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03/20/2004 08:53:54 PM · #1
Well my credit cards are paid off anyway(I still have car payments on 2 cars), I sent in the final payments on the ramaining ballances on my credit cards today. I closed 1 account and will close more soon.

It feels sooooooo good to be clear and free from high interest rates and those yuckie payments each month.

Before anyone says I can go load up on cool new toys...forget it.... Im saving for a down payment on a house now :)

and if I cant pay cash for it.... I dont need it !!! so I will have to save save save

James

Message edited by author 2004-03-20 20:54:21.
03/20/2004 08:57:39 PM · #2
Congrats...being debt free is one of the best feelings ever. Good luck with the house!
03/20/2004 09:12:03 PM · #3
Way to go James! Next time you're in Milwaukee I'll buy you a beer to celebrate!
03/20/2004 09:31:56 PM · #4
Originally posted by jab119:

Well my credit cards are paid off anyway(I still have car payments on 2 cars), I sent in the final payments on the ramaining ballances on my credit cards today. I closed 1 account and will close more soon.

It feels sooooooo good to be clear and free from high interest rates and those yuckie payments each month.

Before anyone says I can go load up on cool new toys...forget it.... Im saving for a down payment on a house now :)

and if I cant pay cash for it.... I dont need it !!! so I will have to save save save

James

Good for you I will be debt free in only 14 more years when my house is paid off!LOL
03/20/2004 09:44:57 PM · #5
James,

Congratulations!!! However, this statement concerns me, "I closed 1 account and will close more soon". If you have had these accounts for some time, closing them may actually hurt your credit score. The world revolves around your credit score. If you are considering the purchase of a home, your credit score will play an integral part on your ability to borrow. Lenders and credit scoring companies like accounts that have small/zero balances that have been open for a long time. If you have $50,000 in available credit and you aren't using it, shows that you are a mature person that can control your spending. If all of your accounts are closed and you have zero available, there is nothing for you to prove to the lending institutions. You may want to check out the following site for more information: https://www.freecreditprofile.com.

Best of luck,

Josh
03/20/2004 09:55:48 PM · #6
Originally posted by kirbic:

Way to go James! Next time you're in Milwaukee I'll buy you a beer to celebrate!


Thanks all, it feels good.

And Fritz, I owe you a beer since you bought last time.

James
03/20/2004 10:06:49 PM · #7
Originally posted by jbporsche:

James,

Congratulations!!! However, this statement concerns me, "I closed 1 account and will close more soon". If you have had these accounts for some time, closing them may actually hurt your credit score. The world revolves around your credit score. If you are considering the purchase of a home, your credit score will play an integral part on your ability to borrow. Lenders and credit scoring companies like accounts that have small/zero balances that have been open for a long time. If you have $50,000 in available credit and you aren't using it, shows that you are a mature person that can control your spending. If all of your accounts are closed and you have zero available, there is nothing for you to prove to the lending institutions. You may want to check out the following site for more information: https://www.freecreditprofile.com.

Best of luck,

Josh


Oh I know the credit bureau's all too well, I have form letters to each one.
Being a Jr. I had my dads credit on my report, even his bankruptcies. Whats funny is most of it was credit he had before I was born or before I was 18. Its not easy to convince the credit bureau's that I was not born at the time those accounts were established.
it took several months back in 1995 and about 30 to 45 letters to get his stuff off my report, but some of his stuff still shows up sometimes (new stuff). 2 weeks ago I got all 3 credit reports and still have 1 to clean up.

I will be keeping a few cards and keep the limit about medium, and use it from time to time and pay them off QUICKLY.

My credit score is good now, I just need to do a little cleaning. Like getting one of the bureau's to show a car loan is closed and not still open, the other 2 bureau's show it as closed at the correct time.

I could go on for days..but I dont want to put anyone to sleep

James
03/20/2004 11:02:19 PM · #8
I'll be debt free when they lower me in the ground, and not before! Didn't tag any of the kids with Jr, so I shouldn't be haunting them from the afterlife either. Honestly, I'm getting ready to buy my third digital camera in four years. I'll be the proud owner of a Canon Rebel next month, and I'll pay cash for it. I had to stop smoking and stop buying lunch at work, but I'm saving money hand over fist now. As soon as I get the Rebel I'll have to decide what to save for next. Maybe photography lessons!
03/20/2004 11:02:55 PM · #9
Originally posted by jab119:

and if I cant pay cash for it.... I dont need it !!! so I will have to save save save


Exactly, that's a good attitude. I never use my credit cards to buy things, unless it's an emergency item or repair, etc., or for a rare "big ticket" item. For all other things, if I don't have enough in checking to buy it, I don't buy it. :)

Congrats paying your cards off. Now hide them from your girlfriend/wife and you'll be OK. LOL.
03/20/2004 11:24:47 PM · #10
Bankers are evil.
03/20/2004 11:47:07 PM · #11
James congrats!

We did the same thing a long time ago. All I have used is our Amex card.
But our credit rating was still excellent. Amex does not report to the credit agencies. Neither does the Credit Union where we do most all our banking and etc.

We got a home equity loan and we were going to do a lot of remodeling on the house; new windows, new a/c, paint. roof repairs and etc.

Well Home Depot Installations installed the windows and we were going to pay them off on time ($11,0000)! They quoted us a 9% interest rate on the loan. Well when we got the bill in the mail the interest was %14.5! We have fought with them for over 6 months now and we finally had to pay it off to avoid the high interest rates. It was 6 months deferred. They said there was nothing they could do! Even though they had no papers that we signed stating any inerest rate. So much for the new A/C unit :( And to you know where with HOME DEPOT!

We did get all the other work done and still have a considerable amount in savings.

If you ever sign up to have Home Depot Installations do work for you watch out for your wallet!!!!

Originally posted by jab119:

Well my credit cards are paid off anyway(I still have car payments on 2 cars), I sent in the final payments on the ramaining ballances on my credit cards today. I closed 1 account and will close more soon.

It feels sooooooo good to be clear and free from high interest rates and those yuckie payments each month.

Before anyone says I can go load up on cool new toys...forget it.... Im saving for a down payment on a house now :)

and if I cant pay cash for it.... I dont need it !!! so I will have to save save save

James

03/21/2004 06:05:04 AM · #12
Originally posted by Jacko:

Bankers are evil.

Look who is talking ;)
03/21/2004 07:07:46 AM · #13
[quote=Calvus] James congrats!

We did the same thing a long time ago. All I have used is our Amex card.
But our credit rating was still excellent. Amex does not report to the credit agencies. Neither does the Credit Union where we do most all our banking and etc.

We got a home equity loan and we were going to do a lot of remodeling on the house; new windows, new a/c, paint. roof repairs and etc.

Well Home Depot Installations installed the windows and we were going to pay them off on time ($11,0000)! They quoted us a 9% interest rate on the loan. Well when we got the bill in the mail the interest was %14.5! We have fought with them for over 6 months now and we finally had to pay it off to avoid the high interest rates. It was 6 months deferred. They said there was nothing they could do! Even though they had no papers that we signed stating any inerest rate. So much for the new A/C unit :( And to you know where with HOME DEPOT!

We did get all the other work done and still have a considerable amount in savings.

If you ever sign up to have Home Depot Installations do work for you watch out for your wallet!!!!

See if you were in Toronto Canada I would have been able to give you some better prices on the work you needed done around your house. A rule I like to stick with when using contractors is there is a reason they have ppl that only do windows and only do roofing etc. it is because usually they are cheaper, faster and just as good if not better the home depot and that is all they do is what they specialize in.
03/21/2004 08:29:41 AM · #14
Originally posted by Jacko:

Bankers are evil.


Definitely. But unfortunately they are not the only ones....
03/21/2004 10:41:28 AM · #15
Be afraid be very afraid.

Originally posted by tarique:

Originally posted by Jacko:

Bankers are evil.

Look who is talking ;)

03/21/2004 10:54:06 AM · #16
Originally posted by jab119:

Well my credit cards are paid off anyway(I still have car payments on 2 cars), I sent in the final payments on the ramaining ballances on my credit cards today. I closed 1 account and will close more soon.

It feels sooooooo good to be clear and free from high interest rates and those yuckie payments each month.

Before anyone says I can go load up on cool new toys...forget it.... Im saving for a down payment on a house now :)

and if I cant pay cash for it.... I dont need it !!! so I will have to save save save

James


Congrats and welcome back from the dark side!
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