topic Just paid $15k in CC debt in Credit Cards

Just paid $15k in CC debt

Anonymous — Tue, 26 Mar 2013 01:06:22 GMT

I never want to have that much debt hovering over me again. I feel so relieved, I had this pressure on my chest but its slowly starting to feel better. Most of the 15k had been rolling over and now that I've paid it off will my score increase slowly over time or will I see a big jump right away?

Re: Just paid $15k in CC debt

09Lexie — Tue, 26 Mar 2013 01:10:33 GMT

Congrats on paying off your debt!

Re: Just paid $15k in CC debt

Anonymous — Tue, 26 Mar 2013 01:12:11 GMT

Congrats. You'll see the score jump when your statement(s) cut.

Re: Just paid $15k in CC debt

BrokaToe — Tue, 26 Mar 2013 01:12:24 GMT

Gosh, Congrats on being debt free!!!

I would suspect that once all the accounts report their new balances you will see a sizeable increase in score all at once. That's normally how utilization seems to effect score jumps that I've noticed.

Re: Just paid $15k in CC debt

LS2982 — Tue, 26 Mar 2013 01:13:46 GMT

@Anonymous wrote:
I never want to have that much debt hovering over me again. I feel so relieved, I had this pressure on my chest but its slowly starting to feel better. Most of the 15k had been rolling over and now that I've paid it off will my score increase slowly over time or will I see a big jump right away?

BIG CONGRATS!!!!!

I cant wait until I can say the same thing!!!

HAPPY DANCE!

Re: Just paid $15k in CC debt

SnackTrader — Tue, 26 Mar 2013 01:13:53 GMT

Based on your current credit lines, your score should improve significantly at the next time your cards report. So over the next month you might see a nice little jump.

Re: Just paid $15k in CC debt

FocusedAndDetermined — Tue, 26 Mar 2013 01:15:37 GMT

Wow - great job! You should see a decent bump in scores, once your new balances report.

Re: Just paid $15k in CC debt

pazuzu — Tue, 26 Mar 2013 01:20:08 GMT

Wow!

Re: Just paid $15k in CC debt

myjourney — Tue, 26 Mar 2013 02:11:18 GMT

Congrats nice job

Re: Just paid $15k in CC debt

Anonymous — Tue, 26 Mar 2013 02:17:35 GMT

Wow!! Great job!! Congratulations!!

+1 for the jump as soon as they report.

Re: Just paid $15k in CC debt

Anonymous — Tue, 26 Mar 2013 02:29:46 GMT

Yeah it feels really good getting this monkey off my back. We are hoping to get mortgage before this year and are trying to pay off all the debt possible!

Re: Just paid $15k in CC debt

Epcot — Tue, 26 Mar 2013 03:09:32 GMT

It sure is a great feeling, Congrats!

Re: Just paid $15k in CC debt

youngandcreditwrthy — Tue, 26 Mar 2013 04:33:17 GMT

Congrats! Lol

I hope your score doesn't actually drop haha

Knowing FICO, that might happen!

Re: Just paid $15k in CC debt

jefftca925 — Tue, 26 Mar 2013 06:03:24 GMT

@Anonymous wrote:
Yeah it feels really good getting this monkey off my back. We are hoping to get mortgage before this year and are trying to pay off all the debt possible!

Congratulations on your accomplishment!! That's a lot of debt off your back and you should see a nice bump in your score. When you apply for your mortgage make sure you are reporting as close to 0 (zero) on your CCs as you can. EVERY BALANCE will contribute to your debt-to-income ratio and can be a real problem if a balance reports and you paid it after the statement cuts. Ideally let only a small balance show on one card. I just refi'd my mortgage and unfortunately had 7 CCs showing balances at the time (and they were small) and had to prove they were paid off so the underwriter would give me a clear to close. WHAT A PAIN! Next time I'll know better

Re: Just paid $15k in CC debt

Anonymous — Tue, 26 Mar 2013 06:10:32 GMT

grats!

your scores will go up by a lot.

the last time i paid all my CC debt in full, my scores went from 660ish to 750 once the balances were updated. I would have had a higher score if not for 1 30-day late from 2006 as well, so you might see more or less of an increase depending if you have any other baddies as well.

Re: Just paid $15k in CC debt

HiLine — Tue, 26 Mar 2013 06:16:31 GMT

Very nice! Way to prepare for your mortgage application! As others have said, you should expect a sizable jump in score. Don't apply for any new credit and keep your reported balances low and you should be golden by the end of the year. Congrats on your prudent move and good luck with the future rate shopping!

Re: Just paid $15k in CC debt

L0RDAVENTAD0R — Thu, 28 Mar 2013 05:04:50 GMT

@Anonymous wrote:
I never want to have that much debt hovering over me again. I feel so relieved, I had this pressure on my chest but its slowly starting to feel better. Most of the 15k had been rolling over and now that I've paid it off will my score increase slowly over time or will I see a big jump right away?

For reference (similar) numbers I carried about $20,000 in CC debt for two months & my scores went from 700+ to about what yours were (mid-60's), paid $19,500 off & my scores went back up over 700. So you might see a very nice jump.

Re: Just paid $15k in CC debt

dodgerslv — Thu, 28 Mar 2013 05:06:59 GMT

Wow!!! A BIG CONGRATS!! and if you dont mind keep us updated how much your scores go up....(really wanna know!)

Re: Just paid $15k in CC debt

Anonymous — Thu, 28 Mar 2013 07:06:05 GMT

congrats! feels good to be debt free! just watch what you spend!

Re: Just paid $15k in CC debt

crunching_numbers — Thu, 28 Mar 2013 08:40:44 GMT

Congrats! That is a great feeling. Soak it all up and be very proud of yourself.