10-14-2009 03:40 PM
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)
10-14-2009 03:49 PM
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!!
10-14-2009 03:56 PM
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.
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".
10-14-2009 04:33 PM - edited 10-14-2009 04:53 PM
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.
10-14-2009 04:36 PM
10-14-2009 04:59 PM
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.
10-14-2009 07:11 PM
Sounds like you know what to do! I just have a question.
I need new tires. Will you buy me some?
I'm just joking!
I'm not going to wish you luck, because it seems like you've got everything planned out!
10-14-2009 07:48 PM
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.
10-15-2009 07:50 AM