daveyzzz Posted July 23, 2008 Report Share Posted July 23, 2008 I scored today on a bank signature loan to finally pay off 99% of my credit card debt. I am thinking my Fico is about to go through the roof. I am psyched !! It has been a long hard road to get my credit repaired to the point where a bank would even think about loaning me money again. All the work I put into it is starting to finally pay off. Thanks to everyone on this board for their great tips and advice. I could not have done it without you. Link to comment Share on other sites More sharing options...
will35010 Posted July 23, 2008 Report Share Posted July 23, 2008 I scored today on a bank signature loan to finally pay off 99% of my credit card debt. I am thinking my Fico is about to go through the roof. I am psyched !! It has been a long hard road to get my credit repaired to the point where a bank would even think about loaning me money again. All the work I put into it is starting to finally pay off. Thanks to everyone on this board for their great tips and advice. I could not have done it without you.Congratulations! Link to comment Share on other sites More sharing options...
whocares Posted July 23, 2008 Report Share Posted July 23, 2008 You took out a loan to pay your debts? Isn't that like adding interest to interest?Anyway congrats and charge no more... Link to comment Share on other sites More sharing options...
ctfudge&bankofC-ville Posted July 23, 2008 Report Share Posted July 23, 2008 He took it out because it should improve credit standing to have an unsecured bank installment loan. I was told that by someone I chatted with at Orchard Bank about a year ago (a CSR who took the time to talk to me a little bit about credit repair - he said if you can get a bank loan, that'll improve your credit more than anything else) and I already sort of knew that, anyway.Also, while his credit utilization is only about 15% or so, all of it will now be put into the installment loan at a rate that is a little lower than the average rate on the cards, and..VOILA - the shelved cards (we do have the discipline, we have already shelved many of them) will now have a total balance of 0, bringing the revolving debt/credit ratio at or near zero, thus improving the FICO even more!Pretty slick, huh? Link to comment Share on other sites More sharing options...
LeslieR Posted July 23, 2008 Report Share Posted July 23, 2008 Davey and CT = DSs???I am quick, aren't I?!! Link to comment Share on other sites More sharing options...
daveyzzz Posted July 23, 2008 Author Report Share Posted July 23, 2008 Yeah - the plan is to pay off all the cards and shelve them. This will save me thousands in interest over the life of the loan, because all of the cards have sub-prime rates. I am expecting a major FICO boost as well. Link to comment Share on other sites More sharing options...
daveyzzz Posted July 23, 2008 Author Report Share Posted July 23, 2008 Davey and CT = DSs???I am quick, aren't I?!!Yes Mrs CT Fudge is my dear wifey. You figured us out. Link to comment Share on other sites More sharing options...
LeslieR Posted July 23, 2008 Report Share Posted July 23, 2008 Heh heh so does that make you Mr. Fudge? Link to comment Share on other sites More sharing options...
ctfudge&bankofC-ville Posted July 23, 2008 Report Share Posted July 23, 2008 The kids made up a story about a fudge factory... He did not want to be Mr. Fudge, therefore was having no part of my ridiculous name. I can tell you that he likes those E.L. Fudge cookies, but I don't let him buy them. They are not good for anyone!(OK, I lied a little there... who can resist those) Link to comment Share on other sites More sharing options...
daveyzzz Posted July 23, 2008 Author Report Share Posted July 23, 2008 I should have made my screen name E.Normous. But that is a story for another thread. Link to comment Share on other sites More sharing options...
lovebug5 Posted July 23, 2008 Report Share Posted July 23, 2008 The kids made up a story about a fudge factory...I will keep my highly immature and inappropriate comment to myself on this one. CONGRATULATIONS ON YOUR SUCCESS! Link to comment Share on other sites More sharing options...
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