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#3284031 - 07/06/13 06:22 PM One more credit card paid off
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3902
Loc: Knoxville TN

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Cut it up as well, I got 2 left to go. Cant wait for them to be gone.
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#3284032 - 07/06/13 06:23 PM Re: One more credit card paid off [Re: Stalkhunter]
timberjack86
14 Point


Registered: 06/20/11
Posts: 7886
Loc: Grundy county

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Thanks you just reminded me how much debt I am in! I feel like the united states
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#3284036 - 07/06/13 06:25 PM Re: One more credit card paid off [Re: timberjack86]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3902
Loc: Knoxville TN

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 Originally Posted By: timberjack86
Thanks you just reminded me how much debt I am in! I feel like the united states


LOL sorry i have been working hard at it. Has not been easy
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#3284050 - 07/06/13 06:39 PM Re: One more credit card paid off [Re: Stalkhunter]
encore06
16 Point


Registered: 12/08/06
Posts: 10539
Loc: Harrogate, TN

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Congrats bro.
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Jer 29:11 For I know the thoughts that I think toward you, says the Lord, thoughts of peace and not of evil, to give you a future and a hope.

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#3284051 - 07/06/13 06:41 PM Re: One more credit card paid off [Re: encore06]
hunter0925
8 Point


Registered: 01/21/13
Posts: 1092
Loc: TN, Rhea,

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I wish I could say that. Congrats man.
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#3284053 - 07/06/13 06:42 PM Re: One more credit card paid off [Re: encore06]
RUGER Administrator
Mouse Killa
Non-Typical


Registered: 11/19/99
Posts: 4105222
Loc: TN

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Congratulations man.

In my worst of times we had like 5.
Did the whole max them out, transfer and will pay off later etc.

My proudest moment from a financial standpoint was the day I paid them ALL off and cut them up.

Good job and keep at it.
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#3284067 - 07/06/13 06:52 PM Re: One more credit card paid off [Re: RUGER]
beachguy
10 Point


Registered: 03/30/12
Posts: 3569
Loc: USA

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Yep. Credit cards are poison.
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#3284068 - 07/06/13 06:52 PM Re: One more credit card paid off [Re: RUGER]
knightrider
12 Point


Registered: 09/27/10
Posts: 6126
Loc: tn

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best thing you will ever do!!!!! if I cant pay cash or go through local bank I don't have it!
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#3284079 - 07/06/13 07:03 PM Re: One more credit card paid off [Re: knightrider]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3902
Loc: Knoxville TN

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It feels good thanks all, I am hoping by october to have the others gone.
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#3284081 - 07/06/13 07:06 PM Re: One more credit card paid off [Re: Stalkhunter]
KPH
10 Point


Registered: 08/06/05
Posts: 3616
Loc: Hendersonville Tenn

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 Originally Posted By: Stalkhunter
Cut it up as well, I got 2 left to go. Cant wait for them to be gone.


Feels good don't it?
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when I die please don't let the wife sale my guns for what I told her I paid for them

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#3284084 - 07/06/13 07:07 PM Re: One more credit card paid off [Re: KPH]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3902
Loc: Knoxville TN

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if i can do this then i WILL ATTACK the truck payment. Dr. bills are going to take a tad longer but they are going too.
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#3284089 - 07/06/13 07:10 PM Re: One more credit card paid off [Re: Stalkhunter]
mike243
16 Point


Registered: 09/06/06
Posts: 11675
Loc: east tn

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#3284138 - 07/06/13 07:55 PM Re: One more credit card paid off [Re: mike243]
W.Seay
14 Point


Registered: 01/17/06
Posts: 8207
Loc: Collierville,TN.

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That's why I don't use credit cards! Congrats and keep up the good work, you can do it!

Edited by W.Seay (07/06/13 07:56 PM)
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To one with faith, no explanation is necessary. To one without faith, no explanation is possible.

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#3284579 - 07/07/13 10:39 AM Re: One more credit card paid off [Re: W.Seay]
Mike Belt
TnDeer Old Timer
16 Point


Registered: 03/26/99
Posts: 17800
Loc: Lakeland, Tn.

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Credit cards are great provided you use them wisely. Problem is that most people bury themselves soon after getting them. It takes a lot longer to dig out than it did to dig in. I use them for making order purchases when I don't want to wait for my check to clear before shipping. I just make sure to pay the balance in full when the bill shows up in the mailbox.
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#3284595 - 07/07/13 10:50 AM Re: One more credit card paid off [Re: Mike Belt]
W.Seay
14 Point


Registered: 01/17/06
Posts: 8207
Loc: Collierville,TN.

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 Originally Posted By: Mike Belt
Credit cards are great provided you use them wisely. Problem is that most people bury themselves soon after getting them. It takes a lot longer to dig out than it did to dig in. I use them for making order purchases when I don't want to wait for my check to clear before shipping. I just make sure to pay the balance in full when the bill shows up in the mailbox.


X2
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To one with faith, no explanation is necessary. To one without faith, no explanation is possible.

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#3284677 - 07/07/13 12:49 PM Re: One more credit card paid off [Re: W.Seay]
MUP
Non-Typical


Registered: 08/01/07
Posts: 44393
Loc: Just North of Chatt-town

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 Originally Posted By: W.Seay
 Originally Posted By: Mike Belt
Credit cards are great provided you use them wisely. Problem is that most people bury themselves soon after getting them. It takes a lot longer to dig out than it did to dig in. I use them for making order purchases when I don't want to wait for my check to clear before shipping. I just make sure to pay the balance in full when the bill shows up in the mailbox.


X2


Same here. Congrats on the payoff SH. ;\)
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Amateurs: Built the Ark

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#3284683 - 07/07/13 01:00 PM Re: One more credit card paid off [Re: MUP]
BlackBelt
10 Point


Registered: 08/09/08
Posts: 3145
Loc: SouthWest TN

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Congratulations. Theres a lot of freedom in becoming debt free. And busting your rump to get cards paid off makes a person think twice before putting anything on a credit card.
I have passed on dating several women just because they were carrying so much unsecured debt and had no way to pay it off.
Simetimes its hard to pay cash for things instead of just plopping down a card, but its worth it in the long run.

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#3284741 - 07/07/13 02:15 PM Re: One more credit card paid off [Re: BlackBelt]
Kimber45 Moderator
Peace Maker
16 Point


Registered: 07/10/08
Posts: 17819
Loc: Close to Jackson, TN

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Pay mine off religiously by the month when I have anything on them but, the wife, still working on one she let get way out of control.. They are a magnificent tool, if used correctly but can sure get you in trouble if you don't set goals on keeping them paid off
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#3284745 - 07/07/13 02:21 PM Re: One more credit card paid off [Re: BlackBelt]
Crow Terminator
TnDeer Old Timer
14 Point


Registered: 10/23/99
Posts: 8913
Loc: McMinn County

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Congrats!! Cards are very easy to get in trouble with. It is a well devised trap for folks...buying stuff you want and don't really need, with money you don't currently have. You think you'll just get it now and pay on it a little at a time or when you have the money to pay it in full....then you keep putting it off and putting it off. In the mean time you find something else you just gotta have. Before long you've maxed out a card or are close to it. I only got one because the bank I go to, suggested I get one to build my credit. I didn't have any credit. So they gave me one with a low limit on it. I said I would only use it for emergencies or gas...and next thing I knew I had $3,500 maxed out on it.

All is well until something really big breaks and then you gotta come up with the funds to get it. In my case it was my heating/air unit a few weeks ago. Being hit with a $5,000 bill and being stretched to the limit with what they would give me at the bank was not a good situation to be in. I had to borrow from my 401k...but in checking into that, I found out I could get enough out to pay for the air unit and pay off my credit card and come out smelling like a rose. The interest rate is MUCH lower than what that card was, and I borrowed from myself and paying myself back interest. My card is going up as well after I put the funds in to pay it off.

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#3284781 - 07/07/13 03:04 PM Re: One more credit card paid off [Re: Crow Terminator]
ROUGH COUNTRY HUNTER
16 Point


Registered: 11/12/10
Posts: 12539
Loc: FRANKLIN COUNTY

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congrats
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#3284789 - 07/07/13 03:14 PM Re: One more credit card paid off [Re: ROUGH COUNTRY HUNTER]
MUP
Non-Typical


Registered: 08/01/07
Posts: 44393
Loc: Just North of Chatt-town

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CT, did you know that you will be taxed twice on what you're paying back as well? You're taxed on your initial paycheck income, and the payments you're making back to yourself have already been taxed, then, when you withdraw that money in the future, it will be taxed again a second time. Probably not a big deal, but still thought I'd throw that out there. ;).
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Amateurs: Built the Ark

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#3284801 - 07/07/13 03:28 PM Re: One more credit card paid off [Re: MUP]
beachguy
10 Point


Registered: 03/30/12
Posts: 3569
Loc: USA

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Cash boys. Interest rate and credit will eat you up
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#3284995 - 07/07/13 06:40 PM Re: One more credit card paid off [Re: beachguy]
Roost 1
10 Point


Registered: 07/24/11
Posts: 3781
Loc: KY

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Congrats... Paid wife's car off last week...small piece of land we bought is next, then the house... Hope to be debt free within 5 yrs...hard to say no sometimes especially when near Harleys!!!! Lol
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#3285620 - 07/08/13 11:56 AM Re: One more credit card paid off [Re: Stalkhunter]
Voldeerfan
8 Point


Registered: 11/25/02
Posts: 1901
Loc: Signal Mtn., Tennessee

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Working that way myself.

Question on cutting up cards: I have always heard that allowing an account to be closed by not using, or closing it yourself once paid off, will count negatively toward your credit score. Any truth to that?

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#3285657 - 07/08/13 12:36 PM Re: One more credit card paid off [Re: Voldeerfan]
Crow Terminator
TnDeer Old Timer
14 Point


Registered: 10/23/99
Posts: 8913
Loc: McMinn County

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 Originally Posted By: Voldeerfan
Working that way myself.

Question on cutting up cards: I have always heard that allowing an account to be closed by not using, or closing it yourself once paid off, will count negatively toward your credit score. Any truth to that?


I will tell you what the bank loan officer told me...whether true or not, I have no clue but repeating what I was told. I was under the impression that the sooner you paid something off after borrowing/charging for it...that the better you were and the higher your credit score would be. I had getting loans to supposidly build my credit...I would go get say a $2,000 loan...and pay a little on it each month...then pay it off and go get another loan for X amount...pay on it til it was nearly paid off, then pay it off...repeat. This is how I had been told to build credit. The bank told me that instead of coming in to open a loan each time, to get a credit card...and to always keep something charged to it...I.e to never pay it off. They said credit was built over long periods of time by not missing payments and the longer period of time I did this, the higher my credit would be. They told me what I had been doing with my borrow...make payments a while...then pay it off in less than a year thing, was basically doing nothing at all except for actually lowering my credit score...cause for each time I got a new loan, when they ran my score and it would lower it a bit.

So what I gathered from them was...the banks and card companies are actually penalizing you for not being in debt and paying things off. They aren't making money off you via interest anymore if you pay everything off. So you must be rewarded for keeping loans/credit cards open as long as you can. As for me...I don't care anymore. I want to be debt free again! I have never done the borrowing from 401k thing but really didn't have a choice. But I figured while I was getting some out of it...I might as well get enough out to pay off everything. The payback amount was about $150 less per month than what I am paying for the credit card and loan I have.

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#3285672 - 07/08/13 12:51 PM Re: One more credit card paid off [Re: Crow Terminator]
ferg
Cancer Free
16 Point


Registered: 07/29/04
Posts: 15654
Loc: At the TNDeer shirt factory %^...

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Congrats !!!!

Being debt free is an awesome thing - I'm working on my house note now - but everything else is done.

And just to address the above from CT - they are full of beans -

You DON'T need any 'credit' to get a high score -

What you DO need is a high income to debt ratio - that's all it takes - trust me - my last credit score as 819 - and the only 'credit' I have/had is on my home (before this one) and I keep a Shell Credit card with a 400.00 limit for when I travel 'just in case' -

Screw them banks/credit card folks -

I do keep my banking local so they can see the 'funds' in my accounts so if the day comes I NEED to come to them - It should never come to that, BUT, all should have to say is look in accounts in your bank - thanks \:\)
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#3285854 - 07/08/13 04:53 PM Re: One more credit card paid off [Re: ferg]
Stalkhunter
10 Point


Registered: 07/17/11
Posts: 3902
Loc: Knoxville TN

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My credit score is almost back to 700 and i keep paying them off one at a time. I will get rid of one more by August ends. Then 1 left to go. Then I can dump on that, then I will get my Thrift or(401K) Loan paid off. That alone puts 350 a month back in my budget. That is auto taken out but i want it gone.
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