2010 Credit Card Goals

[Anonymous]

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.

[Want2BDebtFreeNow]

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@Anonymous 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.

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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...........

[marty56]

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.

[Want2BDebtFreeNow]

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

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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.

[Anonymous]

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

[Want2BDebtFreeNow]

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@Anonymous wrote:

@Anonymous 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

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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.

[Anonymous]

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

[DI]

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@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.  

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Goal accomplished!  Paid off car loan 1/28. 

[Want2BDebtFreeNow]

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@DI wrote:

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@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.  

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Goal accomplished!  Paid off car loan 1/28. 

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Yay! Congrats!

[Anonymous]

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@Want2BDebtFreeNow wrote:

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@Anonymous wrote:

@Anonymous 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

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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.

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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.