CREDIT REBUILD PROJECT LOG

[SprintToFinish]

Hey p-  i wanted to give you a shout out man.  read your journal and its very inspirational with loads of great info for anyone looking to start rebuilding their credit report and scores.  You've inspired me to start my own journey!

[luckelle]

I love to see the credit light bulb go off on myfico members. Very inspiring!

[p-]

Thanks, guys!  

[SprintToFinish]

Heya P!  any updates in your life?  sell some "junk" in the garage on ebay for any cash??

[Anonymous]

I just read this thread from start to finish.  What a fantastic read.  Amazing journey and huge props on your success.

[805orbust]

Yeah, -p is a Rockstar. You should read his other case study thread about how he got a family member with no credit to a 764 in like 3 months. .. sick.

[p-]

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1. Sell the truck. 

2. Pay off the credit card. BAL now 4,000

3. Pay off the car. 

4. Remodel the new house with no new debt.  In Progress

5. Refi to a fifteen year fixed.

6. Pay off the house in ten years.

7. Max 401k and Roth account contributions.

8. Buy our first rental home.

9. Fully restore my Pickup Truck

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Thanks everybody for the feedback.  I'm glad to hear that this log is still helping people.  Here's my August update, posted a bit late:

August has been an interesting month.  I am down to 4k on the credit cards, not nearly as far as I hoped to get.  It turns out that owning a forty year old truck comes with some maintenance costs.  Luckily, parts are cheap.  I spent a day or two under it,; it is pretty well mechanically sound at this point, and my repairs still total up to less than one monthly payment on the old one.  It's a bit of a time suck, though.  I already have one classic car in the garage that is unfinished, and as much fun as it would be to restore the pickup, for now it needs to remain a reliable but ugly hauler of building materials and demo trash.   I've added the truck resto to my list.  Waaayyy down the list.

I haven't gotten into the eBay stuff yet, just haven't had a chance.  But I'm looking at the eBay valet service where I just ship junk to them and wait for my share of the cash.  That might be the best way to liquidate and free up space. 

We've started some of the work on the house and so far have cash flowed that, so no new debt added, and still chipping away at the cards.  So far to go... Finance goals seem to take even longer than credit goals.  I could use a winning lottery ticket right about now.  :-D

[p-]

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1. Sell the truck. 

2. Pay off the credit card. 

3. Pay off the car.  14,424

4. Remodel the new house with no new debt.  In Progress

5. Refi to a fifteen year fixed.

6. Pay off the house in ten years.

7. Max 401k and Roth account contributions.

8. Buy our first rental home.

9. Fully restore my Pickup Truck

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SEPTEMBER:   Well, with wifey and I both getting paid in the past week, we got the card close enough that we just finally bit the bullet and paid the rest from savings.  Our credit card balance is now around 700, which is exclusively employer reimburseable expenses, so we are now 100% clear of all credit card debt.  That was fun.

Now, on to the car loan.  Since I sold my truck, we have been using the truck payment amount towards credit card payoff.  Now I am rolling that over to the car, and it amortizes out to be paid off in 13 months.  Hopefully we are able to stick with that plan.  Amortization calculators can be a damn helpful motivator.  If we are able to stick with that car payoff date, and then roll all of that monthly payment on top of the mortgage, we'll have the house paid off within ten years from today.  Ten years.  That's assuming, of course, that we don't get to refi as planned.  If we do that it will get even shorter.

The biggest obstacle to that will be remodeling the house without accruing any new debt.  And avoiding spending traps like extravagant vacations.  In other words, living below our means.  I'm going to drive that car until the wheels fall off.

[SprintToFinish]

Awesome man!!  congrats on all your success.  

[p-]

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@SprintToFinish wrote:

Awesome man!!  congrats on all your success.  

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Thanks!  Seems funny to come all this way with credit only to be searching for a way not to use it, but It has to happen. I'm going to end up one of those old guys with a 900 credit score, 250k in available credit, and no monthly payments for anything.