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Paid down credit cards

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Valued Member

Paid down credit cards

I cannot wait for my credit card companies to start reporting this last month. I've been working on paying down my credit cards and I was able to put large payments on all accounts, even pay some off this past month. I have all of them, except for my new discover card, in the sock drawer. I am using and paying discover as much as possible to take advantage of the rewards match in the first year. I am hopeful that I will see a nice increase in my score, all three are still hovering around 600 mark right now. 

 

I do have a question. I had taken a loan out a few months ago with One Main Financial. I was hoping to be able to refinance that in a year or so elsewhere. Is that even a possibility? 

 

At the very least, I am going to look into refinancing my auto loan, as the interest rate was higher than it should be on that and I still have 3 years left. Every little bit saved will help. 

Message 1 of 8
7 REPLIES 7
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Community Leader
Mega Contributor

Re: Paid down credit cards

Congrats on paying your cards down!

 

Refinancing loans is always a possibility, especially if you show score improvement, keep all your accounts current and refrain from opening new accounts for a while. 

Unless you already have, join a good CU now. That way you'll have some history with them and be in a better position when you're to apply. 

 

Good luck! 

Message 2 of 8
Valued Member

Re: Paid down credit cards

I do belong to a credit union. That is where my car loan is and they have already told me to come back to refinance when I was ready. I am hoping they will also buy out the one main loan. I need to give it some time though because I have a credit card with them also that has basically been maxed out forever. Before I went to One Main, I tried them to get a loan.  They told me they could give me a loan to pay off my 2 premier credit cards and the credit union card, but they were going to knock my credit limitdown to $500 from $2k.  That is one of my higher limits and the lowest interest, so I really didn't want to do that. That is the one card I am paying off slower, just hoping they don't balance chase since my accounts are all in good standing there. I am at $1,400, which is still much improved and I will continue to make $200 payments plus a little to pay it off in 6 months, then go for the refinancing. 

 

My discover card just hit 8th statement. I wish I had done all of this a little bit earlier because I don't think it's going to graduate yet. Darn. Oh well, I can be patient. 

Message 3 of 8
Valued Member

Re: Paid down credit cards

So excited that things are improving. My scores are now 640 -660 and I just logged into Discover today and noticed that my card did graduate and the limit increased to $2k. 

Message 4 of 8
Valued Contributor

Re: Paid down credit cards

That's awesome and congrats on paying down, unsecuring and cli!

INCOGNITO MODE
Scores Exp 716, Eq 746, Tu 738
Personal Credit (180k)
Business Credit (80k)
"MY TAKE HOME PAY DON'T TAKE ME HOME"
Message 5 of 8
Community Leader
Mega Contributor

Re: Paid down credit cards

Congrats! 

Message 6 of 8
Valued Contributor

Re: Paid down credit cards

WTG paying down debt! 




UNpopular opinions have served me well and will offer that which has worked for me.
Message 7 of 8
Community Leader
Senior Contributor

Re: Paid down credit cards

Congrats OP, you’re making the right moves and lenders are starting to notice and reward you for it. Keep it up Smiley Happy


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Entering the garden 5/27/2019, staying until 2020
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Message 8 of 8
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