03-14-2013 03:01 PM
On 3/16/12 my EQ FICO was 679, my CC debt on my CR was about $65K (total for DH and myself was $89K), and I did not have a clue how to make things better.
Today? My EQ FICO is at 741. The CC debt on my CR is at about $11K (will go down to $8K by the end of the nonth when the payments from my tax refund hit the CR). DH has a total of about $4K on his CR.
I have learned SO much here on the myFICO site. You guys have been so helpful, especially in the beginning when I was clueless.
I took the following steps towards improvong my situation:
1) took myself off of DH's cards, and DH off of mine (nice jump in FICO score for both of us)
2) sold off assets to get cash to pay down debts (another jump) and cut our spending down
3) went on an app spree for 0% APR into rate cards (FNBO and Discover, and used a BT offer from my B&N MC to get a big chunk at 0%)
4) refinanced my house to a 30 year ARM mortgage @ 2.75%, (from a fixed 15 year) giving me $1000 per month to put towards CC debt
5) took out a HELOC from the CU at 3.50% and put all the debt not at 0% already into it
6) created an aggressive paydown plan to get rid of the rest of the debt. Was able to relax the "spending cuts a bit.
7) was able to start to rebuild the savings account, which is important to avoid getting back into debt trouble.
I have recieved SO MUCH great advice here. My situation is not typical. My debt load was high, our income is fairly high, we had some assets we could sell, and we had equity in the house (which is almost unheard of these days). I was able to get our FICO's high enough to get a good mortgage rate following advice I learned here. I was able to maximize 0% APR offers.
THANK YOU myFICO COMMUNITY. I would not be where I am today, exactly one year later, without all of your help.
03-19-2013 06:32 AM
Congratulations that is awesome!