Chat Thread lame titles. Owning it.

[RollTheQuad06]

I've still got over $15,000 on my student loans. Not in any hurry to pay them off. Though the interest rate is higher than my mortgage so I should probably overpay them more versus overpaying my mortgage. Hm.

 

[El Chupacabra]

You could also adopt, but usually you have to wait five years for a healthy white baby.

Healthy white baby? Five years? What else you got?

 

[dartsndeacs]

Helps your credit, I guess, right? If you wanted to buy a place, reducing your debt load would be a good thing.

I suspect it would actually hurt my credit as it would eliminate a payment history. Like having 0 debt is bad for your credit. Protip: Your credit score actually goes up if you leave a 5% balance on your cards, etc. Do it for a month or two before applying for a loan and profit.

 

[Biff Tannen]

I hereby forgive everyone's college loans. All is forgiven.

 

[TownieDeac]

What was the $$ amount where it started? I find that impressive.

like ~$45k

i consolidated and refinanced when it was down to $20k after the rates went up on one that was unsubsidized, and that lowered the rates quite a bit

also been doubling up my payment when i can

 

[Say Hey Deac]

Like, was Kristy Swanson cool? Did they talk? What did they talk about? Did she eat wings? Was there....flirting between them? Ricky's just like, "this chick used to watch basketball at this bar, then later she wasn't there and it turns out she was in a movie because she's Kristy Swanson." I need more, Foxy. Way more.

 

[dartsndeacs]

like ~$45k

i consolidated and refinanced when it was down to $20k after the rates went up on one that was unsubsidized, and that lowered the rates quite a bit

also been doubling up my payment when i can

So at the peak, what was the min payment like, and what was the doubled up amounts? Cause I started at like $40k and have like $30k left, but I did that 30 year shit and my payment is under $300/mo.

 

[HailToTheDeacons]

I was the anti-palma with student loans. I wanted to pay that shit off as quickly as possible, so I snowballed and made extra payments until the debt was repaid. I hated the idea of paying more interest than I had to (and it would've been a lot on ~$50k).

While paying them off did lower my average credit account age, that's a relatively minor factor in the credit score, right? I was still able to get a historically-low rate on my mortgage (which I am not making extra payments on...yet).

 

[leftcoastdeac]

I suspect it would actually hurt my credit as it would eliminate a payment history. Like having 0 debt is bad for your credit. Protip: Your credit score actually goes up if you leave a 5% balance on your cards, etc. Do it for a month or two before applying for a loan and profit.

Really? I would have guessed that the payment history would persist and you'd see a net benefit from the lower debt-to-income ratio by eliminating the loan. I guess if you're not mortgage shopping maybe DTI doesn't matter as much?

 

[JuiceCrewAllStar]

Really? I would have guessed that the payment history would persist and you'd see a net benefit from the lower debt-to-income ratio by eliminating the loan. I guess if you're not mortgage shopping maybe DTI doesn't matter as much?

Yeah, this is what I thought.

 

[El Chupacabra]

Fucking college man. Fucking money. Not worth it. Someone should start a thread.

 

[tiltdeac]

I suspect it would actually hurt my credit as it would eliminate a payment history. Like having 0 debt is bad for your credit. Protip: Your credit score actually goes up if you leave a 5% balance on your cards, etc. Do it for a month or two before applying for a loan and profit.

Pretty sure that's a myth. You need the charges to get on your credit statement, but I don't think there's any advantage to not paying your balance in full each month.

 

[dartsndeacs]

I was the anti-palma with student loans. I wanted to pay that shit off as quickly as possible, so I snowballed and made extra payments until the debt was repaid. I hated the idea of paying more interest than I had to (and it would've been a lot on ~$50k).

While paying them off did lower my average credit account age, that's a relatively minor factor in the credit score, right? I was still able to get a historically-low rate on my mortgage (which I am not making extra payments on...yet).

But if you put that $$ in the market you'd prolly have an extra $50k in the bank by now.

 

[dartsndeacs]

Pretty sure that's a myth. You need the charges to get on your credit statement, but I don't think there's any advantage to not paying your balance in full each month.

Not a myth, I've tested it extensively getting my credit reports.

 

[dartsndeacs]

Really? I would have guessed that the payment history would persist and you'd see a net benefit from the lower debt-to-income ratio by eliminating the loan. I guess if you're not mortgage shopping maybe DTI doesn't matter as much?

I'm more thinking the average 28 year old without a student loan payment probably doesn't have much more than their car loan on their report and a couple of 100% paid off credit cards, and with the credit cards, since there's no balance ever showing you never show that you actually use it. So what you're doing is not showing enough current debt to show you currently are paying it off.

This one, I'm guessing on. Not guessing on the leaving 5-10% balance thing.

 

[tiltdeac]

Not a myth, I've tested it extensively getting my credit reports.

Quick internet search confirms it's definitely a myth

 

[TownieDeac]

So at the peak, what was the min payment like, and what was the doubled up amounts? Cause I started at like $40k and have like $30k left, but I did that 30 year shit and my payment is under $300/mo.

my max was like 480 before i refinanced

now i think it's down to 300 and i pay either 5 or 600 a month depending on our finances

luckily the rent in hershey was like $400 and that was my first 4 years out of school, it was tough making the minimum payments while i was on like a $24k salary fresh out of school

 

[ImTheCaptain]

Not a myth, I've tested it extensively getting my credit reports.

so you have extensively acquired large loans paid on them for a period of time and then paid them off and then other times got loans and didn't pay them off while periodically getting credit reports and noted marked differences in your credit score. Somehow over a <5-8 time period.

 

[BarcaDeac]

Like, was Kristy Swanson cool? Did they talk? What did they talk about? Did she eat wings? Was there....flirting between them? Ricky's just like, "this chick used to watch basketball at this bar, then later she wasn't there and it turns out she was in a movie because she's Kristy Swanson." I need more, Foxy. Way more.

wat thread is this

 

[dartsndeacs]

Quick internet search confirms it's definitely a myth

so you have extensively acquired large loans paid on them for a period of time and then paid them off and then other times got loans and didn't pay them off while periodically getting credit reports and noted marked differences in your credit score. Somehow over a <5-8 time period.

No, I tested say leaving $1k unpaid on a credit card one month, getting my score, then paying it off, and re-getting my score, quite a few times.

It certainly worked for me, I did it right before getting my last car. I jumped 30 points usually. I cannot say if it works for everyone in every situation, but its certainly something one should check out and test as you're talking about a $20 interest charge one month to find out.