imbatman
DIS Veteran
- Joined
- Dec 29, 2017
and set up the credit card to be paid in full tomorrow.
and set up the credit card to be paid in full tomorrow.
Now considering to just pay off my vehicle early. Money would otherwise just go in short term savings, but those goals are met except for home savings (technically that is done, but just increasing it). With cancelling vacations, have 5k in vacation fund in Ally and nowhere to go, and 200k in cc points, waiting for some good use next year! I am watching some various economic rates, speculating if the Ally rate may dip under 1%, will see. Not doing anything with that savings and others right now, so yet another reason looking at the car loan to just knock it out, and may as well save on the interest.
if you've got your emergency fund in place and these are just short term savings that could go to pay of a car note i would do it in a heartbeat. beyond the interest savings the amount you have been paying on your car note will be a nice addition to save/pay off something else with.
Unless it is literally your only installment loan, in which case keep it because it boosts your credit score. Being totally debt free tanks your credit pretty significantly.
This is where we are. No mortgage and our only loan is our car at 0.9%. We are keeping it because it is the only way we can get our credit above 800. Before we got that loan 3 years ago, we couldn't break 800. 3 months after opening it, score went up to 835.
just not our experience. we have no debt (house paid off as well) and nothing that pays on installments (including insurance b/c we pay it annually or bi-annually for a significant discount). the only thing that could report would be the credit union credit card i buy groceries on and immediately turn around and pay (within days) along with the same practice on a couple of other vendor specific cards (costco, amazon...). we've never had a problem with it negatively impacting our score-we are in the exceptional range and remain there.
Yes, emergency savings are in place. Roth done for the year. Nothing much else to consider, unless getting out of Dodge is a necessity, lol. But seriously, back to finances. It's the only installment loan we have, and since there's been a whole lot of time to reflect on finances, I am thinking about it. I did consider credit score impact, sits at 780s for me and 820s for DH typically. I'll see what I'll do, you know, when it's that one thing left on the books.if you've got your emergency fund in place and these are just short term savings that could go to pay of a car note i would do it in a heartbeat. beyond the interest savings the amount you have been paying on your car note will be a nice addition to save/pay off something else with.
Now considering to just pay off my vehicle early. Money would otherwise just go in short term savings, but those goals are met except for home savings (technically that is done, but just increasing it). With cancelling vacations, have 5k in vacation fund in Ally and nowhere to go, and 200k in cc points, waiting for some good use next year! I am watching some various economic rates, speculating if the Ally rate may dip under 1%, will see. Not doing anything with that savings and others right now, so yet another reason looking at the car loan to just knock it out, and may as well save on the interest.
Unless it is literally your only installment loan, in which case keep it because it boosts your credit score. Being totally debt free tanks your credit pretty significantly.
This is where we are. No mortgage and our only loan is our car at 0.9%. We are keeping it because it is the only way we can get our credit above 800. Before we got that loan 3 years ago, we couldn't break 800. 3 months after opening it, score went up to 835.
just not our experience. we have no debt (house paid off as well) and nothing that pays on installments (including insurance b/c we pay it annually or bi-annually for a significant discount). the only thing that could report would be the credit union credit card i buy groceries on and immediately turn around and pay (within days) along with the same practice on a couple of other vendor specific cards (costco, amazon...). we've never had a problem with it negatively impacting our score-we are in the exceptional range and remain there.
Sometimes you need the small wins in order to get to the big wins.Today I paid off my a big medical bill that was still lingering (had $1,500 left on an $8,000 bill) It probably wasn’t the smartest decision to make because I could have used that money to pay off something with interest, but that $270 a month will now be rolled into paying off another card, and I just feel better having that bigger monthly payment out of my life.
Today I paid off my a big medical bill
Okay, I got tired of seeing the $8000 balance on my 0% credit card balance transfer, so I transferred money from my Ally account and set up the credit card to be paid in full tomorrow. Now that my Ally APR is down to 1%, I'm not making as much interest as I had planned on when I opened the account last year. So, might as well knock out that large balance that has just been mentally bothering me.
That also eliminated the $122 minimum payment on that account from my monthly spend.
for anyone still awaiting tax refunds-evidence the irs is working on the backlog dd's return that was filed (paper) in march had the refund (with interest) direct deposit this week!