Finally, things fall into place!

Discussion in 'Credit Talk' started by CCollector, Oct 5, 2003.

  1. CCollector

    CCollector Well-Known Member

    Well, from my last post you know that I've been struggling with school/work/fiancee because we owe $8500 in credit cards, have two new cars, and she was out of work... leaving me, making $10/hr to support both car payments, car insurances, 7-8 credit card payments, etc.... and my money ran out quickly.

    The Good News:

    My future mother in law opened up a credit card for my fiancee to the tune of $15,000 @ 0% for 12 months. We moved our $8500 in 6-7 credit cards onto the new card that is in her mothers name. Then, my father signed the PLUS loan for college which is basically a 3% loan that never exceeds 9% and has like 10 year payoff or something. The loan came in for $4400.

    So, I paid the $4400 on the credit card because I don't like having my debt in my mother-in-laws name. Now I can just pay back the $4400 student loan @ 3%.

    Our plan is pay $300/month, each, and pay off this debt (my $4400 @ 3% student loan and her $4500 or so on the 0% credit card for a year) so we should be out of debt in 12-15 months.

    My question: Because we now have all of our credit cards paid off, what will our FICOs be, roughly?

    I will be 21 years old this month... I have had 3 mastercards opened since about 18 and a half, and one retail credit card. I've never been late on any. My dad opened up a Dell loan in my name and paid it off ($1500) in about two months and the only loan that I owe on my report are student loans and my car. My FICO was 650ish with 4 maxed out credit cards, so should my score be maybe 750ish now that they are all paid off and open?
  2. Butch

    Butch Well-Known Member

    Glad things are lookin up.

    I don't know that you'll get a 100 pt bounce but I think you'll be well into the 700's.

  3. iambroke

    iambroke Well-Known Member

    Your fico depends upon alot of different things therefore it is very hard to say how paying off your cards will affect your individual score.
    CL's to balances in just one thing.

    The main thing is to make sure you pay back that CC your future MIL so graciously opened up for you guys! I'd hate to see her credit crash because you couldn't cover the payments. And give her a BIG hug and take that woman out to dinner!!! :)

    You may want to look at for info on scores and how they work.

    GEORGE Well-Known Member

    I paid OFF more than $30,000 in credit cards and took a BIG HIT!!! (I STILL HAVE NOT RECOVERED)




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