January 2023 Check-In Thread

[Anonymous]

@broadmns

You are on top of your credit challenges! Keep at it.

People need to remember ... credit is not a race and sometimes slow as a turtle can get frustrating ... speak with experience!

[Fester82]

I want to continue paying down my cards and manage my money better.

[Ribrob]

Just started. Paid off the only active collection I had and now lowering my DTI. 

[sportsguy83]

Update: Took out my balance transfers and 3 of the 4 reported and my EX and TU dropped 65+ points! Expected it to drop significantly but ouch!  

To be fair it is a bit artificial as my reduced loan balance hasn't reported yet so guessing I will get a small bump when it does.  Will make my final loan payment this week 

On the positive side: scores will slowly recover as I pay down the utilizations and I should be debt free by September. Finances over FICO...

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@sportsguy83 wrote:

As mentioned in the main 2023 thread this year my focus is entirely on paying off my consolidation loan as soon as possible. To that end, plan on utilizing some balance transfers this month which combined with my company bonus will take my loan down to just $2000.  Credit scores will take a temporary hit these next two months especially although maybe will get a bump for the high balance loan being paid/closed?  Not worried about the short term score impacts though...

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[ChampagneKing]

Goal is to increase my credit score and have 2 secured credit cards. Hopefully they will unsecure this year.

[sportsguy83]

Update: my reduced loan balance reported and my EX went back up to 700. 

Will be a bit of a roller coaster the next month or so until my loan reports as paid off and my final balance transfer posts.