Hello!
We’re looking for some help on planning our next steps with my wife. We got married last year and accumulated a lot of debt (mostly from my end). I talked to my wife about living way under our means so we can accomplish our goals.
Our goals: We'd like to raise our credit scores (ASAP), get our debt down (ASAP), upgrade one vehicle for something more fuel efficient (6 to 12 months), and purchase a house (1 to 2 years).
A couple of questions:
What is the best plan of attack to do this?
Should we pay off her credit card first (since she is not attached to any of my credit) in order to raise credit score?
How much should we be saving for a first house purchase?
Does it seem realistic to accomplish all of the goals we listed above in the time frames listed.
Income: $6238/month after taxes
Savings: $1000
Monthly Expenses:
Rent - $1250 - Usual for our area (PDX)
Phones - $160 - Will go down to $100 once paid off in 2 months.
Utilities - ~$100
Internet - $50
Entertainment/Technology (HBO, Netflix, Adobe CC, etc.) - $70
Insurance - $220 - High due younger age and past speeding tickets
Food - $400
Gas - $300 - 2x 2004 Infiniti G35, fully paid off, will be upgrading soon
Debt: $12691
Who - Bank - Debt/Credit - Minimum Payment
Mine - Wells Fargo - 473/500 - $25
Mine - Wells Fargo - 2735/2800 - $65
Mine - Capital One - 1403/1500 - $48
Mine - Capital One - 1963/2000 - $66
Mine - Discover - 3255/3300 - $87
Mine - AmEx - 963/1000 - $35
Wife - Wells Fargo 1899/2000 - $74
Credit Scores:
Mine: 564
Wife: 651
Submitted June 20, 2018 at 11:28AM by snowingPDX https://ift.tt/2JPNhQa
