topic 2010 Credit Card Goals in Credit Cards

2010 Credit Card Goals

Want2BDebtFreeNow — Fri, 01 Jan 2010 20:06:47 GMT

So before the year started I paid all my CC accounts to a nice (well not so nice) even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to pay $14k in principle plus all finance charges that accrue.

All payments for January have already been made and for February I plan on making the minimum payment to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.

I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.

As of January 1st:

Card # 1   $9,250.00
Card # 2   $5,500.00
Card # 3   $4,000.00
Card # 4   $2,700.00
Card # 5   $2,400.00
Card # 6   $1,500.00
Card # 7   $1,250.00
Card # 8   $ 500.00
Debt # 9   $2,400.00 (LOC)

Re: 2010 Credit Card Goals

MarineVietVet — Fri, 01 Jan 2010 23:20:20 GMT

Want2BDebtFreeNow wrote:
So before the year started I paid all my CC accounts to a nice (well not so nice) even $28,000.00. My goal is to reduce that number exactly by half by 12/31/2010. This means my goal will be to pay $14k in principle plus all finance charges that accrue.

All payments for January have already been made and for February I plan on making the minimum payment to be able to take advantage the new law that takes effect in February with any extra payments other than minimum due goes to the highest interest rate. I have two cards that are affected by this.

I am not going to worry about what my fico score is for 2010 as I don't plan on applying for anything.

As of January 1st:

Card # 1   $9,250.00
Card # 2   $5,500.00
Card # 3   $4,000.00
Card # 4   $2,700.00
Card # 5   $2,400.00
Card # 6   $1,500.00
Card # 7   $1,250.00
Card # 8   $ 500.00
Debt # 9   $2,400.00 (LOC)

I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory. :smileyhappy:

All the best to you in 2010.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.

Message Edited by marinevietvet on 01-01-2010 05:20 PM

Re: 2010 Credit Card Goals

Cryostasis — Fri, 01 Jan 2010 22:01:54 GMT

My goal is just to not apply for any more credit cards. I always get suckered in to fancy rewards programs. The PenFed one is really all I need. Gotta let all those inquiries drop off this year.

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sat, 02 Jan 2010 00:42:17 GMT

marinevietvet wrote:
I hope you reach your goals and do even better. I remember having balances like that. It's more like a nightmare than a memory. :smileyhappy:

All the best to you in 2010.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work.
Message Edited by marinevietvet on 01-01-2010 05:20 PM

I agree that its a nightmare. I have no body to blame but myself :-) One month at a time. I will be posting my progress on this thread.

Re: 2010 Credit Card Goals

DI — Sat, 02 Jan 2010 04:25:53 GMT

This is not exactly a credit card goal. But I may xfer my remaining car loan to a credit card. Anyway, my goal is to pay off my remaining $3700 car loan by April. After that, I will save that money for my relocation to S. Florida in August.

Re: 2010 Credit Card Goals

marty56 — Sat, 02 Jan 2010 14:01:06 GMT

A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sat, 02 Jan 2010 14:28:49 GMT

marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.

I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.

Re: 2010 Credit Card Goals

creditwherecreditisdue — Sat, 02 Jan 2010 15:01:16 GMT

Want2BDebtFreeNow wrote:
marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.
I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.

Not that kind of program. A Debt Management Program. (And not a Debt Settlement Program!)

Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers are paying attention to what you're doing!

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sat, 02 Jan 2010 15:37:56 GMT

creditwherecreditisdue wrote:
Want2BDebtFreeNow wrote:
marty56 wrote:
A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.
I have both Quicken and MS Money. The only problem is that they don't take into consideration when you have multiple aprs within one credit card. I am going to take care of those balances first (in feb) and then follow the plan based on APR.
Not that kind of program. A Debt Management Program. (And not a Debt Settlement Program!)

Most of my CC's already have the new payment application provisions in place. Make sure you understand the T&C's for your accounts and avoid making minimum payments while carrying a large debt load. Your issuers are paying attention to what you're doing!

I am going to pay my bills the old fashion way, I charge I pay. I knew the terms and conditions going in. It might take me 4 to 5 months longer to pay, but I will have paid every cent that I owe. In regards to my T&C... At this point I don't care what the credit cards do. If they want to close my accounts because I am paying the minimum then that is up to them. Eventually I will only need 1 or 2 credit cards anyway. About a year ago, the month after I made a $5k to BofA to bring my balance to $0 they closed my account. To me its a lose lose situation with CC companies.

Re: 2010 Credit Card Goals

kyobakes — Sat, 02 Jan 2010 16:00:15 GMT

just keep paying, just keep paying...

Re: 2010 Credit Card Goals

l9ikjam — Sat, 02 Jan 2010 19:40:08 GMT

My goal is the same as last year and that is to continue watching over my credit garden and keeping the Voles, mice and rabbits out(INQ's). I have no INQ'S on TU and EQ but 12 on EX but will be down to 2 in june.

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sat, 02 Jan 2010 19:57:53 GMT

l9ikjam wrote:
My goal is the same as last year and that is to continue watching over my credit garden and keeping the Voles, mice and rabbits out(INQ's). I have no INQ'S on TU and EQ but 12 on EX but will be down to 2 in june.

I don't know what to call mine... I think a tornado passed by and I never replanted. Lets see how this year treats me!

I know I can I know I can I know I can...........

Re: 2010 Credit Card Goals

marty56 — Sat, 02 Jan 2010 21:08:34 GMT

For those seeking to get out of CC debt, a proven way to do so is to use the Debt Snowball approach where you pay minimum payments on all but the card with the minimum balance and pay extra on it till it is PIF. Then you attack the next smallest balance and so on. This method is FICO friendly and as you see each card PIF in turn, you get more momentum to keep going.

If you want to make a major purhcase and have to revolve a balance, a 0% store card is the way to go. If one is not available, set youself a date when you expect it to be PIF and treat it as an installment loan. A good time frame to PIF a major purchase is 6 months to a year that way.

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sun, 14 Feb 2010 03:11:10 GMT

Jan 1st #

Card # 1   $9,250.00
Card # 2   $5,500.00
Card # 3   $4,000.00
Card # 4   $2,700.00
Card # 5   $2,400.00
Card # 6   $1,500.00
Card # 7   $1,250.00
Card # 8   $ 500.00
Debt # 9   $2,400.00 (LOC)
TTL:        $29,500

Current #'s

Card # 1   $9,145.44
Card # 2   $5,445.86
Card # 3   $3,982.51
Card # 4   $2,687.99
Card # 5   $2,925.19
Card # 6   $1,806.65
Card # 7   $1,200.00
Card # 8   $      0.00
Debt # 9   $1,674.81(LOC)
TTL          $28,868.45
Net Decrease: 631.55

Not much progress in the last month, waiting for the new CC law to take effect to start paying more than the minimum on two cc's that have different interest rates.   For some reason score fluctuated from 712 to 668 back up to 700 within 2 weeks. Baby steps.

Re: 2010 Credit Card Goals

PhillyGuy215 — Sun, 14 Feb 2010 05:20:10 GMT

Go go Card #7! @ $1,200 it shouldn't be that tough of a nut to crack.

Trust me... $0.00 is a wonderful number! I live $0 every day :)

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sun, 14 Feb 2010 13:14:52 GMT

PhillyGuy215 wrote:
Go go Card #7! @ $1,200 it shouldn't be that tough of a nut to crack.

Trust me... $0.00 is a wonderful number! I live $0 every day :)

Actually the next card will be debt #9 the LOC - Should be paid off before the end of the month, Credit Card #7 will be clost to last since its the Best Buy Card and it has a 0% interest.

Re: 2010 Credit Card Goals

LilMirth — Sun, 14 Feb 2010 13:21:46 GMT

Then GO, GO, Debt #9, LOC!!! :smileyhappy:

Re: 2010 Credit Card Goals

DI — Sun, 14 Feb 2010 13:39:46 GMT

DI wrote:
This is not exactly a credit card goal. But I may xfer my remaining car loan to a credit card. Anyway, my goal is to pay off my remaining $3700 car loan by April. After that, I will save that money for my relocation to S. Florida in August.

Goal accomplished! Paid off car loan 1/28.

Re: 2010 Credit Card Goals

Want2BDebtFreeNow — Sun, 14 Feb 2010 13:41:46 GMT

DI wrote:
DI wrote:
This is not exactly a credit card goal. But I may xfer my remaining car loan to a credit card. Anyway, my goal is to pay off my remaining $3700 car loan by April. After that, I will save that money for my relocation to S. Florida in August.
Goal accomplished! Paid off car loan 1/28.

Yay! Congrats!

Re: 2010 Credit Card Goals

woopah — Sun, 14 Feb 2010 16:16:39 GMT

Want2BDebtFreeNow wrote:
PhillyGuy215 wrote:
Go go Card #7! @ $1,200 it shouldn't be that tough of a nut to crack.

Trust me... $0.00 is a wonderful number! I live $0 every day :)

Actually the next card will be debt #9 the LOC - Should be paid off before the end of the month, Credit Card #7 will be clost to last since its the Best Buy Card and it has a 0% interest.

I'm guessing that means you're paying off higher interst rates before lower interst rates? That's a great way to go. It's still snowball, but you save yourself money and pay off your debt faster than if you pay the smaller balances with lower interest rates first.

I understand why people recomend that method, as there's a psychological boost when you pay a credit card off, which can help you stay focused on the other debts. But when I had over $28,000 in credit card debt, I snowballed via the higher interest rates first. I paid my debt off faster, and saved myself money.

Good Luck and I feel that when paying off high debt if you stay focused on the fact that the amount owed is getting smaller and smaller, it's not so overwhelming.