Dave's Baby Steps: Which are you on and is it working?

[JoyJoy]

Re: Dave's Baby Steps: Which are you on and is it working?

I have never seen authentic, standalone FICO scores for free. The credit bureaus trick you into thinking you're getting a FICO, but usually you're getting their own version of the score. You can get a free estimate of your FICO score at http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29.

Thanks vsjhoc! I did the free Fico Simulator and it was just as accurate as the scores I obtained earlier this year! Pretty much depends on the number of credit cards one has and how much utilization there is on them. I bookmarked this simulator as it's good enough for me!

I understand FICO has been used for several years to determine's one's credit score so it's really nothing new. I believe it is just a way to make more money from the public at large. Either you are paying your bills or not, have too many credit cards, have filed bankruptcy, etc. and each one of us knows that before we even look at our credit scores. This simulator gives us an idea of what our score is and that's really all we need to know for FREE!

Thanks again!

[TinyFish]

Re: Dave's Baby Steps: Which are you on and is it working?

Hmmm. I'm not on Dave's plan, but I guess by his measurements I've got steps 1, 3, and 4 done and good progress on 2. I'm guessing here that fully funding your retirement stuff every year counts as 'done' even though one is continually doing it?

Oh and good progress on step 2, no 'bad' debt, though the king of debt free might quibble about our student loans. He will just have to live with that.

House is being paid off at the normal rate.

Oh and I don't have kids, so I get to skip step 5, right??? I love it when I get to skip a step!

-TinyFish.

[LuxLiving]

Re: Dave's Baby Steps: Which are you on and is it working?

We are finally on the downside of step six with 24,000 to go on mortgage and my kids will pay for their own schooling if they want it. Although I've never read a Dave Ramsey book nor listened to him on the radio. I think I've probably read an article or two of his.

On step 7 we have always done our giving thru the tithe.

Actually the money to pay the mortgage is in the MM right now, but I can't convince The Hubster to release it! Financially we'd be better off if we did as the MM in only earning 4.57 and our interest on the mtg. is 6.75, so we are losing there! I keep talking and trying to persuade!! Fortunately it's not a significant loss but I don't like to waste any of our dollars!

That money in the bank makes him feel comfortable so I'm living w/i for now but scraping elsewhere like a madwoman to get out from underneath it! I hate giving the mtg company our money!! I'm glad they financed us, but I'm tired of owing them!

I've just about convinced him to at least let me take the interest the MM earns every month and include it as extra principal payment! Soon maybe!! A years worth of those extras would cut a couple of years off the remaining.

[LuxLiving]

Re: Dave's Baby Steps: Which are you on and is it working?

If you're not looking to buy a home or car in the near future, then your credit score isn't really important (so I've been told).

I get all 3 of my credit scores at MyFico.com; that's Equifax, Experian and Transunion.

JoyJoy - I think that USED TO BE true, but isn't anymore. Nowdays potential employers even look at your credit score and Insurance agencies check it to see what rate you'll get. Bad score = higher rates! It means more than it used to!

[HelpMeFriend]

I have started re reading the book.

I read the book, and even had the first step done, then I faltered. I guess I'll have to think up a new strategy.