HELOC. I owe 464K and Zillow has my home for 512 but BofA Real Estate has it at 572K. So there's that.  I make good money (160K+50K bonus) but my score is low. My wife is on SS but her scores are better.

Goal is 700+ all across by the end of the year.

FICO 8 EQ 556 FICO 8 TU 627 

Starting Score: 627
Current Score: 627
Goal Score: 850


Take the myFICO Fitness Challenge
My credit scores:
EX
FICO 8
620
5/7/2018
TU
FICO 8
633
4/16/2018
EQ
FICO 8
??
??
My goal 740 across all three by August 31, 2018 then get a HELOC to buy me more time.
Amex PLAT 5000, AMEX GOLD NFCL, Barclay Jetblue 3000 (AU), LendingClub 20K (17.4K Bal)
Message 144 of 208
Member

Re: Take the myFICO Fitness Challenge 2018!

Hi all,

 

Just joined the site after a few weeks of lurking to see how I can improve my scores.

 

1. 3 CC: Cap One 10.3k, Amex ED 18k, and recently grabbed a Discover IT 10.5k

2. 10% usage overall (Tranferring existing balance of $3400 to Discover 0% for 14 months next week for 3% fee)

3. Shooting for 800 by the end of summer

4. All bills on autopay

5. AZEO is what I'm hoping will get me there

6. Gardening for the remainder of the year with the exception of some SP CLI's I will be initiating

 7. 252k mortgage valued at 300k w/Freedom Mtg

 

Doing it to leave a legacy to my seeds.  They are already being taught to be financially responsible.

Starting Score: 680
Current Score: 720
Goal Score: 820


Take the myFICO Fitness Challenge
Message 145 of 208
Established Member

Re: Take the myFICO Fitness Challenge 2018!

I will definitely join in!
Scores currently 611, 622, 624
My goal is to get in the 700's club. I spent most of my younger years not caring much about credit, now I know better. My main goal is to quality for a conventional mortgage with a decent rate, by January of 2019.
I filed chapter 7 in Aug 2008, which means this is my 10th year and it should fall off in a few months.
I have several credit cards with low limits, my utilization is 90%. Total credit card debt is $5300. Once I get my utilization under 30% I believe this will give me a major increase.
My plan is to use the cards a little, but pay them down by a lot, each month.
I have 100% on time payments on all credit cards and car loans.
One silly collection from 2014 that shouldn't be there, disputing it now.
A lot of inquires that should also fall off by year end.

Woohoo Score Challenge
Starting Score: EQ 611, TU 622, EX 624
Current Score: EQ 623, TU 642, EX 640
Goal Score:700 across the board!


Take the myFICO Fitness Challenge
Chapter 7 BK will fall off August 2018!
Capital One Plat
Capital One QS
Walmart CC
2 First Prem Bank CCs(I know)
Merrick Bank CC
Credit One Bank CC
Milestone CC
Three Comenity Bank Cards that will be ZERO soon.
Message 146 of 208
Valued Contributor

Re: Take the myFICO Fitness Challenge 2018!


@Texasbabycakes wrote:

I will definitely join in!
Scores currently 611, 622, 624
My goal is to get in the 700's club. I spent most of my younger years not caring much about credit, now I know better. My main goal is to quality for a conventional mortgage with a decent rate, by January of 2019.
I filed chapter 7 in Aug 2008, which means this is my 10th year and it should fall off in a few months.
I have several credit cards with low limits, my utilization is 90%. Total credit card debt is $5300. Once I get my utilization under 30% I believe this will give me a major increase.
My plan is to use the cards a little, but pay them down by a lot, each month.
I have 100% on time payments on all credit cards and car loans.
One silly collection from 2014 that shouldn't be there, disputing it now.
A lot of inquires that should also fall off by year end.


You could call in July or even June to get the BK removed.




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 147 of 208
Established Member

Re: Take the myFICO Fitness Challenge 2018!

Hello, new user to the forums.  I figured this would be a good place to post an intro. (I'm surprised not to find a new user intro group/topic)

 

I've been working on rebuilding my credit for 6 months or so.  I had to file for Chapter 13 in 2011 (which was dismissed shortly after filing) and since then I've been living without any available credit aside from my mortgage.  It has taught me a lot about financial responsibility.

 

I have two goals currently:  1) Cash out Refinance my mortgage this time next year, or get a HELOC or HEL depending on what makes the most sense given the current rates and available equity at that time. 2) Save up enough for or finance an engagement ring, as I plan to propose to my SO in the nearish future.  I might be able to get enough cash out of a refinance to pay for the ring too, who knows.  My BK and all CO/negative accounts have dropped completely from my CRs as of last week!!  Only Baddie is a 30 day late on my mortgate in Sept. 2015.

 

Data points as of yesterday:

FICO 8: EX 732, EQ 699, TU 636

Inq: EX 1, EQ 5, TU 2

5 Open accounts (1 AU), Overall Revolving Util: ~7%

- Ben Bridge Charge account Opened in 2005 that hasn't reported since 2015: ($750 CL, good standing) <-- Not Reporting on TU *I'm not even sure if this account is still open, but it's shown on 2 of 3 CRs and helping AAoA...

- Mortgage (1 30 day late payment 2.5 years ago, paid on time since) Opened 07/07, ~$366k owed, $2,291/month, HARP Modified sometime in 2014

- Cap1 QS1 ($500 CL, good standing) Opened 09/17

- Disco Secured ($500 CL*, good standing) Opened 11/17 *Just added an additional $500 deposit/CLI, should hit before the statement cut.

- Wells Fargo Cashwise - AU ($10k CL, good standing), Opened 12/17

Multiple Closed accounts reporting Paid as agreed

AAoA: EQ 9y4m EX 10y2m TU 5y9m

Income: ~$87k Gross Salary including scheduled bonuses but not including performance bonuses which are highly variable.

 

 

Cap1 QS1 - $500
Disco Secured - $1000
WF Cashwise (AU) - $10,000
Citi DC - $2,500
Paypal 2% MC - $3,700
Chase Amazon Prime VS - $7,200
Message 148 of 208
Member

Re: Take the myFICO Fitness Challenge 2018!

Welcome too the forums, i had the same reaction, where do i post first

Starting Score: EX: 702 EQ: 705 TU: 715 (3/18/18)
Current Score:EX: 709 EQ: 693 TU: 707 (4/18/18)
Goal Score: 750

Take the myFICO Fitness Challenge



Message 149 of 208
Member

Re: Take the myFICO Fitness Challenge 2018!

Hello,

 

I am joining in on the myFico Fitness Challenge for 2018.

 

My current situation: 

 

1. Just started establishing credit about 6 years ago (I'm in my early 40's).

2. Scores are all over the board but range from 665 (Transunion Fico 4 - my lowest) to 695 (Transunion Vantage 3 - my highest)

3. Credit 'report card': Payment History (A+), UTI (A-/10%), Credit Mix (A+), AAoA (D/3 years established credit), INQ (B/Between 3-7 in the past two years depending on the CB)

4. A few medical collection accounts from 2013 and earlier. All are less than $400 (severe illness, multiple hospitalizations between 2011-2013)

  

My goals:

 

1.  Garden! Goal is to garden for 18 months. Recently went on an app spree so I need to cool off and...(see #2)

2.  Let accounts age. 

3. Seek settlement with medical collectors and pay off accounts

4. Bring UTI to between 5-7%

 

My current cards are:

 

Mid-prime to Prime

US Bank Cash+ VS - $1500

AMEX Blue Cash - $2000

Discover it - $4000

Venture One - $3600

Citi TY Premier - $2000

 

Department/Store Cards:

 

JCrew - $1500

Amazon (Sychrony) - $1500

Care Credit (Sychrony) - $1800

 

Subprime (From establishing credit, need to keep accounts open to keep AAoA from completely fizzing):

 

Fingerhut - $1800

Legacy Visa - $1100

 

 

Starting Score:580
Current Score:695
Goal Score:727

Bank Cards:Capital One Venture One / American Express BlueCash Everyday / Discover IT / US Bank Cash+ Visa Signature
Citibank ThankYou Premier / Williams Sonoma Visa
Store Cards: JCrew / Amazon Store Card / CareCredit
Subprime:Legacy Visa / Fingerhut / Klarna
Take the myFICO Fitness Challenge
Message 150 of 208