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Take the myFICO Fitness Challenge 2020!

Trin
Established Member

Re: Take the myFICO Fitness Challenge 2020!

I started 2020 with my credit score in the high 400 and low 500s. My goal for 2020 was to pay down all my debt and start rebuilding my credit. As of 9/12, my credit scores are in the mid to high 600s. I got there by paying down over $40K in credit card debt. My biggest issue not is waiting for all the charge-offs and past due payments to drop off in 2024/2025. So far, I have a few credit cards with annual fees and low balances to start rebuilding my credit. When should I start closing my accounts with the high annual fees? I have a secure card with OpenSky for only $200, should I close that account too. I plan to take a couple years off from applying for new credit with the goal of getting my credit score into the mid 700s. It is great to have a place to help me to stay motivated.
Starting Score: Equifax 499 (1/22/2020); TransUnion 525 (1/22/2020); Experian 523 (1/24/2020)
Current Score: Equifax 723 (11/30/2022); TransUnion 725 (11/30/2022); Experian 706 (11/30/2022)
Goal Score: 750


Take the myFICO Fitness Challenge
Message 221 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

Hello !!! Huge challenges this fall !!! Savings for mortgage in 2021!!! Increase scores from 670 to 700+ 

goal score- 770 across board

Message 222 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

  1. Howdy !!!!  Recovering from derogatory information from 5 years ago, I had done what a lot of married women do and committed financial adultury by having secret credit cards that my spouse did not know about . Well long story short  I eventually got in over my head with  15 credit cards and then unexpectedly became ill and was medically forced out of military before I was financially ready. With no paycheck I could no longer pay the bills for my 15 secret credit cards and well the rest is history . Husband eventually figured it out when bill collectors started calling none stop. But by then the damage had Been done .We did settlements for some and paid others out right and boy was it painful. By 2019 we had done most of the hard work but there was still 11,000  in charge offs on my CR So I started a new job and every payday part of my pay went towards the bad debt  I just paid the last $2000 in August And I feel so much relief and a sense of accomplishment and accountability. So now that your caught up ....... The  plan now is to upgrade my 10 year old BMW Next month , Just last year at this time There was no wAy I could not qualify without my husband which really bothered me ,  hopefully  I can now . For future goals  we are looking forward to buying our forever home next year,( the last house we bought my name could not go on the mortgage application, I was mortified) Hubby has 822, 819, 820 Fico CS trying to get mine up to high 7OO's so we can get the best mortgage rates.
    Started this last leg of this journey to rebuild my credit in May 2019 my 3 FICO SCORES were in the low 600 range 

Current scores are

FICO 8 Ex 719, EQ 701 TU 711

FICO 9 EX 737 EQ 754 TU 767

Message 223 of 255
M_Smart007
Legendary Contributor

Re: Take the myFICO Fitness Challenge 2020!


@Anonymous wrote:

Recovering from derogatory information from 5 years ago, looking forward to buying forever home within next year, Hubby has 822 CS trying to get mine up to high 7OO's so we can get the best mortgage rates. Current scores are

FICO 8 Ex 719, EQ 701 TU 711

FICO 9 EX 737 EQ 754 TU 767


Hi @Anonymous , and welcome to the forum!

 

I am no mortgage expert .. I have'nt had one in many years (about 15)

Are you not able to just use His scores?

 

Maybe ask in the Mortgage forum?

https://ficoforums.myfico.com/t5/Mortgage-Loans/bd-p/loans

 

Congrats on having some great goalsSmiley Happy

 

Message 224 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

I want to become more financially secure and learn as much as I can about credit.  This will hopefully lead to my score improving over time. 

Message 225 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

Credit_Up and others here for the first time, there are several different topics in the Forum that would be of interest. With that said, you are interested in rebuilding credit so that would be a great place to take your situation and plans/goals and ask for help.

 

Many very knowledgeable folks on how the how to's of a rebuild and grow at the same time title: "Rebuilding Your Credit" and we can read about how it is going as you improve. Buying a house with a good credit score can lower your interest and monthly payments so that alone is a notable objective! Smiley Happy Best Wishes as you take the journey for improved credit!

Message 226 of 255
iamamydee
Established Member

Re: Take the myFICO Fitness Challenge 2020!

We are starting late for 2020 but we are here and making changes already.

We began our journey last month.  We have a foreclosure and several charge offs from a run of about 5 years of absolutely terrible times.  Most of our charge offs fall off in 2022, and the foreclosure falls off in 2024.  We are working on setting up long term credit with good history we can rely on when everything falls off, and cleaning up what we can of what's on there now.  Our credit scores are low but we hope to finish 2020 in the 500's across the board.  Next year's goals is to establish strong lines that we can age while we wait for things to fall off.

Hers

Starting FICO 8: TU/532 EQ/472 EX/505
Current FICO 8: TU/604 EQ/565 EX/614

Cards: First Premier $0/$400 | First Access $55/$300 | Mission Lane $0/$300 | Milestone $0/$700 | Indigo $0/$300 | Self Visa $0/$2750

Loans: Self Loan $362/$1250


His

Starting FICO 8: TU/527 EQ/479 EX/538
Current FICO 8: TU/606 EQ/578 EX/549

Cards: Fingerhut $0/$1100 | First Access $0/$300 | Mission Lane $0/$500 | Milestone $0/$700 | Indigo $0/$300 | Self Visa $0/$1525

Loans: Bridgecrest Car Loan $28,000/$35,000
Message 227 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

Im new to the forum.  Im interested in establishing new business credit lines

Message 228 of 255
M_Smart007
Legendary Contributor

Re: Take the myFICO Fitness Challenge 2020!

Hi @Anonymous and welcome emoticon.gif  To The Forums!

 

You might start here;

https://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

 

And you can read/ask questions here;

https://ficoforums.myfico.com/t5/Business-Credit/bd-p/businesscredit

 

Hope this helps!

Message 229 of 255
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2020!

@M_Smart007 Thank You!

Message 230 of 255
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