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Two more paid off.

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tcbofade
Super Contributor

Two more paid off.

Sorry to be redundant, but in order to clue those in who aren't following...

 

DW and I started the year with 30 cards and 30 balances.

 

Our goal was to pay off one account every month.

 

I posted earlier this month that we'd paid off EIGHT of them in only SEVEN months.

 

That number is now TEN!!!! 

 

...and it's only July...

 

Woot!

Fico 8 7/01/25: EX 800, EQ 805, TU 792.
Fico 9: EX 812 04/15/25, EQ 804 04/08/25, TU 792 02/15/25.

Zero percent financing is where the devil lives...
Message 1 of 11
10 REPLIES 10
BrokaToe
Established Contributor

Re: Two more paid off.

Super Duper, y'all are getting there pretty fast I must say.  Great Job!


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Message 2 of 11
aloush11
Regular Contributor

Re: Two more paid off.

That's awesome! Good luck to you both
Message 3 of 11
RockinRay
Valued Contributor

Re: Two more paid off.

Yes, very impressive indeed. Great work!  Smiley Happy

Ray

** Every Card has a Job, and Every Card does its Job **
Message 4 of 11
DiamondK
Valued Member

Re: Two more paid off.

Your post inspired me to pursue the same goal. I started this month, "July". My goal is to pay at least 1 CC off each month until all paid off!!!
Message 5 of 11
LS2982
Mega Contributor

Re: Two more paid off.

Very awesome tcbo!!!! Your doing a fabulous job!



EQ FICO 548 3/3/16
Message 6 of 11
TNTransplant
Established Contributor

Re: Two more paid off.

Awesome news!  Love to read about success stories like this... Smiley Happy

 

I started the year in a similar situation as you, with 15 revolving accounts total and high utilization of around 70%.  My goal for the year was to get at least half of these paid off, and get my scores up to 720 on each.

 

Right now, I've paid off 6 cards and decreased my overall utilization to the mid-30% range (this was accomplished in part by adding a couple of new credit lines and getting SP CLIs whenever possible).  Since I've been able to stay on track so far and am actually ahead of schedule, I hope to have 3 more paid off by the end of the year.

 

Good luck to you as you continue your payoff plan.  It's a great feeling to see the positive changes, isn't it?


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Message 7 of 11
Roarmeister
Frequent Contributor

Re: Two more paid off.

Congratulations on paying off your cards. Feels good doesn't it?  I haven't seen your other posts so I don't know what your paying strategy is.  Are you paying lowest balance first, highest balance first or highest interest first?  If you don't need additional credit, then the highest interest first strategy is usually the best from a financial point of view.

 

I do see a concern here - in your signature, you say your last application was 6 weeks ago and the time to your next application is next January.  You have 30 cards, why do you need more?  Work with the cards you have and perhaps delete a few, especially those with an annual fee that aren't used as often.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.





Message 8 of 11
tcbofade
Super Contributor

Re: Two more paid off.


@Roarmeister wrote:

I do see a concern here - in your signature, you say your last application was 6 weeks ago and the time to your next application is next January.  You have 30 cards, why do you need more?  Work with the cards you have and perhaps delete a few, especially those with an annual fee that aren't used as often.


Don't need more.  We're aiming at better cards...ie 0 percent interest for bt's...

 

In March, I opened a cc with a local CU (0 percent for 12 months), and in June, the same CU offered me a "signature loan" at a better interest rate than several of our existing cards, so I took advantage of that and paid off a bunch of CC accounts.

 

We're working on it, and the pile IS getting smaller...  Smiley Tongue

Fico 8 7/01/25: EX 800, EQ 805, TU 792.
Fico 9: EX 812 04/15/25, EQ 804 04/08/25, TU 792 02/15/25.

Zero percent financing is where the devil lives...
Message 9 of 11
webhopper
Moderator Emeritus

Re: Two more paid off.

Congrats! Keep on working on it and you will get there!
FICO 8:
Goal: Gardening!
Message 10 of 11
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