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I just paid off my first credit card!

Regular Contributor

I just paid off my first credit card!

I just paid off my Best Buy Mastercard!  I'm down to 53.91% utilization, down from about 90% late last month.  I still have a long way to go, but I definitely feel a sense of accomplishment.  I had no idea that utilization played such an important role in FICO scoring until I found this forum.  If I wasn't moving from Georgia to Washington state in two months I'd use my savings to pay them all down to 9%, but  I need to keep that cash handy for now.
 
Thanks guys!!!!
 
 
 
 
 
Working my way from bad to fair to middling....
 
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 12/29/15 FICO EQ: 643 EXP: 667 TU: 670
Goal: 750

10 REPLIES
Regular Contributor

Re: I just paid off my first credit card!

 I was in a situation that due to remodleing projects I saw a few c.c with pretty high ballances on them. I read an article saying when trying to elliminate them to low utilization. Pick the highest interest rate card and pay as much extra as you can afford onto it at that time. paying the minimum on all others for right now. After the highest is paid off. Take the next highest interest rate that you were paying minimums on and add in the amount you were paying on the card that was just paid off. As you pay off the cards it starts to snow ball faster and faster.
 
 It worked well for me.
 
Congradulations on the first one payed off. I remeber the feeling.
 
Regular Contributor

Re: I just paid off my first credit card!

Mrlimo,
 
That's exactly what I'm trying to do.  This card also just happened to be my lowest CL, along with the highest interest rate. It was a starter card,  and it has helped me establish good TLs.  I hope to move onto bigger and better things soon.
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 12/29/15 FICO EQ: 643 EXP: 667 TU: 670
Goal: 750

Moderator Emerita

Re: I just paid off my first credit card!

Lovin' that snowball action--congrats!

Save your bucks for your move, but if you can squeeze out a few more to get from 53% to 49%, FICO will love you for it. Smiley Wink

Hope the upcoming move goes well.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor

Re: I just paid off my first credit card!

CONGRATS!!!







Frequent Contributor

Re: I just paid off my first credit card!

Congratulations! It is such a great feeling to pay one off and line up the next one to be paid off! I am slowly but surely working on my utilization as well, and it is definitely motivating once you start to see those cards with zero balances. Great job! Keep it going...
Established Contributor

Re: I just paid off my first credit card!

Moving from Georgia to Washington will be a culture shocker. I'm a Georgia boy who loves the Olympic Peninsula.

diva0969 wrote:
I just paid off my Best Buy Mastercard!  I'm down to 53.91% utilization, down from about 90% late last month.  I still have a long way to go, but I definitely feel a sense of accomplishment.  I had no idea that utilization played such an important role in FICO scoring until I found this forum.  If I wasn't moving from Georgia to Washington state in two months I'd use my savings to pay them all down to 9%, but  I need to keep that cash handy for now.
 
Thanks guys!!!!
 
 
 
 
 
Working my way from bad to fair to middling....
 



1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Regular Contributor

Re: I just paid off my first credit card!

I know Been, but I love it!  It's definitely different though, and I'm sure I'll be homesick for a while...I'm definitely a Georgia Peach though....I'll have 'em eating out of my hands (and my kitchen) in no time!Smiley Wink
Starting Scores: 12/14/14 FICO EQ: 579 EXP: 586 TU: 591
Current Scores: 12/29/15 FICO EQ: 643 EXP: 667 TU: 670
Goal: 750

Senior Contributor

Re: I just paid off my first credit card!

Yeah, I was in the same boat. Before I knew utilization mattered I routinely maxed out CCs thinking it would help get increases on the limits. Now I know better.
Here we go again...
Established Member

Re: I just paid off my first credit card!

CONGRATS!!!!!  I SOOOO UNDERSTAND!!Smiley Wink