Wow! Sitting down with these numbers is both empowering and depressing. LOL! I mean the massive amount of debt that I have taken on between school, cars, and business expenses, it's amazing! I use this blog for motivation and accountability so an important part of that is transparency. In this post, I will break down all of my debt, investments, and bank balances so I can use it as my baseline for progress throughout the year. Well, without further ado, here we go...
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Ok, so now we know what's on our credit and our credit score. Let's clean it up a little! I want to start with collection accounts since they are the most detrimental to your score. Never pay anyone to do this for you! It is pretty simple and I am going to walk you step by step.
I had to take a quick break from our credit discussion to announce my first student loan debt has been paid in full! I am super excited! I am in the middle of my debt snowball (paying debt down in order from smallest balance to largest). That particular loan started with a balance of $3832. It is now $0! That was my smallest debt, now on to the next! Woohooo!
Welcome to part two of the money talk about credit! I highly recommend reading part one first as this post is meant to be a continuation. So, now that you have pulled your credit report, let's pull our credit score. There are a few different ways to do this. When you go to pull your credit report from the three bureaus, they will ask if you want to purchase your credit score. You do not have to go this route! I will always recommend the free options first. Remember in part one when I said you really have hundreds of reports creditors can use? The same thing goes for credit scores. The scores are calculated in multiple ways so there may be variances between the scores you or a creditor pulls.
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