So now let me explain the remaining $399 that’s shown on the account. Part of this mission is to improve my overall financial health. This includes my credit report, my credit score, savings, investments, debt to equity ratio, etc. Since I do have a regular income now and I’ve established that my credit score was low, I decided to activate my credit card thats been sitting on my nightstand for the past couple months. I wanted to do this to pay for things like gas, food, and other everyday essentials, as a way to rebuild my credit. To my surprise I wasn’t able to activate the card and found out last week that Bank of America had closed the account in August. This is bad for a number of reasons. For one, now it is reflected on my credit report which basically means that I’m not credit worthy. Also, it will stay on my report for the next 7 years, and since it was closed in August, Bank of America claims they can’t reopen the account after 90 days. This pissed me off because I was making so much progress paying it down so with the remaining $399 I decided I would ditch BofA and apply for another credit card. So that’s exactly what I did. I applied for a Discover it card because of the strong rewards system and transfered the remaining balance from the BofA. So technically the BofA is 100% paid off and once the balance transfer clears I will be able to pay off Discover as well.
My Discover came in last week…
and this is all that remains of my BofA…
Now I know some of you may be wondering why I’m even getting another credit card in the first place. You probably think I’m just setting myself up for failure. I have to admit, it is a bit of a risk, but there’s no risk without reward. I’ll explain in greater detail in a future post. In the meantime…#KillSallie
So it’s been awhile since last posted so I’ve got plenty to update you on.
For the duration of my job search I was working a few side jobs here and there. Although I didn’t have a full time job, I was able to keep myself fairly busy. I never really had a set schedule and could never predict how my weeks would turn out. I had become used to this way of life. It was flexible, sporadic, and it kept me on my toes. I could work a handful of jobs without fully committing to any one of them. A little money here, a little money there, every week felt like a hustle and I enjoyed the rush. But some weeks were dead. These weeks I wouldn’t work at all and when you don’t work, you don’t earn. These were the weeks that I regretted my unemployment. It was frustrating seeing the money that I had hustled for the week before slowly drain with every passing day.
Now, 4 weeks into my new job I have finally begun to settle down. I have regular hours and more importantly, a regular paycheck. I can plan things around my work schedule where as before, I never knew my work schedule, making it difficult to plan anything. And since the money coming is coming in consistently too, I can now execute a more effective plan to ‘KillSallie.’
In one of my earlier posts (read: Destroy and rebuild it) I wrote about a having to eliminate all of my consumer debt prior to tackling my student loans. This was always a top priority for me because my credit card debt had higher interest rates than all of my loans and once I paid that off I knew I could focus all my efforts on my student loans. Well my fellow debtors, I have succeeded. Both my BillMeLater and my credit card are officially paid off!
*screenshot from my Mint.com dashboard
That’s about $1400 in credit card debt that I’ve been able to pay off since October when I first posted about it (read: My credit confession).
So although I’ve neglected the blog, I have NOT neglected the mission. #KillSallie
p.s. I will explain the $399 balance in another update coming soon….
After a phone interview, a 3 hour in-person interview, a search for references, and a personality test, I finally got it. I, Dexter Ferguson, 7 months post graduation, have finally landed a job. This is definitely an early Christmas present for me and I couldn’t be happier. You wanna know what the best thing about it is? This job is actually a better fit than the other one I recently got rejected by (see post: the waiting game). It’s closer, I get to do a wider variety of work, and it actually pays a little bit more. So it seems everything does in fact happen for a reason and whatever that reason may be, I am thankful it worked out in my favor.
This just happened yesterday so I’m still digesting it, but I’m just happy that I can finally say…the wait is over!
Student loan debt is threatening the economy and the future of this nation. Check out the video above and post your thoughts below?