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I'm debt free..sort of

Frequent Contributor

I'm debt free..sort of

I'm debt free as of today.  I just paid off a $2000 balance on my US Bank Platinum credit card.  The largest amount of debt I've ever owed totaled around $42K in the summer of 2007.  During that time, BofA dropped my credit line from $12700 to $1500.  I worked very hard over the last three years to pay off my credit card debt. I still have small balances on a few cards, but they will be paid off this month.

 

I have a decent emergency fund in the bank and I'm not sure what to do next with my money.  Maybe it is time to start investing.

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10
Message 1 of 11
10 REPLIES
Senior Contributor

Re: I'm debt free..sort of

That's phenomenal, really nice work...time to start investing wisely, hope to join you there soon!!

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 2 of 11
Moderator Emeritus

Re: I'm debt free..sort of

That's great to hear. I also hope to join you there in a few years.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work


Message 3 of 11
Regular Contributor

Re: I'm debt free..sort of

Fabulous job! I'm sure it was a lot of determination but; mission accomplished!!!


Starting Score:EQ 560t> TU 560EXP 570
Current Score:EQ 674t> TU 697EXP 700
Goal Score:EQ 700> TU 700EXP 700>

Take the FICO Fitness Challenge
Message 4 of 11
New Contributor

Re: I'm debt free..sort of

My congrats.  I know how that is.  I was debt free from credit cards and school loans a few years ago and it felt great.  


Starting Score: TU 797 EQ 798 EX 774 10/26/2008
Current Score: TU 787 EQ 784 EX ??? 09/19/2010
Goal Score: 790


Take the FICO Fitness Challenge
Message 5 of 11
Senior Contributor

Re: I'm debt free..sort of

 


techman2008 wrote:

My congrats.  I know how that is.  I was debt free from credit cards and school loans a few years ago and it felt great.  


 

I imagine it still does Smiley Very Happy

 

Keep it up!

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 6 of 11
Moderator Emerita

Re: I'm debt free..sort of

 


bakalao2k wrote:

I'm debt free as of today.  I just paid off a $2000 balance on my US Bank Platinum credit card.  The largest amount of debt I've ever owed totaled around $42K in the summer of 2007.  During that time, BofA dropped my credit line from $12700 to $1500.  I worked very hard over the last three years to pay off my credit card debt. I still have small balances on a few cards, but they will be paid off this month.

 

I have a decent emergency fund in the bank and I'm not sure what to do next with my money.  Maybe it is time to start investing.


Great job! Welcome to the rest of your life.

 

* 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
Message 7 of 11
Super Contributor

Re: I'm debt free..sort of

Congrats.  Start a retirement fund?

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 8 of 11
Frequent Contributor

Re: I'm debt free..sort of

 


MidnightVoice wrote:

Congrats.  Start a retirement fund?


I already have a 401(k) thru work.  I'm looking into opening up a Roth IRA very soon.

 

TU - 737 - 02/21/09, 769 - 02/06/10, 795 - 09/08/10
EQ - 758 - 02/21/09, 783 - 02/06/10, 805 - 09/08/10
EX (PLUS) - 781 03/23/09, 787 - 02/06/10, 783 - 08/09/10
Message 9 of 11
Valued Contributor

Re: I'm debt free..sort of

Thank you for sharing your great work.   Congratulations!   Save as much you can for rainy days.  

I do not have any retirement plan nor savings.  I am trying to set a side as much as I can even with $1/mo for my cremation and my ashes to the ocean.   I hope I can save enough, then my children (two) does not need to pay for it.   Smiley Tongue

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 10 of 11