Friday, February 24, 2012

Repairing Credit

My credit score is not great, and it's been interfering with my ability to do things like having a joint checking account with my husband. Usually not having an account at a local bank is only mildly inconvenient; all three of my jobs require direct deposit, and on the rare occasion I get a physical check, I can just mail it to my bank, which is based on New York. At least I have a checking account.

Nevertheless, old debts have been popping up, and I've been slowly taking care of them, as well as paying off credit cards - or paying off much more than minimum balances. I have two ongoing automatic payments for old debts that equal $450 a month, and which will be paid off by (I think) November.

A few weeks ago I was contacted about a fairly small debt, which I was able to pay off over the course of two days. (I was expecting a paycheck the next day, so I made an intial payment for half the balance immediately, and authorized payment for the remaining balance for the next day.) Around the same time I got a notice in the mail regarding an overdrawn Bank of America account from several years ago, and which included several payment options, including one that would include a 20% discount. I had about six weeks to take advantage of one of these payment options, and because I got a nice-sized (for me) paycheck from the school district where I had worked as an assistant teacher until last month, I was able to pay off that account completely this morning.

While of course I wish I had this money to squirrel away or pass on to Ed for household expenses, it's a really nice feeling being able to get these things taken care of without any help. I hope I can continue to teach this summer so the amount of help I might need from Ed will be minimized. There's something about being financially independent that boosts the confidence.


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