cancel
Showing results for 
Search instead for 
Did you mean: 

Spent the summer erasing foolish debt

tag
theHankster
Member

Spent the summer erasing foolish debt

Hello all. First time post here.

 

Wanted to share my experience in rebuilding credit. Back in April I left a dead-end salary job and I had 16k of debt across 5 cards. My scores had tanked from the 750 range to the low 600s.

 

Got a new job in mid-April, and laid out a plan to pay off 1 card per month. I am happy to report that 1 only have 1 card left to pay off, and my scores have recovered to being above 700 Smiley Happy

Message 1 of 7
6 REPLIES 6
Jeffster1
Valued Contributor

Re: Spent the summer erasing foolish debt

Good work!

FICO 8 EX 829 EQ 824 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25 K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 20K I Bread Financial American Express 13K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Message 2 of 7
JoeRockhead
Senior Contributor

Re: Spent the summer erasing foolish debt

Nicely done, keep up the good work. 

Message 3 of 7
Indycoltsfan
Regular Contributor

Re: Spent the summer erasing foolish debt

Way to stay focused and eliminate your debt! It's a great feeling when you see your scores climbing. 

Message 4 of 7
Jeffster1
Valued Contributor

Re: Spent the summer erasing foolish debt

To me...the greatest satisfaction for me becoming debt-free (I completed a 100% CH 13 for 3.5 years) is the fact that my entire salary now goes to ME. No interest...

 

Enjoy the liberation you will experience from having money sucked out of your wallet with no benefit to you.

FICO 8 EX 829 EQ 824 TU 844
American Express Blue Cash Preferred 30K I American Express Blue Cash Everyday 25 K I American Express Cash Magnet 5K I Bank of America Customized Cash Rewards Visa 20K | Kinecta MyPerks Rewards MC 35K | Wells Fargo BILT World Elite MC 30K I BMO Harris Cash Back MasterCard 12K | Capital One QS MC 12.5K I NFCU Flagship Rewards Visa 32K I NFCU Amex 28K | NFCU CashRewards Visa 20K I America First CU Cash Visa 20K I Citi Best Buy Visa 10K I Macy’s Amex 20K I Bread Financial American Express 13K I AAA Daily Advantage Visa Signature 8.5K I Saks Fifth Avenue World Elite MC 8.3K I JCPenney Mastercard 6K I UCLA Wescom CU Rewards Visa 7K I Pottery Barn Visa 5K I PayPal Cash Back Visa 9K I TD Bank Double Up Visa 5K I USBank Cash Visa 5K I
Message 5 of 7
FireMedic1
Community Leader
Mega Contributor

Re: Spent the summer erasing foolish debt

Congrats! Way to go!


Message 6 of 7
TRC_WA
Senior Contributor

Re: Spent the summer erasing foolish debt

Congrats.  I'm about to do the same.  Just got an amazing job offer ($50k raise) with a F500 company starting on Jan 1.  Will make paying off all my debt in 2024 much much easier.  Smiley Happy

FICO8 current as of : 3-26-25 EQ: 734 TU: 727 EX: 733
Hard INQs last 12 months: EQ: 1 | TU: 0 | EX: 0
Verizon Visa $8500 Amex Delta Reserve $10,000 Care Credit $18,000
NFCU CashRewards $7500 Apple Card $7000 Best Buy $8000 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) 6.95%
NFCU motorcycle loan (2024 Harley Davidson Road Glide - Alpine Green & Chrome) 9.45%
Total CL: $64,000 --- Total CC UTI: 31% --- AAoA: 6.5 years --- Income: $200k
Last app: 4-6-24
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.