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New Contributor
Posts: 73
Registered: ‎10-15-2007
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2010 Credit Card Goals

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)

 

 

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Moderator
Posts: 17,419
Registered: ‎07-14-2009
0

Re: 2010 Credit Card Goals

[ Edited ]

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. Smiley Happy

 

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
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Valued Member
Posts: 50
Registered: ‎08-08-2009
0

Re: 2010 Credit Card Goals

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.
_________________________________________
EQ FICO: 742 - 01.01.2010
EX FICO: 742 - 10.18.2009
TU FICO: 750 - 01.01.2010
New Contributor
Posts: 73
Registered: ‎10-15-2007
0

Re: 2010 Credit Card Goals


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. Smiley Happy

 

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.

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: 2010 Credit Card Goals

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.  
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
0

Re: 2010 Credit Card Goals

A DMP program will reduce or even eliminate your interest rates and save you money and get you out of debt faster.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
New Contributor
Posts: 73
Registered: ‎10-15-2007
0

Re: 2010 Credit Card Goals


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.
As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: 2010 Credit Card Goals


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!

New Contributor
Posts: 73
Registered: ‎10-15-2007
0

Re: 2010 Credit Card Goals


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. 

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
New Contributor
Posts: 59
Registered: ‎04-28-2009
0

Re: 2010 Credit Card Goals

just keep paying, just keep paying...
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