Refund, YAY!

Our credit union paid off our car loans at their respective banks and Wells Fargo sent us a refund of $19.69. Yay! Finally I'm getting something back from a bank.

Saturday, I hadn't yet opened a new businerss checking account at the crsdit union so I hadn't canceled our US Bank accounts yet. I checked our balances onlione and one of our US Bank savings accounts which had nothing in it for a long time, suddenly was overdrawn $4.00. They decided to charge a maintenance fee which they had never charged before. I was so fed up I went right down to the bank right then and closed all our account. Then I realized that I had no business account. And when someone makes a check out to The O'Neal Building Group, you can't just cash it at their bank. You have to deposit it into a bank account for said business. So I had to go down to the credit union and open a new account. Of course it was Saturday so it was busy, but I got it done. Which is good because I got a payment from a customer later that day and another one today.

I have an appointment on Wednesday to give the credit counseling place all my account numbers and get that started. And I have an appointment tomorrow to talk about opening a college savings account for the boy. That's with my insurance agent who also does investments.

Decisions, Decisions

I contacted the credit counseling service through my credit union and found out that they will take all of our credit cards and lower their rates. Our US Bank cards will go to 0% interest, our Chase Cards will go to 2% interest and our Care Credit card will go to 15% interest. Then they will take $237 from us and pay the cards which they say will pay them off in 5 year. Of course we can pay more to pay it off faster if we want. Right now we pay about $370 in separate credit card payments. So it's a decent offer, but we would have to cancel all of our credit cards which will effect our credit scores negatively. Your credit score is better when you have some revolving accounts and gets better the more available credit you have on those account. Of course we'd still have the car loans on our credit getting good marks, but it will drop our scores a little bit. It obviously wouldn't be as bad as a bankruptcy or as bad as doing a debt settlement on my own. That's where you call your credit cards yourself and negotiate a payoff amount that is lower than what you owe. If you have $1000 on a credit card you can offer them $300, they'll say no, so you go up to $$400 and so on until they accept your offer. I read they usually accept as low as 40%. But they will put on your credit report that you did a settlement and the card will be canceled which will hurt your score more. So, I think we'll do it, but it's just one of those things that hard to commit to. But I need to do it soon.

Update

I updated the Debt and the Stuff pages on this blog. I will try to keep them as up to date as possible.

Take That Bank of America!

Our credit Union approved our refinancing of the Truck. The percentage went down to 5.49% and the payment went from $451 a month to $372. Not as drastic a drop as the car but that's because the length of the new loan on the truck is closer to the length of the new loan, where as the Kia got put into a new loan that has another year more than what we had on our old loan. All I care about is that we aren't giving money to the big banks anymore. Soon I'll close our accounts at US Banks and I'm going to tell them exactly why. Because they suck. Yeah, that's what I'll say.

So Monday or Tuesday I should have time to call the credit counseling service and see about that. If that works out we should be in much better shape to get this debt paid off within two years. I have a bunch of work coming up and I'm trying to keep things more organized so I'm not wasting as much money business wise. I need to get some more business cards made and a couple new advertising things and then I'll update my website with new pictures from my last couple jobs.

I sold my old broken iPhone on eBay for $217. That's more than I paid for it new (with a contract). I used a little bit of that money to buy a new hammer, tape measure and couple of finish carpentry tools. Then we were going to go to the Tillamook Cheese Factory today but my unexpected doctor's visit for my eye canceled that. So we got some snacks at the store and are just gonna veg. I'll be working tomorrow to get one job completed and to get a little ahead on another. Then as long as this week goes to plan I will actually have a full weekend off next weekend.