Paid off 4K in credit card debt, almost all gone

[anik28]

I was able to produce some of my savings to pay off almost all my credit cards. I have about 5000$ overall credit debt and felt like I needed to stop carrying it around as a first step to getting my score to recover, it will also feel like a huge weight off my shouders to not have to make so many payments a month. Once everything reports I should be down to around 10% overall UTL; 1500 balance over a 13K overall limit. 

this is a ding to my savings and it's really important to me going forward that I don't rack up balances again, not just to improve my score but improve my overall financial health. My credit is going to improve hugely from low debt and no new credit, now it's all about patience and sticking to my budgets.

I'll report back once everything reports over the next few weeks.

[Reviewers]

Sounds like you know exactly what your doing. It's totally worth taking out of savings to pay off your debts, you can always re-coup funds. Credit is always great to have, good luck with your roadmap and I wish you the best of luck!

Subscribed to the thread to see when you report back

[Anonymous]

That must feel like a HUGE weight lifted!!!!

Congrats on your progress & upcoming score improvement!

[OmarGB9]

Congrats! Just be sure you always leave enough in savings to cover at least 3 months worth of expenses in case of emergencies!

[anik28]

@OmarGB9 thanks! Working on it, will be much easier to save more now with this chunk of debt off my plate. 

[anik28]

Update: 3 cards have reported paid to 0 balance and my score has jumped to 655. The 4th lower balance should report in early Feb, I was also able to pay off the medical collection and they told me it would be removed from my report by Feb 15th. I'm very hopeful this should push me very close to 700, if not over - I hope!

[OmarGB9]

Congrats on the progress! If that medical collection is your only collection, you *may* see a nice jump!

[anik28]

@OmarGB9 it is! I'll have 0 collection accounts once that reports which is very exciting 

[OmarGB9]

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@anik28 wrote:

@OmarGB9 it is! I'll have 0 collection accounts once that reports which is very exciting 

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Please keep us updated!

[FireMedic1]

Nice. Congrats on getting a handle on things. The improvement to your scores will give you more incentive to get it in the past and never to repeat it again. Way to go!!!!!!!!!!!