Multiple Approvals

[gurusexy]

Been a while since I batted 1.000 when on a spree. Got a new job with a pretty good raise so decided to put in a 3yr plan to be debt free. Had a bit of a bad spot, and have made some bad decisions in the past that i couldnt seem to get over. so need to start the journey to cleaning up stuff now. So, decided to wipe out quite a bit of CC debt and refinance some other personal loans with higher rates and longer term. Utilization was about 19% when I applied, score in the 760's across all three bureaus

- Unify CU CC - 15k approved @ 8.25% - thought they had intro 0% for BT, but they said no.. and said offers for 0% will come in the future...

- Lending Club - 35K approved @ ~6%, 36months (1093 monthly payment) - used to refinance a 84m 20fi loan at 11%

- BBVA Personal Loan - 35K approved @ ~6%, 36months (1093 monthly payment) - used to pay off credit card debt

- BOFA - Had the cash card, but that card had fees for BTs for 18months...So applied for the bankcard and approved, but BOFA moved 8K from my cashcard with 45,100 Limit to open the account. On recon, BOFA added 3K to the  cashcard, and I moved 44100 to make maximum use of the 18months BT offer.

- Macys CLI from 18K to 24K

- Discover CLI from 21.1K to 26.1K, called in to double dip, and got an extra 500..all in all, a gr8 August

Also got rid of one of my cars. Will save me about 700 a month in total costs, and will put that towards debt as well

Its a journey that begins now.. If things go as planned, in 2.5-3yrs, we talking close to 5k in free cash flow. Bout to batten down the hatches and put in work. The wildcard is bonuses at work. My job pays some pretty good bonuses and with my salary level, if i perform, i could be smiling.. And that will also enable me to pay down all the debt much quicker.... 

My last baddie about to fall off Experian next month... Going into garden until the 18m bBT expires, and will look for another card then... So basicaly, its to the garden for the next 18months....

Fingers crossed... here we go... 100k pyramid to be destroyed hopefully in 3yrs

[xaximus]

Congrats on the multiple approvals and glad that it's working out. I'm sure you already know this and has been said before, whatever expenses you can cut, you should do that.

I have a friend that was in a similar situation as you. He sold his car, biked to work (luckily it wasn't far), learned to cook and cut out eating out completely, cut his utilities like cable/phone/internet, just has a basic internet now, and a few other things. Also, got a side job doing Uber/Lyft and did OT at work. His debt was closed to 100k, but managed to pay it off in just alittle over 2 years.

The more you can cut expenses wise, the more you can contribute and knock that debt off. I'm rooting for ya! Keep us posted on your progress.

[K-in-Boston]

Congrats and job well done from a fellow $100k+er. Hope to see you in the garden!

[Anonymous]

Wow those are a lot of approvals. Congrats. Good luck in reducing your debt. Btw, I tend not to count on bonuses helping out my financial plan since they aren't a guarantee. If you plan like you won't get any bonuses then when you do get them it'll just be a nice surprise.

[Anonymous]

Congrats on the approval!

[Anonymous]

Congrats on your multiple approvals success!!!