I am debt free! - Ford Transit USA Forum
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post #1 of 27 (permalink) Old 09-14-2015, 10:27:PM Thread Starter
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I am debt free!

I bought my new 2015 T150 last Friday after banking hours. Based upon my 859 credit score they let me take it home for the weekend, without any down payment, with my promise to return Monday with a cashiers check for the full amount. Which is what I did first thing today.

Then I went over to Bank of America with my October 2015 mortgage statement and told them I wanted to pay it off. You would not believe that NO ONE there knew how. It took several of them 1-1/2 hours on the phone learning how and got me the payoff amount. I questioned why the payment was slightly higher than the principal due on the statement. She reeled off a total of $65 in fees for different county, state and federal government agencies.

So I went back to my other bank and got another cashier check and went back to B of A. While I was gone a cashier who knew the procedure had come on shift and she took care of me. This is REALLY weird. She and two managers counted $100 bills on a machine and took a cash amount equal to the check amount, bundled it all together and put it in a cardboard box. Then I was given a receipt and my October statement stamped Paid in Full. B of A say they will refund my escrow account amount.

So @ 74 for the first time in my life I own my own home and am debt free.

Greg Hayden
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post #2 of 27 (permalink) Old 09-14-2015, 11:19:PM
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Congratulations! It is a good feeling.

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post #3 of 27 (permalink) Old 09-15-2015, 12:03:AM
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Originally Posted by greg-92083 View Post
I bought my new 2015 T150 last Friday after banking hours. Based upon my 859 credit score they let me take it home for the weekend
Greg Hayden
That's great! Of course, now that you're debt free,...your credit score should drop below 700 quite quickly. No credit,...no score.

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post #4 of 27 (permalink) Old 09-15-2015, 03:41:AM Thread Starter
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re: Congratulations! It is a good feeling.

Yes, it is, thanx,
Greg
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post #5 of 27 (permalink) Old 09-15-2015, 04:17:PM
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That's great! Of course, now that you're debt free,...your credit score should drop below 700 quite quickly. No credit,...no score.
Debt free != no credit


After way too many years I finally paid off the last large chunk of my student loans a few years ago. They were the only 'debt' that I had out there. At that point my credit score started going UP from low 600s. About a year later I was approved and rec'd first credit card in a long time with score now in low 700s. Hadn't been doing anything different from before paying off the student loans. Checked recently, credit score still climbing, and without carrying any debt on the CC.
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post #6 of 27 (permalink) Old 09-15-2015, 04:52:PM
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Debt free != no credit


After way too many years I finally paid off the last large chunk of my student loans a few years ago. They were the only 'debt' that I had out there. At that point my credit score started going UP from low 600s. About a year later I was approved and rec'd first credit card in a long time with score now in low 700s. Hadn't been doing anything different from before paying off the student loans. Checked recently, credit score still climbing, and without carrying any debt on the CC.
Wow,...you're one lucky guy. For the rest of America,...cancel a credit card, score drops,...apply for a loan, score drops,...pay off a loan, score stays about the same,...carry zero balance, score goes down.

Want an 858 like Greg above,...pay 15 monthly payments per year on a mortgage,...carry an average of 2-5% debt on a CC,...have an auto loan, but pay 15 monthly payments per year,...read Suze Orman books.

I have 6 years college without any loans,...so I'm unaware of the "Credit Bureau's" tactics for those who pay off student loans,...but I'd imagine it must be devious in some way,...as in perhaps to sucker school loan folks into more debt.

Don't mind me,...I have nothing but contempt for the Credit Bureau's, and I despise banks. Local Credit Unions are my cup of tea.

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post #7 of 27 (permalink) Old 09-15-2015, 11:43:PM Thread Starter
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In 2009 the Fed changed the mortgage rules so banks had to send a clear easy to understand monthly mortgage statement instead of once a year around Christmas time. The old forms had the same information but it was scattered around on different pages and just a few words in the midst of pages full of dense boiler plate. You had to KNOW where to look

December 2009 I got my first new form and the first thing I noticed, because they were a line above each other, was that my principal repayment was 1/2 that of the interest. So beginning with the January 2010 payment I included an additional $1,000 for principal repayment. I did it for ten months $10,000 and reversed those two numbers the principal repayment was twice that of the interest. I have watched those two numbers race apart from each other since. The ratio changed every month and principal repayment this 1/2 year rose from 3.5 to 3.8 times interest paid.

Despite the mortgage had thirteen years and eight months to run my interest payment this half of a year dropped from $200-$150 about ten bucks a month. Principle repayment got down to an amount I could handle without making too big a dent in my savings account, so I paid it off.

Greg Hayden
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post #8 of 27 (permalink) Old 03-29-2016, 06:55:AM
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oh wow! congratulations Greg.. you've worked hard!
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post #9 of 27 (permalink) Old 03-29-2016, 10:22:AM
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If you do not borrow money, the credit rating is not important.
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post #10 of 27 (permalink) Old 03-29-2016, 05:09:PM
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If you want a checking account or insurance they are checking credit nowadays. Plus cell phone accounts, dish/cable and other services check credit where you aren't borrowing money. Apartments or home rentals as well as renting equipment with credit cards requires credit too.

A good credit rating comes with responsible living and is indeed important.
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