Join Early Retirement Today
Thread Tools Search this Thread Display Modes
I'm Really Confused  : (
Old 02-13-2005, 08:52 AM   #1
Dryer sheet aficionado
Join Date: Feb 2005
Posts: 39
I'm Really Confused  : (

Not understanding this is about to drive me nuts--deep sigh/

I currently am about 48% utilized on a cc with a $10 K limit. My interest rate is 10.99% (I know, not good).

What I'd like to know is, how will my score change as I pay down the balance? Below are my scores checked on Friday from

Transunion - 657
Equifax - 671
Experian - 650

I don't have any other debt and hope to have my balance down to $0 by the end of April.

I've tried searching on the net for concrete answeres and have found nothing...The approximator on myfico is worthless as I've used it over the pass 6 months paying very close attention to my activity.

I also have a student loan that went into default (when I moved did not inform of new address and did not have automatic payment---RATS!), that is scheduled to fall off Feb of 2006.

Any banking/loan experts here that can help me? I'd like to get all of this done so I can begin saving. I'm 38 now and feel helpless.


Mary_From_Georgia is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: I'm Really Confused *: (
Old 02-13-2005, 09:10 AM   #2
Full time employment: Posting here.
Join Date: Dec 2004
Posts: 714
Re: I'm Really Confused *: (


I don't know the precise answer to your question, but ... your question confuses me. What would you change if you knew the answer?

Based upon your facts, I assume you're saying that you'll pay off this $4,800 plus interest by 4/30, and then take the monthly available and start saving. Would appear you have nearly $1,700 available cash flow ... you're in great shape, no?

Would also appear that you are well on your way to solving your issues, and having north of $14K more in savings by 12/31.

Only other thought I would have is that you might be able to get another credit card on an intro rate, move the balance, and pay it off at a lower interest rate.

Best of luck.

Craig is offline   Reply With Quote
Re: I'm Really Confused *: (
Old 02-13-2005, 09:27 AM   #3
Dryer sheet aficionado
Join Date: Feb 2005
Posts: 39
Re: I'm Really Confused *: (

Thanks for responding.

I guess I wasn't clear *kids in the background*.

The neighborhood I'm looking to move b/c of the school system has homes in a median price range that only become affordable if my credit score is north of 720. I'd pay close to $200 extra per month if I accepted a loan with my current scores.

Wow, you're really good with numbers. I'm targeting to save $17 K by year end. It will be tough though.

Mary_From_Georgia is offline   Reply With Quote
Re: I'm Really Confused  : (
Old 02-13-2005, 10:32 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: I'm Really Confused  : (

Your score will improve until your debt to available credit ratio drops below ~25%.

Hence, closing unused credit accounts (which also improves your score) may increase your debt to available ratio...which is bad.

Nailing down the exact numbers is going to be interesting, since these formulas are protected like colonel sanders secret recipe.

No debt, reduced available credit to a reasonable amount, and pull your credit reports to find if there are any blemishes you might be able to fix.

The rest of it is time in residence, time in job, income vs debt vs available credit, and a bunch of stuff nobodys telling about.

Just getting to 700 should cut your rate pretty substantially...the rate improvement after that isnt too huge. Having zero debt balance and a limited available credit figure should get you over 700.
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
I'm so confused..... txdakini FIRECalc support 4 03-04-2007 08:40 PM
Confused by too many funds nun FIRE and Money 9 05-13-2006 05:44 PM
Confused and scared confused Young Dreamers 32 07-28-2005 11:03 AM
 Compound Interest Formula!  : ( Tommy_Dolitte Young Dreamers 5 09-13-2004 01:18 PM
hello,  i am   zuki,   zuki Hi, I am... 10 03-13-2004 11:07 AM


All times are GMT -6. The time now is 05:55 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.