Garden Club Meeting - August 2014

[myjourney]

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@09Lexie wrote:

By the end of 2014 I hope to have my scores and credit goals where?

My credit goals remain the same, keeping my utilization less than 10%; paying off my 0% APR cc's early and keep my scores above 760. 

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Hi ya PIC welcome 

I know your plan/goals are solid 

[--HighHopes--]

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@myjourney wrote:

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@--HighHopes-- wrote:

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@myjourney wrote:

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@--HighHopes-- wrote:

2 more days until I get my first month in!!  Yay me!lol  I know a month is a drop in the bucket to some but I'm just so stoked to finally say i've got great cards to garden and grow that it's an awesome feeling and long overdue!

Anywho....here's a credit question for you expert's out there  I have 1 installment loan on my CR which is open with a terrible 18.99% APR. 

I have an Ashland CU Visa that has a $0 balance on and it has the funds to pay off my installment loan if i choose to do so. 

If it saves you money it makes good financial sense

It would save me much interest as the APR on it is only 8.99% so that's like 10%APR savings.  My question for you guys is should I do it?  Obviously it makes plenty of sense to do it from the apr standpoint, but would it hurt me by closing the only open installment loan i have??  Please help me out with your financial wisdom my gardening friends

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So MJ...you don't think it will hurt my score?  I know saving the money is great, but right now my main concentration is on raising my score as high as possible, but at the very least have 700+ across all 3 bureaus.  I keep hearing a lot of ppl talking about how having at least one installment loan helps raise scores by showing a "mix" of credit.  Right now I have one auto loan, one installment loan, several major cards, and 3 store cards.  Do you think paying off and closing the installment loan would ultimately hurt my score especially since the installment loan isn't going towards my utilization and if I put it over on my CU Visa it would count toward util and put me up into the 30% overall range and actually 70% on that particular card itself.  I really want to do it because of the $ i would save, but I guess I just needed to hear someone say it would be a good thing!lol 

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The auto loan is also an installment loan so I don't think IMHO it will have any negative effect if you pay the other one off...You'll still have a health mix of credit open

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Thanks MJ!  Now I feel stupid lol.  I thought the auto loan was different from the installment loans.  Glad I learned that before making another fool of myself lol.

[myjourney]

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@--HighHopes-- wrote:

Tonight's question

By the end of 2014 I hope to have my scores and credit goals where

•  I hope to have all my scores over 700.  I have EX there, but need to play catch up with EQ and TU.
•  I hope to have my AAoA continue to grow without needing and/or wanting to apply for any other cards/loans.
•  My goal is to receive as many CLI's as I can get, but to at least recieve $2K more overall by the end of the year!

Thanks so much to all of the myFico friends and family for the help, encouragment, and confidence you give all our members to succeed and grow in their individual credit journey's and ultimately their lives also!  Happy Friday everyone...glad to be here with all of you guys!

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We're glad to have you as part of the myFico family as well

Plan your goals and stick with them and trust me they will come true 

[myjourney]

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@--HighHopes-- wrote:

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@myjourney wrote:

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@--HighHopes-- wrote:

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@myjourney wrote:

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@--HighHopes-- wrote:

2 more days until I get my first month in!!  Yay me!lol  I know a month is a drop in the bucket to some but I'm just so stoked to finally say i've got great cards to garden and grow that it's an awesome feeling and long overdue!

Anywho....here's a credit question for you expert's out there  I have 1 installment loan on my CR which is open with a terrible 18.99% APR. 

I have an Ashland CU Visa that has a $0 balance on and it has the funds to pay off my installment loan if i choose to do so. 

If it saves you money it makes good financial sense

It would save me much interest as the APR on it is only 8.99% so that's like 10%APR savings.  My question for you guys is should I do it?  Obviously it makes plenty of sense to do it from the apr standpoint, but would it hurt me by closing the only open installment loan i have??  Please help me out with your financial wisdom my gardening friends

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So MJ...you don't think it will hurt my score?  I know saving the money is great, but right now my main concentration is on raising my score as high as possible, but at the very least have 700+ across all 3 bureaus.  I keep hearing a lot of ppl talking about how having at least one installment loan helps raise scores by showing a "mix" of credit.  Right now I have one auto loan, one installment loan, several major cards, and 3 store cards.  Do you think paying off and closing the installment loan would ultimately hurt my score especially since the installment loan isn't going towards my utilization and if I put it over on my CU Visa it would count toward util and put me up into the 30% overall range and actually 70% on that particular card itself.  I really want to do it because of the $ i would save, but I guess I just needed to hear someone say it would be a good thing!lol 

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The auto loan is also an installment loan so I don't think IMHO it will have any negative effect if you pay the other one off...You'll still have a health mix of credit open

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Thanks MJ!  Now I feel stupid lol.  I thought the auto loan was different from the installment loans.  Glad I learned that before making another fool of myself lol.

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That's why we always encourage asking question....There are no stupid questions only people seeking answers and information.

That's what this forum is all about sharing the knowledge and helping all

[princesstooth]

Happy August!! My first time posting in the garden club. I just picked up a platinum spade. Finally received some auto luv from Cap 1 almost doubling my limit from $1750-3250, after having it almost 2 years. Barclays just gave me some love too. So I started last year with the following:

Barclays: $750-4050

Discover: $1200 no cli yet

Walmart: $700-1100

Victoria Secret: $500-2700

Chevron: $400-700

All auto love and all with utilities around 90%. I plan on gardening until January when a 60 and 90 day baddie fall off and I get my utilities down to 9% to apply for an Amex and Chase Freedom and refi my Harley. 

Good luck to all and happy Gardening!!

[myjourney]

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@princesstooth wrote:

Happy August!! My first time posting in the garden club. I just picked up a platinum spade. Finally received some auto luv from Cap 1 almost doubling my limit from $1750-3250, after having it almost 2 years. Barclays just gave me some love too. So I started last year with the following:

Barclays: $750-4050

Discover: $1200 no cli yet

Walmart: $700-1100

Victoria Secret: $500-2700

Chevron: $400-700

All auto love and all with utilities around 90%. I plan on gardening until January when a 60 and 90 day baddie fall off and I get my utilities down to 9% to apply for an Amex and Chase Freedom and refi my Harley. 

Good luck to all and happy Gardening!!

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Welcome to the garden 

Glad to have you join us 

[ExplicitElicit]

We're almost to the second day of August and I'm still app free so i guess that a positive! 

[Rlandon87]

Ive been gone a while, i need some time here though! 2 years and im dedicated.

[mongstradamus]

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@ExplicitElicit wrote:

We're almost to the second day of August and I'm still app free so i guess that a positive! 

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What card you eyeing? CSP still? 

[ExplicitElicit]

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@mongstradamus wrote:

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@ExplicitElicit wrote:

We're almost to the second day of August and I'm still app free so i guess that a positive! 

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What card you eyeing? CSP still? 

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Uhh yes and another Amex revolver (AF free) for backdating reasons.