I'M DEBT FREE!! My sad to happy story.

MM1234 · ‎05-09-2007

I promise Im not here to boast. Only to share my blessed happiness and maybe confirm it can be done in a short time. Below is my condensed story....

July 2006 - had to move on with my life. Never cared about my credit, never knew my scores. I was at 89% UTIL ( Plus embarrased to mention how far in debt I was ) and a score of 577! Started to pay down Credit Cards like a mad man! Paid off my car!

Dec. 2006 - Join MyFico and keep cracking on paying down all CCards.

March 2007 - I break into the 700s on all reports with a high 730 and only $13000 in debt to go.

May 1, 2007 - used some savings and was fortunate enough that business was good to pay myself and pay off the last amount..scores jumped to a 745, 718 and 715.

May 8 - this past weekend - took some friends out to dinner to celebrate and treat myself to some new shoes via DEBIT CARD. This weekend - taking kids shopping for some clothes to complete my celebration. Again - Debit Card!

NEAR FUTURE - According to my current reports they still show lasts months balance so at the end of May they should finally reflect a ZERO balance. I paid off $13k (yep $13K) in the last 2 weeks so I hope i see a jump. If I can be at 750-760s Im happy.

Its now a great feeling and I did it all in less than a year.....I hope I never have to use credit again and thank God for helping me find a way to do this.

Sorry its not about Credit Related but I felt lowering our debt our scores will prosper so I guess it kinda fits in this forum area.

Thats my story.

fused · ‎05-09-2007

Congratulations!!!!!!!! You are not bragging!!!! Way to go!!! Unfortunately, all of us have to have some credit extended to us and use regularly. But hey who cares, you done well for yourself and your family.

Anonymous · ‎05-10-2007

@MM1234 wrote:
I hope I never have to use credit again and thank God for helping me find a way to do this.

Sorry its not about Credit Related but I felt lowering our debt our scores will prosper so I guess it kinda fits in this forum area.

Thats my story.

Don't "never use credit again." Use it on YOUR terms. Use revolving credit as a strategic tool to raise FICO so you can get a more advantageous deal on debt that matters and that is productive, especially a mortgage.

Keep using that credit card. But never to the tune of $13K. Take the family out to dinner and a movie. Then PIF. Two months later, buy a tank of gas, and PIF. Keep the account active, but with miniscule utilization that helps your FICO, and without paying huge amounts of interest.

Tuscani · ‎05-10-2007

Way to go!

Anonymous · ‎05-10-2007

Brag on!! Who cares, that is wonderful news!! I need to hear inspiration stories like that! And for the record it is very much credit related. Please let us know what your credit score is when all your accts. reflect PIF. I'm waiting on the day I can be debt free. My first goal is personal debt, then I have so many student loans!!!!

MM1234 · ‎05-10-2007

Thanks all. I will update for sure.

TheNewWorldMan - YES. You are correct and I need to update my words based on yours..... "I hope I never have to use credit to survive". Thats a better statement and what messed me up in the first place!! Using Credit at times to keep my score up is needed, I will def use them sparingly to keep them reporting and keep my score healthy. Good point!!

Anonymous · ‎05-10-2007

Nice work! You are not bragging what you have done is something to be proud of and its inspirational to those of us who continue on path to better credit. WELL DONE!

Anonymous · ‎05-10-2007

Way to go!!!!! I can imagine how great you must feel. You have every right to be happy for yourself. I am pretty happy with my own situation right now, but really looking forward to being able to shout "I'M DEBT FREE" some time in later this year or early next.

Anonymous · ‎05-10-2007

Congrats! I found your story to be very inspiring. Thanks for sharing!

Anonymous · ‎05-10-2007

I am so glad to hear your story!

It does inspire all of us.

I have some good news to share with everyone...

As of the middle of July, I will have paid off my Student loan. In Feb of 06 I owed approx. $8000. in less than 1.5 years I will finally get it paid off. I am soo looking forward to working on the little stuff that is left on my credit that is screwing it up. Who knows maybe by Oct. I can be debt free (except for my car loan)

Message Edited by Beledona on 05-10-2007 07:38 PM