topic Re: More progress.... :) in Credit Cards

More progress.... :)

tcbofade — Fri, 23 Aug 2013 18:21:47 GMT

As some of you may remember, last year I opened a small signature loan at my local CU...interest was kind of high, but lesser than the credit cards that I paid off with it.

13 months of larger than minimum payments later, I called them this morning to discuss a larger personal loan with the same goal in mind... (paying off credit cards with higher interest rates...)

Approved. Three times the amount..........2/3's the interest!

Wooooooooooooooooooooooooooooot!

Re: More progress.... :)

BearsAndTurtlesRtheBest — Fri, 23 Aug 2013 18:32:13 GMT

Which lender was this? and congrats once your in they will offer you more which is great if you need it.

Re: More progress.... :)

09Lexie — Fri, 23 Aug 2013 19:13:49 GMT

Congratulations!

So, this is what you meant by needing a better fence. :smileyfrustrated;

Re: More progress.... :)

tcbofade — Fri, 23 Aug 2013 19:24:37 GMT

Community America Credit Union. (Greater Kansas City area)

$7.3k unsecured at 14.99%

Happy dance!

Re: More progress.... :)

tcbofade — Fri, 23 Aug 2013 19:31:12 GMT

1.6 to pay off current loan.

4.6 paying off various credit cards. (SIX of them!)

1.1 that I ain't decided yet!

Re: More progress.... :)

Anonymous — Fri, 23 Aug 2013 19:33:26 GMT

Lol 1.1 to keep utilization lower? =D

Re: More progress.... :)

SnackTrader — Fri, 23 Aug 2013 21:15:04 GMT

Congratulations! Lots of progress recently!

Re: More progress.... :)

tcbofade — Sat, 24 Aug 2013 04:33:51 GMT

The last 30 days have been good to me!

Re: More progress.... :)

myjourney — Sat, 24 Aug 2013 04:35:06 GMT

@tcbofade wrote:
As some of you may remember, last year I opened a small signature loan at my local CU...interest was kind of high, but lesser than the credit cards that I paid off with it.

13 months of larger than minimum payments later, I called them this morning to discuss a larger personal loan with the same goal in mind... (paying off credit cards with higher interest rates...)

Approved. Three times the amount..........2/3's the interest!

Wooooooooooooooooooooooooooooot!

Congarts

I think chains will be in order after this one Lol

Re: More progress.... :)

tcbofade — Sat, 24 Aug 2013 04:48:24 GMT

lol! OK, so I'm having a rough time staying in the garden...but isn't the whole point of gardening to achieve better credit scores/more attractive borrowing rates and abilities?

14.99 percent unsecured....that's lower than several of my CC's...

Re: More progress.... :)

Irisa — Sat, 24 Aug 2013 05:02:25 GMT

I had a feeling this was going to happen

Congrats on the new loan and lower rate!

Re: More progress.... :)

tcbofade — Sat, 24 Aug 2013 05:13:07 GMT

Thank you.

Why do I feel like I'm in trouble?

Re: More progress.... :)

Irisa — Sat, 24 Aug 2013 06:23:52 GMT

@tcbofade wrote:
Thank you.

Why do I feel like I'm in trouble?

You're always going to be in trouble when you jump the fence, but we still love ya lol

Re: More progress.... :)

SnackTrader — Sat, 24 Aug 2013 07:09:36 GMT

No one is in trouble, in my opinion. As long as these actions are moving you forward (NO NEW DEBT!!!), I support leaving the Garden whenever it benefits.

Re: More progress.... :)

09Lexie — Sat, 24 Aug 2013 07:13:23 GMT

I agree!

Re: More progress.... :)

djc1puno — Sat, 24 Aug 2013 07:24:25 GMT

congrats!

Re: More progress.... :)

_jb_ — Sat, 24 Aug 2013 10:54:36 GMT

@tcbofade wrote:
1.6 to pay off current loan.
4.6 paying off various credit cards. (SIX of them!)
1.1 that I ain't decided yet!

Congrats. My only question is about that $1.1k that you have not decided how to use yet. Is there other current debt with higher interest that you could apply that towards (car loan maybe)? If not, you might think about just making a $1.1k payment back to the loan, otherwise you are borrowing for nothing at 14.99%.

Re: More progress.... :)

tcbofade — Sat, 24 Aug 2013 12:32:57 GMT

@_jb_ wrote:
@tcbofade wrote:
1.6 to pay off current loan.
4.6 paying off various credit cards. (SIX of them!)
1.1 that I ain't decided yet!

Congrats. My only question is about that $1.1k that you have not decided how to use yet. Is there other current debt with higher interest that you could apply that towards (car loan maybe)? If not, you might think about just making a $1.1k payment back to the loan, otherwise you are borrowing for nothing at 14.99%.

Good point. The car loan is at 4.7%, so I'm not going to prepay that...I'm sure that the other 1.1 will end up reducing util on some other card, I just don't know which one yet.

Re: More progress.... :)

tcbofade — Sat, 24 Aug 2013 12:50:27 GMT

Oh yeah... I just discovered...they did NOT pull my credit... I noticed that the score was the same as it was last month when they refinanced the car...that'd be because they used the same pull!

NO INQUIRY! Woooooooooooot!

Re: More progress.... :)

SnackTrader — Sat, 24 Aug 2013 13:58:48 GMT

No INQ means a few more points on the score!