Wednesday, July 30, 2008

Debt Reduction Calculator

CNN Money has the best debt reduction calculator I've seen thus far. Not only can you enter individual credit card balances, minimums and interest rates, it will tell you in what order is most advantageous for you to pay them off. Beats my spreadsheet any day.

Tuesday, July 29, 2008

403b Disbursments Are Fun!

The check from Vanguard came in record time, was deposited, cleared and has now been used to pay off a large portion of our debt. Huzzah for mortgaging my future!
Now that the 2 worst credit cards are paid off, I've discovered my excellent balance transfer rate with Discover and will be saving a cool grand by transferring the remaining balances to that card at a lower percentage. Just as soon as those payments today clear...

Tuesday, July 8, 2008

Citi Will Pay You Money for Reducing Your Credit Score

I just got this via email from Citibank:

Paying down your balance is closer than you think.

Earn up to $550 just for paying more than the minimum on time.

Lowering your balance makes good financial sense – and the Citi Payment Partner Program can help you achieve it. Call 1-800-961-4839 to enroll now, and Citi will reward you with a 20% statement credit on the amount you pay over the minimum due on time.

  • Get rewarded with a statement credit for paying more than the minimum on time within the next 4 months.
  • Save money through reduced interest charges and no late fees.
  • Build good credit by reducing your balance and paying on time.
Here’s how it works:

  • Earnings will be credited to your account within 3 billing cycles after the offer period ends.
  • Your account will be suspended until your statement credit is posted.
  • Upon receiving your statement credit, your credit line will decrease by the total amount paid over the minimum, plus your statement credit.
So basically, credit card companies are giving you free money to reduce your credit limit. Unfortunately, this does not really help your credit score (unless you don't pay on time now) because your debt to income ratio and available credit ratio just went down. you want to be sure to have a respectable amount of available credit (not used) on your credit report and lowering your credit line reduces your amount of available credit. Not to mention that it in all likelihood shows on your CR as the lender reducing your credit line, rather than it being at your request - another ding.
How does this improve my credit rating again?

Wednesday, July 2, 2008

Do you hear that?

I'd forgotten the joys of a new washer, specifically quiet efficiency. The new washer is in the spin cycle right now and I can barely hear it. A significant improvement from the loud swishing and banging of the old one.

Other than the fact that they told me between 10 and 4 for the delivery and showed up at 4, meaning I was working from home all day when I could have just come home early, the install was quick and painless and I'm really pleased. Now I'll just see how long the enjoyment lasts.