X - Thank you, sir.
So what do you mean by 2.9? Do you mean by refinancing your house at 2.9, then reinvesting the money for a higher return, elsewhere? Curious as to what you're doing...
Dan - Very cool. If you do your 20 or 40, retirement will all be taken care of. That's outstanding!
Look forward to hearing how all of this works out!
My story started with a 500 credit score. I was able to pull it up by getting a secured credit card, paying it (completely) off every month, then after six months, I applied and was accepted to get an unsecured card. I did this for another six months and then applied for more credit cards. I had five credit cards in rotation, would pay each off as I would receive statements, and I would use each card at least once every six months. Within a few short years, this procedure got my credit rating to a 750.
I bought a house right after that and paid it off in just 4.5 years.
I was clean and clear of all debt and my credit rating was in the 800's.
Then, I bought a truck and motorcycle. That cost me about 100k, and is now down to $85,115. I am also into some serious debt with my parents who bailed me out of a bad decision to chase a girl. I owe them approximately $15k. That makes my total debt owed about $100k.
To make matters worse, because I have 8 hard credit inquiries. My score went plummeting from the 800's to mid-700's. You can see this as it happened literally overnight...
Also, quick tip: creditkarma will give you an actual free credit score without filling your inbox with a bunch of crap, and you don't have to pay for it. Ever. Highly recommended.
Anyway, so I need desperately to get this paid off. My parents getting paid off is my first priority. Then, I will tackle my truck and motorcycle at the same time. I will share my story with all of you as I hack and slash my way through all of this debt.