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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: 43845
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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#3284801 - 07/07/13 03:28 PM Re: One more credit card paid off [Re: MUP]
beachguy
10 Point


Registered: 03/30/12
Posts: 3481
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: 3621
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: 1900
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: 8873
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: 15548
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: 3882
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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