I finally checked my credit score. It’s 789! I feel like I just did awesome on my SAT’s!! (Yeah, for you younger readers, the highest score on the SAT’s back in the 90’s was 800.) ok, I know that the highest credit score is 850 but I’m still very much in the “excellent” range. Yay!
#2. Import Sallie Mae loan accounts into Mint.com.
Task #2 was pretty darn easy. I actually did it over a week ago and it didn’t seem worthy of an entire blog post. So it seemed it was just a matter of making sure the Mint.com servers were communicating properly with the Sallie Mae servers. I mentioned in my last post how scary it is that the interest on the Sallie Mae loans compounds DAILY. That means if I refresh my Mint app every day (sounds refreshing, Mint, refresh, you know? ahaha) I can actually see the numbers going up each day. Sobering motivation right there!
Now that I’ve knocked down two tasks, I figured it’s time to add two more. I’m trying to constantly have a list of 3 tasks to do, to keep things rolling.
Task #4. Look into the online refund for those dumb running shoes I bought and returned, but haven’t gotten refunded for yet. It was a stupid mistake, but I learned my lesson. For some reason I thought it was a great deal to buy a pair of those Hoka One One’s to try out and instead of physically trying them on at a store, I found them on super sale online. Dumb ass. Having worked in running shoe stores and fit many people with shoes over the years, this was super dumb. I know.
Task #5. Sell the Keurig machine. I used to drink more coffee, like one or two cups a day. From the Keurig. It took up too much countertop space and also the K-cups are super expensive, even if you do stockpile the 20% off coupons from Bed Bath & Beyond. So I moved onto a mini Mr. Coffee maker, but because it’s sketchy how much coffee it actually makes, I was then probably drinking at least 2 or 3 cups a day. I’ve decided to cut way, way back since then, only consuming one cup maybe every other day. The Keurig has not been used in a while, not to mention how ridiculously expensive it is to buy the K-cups…even when you have a stash of 20% off Bed Bath &Beyond coupons that never expire.
#1. Update the student loan numbers. I’d like to have updated totals on my current balances as of this week (the birth of the Great Bacon Payoff), and dig up what the original loan amounts were to see how much progress I’ve actually made in the last 7 years. Depressing or not, let’s get a reality check!
So I did actually jump on this a couple weeks ago, and realized quickly and sadly that the interest on my student loans compounds DAILY. Freaky! So depending on which day it was, the principal balance grew a little bit more each day. BOO HISS!
As it turns out, I don’t think I have all the original original balances. I finished my undergrad degree in 2003 and my master’s degree in 2006. Somewhere along the way after that, the repayment interest rates or consolidation rates or whatever supposedly hit “historical lows” and so I consolidated. This means unless I do some hard-core digging into paperwork… that is in my childhood bedroom at the parents’ house… which is across the country… the best I can do is give you one of the original loan amounts and the rest are what the original balances were at the time of consolidation.
Here they are, THE ORIGINAL AMOUNTS:
1. ACS Federal Perkins Student Loan (undergrad), circa Nov 2003.
$3,500.00 @ 5.000%
2. Sallie Mae Federal + Private Consolidation Loan (undergrad + grad school), circa Jan 2007.
$30,357.76 (fixed subsidized) + $21,722.84 (fixed unsubsidized) =
$52,130.60 @ 4.625%
3. Sallie Mae Private Consolidation Loan (grad school), circa Nov 2006.
$53,422.00 @ 3.250%
GRAND ORIGINAL TOTAL = $109,052.60
Then we get to the current balance, AKA outstanding balance, AKA outstanding principal + unpaid accrued interest (they sure have a lot of ways of saying “this is the ginormous amount of money you still owe, sucker!”).
As of September 5, 2013 (birth of the blog), the current balances were:
1. ACS Loan. $962.42
2. Sallie Mae #1. $53,910.87
3. Sallie Mae #2. $40,153.58
TOTAL CURRENT BALANCE = $95,026.87
Before I got all the numbers down, I was kind of disgruntled, because I thought I’d had “about $95k” in student loans since the beginning of time (AKA since graduating with my master’s) and hadn’t made any headway in 7 years. But now that I have both the estimated original amounts and current balances, I can see that I’ve actually paid off $14,025.73. Whoa! Yay!
I don’t feel quite as bad now, well, slightly less bad as $95k is still ginormous, but less ginormous than $109k. I am looking forward to seeing this nasty $95,026.87 amount start to come down over the upcoming monthly number updates!
Finance Fridays! Here we go!
Just this morning, I posted my final credit card update on the old FUCCD blog, taking it down to zero. ZERO! Yay! Still patting myself on the back for that one! 😀 Now in moving forward, I’m going to cut myself some slack in September and recover from the inevitable debt fatigue that had set in those final months. This month will involve distribution of that hard-earned bonus money–yes, spending some of it on both necessary and not-so-necessary things, but also replenishing the very sad emergency fund (shriveled down to $37) and paying off the smallest student loan I’ve got. I’ll also get this blog off the ground, which is the foundation for helping me organize my thoughts and battle plan against Sallie Mae.
I noticed a lot of PF bloggers will declare monthly goals, although sometimes it seems like they are more like New Year’s resolutions, in that the goals get pushed back and procrastinated on. I think instead of having “goals”, I will call them “tasks.” Mentally, a task is something that I have to do, and if I think of it that way, it should get done more quickly. I also don’t want to get overwhelmed with a huge list of tasks, so I will stick with 3 at a time to focus on and conquer. I won’t have set deadlines, but will be checking in on Finance Fridays (maybe even more frequently) and if I finish one task, it will get replaced with a new one. Maybe I will even start a “task list” tab!
Here are my first 3 tasks!
#1. Update the student loan numbers. I’d like to have updated totals on my current balances as of this week (the birth of the Great Bacon Payoff), and dig up what the original loan amounts were to see how much progress I’ve actually made in the last 7 years. Depressing or not, let’s get a reality check! 😦
#2. Import Sallie Mae loan accounts into Mint.com. I’ve been using the mint.com app since I embarked on Project FUCCD and love it as a budgeting tool. A year ago, I was having trouble importing my Sallie Mae accounts and gave up (although according to Google, it seems like a common glitch that is now resolved). It was already discouraging to have Mint.com reminding me I had over $10k in credit cards and I really didn’t want to see that I also had $95k in student loans even though we all knew it. But now that the credit cards are gone and done, I can put on my big girl panties and am not afraid to face the next enemy!
#3. Get an updated credit score and credit report. Yowch. I don’t actually know what my credit score is and the last time I checked was back in early 2011. I was even dumb enough to sign up for one of those bullsh*t websites where they automatically deducted $14.95 from your account each month so they could “monitor” your credit. I’ve procrastinated on getting my shiny new credit score until I paid off my credit cards off. I know, excuses, excuses. Let’s just get ‘er done!
Ok. Stepping stones for The Payoff Plan have been set! What do you guys think of calling them “tasks” vs. “goals” vs. “resolutions”? And where’s a legit place to get a free credit score and/or credit report?