Credit Score

YNAB has given me the courage to check my credit score. I had been avoiding even looking at it for probably 2 years at least.

It is still not great (676 or 711 depending who is reporting to me) but actually higher than I expected. I look forward to improving it over the year as I pay down my debts.

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  • And the irony is....that by YNABing their way out of debt, many YNABers become increasingly debt-averse as their  score improves and their accounts build up.  The phone calls offering me credit are frequent and annoying now. I sometimes feel like everyone is begging me to borrow money. Go away already! 🙂

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      • Purple Hail
      • ynot?
      • Purple_Hail.2
      • 3 yrs ago
      • 1
      • Reported - view

      HappyDance  the amount of credit pre-approvals I receive regularly in the mail astounds me. I can only imagine what will happen when I improve my score lol

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      • JoeDid
      • Remember: It is To Laugh
      • Purple_rain
      • 3 yrs ago
      • Reported - view

      HappyDance It's easy to opt out of new credit card offers. It can be done online. I did it years ago. I also put freezes on the four major reporting companies, which pretty much seals up my info. My score has risen dramatically since starting YNAB(4) years  ago.

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 3 yrs ago
      • Reported - view

      JoeDid 

      I don't think the registry you refer to has equivalent service in Canada.

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  • My score just dropped 60 points!  All because I did not have an emergency fund in place.  One "late" payment on mortgage is all it took.  Ah well, I worked it up to the low 700s before, I will do so again.  Maybe now the credit calls will stop for a little bit.  :D

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      • Purple Hail
      • ynot?
      • Purple_Hail.2
      • 3 yrs ago
      • 1
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      Keith & Kittery Barrows look at it this way, now you have a goal!

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  • few more "wins" I've realized...

    -cancelled unnecessary balance insurance I had on my Visa card for the past 15 years. one of those things you get sucked into as a kid not knowing what it is, then suddenly if you carry a balance ever on the card you're hit with charges. 

    -looked into my work parking account and saw I was not credited for device deposits when the items were returned (one when we switched from pass cards to transponders and one when I cancelled parking for a year while on mat leave). I'd like those $75 back please. 

    -put a bunch of my bills on autopay on my cashback credit card (to be paid in full immediately after the charge is made each month). why not earn some green?

    -ynab customer service extended my free trial after I noticed ads for a 2 month trial shortly after signing up. I'm def going to purchase after the trial is up, and now I have an extra month to work it into my budget. thanks ynab!

    -signing up for ynab has inspired me to organize other areas of my life such as logging what I eat, grocery shopping/meal planning, scheduling for my family, working out. 

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  • my score went up 8 points since posting this last week. :-)

    I think I'm inspired to start a journal!

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  • Me too! I didn't look for a long time. Now that I am more comfortable with my finances, I follow both my FICO score and Vantage through two of my credit cards that offer the information for free. Interestingly, they are different: the Vantage score actually puts me in a higher category than FICO does. It has improved over the past few years, while the FICO has stayed the same. 

    Using YNAB has not made me debt-averse though. I use my credit cards as much as always; the only difference is that the money is now sitting in my bank account BEFORE it is charged. The charged amounts (which are paid off frequently) are always such a small percentage of the available credit that it must help my overall score.

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  • doctor_who said:
    Using YNAB has not made me debt-averse though. I use my credit cards as much as always; the only difference is that the money is now sitting in my bank account BEFORE it is charged.

     I think we're both on the same page but defining debt-averse slightly differently.  What I mean by debt-averse is exactly what you said above.  I'm only using my cards for convenience or points and not to give myself money I haven't earned yet.  I would define the before it's charged scenario as pretty much the same.

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    • HappyDance Yes, absolutely! This change is huge for me -- the credit card balances no longer make me nervous because I know the money is sitting there to pay them off as often as I like.  I appreciate the many protections that the cards offer. And of course the points.

      (However, with small businesses or farmer's markets, I use cash or debit cards, because I don't want them to get dinged with the transaction fee. )

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      • HappyDance
      • YNABing consistently since 2014
      • HappyDance
      • 3 yrs ago
      • 1
      • Reported - view

      doctor_who 

      Me too.  I use cash or debit for the small transactions and especially when being served by small  locally-owned independent businesses. I know some of them appreciate keeping the entire percentage rather than having VISA or MC siphon off their profits.

      Without the YNAB category method, I would not be able to use credit cards with any confidence at all.

      Like 1
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