Happy New Year to the myFICO Forums Community!
Can you believe we’re entering our fourth year of the myFICO Fitness Challenge? If you have financial goals for the New Year, the myFICO Fitness Challenge is the place for you!
What’s 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.
New this year!
To help you stay on track, we're introducing monthly check-ins for 2013. 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 Fitness Challenge logo signature on your Profile page (Go to My Settings=>Personal Profile=>Personal 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.
Here’s to ALL of us achieving our financial goals in 2013!
Starting the new year with a new challenge, after the first brought me so much personal success credit-wise!
I've been on this forum a little more than a year, and last year's goal was simply to start getting my financial life together and establish credit. Previously I was effectively a thin file with some negative information; this year I'm no longer thin, though still have some negatives which are going to depress my score for a while to come.
This year's goals are basically an incredibly simple (theoretically) two step process:
1) resolve IRS tax lien
2) obtain first mortgage
Everything else is so secondary to be near irrelevant; if / when I obtain a mortgage or otherwise give up on it, I may consider opening another credit card or two that I've been looking at from a rewards perspective if my scores and report support it, but this isn't a process I can get ahead of myself on so just keeping the slate blank. Been renting for nearly 20 years now, and I'm desperately trying to obtain a house here in S. Cali before something awkward happens in the economy one way or the other which may put them out of my reach.
I made last year's goal of getting to a FICO score of 640; I'd originally estimated that my score would top out around 700 until some negatives age off; however, just going to guesstimate that it may float up to 680 by the end of the year, so that's the goal at least.
Good luck to everyone, and may 2013 bring you much success both credit-wise and in life in general!
Happy 2013 everyone! I'm looking foward to improving my score and my life this year!
2012 Wrap Up
In the midst of being pregnant, getting married in May 2014, and attempting to buy a house sometime in the future, I have taken this leave of absence for a semester from school to work on my fiance's credit. We both thought it would be a lot worse than what it really is, and it wasn't terrible. Meanwhile in the background, I will be working on my credit, which I messed up years ago...young, dumb, and in a stupid relationship where I was the sole provider for the boyfriend who wanted to do nothing...but that is another story.
Our main goals right now are settling these tax liens, since he is self-employed (ugh).
Setting up a checking account to make payments from to get the liens removed. I don't think he is quite at $25,000 yet, but may be close.
Settling the tax liens, which are a lot cheaper, but still troublesome.
Happy New Year!!
I started my initial fico challenge for 2013 in the other thread,so let me just repost some of the things I'm working on for the new year.
I will order my fico scores this month so I can get an idea of how much work is ahead of me,and to qualify for a mortgage by the beginning of 2014. I will do a few PFD's on collections that are not even worth my time to dispute anymore lol I have a new credit card so I will make monthly payments on time,stay under the 35% utilization so that I can qualify for new cards in 6-8 months. I will open a secured credit card as well and do the same. Dispute remaining items on all 3 credit reports,paying off debts and overall just watch my score improve over the months so that I can get my dream home and a better car It's all about rebuilding this year!!
2012 Goal Wrap Up
Deleted 10/13 baddies on my Experian report!
Obtained a new credit card w/ $1000 cl
Students Loans posted as positive (paying as agreed or deferred)
Start Disputing baddies on Equifax and Transunion this month (January)
Make timely payments on credit cards
Open a secured card w/ a credit union
Continue saving money for my down payment
Pay off items gone to collections
Increase Fico to 620 by April
I just joined yesterday, with the goal or taking care and improving my credit in 2013. My plan of attack is workinig on collection items, getting paid items deleted, and getting a second secured credit card that will eventually graduate. Taking it one day at a time!
I just joined this site but have been working on my credit since the summer of 2012. My primary goal this year is to increase my score enough to buy a house with a 4% or lower interest rate. I recently paid off all but 1 negative account and will focus on sending out GW & PFD letters to have any negative TLs removed if I can.
I will also concentrate on paying off my auto loan in the next 3 months so I can save more money for my down payment. I am really nervous about being able to achieve this goal but after reading so many positive experiences and following the advice from people on this site not only do I think it is possible, Im really excited to get this year started.
Good luck to everyone!
Goal by end of 2013:
1) Pay off CC's ($1900 balance) by April 1. It's apparently better to do it incrementally then all at once...
Add one or two prime cards when my fico score cracks the 700 club to assure fewer hard hits, chances of acceptance and higher CL.
2) Save for DP for car, 3-5k, get approved for car loan, and buy a new, or nearly new subcompact car (eyeing the ford fiesta titanium currently)
3) Earn 50-60k+ this year, currently self employed, get second job (w/health insurance) and/or create another stream of income.
4) Continue to live where I am, never late on rent (something I was for 2+ years until 2 months ago) to show consistancy (currently paying 1400 monthly, the equivalent of a 200k mortgage)
5) Save up for DP on condo/house 5-40k
6) Qualify for FHA loan, start the process of looking to buy once my score is up
7) Pay down student loans by at least 2k currently hovering above 13k
8) Fico score of 730+ by December 2013, ulitmately qualify for Tier one credit, currently hovering at three.
Happy New Year, all! I started 2012 with below average scores, and until I found this board I didn't know jack with regards to the credit system and how it works. I have learned a ton this year just by reading these boards and doing a little bit of research. I had a successful 2012, but I have even bigger goals this year.
Good luck to everyone on their credit journey this year! Credit repair takes time, but it will be worth it in the end!