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financially wrecked - please advise my best moves

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iowe
Regular Contributor

Re: financially wrecked - please advise my best moves

Status update: 

 

In the middle of the balance transfer reporting to the credit bureaus, my lowered NFCU Cashrewards card balance has reported to the bureaus, but my Discover won't report the balance I transferred from NFCU Cashrewards until 1/12... so, my scores have all temporarily spiked for the next few days with the large decrease on the NFCU card balance. All the way up to 792. Smiley Very Happy 

 

It's a bittersweet moment on the way up this mountain I'm climbing. The shiny excellent credit score.. like watching a comet shoot across the sky. You can only see it for a couple of days and then it disappears for a while. You hope it comes back around again. Smiley Very Happy

 

I used the opportunity to soft pull a CLI from NFCU and my limit on the cashrewards card went frrom $24k > $32k. This might net me a few more points when the Discover balance reports and my score drops back down to about where it was a week ago. It's a small victory but I needed it. 

 

 








2024 Goal: To finally be debt free
Message 51 of 66
SlideOrInsert
Regular Contributor

Re: financially wrecked - please advise my best moves

congrats on those increases!

 

I was really disappointed nfcu did not offer existing card holders any balance transfers this year.  would have been nice to see all your balances at 0% interest.

 

upgrade
9/2022
$30000
nfcu
8/2020
$20000
nfcu
12/2018
$30000
bofa
8/2016
$30000
citi
3/2016
$21000
discover
5/2014
$20000
chase
10/2007
$8900
Message 52 of 66
iowe
Regular Contributor

Re: financially wrecked - please advise my best moves

Just bumping to say that with my latest score and report updates on myfico that I'm seeing several versions of my Ficos finally crossing into the 800s as I pay this cc debt off. 

Psychologically it's great. My 08's aren't there yet (still, currently they are 777, 783, 784) but I feel like I'm almost there.  They are increasing at a rate of about 5-8 points each month. 

Just a little further. Staying on target though.  








2024 Goal: To finally be debt free
Message 53 of 66
SouthJamaica
Mega Contributor

Re: financially wrecked - please advise my best moves


@iowe wrote:

Just bumping to say that with my latest score and report updates on myfico that I'm seeing several versions of my Ficos finally crossing into the 800s as I pay this cc debt off. 

Psychologically it's great. My 08's aren't there yet (still, currently they are 777, 783, 784) but I feel like I'm almost there.  They are increasing at a rate of about 5-8 points each month. 

Just a little further. Staying on target though.  


Congratulations. You've really done a fabulous job. Keep up the good work.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 54 of 66
iowe
Regular Contributor

Re: financially wrecked - please advise my best moves

Just putting in an update. 

 

I'm still on course. Though in June I spent more than I budgeted for on one my cards to bring my daughter and I to the beach for a quick little summer beach trip. This caused a score drop that I have just been able to climb back out of. It took me two months to pay that extra spend off and get my score back up to what it was in June. So I'm back on course. 

 

Over on the Installment Loans front, I recently had the majority of my student loans discharged through Public Service Loan Forgiveness. About $30k is gone from my total debt as of a few days ago. The original balance was about $40k. It is now $2537, and it's a tradeline that's over 10 years old in total. I'm not sure how much of a point boost I can expect, but the simulator (I know, it's not really accurate) is showing potential for 35-40 point gains for each bureau. Fingers crossed because that will push me much closer to my goal. 

 

NFCU gave me a cli from 32k to 40k on my CashRewards card since my last update. Discover cli from 23k to 29k since last update as well.

 

 








2024 Goal: To finally be debt free
Message 55 of 66
SlideOrInsert
Regular Contributor

Re: financially wrecked - please advise my best moves


@iowe wrote:

I recently had the majority of my student loans discharged through Public Service Loan Forgiveness. About $30k is gone from my total debt


that's really ducking awesome!

 

upgrade
9/2022
$30000
nfcu
8/2020
$20000
nfcu
12/2018
$30000
bofa
8/2016
$30000
citi
3/2016
$21000
discover
5/2014
$20000
chase
10/2007
$8900
Message 56 of 66
James3
Contributor

Re: financially wrecked - please advise my best moves

I've been watching your thread for a long time. It's good to see the progress you're making. Keep up the good work!

FNBO Evergreen
GM Copper Card
Wells Fargo Signature
Bank of America Customized Cash Rewards
Citi Double Cash
Wells Fargo BILT
Message 57 of 66
iowe
Regular Contributor

Re: financially wrecked - please advise my best moves

The standard equifax Fico 08 reached 800 today. I have some mortgage and auto loan scores over the 800 mark already but this is the first standard Fico 08 to make it that far. I think it's the first time in my life I've had a credit score reach 800. I'm 45 years old, so it means a lot to me. I've been looking at it periodically all day. 

We're not done yet though. I'm not sure if I'll make 850 by February as that was the goal, but I should be pretty close to it. I'm waiting on a big score update from my student loans being discharged last month. The loan servicer still hasn't updated my credit reports with the new balance yet. 
Over on the other front, where most of this effort is taking place, I'm still hacking away at the credit card debt and the penfed consolidation loan from last year. I should be credit card debt free by July 1 of next year, hopefully. 

It's been a tough climb out and up. 








2024 Goal: To finally be debt free
Message 58 of 66
JoeRockhead
Senior Contributor

Re: financially wrecked - please advise my best moves

You've done very well and this is an inspiration to others as to what can be done with focus and determination. Nicely done, congratulations on your progress, and keep up the good work!

Message 59 of 66
iowe
Regular Contributor

Re: financially wrecked - please advise my best moves

I wanted to share that as of just a few days ago, all three of my Fico 8's have crossed into the 800 club. There's some delay with Equifax reporting a balance change on my student loan that should bump it up about 20pts to 820.. I'm waiting for that to happen any day now.
I've never had credit scores this good in my life, and I wanted to post just to show that things are still going in the right direction. I still have some work to do paying down my cc debt, but it's a nice morale boost to see my scores all crossing 800 along the way. I realistically hope to have my 08 scores all be in the 840s by August of 2024. 
my mortgage scores aren't there yet. I'm still working on those. I have to figure out how to get them to raise. 
Thanks to all those who've encouraged and advised me along the way. I appreciate you all probably more than you realize. 
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2024 Goal: To finally be debt free
Message 60 of 66
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