I just bought a new notebook to start keeping track of where my money goes. I am also ordering my credit reports from the 3 Credit reporting companies to see what is on there and figure out how to go about paying them off, but i am a little leary about paying them off after hearing that they will reappear on my credit report for another 7 years. I want to wipe the slate clean and start over and try and rebuild the credit that i destroyed in my young and stupid years.
I didn’t know that paying only the minimum had the effect of labeling and placing you in that specific category. (ie.. nonpayment, minimum paid, paid over minimum) Thanks for the info.
I am still learning from everyone here but wanted to welcome you! Hope you get the help you need here! I talked to a morgtage lender the other day and he said to just pay the minumum on my credit cards to get my points up to buy a house. I think he is wrong.
You will probably get this some response from numerous members but if you are serious about getting out of debt, you have to know where your money is going. I would love to tell you there is some magical way to instantly get this info but I’m afraid it all boils down to good ol’ hard work. Get out a notebook and track every penny you spend for at least 1 month. Then, compose a budget and stick to it. It won’t be perfect the 1st time but by continually tweaking the process you will eventually be able to set up a really tight budget and will have a good handle on your spending habits. Sounds very simplistic but many people (self included) in this group will tell you to start with this process. Hope that helps