Author Topic: Paid off all CC's today!  (Read 4458 times)

JLee

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Paid off all CC's today!
« on: January 07, 2015, 07:33:24 PM »
Really the only one that was carrying a balance was $4k at 0% for the next 13 months or so (I had $6300 in concrete work done at my house a few months ago), but it still feels good to wipe out everything at once. I knocked out the ones that get paid off monthly as well, just because.

I started YNAB this year and I have no major purchases scheduled (except from a trip to Peru in May), so I am excited to see how things go from here! I have $41 cash in my wallet and I am going to see if I can stretch it for another week, but also I have to be careful I don't starve myself at the same time...I have a habit of not eating, which isn't generally healthy. :P

Bob W

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Re: Paid off all CC's today!
« Reply #1 on: January 07, 2015, 07:45:14 PM »
Good for you!   Most people won't believe how healthy it really is to not eat.  I'm sure you've researched intermittent fasting?    Two days without eating is a pretty good thing.

JLee

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Re: Paid off all CC's today!
« Reply #2 on: January 07, 2015, 07:50:09 PM »
Good for you!   Most people won't believe how healthy it really is to not eat.  I'm sure you've researched intermittent fasting?    Two days without eating is a pretty good thing.

I grew up underweight, don't need to go back there again - I also need to start training for my Inca Trail hike (which starts in a few months), but I will keep that in the back of my mind for potential future use. :)

bigalsmith101

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Re: Paid off all CC's today!
« Reply #3 on: January 08, 2015, 01:31:51 PM »
Quote
I also need to start training for my Inca Trail hike (which starts in a few months)

The hike is not that bad. Actually pretty straight forward. More of just some walking for 4 days straight. You'll be fine.

Cookie78

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Re: Paid off all CC's today!
« Reply #4 on: January 08, 2015, 02:25:40 PM »
Quote
I also need to start training for my Inca Trail hike (which starts in a few months)

The hike is not that bad. Actually pretty straight forward. More of just some walking for 4 days straight. You'll be fine.

How did you find the altitude?
I did Kilimanjaro a couple years ago and felt pretty rough on summit day, but that's above 5000m and Inca Trail doesn't go that high. Hoping I'll be ok. Slow and steady

Retired To Win

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Re: Paid off all CC's today!
« Reply #5 on: January 08, 2015, 02:27:15 PM »
Really the only one that was carrying a balance was $4k at 0% for the next 13 months or so (I had $6300 in concrete work done at my house a few months ago), but it still feels good to wipe out everything at once. ..

Terrific!

Now don't make the mistake of cancelling those cards.  You've shown that you've got what it takes to handle having them.  And keeping the accounts open can help you in many, many ways (starting with boosting your credit score, and then going on to giving you emergency access to funds, making it easy to rent cars or book hotel rooms, making it unnecessary to carry a big wad of cash, etc., etc., etc.)

Just remember; YOU are the boss and not the cards.
« Last Edit: January 08, 2015, 02:31:33 PM by Retired To Win »

MakingSenseofCents

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Re: Paid off all CC's today!
« Reply #6 on: January 08, 2015, 03:18:17 PM »
Congrats on paying off your credit card debt!

HalfDollar

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Re: Paid off all CC's today!
« Reply #7 on: January 08, 2015, 04:58:09 PM »
Congrats!

MandalayVA

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Re: Paid off all CC's today!
« Reply #8 on: January 08, 2015, 05:18:45 PM »

ltt

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Re: Paid off all CC's today!
« Reply #9 on: January 08, 2015, 05:23:34 PM »
Congratulations on paying off your credit cards!  It's such a relief when no money is owed!!

Static Void

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Re: Paid off all CC's today!
« Reply #10 on: January 08, 2015, 05:48:30 PM »
(Y) Thumbs Up!
Rest In Peace, CC balance.

JLee

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Re: Paid off all CC's today!
« Reply #11 on: January 08, 2015, 07:26:10 PM »
Really the only one that was carrying a balance was $4k at 0% for the next 13 months or so (I had $6300 in concrete work done at my house a few months ago), but it still feels good to wipe out everything at once. ..

Terrific!

Now don't make the mistake of cancelling those cards.  You've shown that you've got what it takes to handle having them.  And keeping the accounts open can help you in many, many ways (starting with boosting your credit score, and then going on to giving you emergency access to funds, making it easy to rent cars or book hotel rooms, making it unnecessary to carry a big wad of cash, etc., etc., etc.)

Just remember; YOU are the boss and not the cards.

Is there a point where there's too much outstanding / available credit?

I love my cards, though - I picked up the last one at 0% for 15 months so I could get this concrete work right away (needed additional parking for my roommates, which are paying my mortgage and then some :P). I don't generally carry CC debt but it is still SO nice to clear it out :D

Next up, see how much money I can not spend, while max'ing my ESP..maybe even do an IRA max this year too!

bigalsmith101

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Re: Paid off all CC's today!
« Reply #12 on: January 08, 2015, 07:52:16 PM »
Quote
I also need to start training for my Inca Trail hike (which starts in a few months)

The hike is not that bad. Actually pretty straight forward. More of just some walking for 4 days straight. You'll be fine.

How did you find the altitude?
I did Kilimanjaro a couple years ago and felt pretty rough on summit day, but that's above 5000m and Inca Trail doesn't go that high. Hoping I'll be ok. Slow and steady

I'm not sure about the OP or anyone else for that matter, but the altitude is the major player for the trek. It's highest point is about 4200m. 4 days, about 26 miles. The companion trek, the Salkantay Trek, reaches 4600m and is 5 days, 42 miles. (Depending on route, trek, and who you ask).

Breathing is definitely something to get used to at that altitude, and I always recommend to friends/others that spending the night (or two) in Cusco prior to the trek is always a good idea. Prior to my first time hiking I had spent a week in Cusco at 3400m. The second time was shortly after living for 45days over 2500m. Slow going is the name of the game.

Static Void

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Re: Paid off all CC's today!
« Reply #13 on: January 10, 2015, 01:29:22 PM »
Is there a point where there's too much outstanding / available credit?

According to Mint my credit score is superb. My only "ding" is, "Not enough open lines of credit." I have a mortgage & 2 credit cards, only one that I use. It suggests having 6 to 10? Ha! No way.

But it seems like lots of available credit is good for the score. Just don't use it.

bigalsmith101

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Re: Paid off all CC's today!
« Reply #14 on: January 11, 2015, 07:06:33 PM »
Is there a point where there's too much outstanding / available credit?

According to Mint my credit score is superb. My only "ding" is, "Not enough open lines of credit." I have a mortgage & 2 credit cards, only one that I use. It suggests having 6 to 10? Ha! No way.

But it seems like lots of available credit is good for the score. Just don't use it.

There is something to be said about lines of credit. It's not necessary to use the accounts you open, but to simply have that line of credit available to you. For example, I have multiple lines of credit, both through my bank 2,  and via credit agencies 8. One was opened to purchase my laptop with 0% financing. One at Macy's during my wedding planning for awesome deals. 2 for travel rewards (50k air miles each). One for 5% cash back on fuel. One for rewards at REI. One when I was 18 at my bank, etc. I have an outstanding balance on only one of them, at 0% financing. Upon opening further lines of credit, my credit score increased from 715 to 760. My score is weakened by the average length of time each accounts been open.