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Take the myFICO Fitness Challenge for 2013!

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rebuildabear
Member

Re: Take the myFICO Fitness Challenge for 2013!

Hello everyone, just want to say thanks to all the helpful members and information on this forum. What a great resource. I've been reading here for a few weeks and its given me the courage and know how to really better myself credit-wise. 

 

My short story, I was careless as a youngster especially in college with credit and loans, so I did some dumb things and made bad mistakes. Through most of my 20s I just buried my head in the sand and tried to ignore everything. I paid bills late all the time and was just really irresponsible about things. 

 

The good news is the last couple years have changed my mindset (maybe age will do that). So I'm 32 now, when I checked my scores last year it was a terrible 540 something. I felt emberrassed and did not know anything about how to clean up my credit reports. But I got a couple secured cards, use them regularly and pay them off each month. Last month myfico number was 625, sits at 618 today through scorewatch. Recently added a couple cards to my wallet so that probably dinged me a few points. 

 

My goal for 6 months is to be in the 650s and my 1yr goal is to make it to 700. 

 

I started with so many mistakes but I'm working toward all of my goals with lots of helpful advice here. If I can do it anyone can. Cheers. 

Message 661 of 735
dv112
Valued Member

Re: Take the myFICO Fitness Challenge for 2013!

I was a mess in my early twenties racking up a couple of thousand in collections, mid-500 scores and didn't understand the credit system that well. I knew I had to get a car someday so I started repairing everything and obtained a few credit cards and a car loan. This helped me reach up just over 600 around 2008. I was not keeping my utilization low and thought I would be ok with making the minimum payment which barely nudged my score. Some other collections still unpaid weren't helping either. 

 

In 2009 I was laid off from my job of 8 years and was unemployed for 2 resulting in a few accounts to be sent into collections, this dropped my scores at the time to high 400s and low 500s. I took a $30K paycut when I found a part-time job and went back to school full-time. My income wasn't enough to make payments on any debts that I had. This forced me to sell my car for $2K less than I owed resulting in a settlement reporting on my credit. I wish I had borrowed the difference to pay it off in full. I completely changed my lifestyle and became more frugal with my finances keeping track of every single cent I spend and vowed to recover one day. In 2010 many of my collections fell off due to SOL which I didn't find out until later as I had no reason to look at my scores if I knew I couldn't apply for any loans. 

 

Earlier this year I was able to find a higher paying job than my previous career which has given me more financial stability I never thought I would have. A life changer. I'm no longer living paycheck to paycheck and my savings account is starting to stack up. I only have $1880 in collections that I am going to pay off. Another $1800 for two accounts that I have been disputing which are scheduled to fall off anyways in two month. Other debt is a $149 left on a closed credit card with Merrick Bank, and $10K in student loans. I'm paying off the remaining $149 tomorrow. Making payments on this surprisingly has been reporting utilization which might have affected my score in a positive way. 

 

In july I deposited $600 into a Capital One secured card giving me a limit of $751. They have yet to report but I've been staying below 10% utilization with my first payment already made before the 13th of this month. I signed up for Quizzle, Credit Karma, and Credit Sesame to see what kind of data they were reporting and I was surprised to find some weird collections on my report. I bought all 3 reports from myfico and disputed which dropped the 2 unknowns. I don't know if the combination of my previous collections dropping off and these recent ones falling is the result of my scores but I was pretty surprised to see how high they were. 

 

So my goal is to close my two open accounts by the end of 2013. Starting with a PFD for the $380 I owe to a medical agency and a PIF confirmation from Midland Credit for the $1500 from a Chase account that was transferred to them. I know they are very difficult to work with so I just want to pay the whole thing and work on my low utilization to build up my score and hopefully add another TL once CapOne starts reporting. I see Barclays is a pretty good card to add, especially if they pull TU but I want to make sure my Midland account is paid before I apply. 

 

By April 2014 I hope I can bring my score up to 750. I don't know what the average increments are for maintining low utilization so if it's not realistic please let me know what is a reasonable score in the 700s I should shoot for. April is when my current lease is up and I hope to be able to move into a new apartment without the need of a co-signer. I have flawless rental history but the settlement for my auto loan affected my eligibility for renting my current place.

 

In June/July I plan on financing a car again with a $15K down payment at my disposal and have $10K in emergency savings and am shooting for an interest rate below 5%. Then it's just building up my score further and going from there. 

 

Maybe I can reach the high 700s by the end of 2014? That would be pretty sweet!

Starting Scores: 639 EX | 625 EQ | 664 TU (9/1/13)
Current Scores: 640 EX (11/10/13) | 627 EQ (10/18/13) | 658 TU (12/16/13)
CL Timeline: CapOne Secured: $1200 | Amazon Store Card: $800 • In the Garden until 01/2015 (for auto re-fi)

*Score dropped 10 points on 12/09/13 for auto loan inquiries and high christmas utilization.
Message 662 of 735
my3sons
New Member

Re: Take the myFICO Fitness Challenge for 2013!

I am so glad that I found the myFico site. I am a single mom of 3 boys, 16,15 & 5. I started out on my own with my 2 older boys when I was 3 months pregnant with my 15yr old at age 18. I grew up not wanting for much but unfortunatly I wasn't taught financial responsibility, I learned the hard way. Their father has never paid child support, I was constantly robbing peter to pay paul while I was in school, letting certain bills go in order to pay other ones. I am self employed hairstylist and have been for 13 1/2 years, that being said my income can be inconsistant most of the time, which makes budgeting hard. It has been trial and error trying to figure that out. The neg. affecting my credit is old bills that are in collections, I only have 1 credit card on my report from 2007 that has been charged off. My other issue is I don't really have credit, I have worked in a cash industry for years and pay cash for everything. Its a catch 22, the average debt people are in far exceeds what mine is, my credit report shows just under $4000 of debt, but I have a low score and can not get approved for a decent interest rate. 

My goal is to start paying off the newest collection debts first, hopefully get a credit card or auto loan in a few months to establish credit. Any suggestions or advice is appreciated!!


Starting Score: 429
Current Score: 429
Goal Score: 650


Take the myFICO Fitness Challenge
Message 663 of 735
lanz808
Established Member

Re: Take the myFICO Fitness Challenge for 2013!

Hello Everyone!!

In college, I got my first CC and was excited to say the least.  I kept up with the payments, then applied and got approved for more CC's and by the time i knew it, I had 4 CCs all with a pretty high CL.  I was working at the time so the payments were being made (also with the help of my parents), then when the economy started to tank in 2008, I was let go at my job.  That's when the balances started to rack up and I couldn't keep up with my CC payments, as well as other bills.

 

Anyway, fast forward to 2013....I have a better paying job and I still have those charge offs haunting me, but am slowly getting them taken care of (finally!).   My current goals are to pay off all debt and improve my credit score to near the 750ish range.  I know i'll get there; I just have to keep payying my current bills on-time and taking care of all the "baddies"...slowly, but surely.

 

Smiley Happy

 


Starting Score: EX 601 (07/23/13) | EQ ? | TU ?
Current Score: EX 644 (011/15/13) | EQ 620 (09/04/13) | TU 558 (09/10/13)
Goal Score: 750


Take the myFICO Fitness Challenge
Message 664 of 735
remax75
New Visitor

Re: Take the myFICO Fitness Challenge for 2013!

hello..

brand new here..looks interesting tho  =)

 

I'm a 38 yr old Realtor in Phoenix AZ...I was shocked to see my score was UP 127 pts after my chapter 7 bk just discharged a few weeks ago.

 

my goals for 2013 are:

 

to stay debt free, except for (to get and then pay off early), an FHA mortgage

to live within my means

to establish $1,000 emergency fund, and then build it to 6 months expenses/emergency fund

to not create any  new financial "messes" in my life...and there have been many over the years

to first hit 640 credit score x all 3 bureaus..then..

to hit 720 credit score x all 3 bureaus...(doable?/possible in 2013?/maybe not?)

to buy a home with FHA mortgage at ONE yr post bk (new guidelines), or worst case 2 yrs after discharge...July 2014

to obtain and have an american express card (green)

 

good luck to everyone...I look forward to learning a lot here, and contributing a lot here once I have something helpful/useful to say  =)

 

thanks

 

 


Starting Score: 504
Current Score: 627
Goal Score: 720


Take the myFICO Fitness Challenge
Message 665 of 735
ljohn27
Contributor

Re: Take the myFICO Fitness Challenge for 2013!

New to the forum so this is my first post. Late with my 2013 credit building goals but wanted to share and assess how realistic my goals are.

My scores are as follows:

 

JUL 2013: FICO: EX=580/EQ =579/TU=532 and FAKO EXPERIAN: EX=632/EX=579/TU=605

SEPT: FICO: EX=662/EQ=629/TU=634 AND FAKO EXPERIAN: EX=668/EQ=639/TU=654

 

Goal is to hit the 700 club by June 2014

 

Over the past 2 months I've had 2 old collections removed, paid 2 credit card down to 17% util (prev 98%) and removed all old credit cards I was an AU on that was charged off.

 

Today my challenges are:

-Mortgage lates from 2010 - 2012 (Have been current since November 2012)

-Santander auto loan lates from 2010 - 2013 (Paid off 3/2013)

-Collection $123 Trident Asset Mgmt Last activity was 2011 but I disputed and it was deleted from EX & TU - EQ updated with 8/2013 last activity (sent DV letter 8/19 to CO) - waiting for response.

-New car loan 6/2013 w/WF....getting dinged for inquiries - but I think only 2 due to inquries on same date. Shopped in May and June before I knew to pay attention to scores.

-Tax lien- dated 9/2011 - paying IRS- will be paid off 3/2014 and was told through fresh start program I can have it completed removed once it's paid in full

-Medical paid judgment 2010-$418.00 (only showing on TU) -disputed and it was removed from EQ/EX but TU will not delete.

Debts:

-Mortgage $188k (current)

-Student Loans $112k (current - never late)

-Credit Union Credit line $278 bal/$2000CL (open since 2004-nvr late)

-Target Credit card $152 bal/$500CL (open since 2005 -nvr late)

-Wells Fargo Auto $30,284 bal (open-nvr late-new account 6/2013)

-Collection - Asset Mgmt $123 (Sent DV Letter) Not sure this is mine

 

History Info:

Oldest Acount: 22 years, 9 mos

AAoA: 5.1 years

 

Issues impacting my credit score: lates (need time); inquires from auto purchase (need time); tax lien (will be pd 3/2014); medical paid judgment 3/2011 (waiting to fall off) and inquiries.

 

Credit experts: Is it realistic to think my score will hit the 700 club by the midlle of next year with the tax lien gone, collection gon and lates aging? Your thoughts. I also plan to get my util be 10% by next month.

EX 678 | TU 689 | EQ 698 LENDER PULL 07/22/2014
EX 655 | TU 690 | EQ 678 MyFICO SCORES 07/09/2014
Message 666 of 735
Kennie02
Frequent Contributor

Re: Take the myFICO Fitness Challenge for 2013!

Starting a bit late but hey I am hoping I can end the year better than I started!

 

I have a few goals in mind and this challenge is going to help me!

 

2013 Goals

Delete collection accounts on CR (1 down, 5 to go)

Repair my relationship w/ NFCU

Raise FICO to 650

Purchase a home

 

I probably won't reach these goals by the end of 2013 but I will be on my way there...

 

 

NFCU cash $25k | BofA Custom Cash $25k | Amex BCP $18k| Costco Anywhere $14.5k | Apple Card $5.25k | Cap One QS $4.5k | Sephora Visa $4k | Discover It $3.5k | Citi DC $3.5k | Citi AA Mile Up $3.1k | Chase Amazon $3k | Amex ED $3k | Chase IHG $3k | Chase Freedom Unlimited $2.5k | Chase Freedom $2.5k | Citi Rewards $2k | Last HP 8/16/22
Starting score 09/2013: 530 Current FICO 8:
Credit Age:
New Accounts:
Inq (6/12/24M):
Message 667 of 735
Ponti
New Member

Re: Take the myFICO Fitness Challenge for 2013!

Hiyo,

 

New here and this is my first post. I haven't actually used Credit Cards that much, but did used to have one with a credit union that I closed, opened a thingie with another company when younger, and have a BoA I never use. I live primarily a cash exiestence really, and mostly use a debit card and don't even carry around the 2 charge cards I do have. I went on a trip to another country, and the rental car place told me that only accepted credit cards, not debit. So I decided because my BoA one was to low CL and the other card is only for the specific store, I'd apply for a card at my main bank to up my available credit some and use it for forign travel. To my shock, I was approved instantly for a $9000 CL Visa Signature rewards with no fees. So wanting to know why I got what seemed to me a way better card than I've ever seen, I looked around about Fico scores some, found this site, and ordered the 3 report thingie and discovered to my shock, on 2 out of 3 agencies I was above 800, and the other 769. 

 

So my current stats are

 

Equifax 806

TransUnion 808

Experian 769

 

My goals are to get the Equifax and TransUnion to 825 to add additional cushion, and get my Experian up to 800. I realize at this point the scores above 800 are already considered super great and won't benefit me much, heck same with a fico score of 769, but I still wanna get them up there. I still want to do some research and look around to see HOW I will further raise my scores. 


Starting Score: EQ 806 | TU 808 | EX 769
Current Score: EQ 806 | TU 808 | EX 769
Goal Score: EQ 825 | TU 825 | EX 800


Take the myFICO Fitness Challenge
Message 668 of 735
Tedawna
New Member

Re: Take the myFICO Fitness Challenge for 2013!

I am newly licensed RN with around $27,000 in student loans, and $10,000 in credit card bills. My Fico score is 628. My goals are to reduce my credit card bills, raise my Fico score.


Starting Score: 628
Current Score: 628
Goal Score: 750


Take the myFICO Fitness Challenge
Message 669 of 735
ljohn27
Contributor

Re: Take the myFICO Fitness Challenge for 2013!

Ponti - nothing wrong with wanting to aim for a higher credit score but once you hit 760 you pretty much getting the premium interest rates on loans. With your current scores you're going to have access to the same rates you will when you hit 825. Good luck.

EX 678 | TU 689 | EQ 698 LENDER PULL 07/22/2014
EX 655 | TU 690 | EQ 678 MyFICO SCORES 07/09/2014
Message 670 of 735
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