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Anyone else planning on doing this? My refund is going to help put a 25% dent in my cc utilization. I like to think my gardening process will appreciate the lift.
I am using my refund to pay a $600 balance on my citi card taking my over all util. from 10% to 0% than only letting walmart report b/c I cant get no love from them. but the rest of the 6k left is paying off ALL my wifes baddies. Time for us both to be in the 700's
edit: also buying credit reports for both once all the balances go down and baddies off. here on my fico. any body know if it is frouwned apon to just apply for a morgage just for the tripple pull. my inq are through the roof anyway but can explain to underwriter if it comes up in a review
Definitely!
LMBO! yes my family is doing this aswell!! it defintely helps lower your worries and boost your scores
@ninjamike81 wrote:I am using my refund to pay a $600 balance on my citi card taking my over all util. from 10% to 0% than only letting walmart report b/c I cant get no love from them. but the rest of the 6k left is paying off ALL my wifes baddies. Time for us both to be in the 700's
edit: also buying credit reports for both once all the balances go down and baddies off. here on my fico. any body know if it is frouwned apon to just apply for a morgage just for the tripple pull. my inq are through the roof anyway but can explain to underwriter if it comes up in a review
If you need to see your reports why don't you just go to annualcreditreport.com?
Or are you just looking to get your scores?
turbo tax projected so far i will be getting 1400 but thats only half my income reported. will be getting my 2nd w2 tommorrow morning.
hopefully it doubles, and ill be able to pay off everything including my 0% finance deals. and ill let only one card report like the usual.
Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23 Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE | Buy A Home Earn Cash Back | Amex Zync(Unicorn) Chase Freedom$1500 Discover IT$7,400 Citi DC $10,000 Citizens Mastercard$7,000 |
I am planing only using about $750-$1k to pay down some CC and the rest ill keep in savings and checking as i want to pay down everything my self.
No. My refund is going to my mortgage principle payment. I figure I can PIF the rest of my credit in about 5 months so that will take care of itself. Still, its worth checking out to see what the fiscal advantage might be to pay the cards off sooner so out comes the calculator and spreadsheet.
I estimated my refund to be in the $1500 range the other day so if I decided to pay off the cc first it would only save me roughly $300 in interest. If I pay it towards the principal of the mortgage, I cut out $1260 in interest.
I have one card with a balance with an interest rate of 5.99% and a mortgage of 3.6% If in 2 years, the mortgage rates could rise to 7% or higher if inflation runs amok. My premise is that I will be glad I paid more of the principal earlier when I could afford to. Besides I want to retire mortgage free.
Recalculated using time-value of money and it turns out that a bird in hand really is worth 2 in the bush. In other words due to immediacy and value of the money in today' worth, it actually makes more sense to pay off the debt first before applying to the mortgage despite the fairly narrow interest rate difference. So I am changing my mind and paying off the cc instead.