Not sure where this goes so mods feel free to move.
I can finally say I am 100% credit card deb free and it feels so great!!! I am really proud of myself as I thought I would never in a million years get here as somthing always seemed to come up to interfere with my money. But after being here and staying in the garden I just did and I didnt let anything or anyone get in my way. My questions are do I really have to keep a 9% balance on 1 card per month to get and keep higher scores? After so many years of debt I really just want to keep all cards at 0 for a while to just relish in it lol. Also when applting for a card when I can finally deal with losing my precious spade should I wait until I reach my goal score of 700 or until the one and only baddie I have falls off in 2018 or 2019? I want certain cards but I am content with staying with what I have an just growing the limits until the timing is right. For data purposes the cards I want are:
Amex Delta and maybe BCE
Chase Freedom and Double Cash
Venture
Disocver
Walmart
Scores are true FICO from here and are up to date. INQ are 3 4 & 3 none since 12/14
Starting scores after BK (Filed 4/18/24) EQ 571 , TU , EX
Starting Score: 582
@Anonymous wrote:Hi,
I am not the most qualified to answer your questions, but wanted to congratulate on being cc debt free! A lot of people set this goal but not everyone follows their plan and achieves it. nice work.
Thank you so much! It was hard work I canteven lie. But in the end I got tired of carrying the same balances for years literally years. I was ashamed and upset and tired of paying interest and not being able to save. I was finally in a position where I could have a 6 month emergency fund and pay off all cards so thats what I did even though it killed me to pay certain paymetnts as they were so high. All in all I didnt burn too much of savings doing this and the portion that was spent should be rebounded in 2 months or so. Trying to get DH to do the same but he doesnt appear to be ready mentally to do it so I will leave him be for the mean time and maybe just have him do one card at a time insead of all at once like I did.
@DrZoidberg wrote:You don't carry a balance. You let 7% report each statement. 7% is the optimal number research shows. But really anything under 10% is. Nothing long with letting a statemnet generate with a balance as long as it's paid before the next statement generates.
Got it, thanks!
@Mattopotamus wrote:
@DrZoidberg wrote:You don't carry a balance. You let 7% report each statement. 7% is the optimal number research shows. But really anything under 10% is. Nothing long with letting a statemnet generate with a balance as long as it's paid before the next statement generates.
This. I actually find between 1%-3% is best for me and my scores. I just let one of my cards post a statement and then pay it in full once it does. The card I let post is the card I use every day.
Great point, that was also a question I had as to which card I should let report. I figured my shell card since its my lowest limit and I would be be ok with using and paying it. But then I thought technically it doesnt matter which one I use becuase I will have to rotate usuage to keep from closures anyway.
@youdontkillmoney wrote:Fantastic, what a great feeling to have.
I too am CC debt free, in fact 100% debt free until I get a mortgage for a home this or next year.
It is a great feeling not to owe anyone anything.
Super kudos to you then!!! I wish I could say all debt is paid but I still have student loans and a car payment ugh. Do you play the credit game in terms of letting one card report a small balance or do you just rotate usuage every 6 months to keep cards open?