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Payday Progress

April 28th, 2014 at 02:15 pm

My parents are paid in full! Hurray!

I also put back $200 for the next car payment. I will give him $500 next week.

We were denied from the snobby bank for the 2% HELOC. Our credit score was good, but they said we didnt have enough credit history established because we have paid back all our loans too quickly. *eye roll*

Well I am sorry I dont like being in debt...

They offered to refinance my house though? I was like, heck no. If you wont give me a loan for a couple thousand there is no way I am going to give you my business for our mortgage.

I walked right into the other nicer bank, and told our loan officer I wanted a LOC and he said, how much?

They are much nicer to work with, I should have went there in the first place. He approved me on the spot. There is a price to pay though. The interest rate is 6.5%. But its just a LOC not a HELOC so Im not taking away from my equity. And with the small amount we are borrowing, really its only a couple extra dollars a month.

I HATE taking out a loan. But I am also excited to get some much needed projects done on the house.

School is almost done, and then I will start drumming up some freelance jobs to help keep working on our goals. We have been on a stand still for a while now.

Posted in 2014 Goals | 3 Comments »

3 Responses to “Payday Progress”

  1. creditcardfree Says:
    April 28th, 2014 at 03:28 pm 1398698887
    1398698887

    Your new loan will likely assist in future credit availability and lower rates once that is paid off. Maybe they just knew they wouldn't make any money off you! Smile

  2. FrugalTexan75 Says:
    April 29th, 2014 at 12:27 am 1398731276
    1398731276

    Congrats on paying off your parents!

  3. snafu Says:
    April 29th, 2014 at 03:44 am 1398743060
    1398743060

    Terrific to have paid of loan to parents. The LOC will likely help boost your FICO score as the different types of credit play a role in FICO scores. If you use two CCs, alternatively, paying the balance after billing date but by it's due date so as to avoid interest, it escalates your score. A score over 800 gives you the lowest rate and best terms. Lack of credit experience will thwart you and charge the highest interest and worst terms.

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