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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
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!

Personal Credit:
Savor $5.5k/ GoodSamsVS $9k/ BB&T Spectrum VS $10.5k/ BB&T Bright VS $10.5k/
CareCredit $15k/ Synovus loc $75k /CB loc $20k/ + AU accts via DH
Biz Credit:
Amex Lowe's Rewards $21k/ Amazon Net55 $7.9k/
StaplesMore $1k/ Amex Amazon Biz $10k/ +AU accts via DH plus local vendors

(Oldest Acct: 1998; Youngest Acct: Nov 2019)
Message 5 of 8
Community Leader
Mega Contributor

Re: Paid down credit cards


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

Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | IT Cash | IT Chrome | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Overstock | Kohl’s

5/24, 1/24, 76445/24, who cares #HappyWithAmex

Entering the garden 5/27/2019, staying until 2020
(Lol so much for that grand plan...)
Message 8 of 8
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