"fhrblig" (fhrblig)
08/09/2015 at 12:54 • Filed to: None
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"fhrblig" (fhrblig)
08/09/2015 at 12:54 • Filed to: None | 5
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My finances had been a shambles for a several years, but I’m slowly climbing out of the hole. I consolidated a bunch of credit card debt into a loan, and I’ve used a couple of the cards I paid off for small purchases and then paid them off immediately again. That made my credit score jump up substantially in a very short period of time.
So for the first time in my life, I was able to call my oldest open credit card account and tell them they needed to lower my rate (which they did). It’s still high, but it’s a step in the right direction. The better part is that they gave me a special 0% rate on new purchases through May 2016. That means I won’t have to pay interest on the 2 tires I need to buy this month, and I should have them paid off in just a month or two. Plus, by the time the 0% percent rate expires my credit should have improved even more and I can get them to lower the rate again.
The best part of all of this is that it finally is making me pay close attention to my spending and not buy things I don’t need. I am way more reluctant to put things on a credit card now because I don’t want to throw myself back into the terrible place I’ve been in the last decade. I’m also trying like hell to resist the “I want a new car” fever that hits me around this time every year, .
Holy shit, I think I’m turning into a responsible adult™. Now if I could just find a way to help my partner get out of the job he hates...
OPPOsaurus WRX
> fhrblig
08/09/2015 at 12:59 |
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I had a credit card with one bank and savings/checking with another. The second bank realized that and offered to do a 1 year interest free balance transfer so now I pay 100% to my balance instead of 90% interest and 10% balance (or whatever the specific numbers were)
Eric @ opposite-lock.com
> fhrblig
08/09/2015 at 13:02 |
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Do not carry a balance on that 0% deal if you can help it. Carrying a balance screws up your debt to limit ratio. Try to figure out when your cards report and ensure they have as close to a zero balance as possible when they report for a small, but notable, boost.
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fhrblig
> OPPOsaurus WRX
08/09/2015 at 13:03 |
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I didn’t get a 0% balance transfer offer, but I did get an offer that’s significantly lower than the interest on the one credit card I still have a balance on, so that will be happening soon.
I’m also going to try to increase the amount I’m paying on my car payment by around $100 so I can pay down the balance and maybe get something different next year.
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fhrblig
> Eric @ opposite-lock.com
08/09/2015 at 13:04 |
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I’m not planning to. I do have to get a couple tires soon, but I won’t have that on the card for more than a month, maybe two.
Master Cylinder
> fhrblig
08/09/2015 at 14:18 |
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Congrats! It sucks at first, but eventually you start to see the progress you’re making and it becomes almost as satisfying to save the money as it does to spend it. Almost.
I am just a couple years out from where you are now, and although I still have a long way to go toward changing my spending habits, I have been able to save money even on my relatively modest income. Seeing the balance get a litle bigger each month is a great feeling, and I don’t have nearly as much stress about financial issues anymore.
Keep up the good work!
AM
> fhrblig
08/09/2015 at 15:24 |
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Good job getting your credit back in the green.
I’ve never had a credit card myself, I don’t like spending other people’s money so to speak. If I don’t have enough for something I just wait it out. The only thing I’ve ever owed money on is my Jetta and that’s going to be paid off next May when I get my income tax refund for this year.