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Debt - Feels good to pay it off! *Update 2-15-2005*

SaigonK

SaigonK

Diamond Member
Man it feels good to pay off the debt! Looking to have only one payment by June 1st, and that should be my car.

Just paid off this month:

$630 to the lawyer (final bill)
$250 to the court appointed GAL.
MBNA credit line paid off, that is $120 per month payment I get back.
Providian card paid off, another $50 a month I get back.

Next is to pay off my JC Penny card, and my two other cards which have less than $2000 between them both. Finally after all the hassle form last year, I get to be ahead of the game!

Nothing better than saying to a CC company
"Yes one payment to pay off the balnce..that's right...close the account..no i dont need to have it for an emergency...just close that biatch!" 😀


UPDATE 2-15-2005
Ok i paid off my J.C. Penny card last night, $352, so now I only have three bills left. Another $35 a month back in my pocket.

They are all VISA cards, but two of the three i closed out so that they couldnt be run up while I was getting divorced. I have one major card open, with a limit of about $6000.

I guess from what i am being told here, that I should keep some of them open rather than close them all.
 
Don't close the accounts, your credit rating is based partially on the length of time an account has been open...and longer is better. If you don't want the temptation just cut up the cards.
 
Heh - wish my debt recovery from the divorce were that quick. I might have the credit cards paid off by fall/winter, but the property settlement will be with me for years and years to come.
 
Originally posted by: PingSpike
Don't close the accounts, your credit rating is based partially on the length of time an account has been open...and longer is better. If you don't want the temptation just cut up the cards.
Click to expand...

but it also exposes you to identity theft. If your credit rating is "good enough" then I'd say just close the accounts.

SaigonK, good for you! I wish my wife and I had your perserverence in paying off debt. Seems like everytime we get close, I end up buying something. Stupid stupid stupid!!
 
Originally posted by: AmigaMan
Originally posted by: PingSpike
Don't close the accounts, your credit rating is based partially on the length of time an account has been open...and longer is better. If you don't want the temptation just cut up the cards.
Click to expand...

but it also exposes you to identity theft. If your credit rating is "good enough" then I'd say just close the accounts.

SaigonK, good for you! I wish my wife and I had your perserverence in paying off debt. Seems like everytime we get close, I end up buying something. Stupid stupid stupid!!
Click to expand...

But i thought having to "pay off" a credit card means you have interest and arne't paying the full balance every month, which affects your credit score negatively?
 
Originally posted by: Mo0o
Originally posted by: AmigaMan
Originally posted by: PingSpike
Don't close the accounts, your credit rating is based partially on the length of time an account has been open...and longer is better. If you don't want the temptation just cut up the cards.
Click to expand...

but it also exposes you to identity theft. If your credit rating is "good enough" then I'd say just close the accounts.

SaigonK, good for you! I wish my wife and I had your perserverence in paying off debt. Seems like everytime we get close, I end up buying something. Stupid stupid stupid!!
Click to expand...

But i thought having to "pay off" a credit card means you have interest and arne't paying the full balance every month, which affects your credit score negatively?
Click to expand...

actually it doesn't. I don't know the exact reasons why, but I'm sure there will be smarter people who will post in this thread to explain why.
 
Good for you! Three kids and no pracitical or fiscal supports from daddy means I will NEVER recover fiscally from my divorce.I'll probably drop dead on the job.
 
Way to go SaigonK.

You sound/type upbeat.

I hope life is going great for you.😀



🙂
 
Originally posted by: PingSpike
Don't close the accounts, your credit rating is based partially on the length of time an account has been open...and longer is better. If you don't want the temptation just cut up the cards.
Click to expand...

Not to mention that closing the cards increases your debt to credit radio if you ever need to need a carry a balance again, which is another part of your credit rating. Be careful with that.

Ha, beat ya by a minute, Spacejamz 🙂
 

part of your credit score is the ratio of your credit balances against your credit limits...

By closing your accounts, it increases this ratio which will lower your score (i.e., more available existing credit, better your score since the credit bureaus will see that you are not maxxed out).

And as stated above, if it this is one of your oldest accounts, it will shorten your credit histroy, which may also lower your score.
 
So closing and paying off my accounts is bad? How does this work? Sheesh! 🙂
What is an average FICO (is that right?) score? I think i can find out where I am on the list from one of my accounts, they give a free rating.

For me it isnt so much about my credit score today or in the next 6 months, I just want to pay off the debt, and have that money back into my monthly "kitty." I dont need any additional credit cards so I am good to go.
 
Originally posted by: Baked
That's so anti american.
Click to expand...

Yeah i guess it is isnt it? ;D
Americans generally like to be in debt up to their eyeballs.....


By the way, thanks for the kind words everyone, much appreciated.
For those who know the dealio from my divorce (probably anyone who visits here.) I am doing very well now.

Knocking down the debt, getting cash back in my pocket. I met a woman who is very, very nice to me and that relationship is working out great..i cant complain....
 
No paying off debt is good, in the same way eating your veggies is 😀. Just don't close the accounts when you're done paying them off.
 
Congrats SaigonK!

As a grad student (with a low monthly income) I was denied a car loan for "too much revolving credit". I interpreted that as having too many credit cards. I had like eight cards, but five were store credit cards and I never, never used them.

It did seem as if they were being held against me, so I canceled all but the two I use... and then got an AmEx with reward points to use at Costco.

Perhaps the "too much revolving credit" denial is just for low-income student types.
 
Who gives a sheeat about someone's credit score accept other credit card companies. Way to go man. Close the accounts, burn the d@mn cards and have a good time with the rest of your life!!!!!!!!!!!!!!!!!
 
Congrats, SaigonK! That's AWESOME!!! It's a big accomplishment, indeed. Good luck with your NEW LIFE. 😎

But, as others have said, closing it ALL is a bad thing. Here's what I would do:

Close ALL Department Store cards; high interest rates and they are only good at that store.

Leave open Visa/MCs; they contribute most meaningly to the credit score.

You just need to have the willpower to not USE them. I'd leave'em all open, but cut up most of them so there's no WAY to use them. 😎
 
Congrats man...

I envy you for paying off your debt.

I only have $2000 debt, but I cant pay it off... I could with 1 pay cheque, but I wont... always find something better to spend it on... haha 🙂
 
Originally posted by: toekramp
how much does one typically ahve to pay to their ex per month?
Click to expand...

Well, i dont know what the average is...but for me it is $329 bi-weekly...so about $659 a month in support and daycare costs.
 
As your ex-wife's acting attorney, we will be filing for a higher alimony payment since you now how more money available. Thanks!


😀
 
Originally posted by: Fritzo
As your ex-wife's acting attorney, we will be filing for a higher alimony payment since you now how more money available. Thanks!


😀
Click to expand...


LOL! 😀
The funny part of that statement is that for about 1 second i was saying oh..crap..." hehehehe!

 
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