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Take the myFICO Fitness Challenge 2023!

Kenny
Moderator Emeritus

Take the myFICO Fitness Challenge 2023!

 

Happy New Year to the myFICO Forums Community!

Can you believe we’re entering our FOURTEENTH year of the myFICO Fitness Challenge?!
If you have financial goals, the myFICO Fitness Challenge is the place for you!


What is the myFICO Fitness Challenge?
To take part in the myFICO Fitness Challenge, simply post an introductory note and state your financial goals for the coming year. Are you hoping to raise your FICO Score? Buy your first home? A new car? Get that coveted rewards card? Tell us about what you hope to achieve, and what reaching those financial goals will mean to you. As the year progresses, check back here to report on your progress, talk about hurdles you encounter, or simply reach out for support and encouragement from your fellow Fitness Challengers.

Monthly Check-Ins
To help you stay on track we encourage you to stop by for monthly check-ins. On the first day of each month, myFICO will post a monthly check-in thread for you to talk about your progress, successes, speedbumps, etc. Participation in these monthly check-ins is optional - but encouraged!

First time Challenger?
If you’re new to the myFICO Fitness Challenge, then welcome! To begin, set up your official  MyFICO signature on your Profile page (Go to My SettingsPersonal ProfilePersonal Information). Then just reply to this topic, telling us a little about your financial situation, your goals, and how you plan to achieve them during the coming year.

Returning Challenger?
Welcome back! Please be sure to update your myFICO Fitness Challenge signature, so it directs to the current challenge. If you'd like, you can review 2022's challenge here.

Message 1 of 18
17 REPLIES 17
Anonymous
Not applicable

Re: Take the myFICO Fitness Challenge 2023!

Well MyFicoers ...

Kenny has us set up for the 2023 Year. I will offer that there are no plans for any new financial products at this time. Smiley Wink

Will stay in the Garden for now. Note, I will be observing to see if some financial product comes to pass that is of use for my 2023 spending needs.

The past year of 2022 found a new local bank that matches the services of the big boxers and I switched to it (right in town about a 1/2 mile from home). Also, added a couple of financial products that I needed.

S ...o ...o who is to say? Smiley Surprised

Message 2 of 18
mgood
Valued Contributor

Re: Take the myFICO Fitness Challenge 2023!

Same things. Getting revolving utilization down and bringing scores up. Still shopping for that used Corvette I was looking for a couple years ago. That was the original point of this, to get my scores up to ensure I'd be approved for a loan, then to get a better interest rate on that loan. The auto market has been so insane lately. My goal is to have all three of the Classic 8 scores at 780+. I have had scores that high, but not all three at once. And I have had other scores breifly over 800 at times. But I want all three FICO 8 scores at 780+, at the same time. Screen-shot that mess and put it in my sig.

 


@Kenny wrote:

 

Please be sure to update your myFICO Fitness Challenge signature, so it directs to the current challenge.


I didn't realize mine still said 2021 and linked to that thread Smiley Embarassed I think I fixed it.



Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 756, EX8 771 as of Apr 1
Goal Score: EQ8 780, TU8 780, EX8 780

Take the myFICO Fitness Challenge
AZE4 - 7% Utl - New Accts: 2/6, 3/12, 6/24
Message 3 of 18
sportsguy83
Regular Contributor

Re: Take the myFICO Fitness Challenge 2023!

Happy New Year! 

 

Last year was all about consolidating my debt, re-establishing good credit habits and getting my scores to a respectable level. Mission accomplished. 

 

This year my focus is entirely on paying off my consolidation loan as soon as possible to save money on the interest.  Thanks to my good credit behavior and improved scores I have balance transfer offers available from Discover and Citi and am going to take advantage of them.  This will allow me to pay off my loan by the end of February (woot!). 

 

In the short term my scores will take a hit as my aggregate utilization will go from 7% to 30% and I will have several cards with high individual utilization.  However, by the end of 2023 I will be debt free and my scores will be about as high as possible for a dirty scorecard (three 30 day lates).

Beginning Rebuilding - February 2022

Current Scores - March 2023

Goal Scores - January 2024

Message 4 of 18
broadnms
Established Member

Re: Take the myFICO Fitness Challenge 2023!

Good morning everyone!

 

I am very excited about this challenge. For 2023, I am looking to boost my credit and purchasing power. 

1) I want to purchase a home eventually,  as I am tired of renting and dealing with the "politics" of renting. By the end of this challenge, my goal is to be financially ready to start the house-hunting process. Maybe the real estate market will be more in the buyer's favor by this time.

2) Reduce collection debt. I am down to three collections in comparison to the 6 I had in 2022.

3) I have a secured Navy Federal credit with a CL of $1000, and in 2022, I started paying a majority of my bills on that CC. I've been doing well in paying on time and paying off 60-80% of the balance by the statement release date. I am hoping to graduate to one of their unsecured credit cards and get my deposit back by the end of the year as well. 
4) Pay down my SeedFi loan. I took out this credit builder loan to boost my on-time payment percentage. However, they just sold my loan to another company (and I personally feel it was a bit shady how they executed the sale). I will probably have the loan paid off by the summer, instead of December 2023, like my current contract states. I honestly feel I will end up paying more than expected with this new company. 

All in all, I feel better about my finances this year than previous years. I wish everyone a ton of luck for 2023!

Starting Score: EQ-590: TU-602: EX-613
Current Score: EQ-590(Jan '23): TU-602(Jan '23): EX-613(Jan '23)
Goal Score: EQ-630: TU-650: EX-620


Take the myFICO Fitness Challenge
Message 5 of 18
westcoastpeach1965
New Contributor

Re: Take the myFICO Fitness Challenge 2023!

I haven't posted on this forum in many years.  I have just decided to start gardening because my scores aren't where I want them to be.  Chapter 7 in 2018 and I've gotten some small credit lines, but I can't keep my finger off the trigger, so I'm hoping by entering this challenge, I can garden for the next year.  I have a big plan to move and buy a new car in 2024, so if I can keep my hard pulls at zero between now and then, I believe my scores will be in really good shape.  Right now, they are around 660 and that's because I have too many hard pulls and the bk in 2018.  My credit card payments are 100% and now my utilization is less than 5%, but that just happened because I just paid most of them off.  Thanks for letting me join and for future encouragement!

Starting Score: 660
Current Score: 660
Goal Score: 750


Take the myFICO Fitness Challenge

Message 6 of 18
jolinoir
New Member

Re: Take the myFICO Fitness Challenge 2023!

Hey to all MyFICOers !

 

Im a newbie to this challenge but better now than never! 

I have already started rebuilding my credit and it has been a great motivating feeling and experience thusfar.

 

I was approved for a vehicle which is great to add to my credit profile, since having a good mixture of credit is essential to the algorithm of your credit score. 

 

I currently have the following credit cards:

Capital One Platinum Secured Card-Credit Limit of $200 (New Acct as of July 2022)

CBIndigo Unsecured Card-Credit Limit $300 (New Account as of December 2022)

Capital One Secured QuickSilver Rewards Card-Credit Limit of $300 (New Account As of January 2023)

I do not plan to get any more credit cards. I will work with these starter credit cards and hopefully Im able to get a credit limit increase on at least 2 of the 3 cards. 

 

***Additional goal is to be approved for an unsecured card with Capital One with at least $1000 Credit limit

 

I plan to pay off a few collections still on my report via "Pay for Delete" Request Letters. 

 

By the end of 2023, if the market is in a good position, I will be able to get a preapproval for a mortgage loan. 

 

As of January 7th my scores were TU 606 EQU 607 EXP 546

but once the new INDIGO card was added my score dropped 40-50 point for TU and EQU. EXP is likely around 506. 

It will increase but likely not, because the Capital One will follow up next and then my new car loan..but once these new account stabilize, my score will be at if not over, 700. ***happy dance***

 

 

Much abundance and growth to all ! 

Starting Score: TU 561 EQU 556 EXP 546
Current Score: TU 561 EQU 556 EXP 546
Goal Score: TU 700 EQU 700 EXP 700


Take the myFICO Fitness Challenge
Message 7 of 18
Lionsonly008
New Member

Re: Take the myFICO Fitness Challenge 2023!

<img align="left" border="0" width="50" height="50" src="https://ficoforums.myfico.com/html/assets/challenge.png"><font size="1">Starting Score:</font><font size="1"><b> 458</b><br><font size="1">Current Score:</font><b> 687</b><br><font size="1">Goal Score:</font><b> 700</b></font><br><br><font size="1"><a href="https://ficoforums.myfico.com/t5/Take-the-myFICO-Fitness/Take-the-myFICO-Fitness-Challenge-2023/m-p/..." target="_blank">Take the myFICO Fitness Challenge</a></font>

Message 8 of 18
FireMedic1
Community Leader
Super Contributor

Re: Take the myFICO Fitness Challenge 2023!

Welcome @Lionsonly008 

To add your challenge to your siggy. Click on your name from the main forum page. Go to settings. Then signature. Patse your HTML. Save. Got to post a few times once the new badge is gone. Good to go.




Homeowner since Sept 2020. 2021 Explorer ST Chase 3.1%. Sharing my experiences after BK from learning here. Started 540's.
Message 9 of 18
mgood
Valued Contributor

Re: Take the myFICO Fitness Challenge 2023!

@Lionsonly008 wrote:

<img align="left" border="0" width="50" height="50" src="https://ficoforums.myfico.com/html/assets/challenge.png"><font size="1">Starting Score:</font><font size="1"><b> 458</b><br><font size="1">Current Score:</font><b> 687</b><br><font size="1">Goal Score:</font><b> 700</b></font><br><br><font size="1"><a href="https://ficoforums.myfico.com/t5/Take-the-myFICO-Fitness/Take-the-myFICO-Fitness-Challenge-2023/m-p/..." target="_blank">Take the myFICO Fitness Challenge</a></font>



@FireMedic1 wrote:

Welcome @Lionsonly008 

To add your challenge to your siggy. Click on your name from the main forum page. Go to settings. Then signature. Patse your HTML. Save.


I think you have to be at least "Member" rank before you can do that.



Starting Score: EQ8 680, TU8 713, EX8 701
Current Score: EQ8 769, TU8 756, EX8 771 as of Apr 1
Goal Score: EQ8 780, TU8 780, EX8 780

Take the myFICO Fitness Challenge
AZE4 - 7% Utl - New Accts: 2/6, 3/12, 6/24
Message 10 of 18
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