KayveBear's Running Credit Thread

[kayvebear]

Hi all,

 

I am starting this thread to keep track / progress of my debt. I am trying to become completely debt free, and also gain outstanding credit in the process. I started paying down all my debt about 6 weeks ago when I got a new job, giving me my first nice source of income in quite some time. When I started 6 weeks ago, this is where I was at with debt. I will update weekly / monthly etc both debt, credit score and situations. This is extra motivation for me to succeed, and maybe it will help motivate others out there too.

 

Starting debt levels:

 

USAA $6,250.00 / $6,000

CAPITAL ONE $739.10 / $750

CHASE #1 $1456.00 / $1,500

BOFA $468 / $500

MACYS $478 / $500

TARGET $198 / $300

PAYPAL $628 / $1,400

CHASE #2 $480.00 / $500

FICO score via Experian on 4/30/2011: 652

[kayvebear]

Forgot to mention I have $26,931 in student loan debt which comes due this coming December....

[kayvebear]

And as of Today 5/5/11 this is where I stand with debt

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $350 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

Student Loan Debt: $26,931 (Payments start in DEC).

 

[kayvebear]

Whoah! Just refreshed my Experian Credit Score... :672 as of 5/6/11 ... a +20 point jump in just a week! Pumped!

[BW1216]

Whoah! Just refreshed my Experian Credit Score... :672 as of 5/6/11 ... a +20 point jump in just a week! Pumped!

 

So your Experian score is not a FICO, by the way. The only way to get an EXP FICO right now that I know of, is to have PSECUs monthly service...

 

Don't trust FAKO scores....

[babyarho2010]

Good job on reducing your utilization. Keep up the good work!

[kayvebear]

Whoah! Just refreshed my Experian Credit Score... :672 as of 5/6/11 ... a +20 point jump in just a week! Pumped!

 

So your Experian score is not a FICO, by the way. The only way to get an EXP FICO right now that I know of, is to have PSECUs monthly service...

 

Don't trust FAKO scores....

 

 

I'm obviously not knowledgeable on this. What is a FICO score... what is the Experian credit score I am getting through the USAA credit monitoring service I pay for? What is a PSECU?

 

 

[nyrfann]

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

Edited May 6, 2011 by nyrfann

[kayvebear]

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

 

Just joined myfico.com ... my actual Fico is 663... only 9 points lower than what USAA' Fako reported.

[DAR77]

Can you get the PSECU without getting a hard to join PSECU ? do they have a savings account that alllow for this access ?

[ashlia]

Where are you getting your EX FICO? Only certain lenders show it. Be sure it isn't a FAKO, which can be as much as 100 points higher than a FICO. You can't get EX FICO from MYFICO, only TU and EQ.

Whoah! Just refreshed my Experian Credit Score... :672 as of 5/6/11 ... a +20 point jump in just a week! Pumped!

[ashlia]

For what report? You can ONLY get TU and EQ. Not EX.

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

 

Just joined myfico.com ... my actual Fico is 663... only 9 points lower than what USAA' Fako reported.

[nyrfann]

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

 

Just joined myfico.com ... my actual Fico is 663... only 9 points lower than what USAA' Fako reported.

As mentioned above you cannot get an EX report from Myfico, so which report is showing this score?

[Klesko]

And as of Today 5/5/11 this is where I stand with debt

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $350 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

Student Loan Debt: $26,931 (Payments start in DEC).

 

How much can you afford to apply towards the debt each month?

[BW1216]

Whoah! Just refreshed my Experian Credit Score... :672 as of 5/6/11 ... a +20 point jump in just a week! Pumped!

 

So your Experian score is not a FICO, by the way. The only way to get an EXP FICO right now that I know of, is to have PSECUs monthly service...

 

Don't trust FAKO scores....

 

 

I'm obviously not knowledgeable on this. What is a FICO score... what is the Experian credit score I am getting through the USAA credit monitoring service I pay for? What is a PSECU?

 

 

 

 

PSECU is Pennsylvania State Employees Credit Union. Anyone can join through PRPS. You have to have their share ($5 + $1 non refundable fee) and a checking account.

 

http://www.psecu.com/

 

FICO is the gold standard of credit scoring. All lenders use variants of FICO and sometimes their own scoring models. None use third party FAKO scores provided by credit montioring services. My EQ FICO is considerably higher than my EQ FAKO to the tune of like 70 points.

[BW1216]

Can you get the PSECU without getting a hard to join PSECU ? do they have a savings account that alllow for this access ?

 

No, and no. A hard on EX is required for membership and a checking account or loan is requied to get the monthly score update.

[kayvebear]

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

 

Just joined myfico.com ... my actual Fico is 663... only 9 points lower than what USAA' Fako reported.

As mentioned above you cannot get an EX report from Myfico, so which report is showing this score?

 

This was from myfico.com so it isn't 'EX'. now, what is 'EX'?

 

 

 

[kayvebear]

And as of Today 5/5/11 this is where I stand with debt

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $350 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

Student Loan Debt: $26,931 (Payments start in DEC).

 

How much can you afford to apply towards the debt each month?

 

 

I can afford about $1,000 a month towards the debt monthly (is the hope). So far I have kept up with that.

 

Here is the absolute kick in the balls. My car was stolen this morning, and I just paid it off in full 3 months ago after holding a loan o nit for 4 years. Now I have to get a new car (used), and the value on the old one won't be enough to pay for new.... so more credit ....

 

 

[nyrfann]

Bases on your UT (73% overall, over 93% on 3), I'd be shocked if your Fico's where anywhere near this score.

 

Just joined myfico.com ... my actual Fico is 663... only 9 points lower than what USAA' Fako reported.

As mentioned above you cannot get an EX report from Myfico, so which report is showing this score?

 

This was from myfico.com so it isn't 'EX'. now, what is 'EX'?

I believe (someone correct me if I am wrong) myfico also sells simulated scores. If you want a real fico, you must go to myfico.com and pay $20 a report (search the site for discount codes to bring to down to $16.00) and you must select Equifax or Trans Union, they do not do Experian. If you did not do that, you probably did not get a true fico.

[Klesko]

And as of Today 5/5/11 this is where I stand with debt

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $350 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

Student Loan Debt: $26,931 (Payments start in DEC).

 

How much can you afford to apply towards the debt each month?

 

 

I can afford about $1,000 a month towards the debt monthly (is the hope). So far I have kept up with that.

 

Here is the absolute kick in the balls. My car was stolen this morning, and I just paid it off in full 3 months ago after holding a loan o nit for 4 years. Now I have to get a new car (used), and the value on the old one won't be enough to pay for new.... so more credit ....

 

Wow thats terrible news about the car. My only suggestion would be to be smart about what you get next.

 

This would be my plan

Month 1 pay $100 on the Macys, $300 on CapOne (To get you safely under the limit), $300 on the Chase and $300 on the USAA (To get you safely under the limit)

Month 2 pay $250 on the Macys (Pay it off), $410 on CapOne (Pay it off), $140 on the Chase and $200 on the USAA (To get you safely under the limit)

Month 3 pay $600 on the Chase and $400 on the USAA

Month 3 pay $400 on the Chase(Pay it off), and $600 on the USAA

 

At this point you should owe about $4,800 on the USAA just focus on it for the next 5 months to pay it off.

 

During this process don't worry about your credit scores, stick to the plan. Paying off those small ones makes things alot easier and makes you feel alot better also.

 

BTW How old are you? Are you saying for retirement? Do you have an emergency fund?

[kayvebear]

And as of Today 5/5/11 this is where I stand with debt

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $350 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

 

Student Loan Debt: $26,931 (Payments start in DEC).

 

How much can you afford to apply towards the debt each month?

 

 

I can afford about $1,000 a month towards the debt monthly (is the hope). So far I have kept up with that.

 

Here is the absolute kick in the balls. My car was stolen this morning, and I just paid it off in full 3 months ago after holding a loan o nit for 4 years. Now I have to get a new car (used), and the value on the old one won't be enough to pay for new.... so more credit ....

 

Wow thats terrible news about the car. My only suggestion would be to be smart about what you get next.

 

This would be my plan

Month 1 pay $100 on the Macys, $300 on CapOne (To get you safely under the limit), $300 on the Chase and $300 on the USAA (To get you safely under the limit)

Month 2 pay $250 on the Macys (Pay it off), $410 on CapOne (Pay it off), $140 on the Chase and $200 on the USAA (To get you safely under the limit)

Month 3 pay $600 on the Chase and $400 on the USAA

Month 3 pay $400 on the Chase(Pay it off), and $600 on the USAA

 

At this point you should owe about $4,800 on the USAA just focus on it for the next 5 months to pay it off.

 

During this process don't worry about your credit scores, stick to the plan. Paying off those small ones makes things alot easier and makes you feel alot better also.

 

BTW How old are you? Are you saying for retirement? Do you have an emergency fund?

 

 

Thanks for the advice!! love it. I am turning 27 next month... I have about $3,000 saved and am not dipping below that level... not saving for retirement.

[kayvebear]

Just paid off Macy's in full so as of 5/9

 

USAA $5,929.00 / $6,000

CAPITAL ONE $710.10 / $750

CHASE #1 $1,399.00 / $1,500

BOFA $0 / $500

MACYS $0 / $500

TARGET $0 / $300

PAYPAL $0 / $1,400

CHASE #2 $0 / $500

[kayvebear]

Paid off 5 of my 8 cards now in last two months in full... although they were the smallest they did have the highest APR's (going in order of APR). 3 more to go...

[Roland99]

Nice job.

 

You'll see some increase in FICO by virtue of lower util and having less than half of your cards carrying a balance. Might take another month by the time they all update, though, but keep hammering at it!

[kayvebear]

Nice job.

 

You'll see some increase in FICO by virtue of lower util and having less than half of your cards carrying a balance. Might take another month by the time they all update, though, but keep hammering at it!

 

Unfortunately my car was stolen three days ago so I will be taking out a loan in the next month for a new used car more debt.... blah