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Established Member
Posts: 50
Registered: ‎12-07-2008
0

Racked up debt, time to pay it back- I love challenges.

Hey guys,

 

Been a while since I posted on here.

 

Well, had some bad things happen to me as of late.  2 months ago, my wallet was stolen, yesterday my car broke down (1000 to fix), and today, my work truck broke down (boss's truck so I don't have to pay lol).

 

Here are my credit cards and balances...

American Express-  $1200 / 3200 (car repair)

Capital One- $600 / 1300 (125 will be returned due to core charge for PCM (computer) for my car)

Citi- $643 / 1600 

Ebay Mastercard- $450 / 2800

 

Discover- $750 / 4000 (This is NOT my debt, I bought tires for my truck and my boss's truck and he is now repaying me at 75 dollars a week)

Tires Plus- $450 / 2200 (This is also not my debt, roommate needed tires and he is paying me back per monthly basis)

 

Well there you have it guys.   4,000 dollars in debt (1200 isnt mine so no big deal) out of a possible 11,500 of CL.

 

Not too bad, not bad at all really.  I did this purposely (well, except for my car braking down, and my wallet being stolen which led to me using credit for 3 weeks until I got a new debit card).  Now, I am very motivated to start paying it all off.  I am starting my SECOND job next week, and am going to use all the income from this job to pay down debt.

 

I am current on every payment, never miss a beat.  Just a little high debt to CL, but so what who isn't in these days.  My credit is going to look great again (I was at 734 4 months ago, with 2,500 debt).  

 

Now let the fun begin.  I love using credit, I don't PIF because it has NEVER hurt my credit to pay them off gradually.  I am thinking of dropping the crappy Capital One, they keep denying my credit increases and are my worst card.  Discover is the best card I have, they are great.  Citi is good, no interest for a year and I am about to make a payment to them for 100 dollars.  

 

I tried a few months ago to get CLI from every card, and was denied for every card.  Many simply said "not enough history using this large of credit" or something of that matter.  So, what better way to prove myself again then to pay this all down.

 

Wish me luck, I will post my scores in a few months once I pay this all off.

 

I am thinking of taking an installment loan out from my bank to pay some of this off, get a installment loan on my credit report to increase the scores a bit (more mix of credit use)

 

Kenny D

 

 

 

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Racked up debt, time to pay it back- I love challenges.

Don't create more debt.  No need to take out an installment loan unless you have extremely high interest on the cards  I fear if you take out a loan, you will have the loan debt and create more credit card debt.

 

If you are wanting an installment loan to create a mixture of debt, get a small loan when you really don't need it.   Do not get the loan to pay off the credit cards.  Congrats on the second job...let it be your installment loan for now. Use the money to wipe the credit card debt away.   Good luck!!

Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: Racked up debt, time to pay it back- I love challenges.

Welcome back. I do wish you luck but have one question.

 

You said: I don't PIF because it has NEVER hurt my credit to pay them off gradually.

 

Why would you pay interest when it's not necessary? You could save money each month by paying in full. Just curious.

 

 

(myfico)
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

 

CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

Established Member
Posts: 50
Registered: ‎12-07-2008
0

Re: Racked up debt, time to pay it back- I love challenges.

[ Edited ]

The interest is a few dollars for a month, are you kidding me.  I used to smoke 2 packs of cigarettes a day at 15 dollars.  Times that by 30 days, and you are worrying about my interest? LOL.

 

2 of my cards are 0 percent (the ones with the high balances) so there is no interest.

 

I work full-time and now I am in season plus my new second job, nothing but smiles my friends.

 

I am a professional window cleaner.  Season is here. Snow bird millionaires.

 

I'll have this paid off by December. 

Message Edited by xxKennyDxx on 10-14-2009 04:53 PM
Moderator Emerita
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Racked up debt, time to pay it back- I love challenges.

Long as you've got something stashed away to carry you through 4-6 months' worth of payments if hard times suddenly hit, God forbid.

Grats on kicking the smoking habit.
* 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
Established Member
Posts: 50
Registered: ‎12-07-2008
0

Re: Racked up debt, time to pay it back- I love challenges.

Oh I didn't quit, I use E-cigarettes now.  No more smoke, 6,000 chemicals.

 

Best invention ever.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Racked up debt, time to pay it back- I love challenges.


xxKennyDxx wrote:

Oh I didn't quit, I use E-cigarettes now.  No more smoke, 6,000 chemicals.

 

Best invention ever.


Congrats!! You may have added 10 years back to your life span by not smoking.   

Established Contributor
Posts: 721
Registered: ‎03-15-2008
0

Re: Racked up debt, time to pay it back- I love challenges.

Sounds like you know what to do! I just have a question. 

 

I need new tires.  Will you buy me some?  Smiley Very HappySmiley Very Happy

 

I'm just joking!  Smiley Tongue

 

I'm not going to wish you luck, because it seems like you've got everything planned out!

4/16/09: TU: 775, EQ: 805
2/11/09: TU: 773, EQ: 790, EX:790
11/16/08: TU: 773, EQ: 785, EX: 780
Goals for 2009: 0 Credit Card Debt & 0% Util (achieved 2/6/09), Mortgage! (achieved 11/2/09), getting closer to 800 scores (I crossed this earlier this year, but I'm sure I'm not there anymore!)
Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: Racked up debt, time to pay it back- I love challenges.

The interest is a few dollars for a month, are you kidding me

 

and you are worrying about my interest?

 

Not worried. Like I said I was just curious. I'm left shaking my head by anyone who wastes any amount of money for any reason. It hasn't been that long ago I was more than completely broke and to me even a few dollars a month was and is important. But that's just me.  Good luck to you.

Established Contributor
Posts: 610
Registered: ‎08-01-2008
0

Re: Racked up debt, time to pay it back- I love challenges.

My experience is that I was in debt because I was living beyond my means. I try not to do that anymore. :-)
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ

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