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-   -   WooHoo! I just paid the bike off (http://www.fuelly.com/forums/f22/woohoo-i-just-paid-the-bike-off-13037.html)

Jay2TheRescue 11-03-2010 05:31 AM

WooHoo! I just paid the bike off
 
That's a load off my mind. Now to focus on other things...

theholycow 11-03-2010 05:32 AM

Re: WooHoo! I just paid the bike off
 
Wow, that was quick! Congrats.

Jay2TheRescue 11-03-2010 05:36 AM

Re: WooHoo! I just paid the bike off
 
After some number crunching, it appears my total interest charges are about $125. :)

Jay2TheRescue 11-03-2010 05:38 AM

Re: WooHoo! I just paid the bike off
 
Yeah, I knew I was close, so I just called the lender this morning, and asked what the payoff balance was. $1,288.10, and I had over $2,000 in my savings account, so I just paid it off with my debit card.

Project84 11-04-2010 03:26 AM

Re: WooHoo! I just paid the bike off
 
If they aren't making money off you, they won't help your credit score much!

GasSavers_GasUser 11-04-2010 09:02 AM

Re: WooHoo! I just paid the bike off
 
Quote:

Originally Posted by Project84 (Post 155800)
If they aren't making money off you, they won't help your credit score much!

I always thought that when you paid something off it was good for your credit score? (as opposed to having late payments or worse reported)

Anyway, it is a good feeling to pay something off.

theholycow 11-04-2010 10:34 AM

Re: WooHoo! I just paid the bike off
 
Paying something off early is neither good nor bad.

Paying something off exactly per the original schedule is best. The creditors want to make a profit.

Jay2TheRescue 11-04-2010 11:49 AM

Re: WooHoo! I just paid the bike off
 
If I had paid on the original schedule, I would have paid thousands in interest.

shatto 11-27-2010 02:33 PM

Re: WooHoo! I just paid the bike off
 
Paid it off, eh?
Has it broke yet?;)

All things being equal, credit card companies do want the customer paying interest forever.
I've heard that folks who pay off their bills monthly and carry no balance are frowned upon to the point that they are dropped. I don't know if these are 'free 'cards or they pay a monthly fee. Probably worth finding out what your credit card company likes.

I have an American Express Business card, which is also my Costco membership card. The 4% refund on my daily fill-up at the gas station and the percentage discount on other things I use the card for, everywhere I use it, more than cover the annual fee. The side benefit is that my credit has dramatically improved, having the card.
Might be worth seeing if that plan will work for yourself.

Jay2TheRescue 11-27-2010 07:15 PM

Re: WooHoo! I just paid the bike off
 
I didn't use a credit card, I financed it through the dealer. My credit cards are free with no annual fees though.


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