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Credit Score is Up!

December 30th, 2015 at 08:44 pm

It is amazing how so much can change in a year! In the past year we have moved, had a baby, decided to home school the older kids, let go of really crappy family members and decided to really work on our finances. I feel that the certain things we did to heal certain areas of our life really allowed better things to enter our life, whether it be helpful people or opportunities. Not to mention, our credit score went up! I always dread checking our scores because I have been used to it being on the lower end for the longest time/last few years, but this time we apparently upped the score enough to qualify for a mortgage! Not that we are in any position to buy a house right now, but seriously, it feels good and gives us hope that we won't be wasting money renting forever. However, this time will be different than the last time we owned a home. We won't rush in to buying a home and we are planning to find the "forever home" where we can try and pay it off and own it out right by the time we retire. My husband and I are trying to do things differently from most in our family (who will never be out of debt). As of now, once we pay off the only credit card we have, we will pay off the hospital bill and eventually the student loan. However, after the hospital bill, we may save to buy a house so at least we aren't wasting money on rent. Regardless, we are continuing to pay our bills on time. I also paid off 2 insurance premiums so we have 2 less bills to worry about every month for at least 6 months. Our cell phone bill continues to stay within the allotted usage too. So, aside from keeping on track for finances, it's my weight I'd also like to work on because being overweight and having to buy new clothes costs money! Anyway, hooray to an upcoming new year and Happy New Year to everyone!

Posted in Personal Finance | 5 Comments »

5 Responses to “Credit Score is Up!”

  1. snafu Says:
    December 30th, 2015 at 09:20 pm 1451510413
    1451510413

    Great to read such a positive, open thinking assessment of change which is so feared by so many. I hope it ok to mention that many of us have a different viewpoint about rental and homeownership. I don't see rent as 'a waste of money,' so long as it offers what you need and expect of the lease. If you actually run the numbers, most home buyers are just paying interest, taxes, insurance and doing all the maintenance, updating and upgrading their abode. If there is any benefit it's only realized by selling an appreciated dwelling and after paying a long list of fees, taxes, the pittance left goes back into interest on the next home. An hour ago I saw the newscast of flooded homes in Missouri and am so sad for the losses those owners will endure.

    Since your credit score is up, depending on the balance, I hope you've moved the balance of outstanding CC to a 0% interest card without fee. It's important for you to know much interest have you paid in 2015.

  2. turning a new leaf Says:
    December 30th, 2015 at 10:04 pm 1451513076
    1451513076

    Snafu thank you! Your insight is always so awesome. currently we have a 0% interest on the current balance we have been paying off and have paid no interest or fees so far, but it makes me think to transfer it to another card that's 0% just in case we can't make the balance pay off deadline (February)? It also makes me wonder if having another card will up our score since we would have more credit? As for the rent, it bums me out that we paid over 20k last yearFrown Would it be worth it to buy land for a future home on it and to save for kids when they are older even though property tax would have to be paid? Plus, real estate in CA just keeps getting more expensive, whether it be land or homes. My concern is always paying either rent or paying a mortgage like our family members and not being able to pass anything on.

  3. VS_ozgirl Says:
    December 30th, 2015 at 10:32 pm 1451514745
    1451514745

    I think the best benefits of home ownership vs rental is one day it will be paid off so the expense of a roof over your head decreases greatly, and you have control of the property. Good luck with your goals for 2016!

  4. pjmama Says:
    December 31st, 2015 at 03:28 pm 1451575680
    1451575680

    Great news! Looks like your hard work paid off Smile

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