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# Have 1 bank credit card (Visa) Pay off in full every month Only one card. Does it have a low limit? That hurts as well. Not having much credit extended to you/available to you makes it hard to get more credit. Makes sense to them. |
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5 years ago-ish; laid off; foreclosed; job making 45% less; horrible situation
2013; making more than i did in 2008; paid off 2 cars, sold the motorcycle; paid of 3 cards; just paid 1/2 of the remaining balance of 1 card; paying the next 1/2 here in a few weeks;. paid off another card in full last month. 2 cards to go that are interest and penalty fee because we got on a payment plan. should be 'done' by summer next year. and not have any debt. haven't used a card since 2008. aside from buying something online, then immediately going to my card site and paying it off/crediting it etc. |
By doing something, typically in a good way, obviously.
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That is real nice |
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http://www.amazon.com/The-Total-Mone...money+makeover I picked up the Kindle version for $10 He is on the Radio everyday too you can listen here: http://www.daveramsey.com - hes on for another 30min or so But here are the steps: Step 1- Save $1000 Emergency Fund Step 2- Pay off all Debts Smallest to Largest - using the funds you free up to add to the payment of the next debt - aka the debt snowball Step 3- Complete the ER fund with 3-6mo of savings Step 4- Put 15% of your income toward retirement Step 5 - Save for Kids' college Step 6 - Pay off House Early Step 7 - Become Wealthy and give a lot of it away Thats the VERY high level overview but the Key to step 1-3 is budgeting - give every dollar a name -- on paper - on purpose every month - Keep a $0 Budget meaning every dollar has a Job we are hooked We want to live like no one else so later we can live like no one else. |
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from what i understand you should have 3-4 credit cards that you charge things to (you can still pay them off) so they remain active....(unsecured aspect)
also, if it has been a while since you have had a secured loan (car or house etc...) you should try and get a secure loan, even if you just pay it off...this could be the biggest factor in why your score is low. You might try to get a HELOC....use it once a year to make a large-ish purchase, then pay it off.....that may be all you need to do for the secured aspect. I think you are wise to want to raise your score. I'm in a similar position, but my score is now 750ish...I would like to try for 800+ |
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It would be stupid to purposefully carry a balance for the purpose of paying interest. |
Step 1- Save $1000 Emergency Fund--------Done X 100+
Step 2- Pay off all Debts Smallest to Largest - using the funds you free up to add to the payment of the next debt - aka the debt snowball---Done, Years ago Step 3- Complete the ER fund with 3-6mo of savings--- Done several times over Step 4- Put 15% of your income toward retirement--- 15% 90% OF THE YEAR 25% when I feel frisky Step 5 - Save for Kids' college---- Got it covered, Daughter not interested in being a brain surgeon Step 6 - Pay off House Early--- Done... Step 7 - Become Wealthy and give a lot of it away ---- Already give alot away, I pay the hell out of taxes while others sit on their ass and play xbox |
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The system sucks if you ask me |
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