topic Re: Two more paid off. in Credit Cards

Two more paid off.

tcbofade — Sun, 22 Jul 2012 16:07:10 GMT

Sorry to be redundant, but in order to clue those in who aren't following...

DW and I started the year with 30 cards and 30 balances.

Our goal was to pay off one account every month.

I posted earlier this month that we'd paid off EIGHT of them in only SEVEN months.

That number is now TEN!!!!

...and it's only July...

Woot!

Re: Two more paid off.

BrokaToe — Sun, 22 Jul 2012 16:10:10 GMT

Super Duper, y'all are getting there pretty fast I must say. Great Job!

Re: Two more paid off.

aloush11 — Sun, 22 Jul 2012 16:14:32 GMT

That's awesome! Good luck to you both

Re: Two more paid off.

RockinRay — Sun, 22 Jul 2012 16:24:18 GMT

Yes, very impressive indeed. Great work!

Re: Two more paid off.

DiamondK — Sun, 22 Jul 2012 16:29:37 GMT

Your post inspired me to pursue the same goal. I started this month, "July". My goal is to pay at least 1 CC off each month until all paid off!!!

Re: Two more paid off.

LS2982 — Sun, 22 Jul 2012 17:19:02 GMT

Very awesome tcbo!!!! Your doing a fabulous job!

Re: Two more paid off.

TNTransplant — Sun, 22 Jul 2012 19:36:18 GMT

Awesome news! Love to read about success stories like this...

I started the year in a similar situation as you, with 15 revolving accounts total and high utilization of around 70%. My goal for the year was to get at least half of these paid off, and get my scores up to 720 on each.

Right now, I've paid off 6 cards and decreased my overall utilization to the mid-30% range (this was accomplished in part by adding a couple of new credit lines and getting SP CLIs whenever possible). Since I've been able to stay on track so far and am actually ahead of schedule, I hope to have 3 more paid off by the end of the year.

Good luck to you as you continue your payoff plan. It's a great feeling to see the positive changes, isn't it?

Re: Two more paid off.

Roarmeister — Sun, 22 Jul 2012 19:53:30 GMT

Congratulations on paying off your cards. Feels good doesn't it? I haven't seen your other posts so I don't know what your paying strategy is. Are you paying lowest balance first, highest balance first or highest interest first? If you don't need additional credit, then the highest interest first strategy is usually the best from a financial point of view.

I do see a concern here - in your signature, you say your last application was 6 weeks ago and the time to your next application is next January. You have 30 cards, why do you need more? Work with the cards you have and perhaps delete a few, especially those with an annual fee that aren't used as often.

Re: Two more paid off.

tcbofade — Sun, 22 Jul 2012 19:59:20 GMT

@Roarmeister wrote:

I do see a concern here - in your signature, you say your last application was 6 weeks ago and the time to your next application is next January. You have 30 cards, why do you need more? Work with the cards you have and perhaps delete a few, especially those with an annual fee that aren't used as often.

Don't need more. We're aiming at better cards...ie 0 percent interest for bt's...

In March, I opened a cc with a local CU (0 percent for 12 months), and in June, the same CU offered me a "signature loan" at a better interest rate than several of our existing cards, so I took advantage of that and paid off a bunch of CC accounts.

We're working on it, and the pile IS getting smaller...

Re: Two more paid off.

webhopper — Sun, 22 Jul 2012 20:07:57 GMT

Congrats! Keep on working on it and you will get there!

Re: Two more paid off.

bettercreditguy1 — Sun, 22 Jul 2012 20:11:44 GMT

Congrats! Soon you will be saving more money. The less interest you pay to the cc companies, the more you have to spend on things you really want. Plus it feels GREAT!