topic Re: Debt Free!!! in General Credit Topics

Debt Free!!!

SMikulski49 — Thu, 28 Apr 2016 14:08:04 GMT

Just wanted to share with everyone that last week I paid off my car loan and I am currently debt free!!! Feels good not to worry about monthly payments. Now it is time to save up a nice chunk of money for a new house!!! This forum really helps and motivates so thanks to all of you for shaing your knowledge!!!

Re: Debt Free!!!

Anonymous — Thu, 28 Apr 2016 14:22:37 GMT

Congrats on the newfound financial freedom.

Re: Debt Free!!!

youdontkillmoney — Thu, 28 Apr 2016 14:29:38 GMT

Well done! Enjoy the feeling of not being beholden to anyone financially.

Re: Debt Free!!!

SMikulski49 — Thu, 28 Apr 2016 14:38:39 GMT

Thanks! My scores are in the 800's and I hope me paying off the car will not make them drop too much. Does anyone know how long it would take for my scores to recover from whatever drop it might be?

Re: Debt Free!!!

Revelate — Thu, 28 Apr 2016 16:58:05 GMT

@SMikulski49 wrote:
Thanks! My scores are in the 800's and I hope me paying off the car will not make them drop too much. Does anyone know how long it would take for my scores to recover from whatever drop it might be?

Hey many congrats!

If this was your last open installment loan, they won't actually without further action on your part, utterly seperate part of the scorecard. That said, if you want to fix it, go and use the share secure loan reindeer games to recover the points for stupidly low amounts of cash out of pocket.

Method:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secure-technique/m-p/4506756#U4506756

Gory Theory:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/m-p/4055989#U4055989

Re: Debt Free!!!

Appleman — Thu, 28 Apr 2016 17:15:53 GMT

Congrats on the true American dream, debt free!

Buying a house will be the opposite but a good goal to have for the future...

Re: Debt Free!!!

9CLINE — Thu, 28 Apr 2016 19:37:44 GMT

Congrats 2 ya... Ah the freedom,,, it's hard for me to justify making a bill now..,, Enjoy and best of luck on your home journey..........