Yay! Just paid of $38,283 of CC debt

[blondy250]

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@guiness56 wrote:

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@blondy250 wrote:

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@mbeutler1203 wrote:
No more credit cards for me ever again! I'll now have a FICO score over 800!

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Congrats that's a big achievement, but why do you think that'll raise your score to over 800. You need to read up on how fico scoring works.

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It is very possible to have a score over 800 without CC. 

There was a Mod here that had no CCs and his scores were over 800.

My mom had no CCs and her scores were 829 and higher.

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Well I also have no credit card debt (5% I let post PIF) and my scores are over 800 (sig), my point just stating you paid off your credit card debt, is almost meaningless. You have to take many things into account, past bankruptcies, late payments an assortment of baddies Aoaa, DTI. I know people who also have paid off enormous credit card debt and have terrible credit (one of the only things I agree with orman about is if your score is below 700 its bad).

[guiness56]

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@blondy250 wrote:

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@guiness56 wrote:

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@blondy250 wrote:

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@mbeutler1203 wrote:
No more credit cards for me ever again! I'll now have a FICO score over 800!

---

Congrats that's a big achievement, but why do you think that'll raise your score to over 800. You need to read up on how fico scoring works.

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It is very possible to have a score over 800 without CC. 

There was a Mod here that had no CCs and his scores were over 800.

My mom had no CCs and her scores were 829 and higher.

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Well I also have no credit card debt (5% I let post PIF) and my scores are over 800 (sig), my point just stating you paid off your credit card debt, is almost meaningless. You have to take many things into account, past bankruptcies, late payments an assortment of baddies Aoaa, DTI. I know people who also have paid off enormous credit card debt and have terrible credit (one of the only things I agree with orman about is if your score is below 700 its bad).

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Since utilization is one of the biggest factors in your score, paying it off will certainly help your score no matter what your overall credit profile looks like.

The worst your score and profile the more benefit from paying off/down the CC debt.  There are many in the rebuilding forum that will attest to this.

The only thing that I see matters is not letting all of the CC report 0 balances as FICO doesn't like that.

As with anything in the credit world, YMMV.

[Volpes]

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@mbeutler1203 wrote:

My wife and I decided that we would use our home down payment to eliminate our CC debt.  Now instead of paying $1,000 a month off for the next 5 years we paid it all off now.  That saves us $11,000 in inerest.  In addition, we can now afford a more expensive home.  Our goal is to put $3,500 into savings a month for the next 12 months and we will have just as much money for a down payment as we did just a few days ago this time without the CC debt burden.

My score is clean, no negatives, just had a high utilization, we will be keeping all of the accounts open.  My score was 730ish and the simulator said 800-830 now that the debt is gone.  Regardless it will be a massive jump.

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I wouldn't mind if you let me know how accurate that simulator is for you 

Being I'm was in the same situations (priore high utilization), except not nearly as much debt.

congratts! Are you going for 20% down / no-PMI?

[azguy13]

Congrats! When I paid off all my CC debt my score jumped 50 points and that was with baddies reporting as well! Great job

[HiLine]

What a massive credit card payoff! Congratulations!!!

[mbeutler1203]

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@blondy250 wrote:

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@guiness56 wrote:

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@blondy250 wrote:

---

@mbeutler1203 wrote:
No more credit cards for me ever again! I'll now have a FICO score over 800!

---

Congrats that's a big achievement, but why do you think that'll raise your score to over 800. You need to read up on how fico scoring works.

---

It is very possible to have a score over 800 without CC. 

There was a Mod here that had no CCs and his scores were over 800.

My mom had no CCs and her scores were 829 and higher.

---

Well I also have no credit card debt (5% I let post PIF) and my scores are over 800 (sig), my point just stating you paid off your credit card debt, is almost meaningless. You have to take many things into account, past bankruptcies, late payments an assortment of baddies Aoaa, DTI. I know people who also have paid off enormous credit card debt and have terrible credit (one of the only things I agree with orman about is if your score is below 700 its bad).

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Blondy, You missed my second post.  I have a fully clean history.  No late's, no negatives, 2 inquires, no colections, no bankrupties, no charge offs, etc...  So saying I paid off my debt is very meaningful I have a 100% clean report with no debt.

[mbeutler1203]

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@Volpes wrote:

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@mbeutler1203 wrote:

My wife and I decided that we would use our home down payment to eliminate our CC debt.  Now instead of paying $1,000 a month off for the next 5 years we paid it all off now.  That saves us $11,000 in inerest.  In addition, we can now afford a more expensive home.  Our goal is to put $3,500 into savings a month for the next 12 months and we will have just as much money for a down payment as we did just a few days ago this time without the CC debt burden.

My score is clean, no negatives, just had a high utilization, we will be keeping all of the accounts open.  My score was 730ish and the simulator said 800-830 now that the debt is gone.  Regardless it will be a massive jump.

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I wouldn't mind if you let me know how accurate that simulator is for you 

Being I'm was in the same situations (priore high utilization), except not nearly as much debt.

congratts! Are you going for 20% down / no-PMI?

Volpes I wish no PMI but homes in my area are about $500K for something we want.  We will either go in with 10% down or wait one additional year to get the 20%.  Need to estimate the impact from 1 year of home values rising and another year of interest rates rising.  Frankly $150 a month for PMI won't be a big deal to us.

[blondy250]

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@mbeutler1203 wrote:

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@blondy250 wrote:

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@guiness56 wrote:

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@blondy250 wrote:

---

@mbeutler1203 wrote:
No more credit cards for me ever again! I'll now have a FICO score over 800!

---

Congrats that's a big achievement, but why do you think that'll raise your score to over 800. You need to read up on how fico scoring works.

---

It is very possible to have a score over 800 without CC. 

There was a Mod here that had no CCs and his scores were over 800.

My mom had no CCs and her scores were 829 and higher.

---

Well I also have no credit card debt (5% I let post PIF) and my scores are over 800 (sig), my point just stating you paid off your credit card debt, is almost meaningless. You have to take many things into account, past bankruptcies, late payments an assortment of baddies Aoaa, DTI. I know people who also have paid off enormous credit card debt and have terrible credit (one of the only things I agree with orman about is if your score is below 700 its bad).

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Blondy, You missed my second post.  I have a fully clean history.  No late's, no negatives, 2 inquires, no colections, no bankrupties, no charge offs, etc...  So saying I paid off my debt is very meaningful I have a 100% clean report with no debt.

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Yes I realize that, and of course my first comment was after your first post, just thought it was ridiculous to be congratulating someone after there first post which included none of the info you supplied in your second post. Congrats

[Kratos-TM]

I think you will have a big jump, because I did. I had the same scenario as you....perfect history, no negatives, 730ish score with 80% CC uti. In 2 months I paid off $40,000 worth of CC debt, zero'd out all my cards, left a $100 balance on one card aaaaaaaannnnnnddddd.........BAM!......795!