Advice Needed on Paying Off Balances and BT Ideas

[will77]

So I'm just looking for some advice on how to become free of cc debt and pay as little interest as possible. I realize overall it's not a super huge amount and if I buckle down on my budget I can pay it back but as someone that normally PIF it really bothers me I have this debt. Most of the debt is due to unexpected medical bills over the past year, unexpected car repairs, and some transferred debt from college. I'll give you all my lines and current limits so that I can figure out a plan of shifting and paying down debt. I've been paying off most of it and have some savings (about 3k could take out 2k and leave 1k for emergencies) that I could use to pay a portion. My goal is to pay at least $500 on these balances in the next few months. Planning on starting with citi and chase as they expire sooner and have higher utilization. I was thinking of joining NFCU and then applying for their Platinum Visa in the next few months (probably in a few months when my scores improve) and transfering any remaining balances to their card when they have a 0% offer or using a 9 month 0% offer from discover. I'll probably join NFCU anyway as I would like to buy a house at some point in late 2017 early 2018. My Net income 2.7k per month. So my lines are as follows:

Amex Blue $178/10k PIF every month

Discover It 3k/10.5k 0% until April 16 (Should be able to pay a good chunk off before then)

Citi DC 2.5/4.6k 0% expires in Jan

Citi Forward $500/2.6k limit (Former limit was 11k CLD to previous balance of 1.2k then CLI to 2.6k a few months ago)-CLD due to 60 day late last Oct. on Credit Union Card due to there online systems error and credit union not having my updated phone number to inform me that my account wasn't debited for payment. 60 day late is not on my EQ report only negative on my report

Chase Slate 1.8k/3k 0% expires in Jan

Truity Federal Credit Union 0/4.5k (hate them only reason I haven't closed is this is my oldest account)

Chase Southwest Rewards 0/4k PIF opened for southwest rewards and purchases

Kay Jewlers Store Card 0/10k

Amazon Store Card 0/2k

TU 686 EX 685 EQ 710-730 depending on if I look at credit karma or my citicard eq fico

If anyone has BT suggestions or other suggestions let me know. I've looked at personal loans but they are higher aprs then my normal rate would be on CCs. This is Thanks. 

[Anonymous]

3k to pay off by Jan? You got this. Even if you owe $1,000 after January the interest is that bad it's not worth it 3% transfer fee that's for sure

[Anonymous]

You have to forgive the typos I've had a few. The point is if you break up the APR month-by-month you see what you are losing by not paying off the remainder of the balance if it's under thirty bucks or whatever just stick it out.

[will77]

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@Anonymous wrote:
You have to forgive the typos I've had a few. The point is if you break up the APR month-by-month you see what you are losing by not paying off the remainder of the balance if it's under thirty bucks or whatever just stick it out.

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Thanks for the reply. I'm hoping to be able to make $500 payments just trying to plan for in case I'm only able to make $300 payments. Have some upcoming expenses that may take a chunk out such as medical copays and auto insurance. However you're correct a BT fee may not be worth it. That's why I was thinking of NFCU as they don't charge BT fees and I could wait for a promo offer if I still had debt to pay back. This is kind of planning for a just in case scenario. 

[Anonymous]

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@will77 wrote:

So I'm just looking for some advice on how to become free of cc debt and pay as little interest as possible. I realize overall it's not a super huge amount and if I buckle down on my budget I can pay it back but as someone that normally PIF it really bothers me I have this debt. Most of the debt is due to unexpected medical bills over the past year, unexpected car repairs, and some transferred debt from college. I'll give you all my lines and current limits so that I can figure out a plan of shifting and paying down debt. I've been paying off most of it and have some savings (about 3k could take out 2k and leave 1k for emergencies) that I could use to pay a portion. My goal is to pay at least $500 on these balances in the next few months. Planning on starting with citi and chase as they expire sooner and have higher utilization. I was thinking of joining NFCU and then applying for their Platinum Visa in the next few months (probably in a few months when my scores improve) and transfering any remaining balances to their card when they have a 0% offer or using a 9 month 0% offer from discover. I'll probably join NFCU anyway as I would like to buy a house at some point in late 2017 early 2018. My Net income 2.7k per month. So my lines are as follows:

Amex Blue $178/10k PIF every month Ask for apr reductions on this every 60-90 days

Discover It 3k/10.5k 0% until April 16 (Should be able to pay a good chunk off before then)continue to ask for CLIs on this card.

Citi DC 2.5/4.6k 0% expires in Jan pay this off by jan then start to ask for APR reductions

Citi Forward $500/2.6k limit (Former limit was 11k CLD to previous balance of 1.2k then CLI to 2.6k a few months ago)-CLD due to 60 day late last Oct. on Credit Union Card due to there online systems error and credit union not having my updated phone number to inform me that my account wasn't debited for payment. 60 day late is not on my EQ report only negative on my report  May want to consider product changing this card since its rewards have changed, once your scores are up.

Chase Slate 1.8k/3k 0% expires in Jan

Truity Federal Credit Union 0/4.5k (hate them only reason I haven't closed is this is my oldest account) what is the apr and are there BT fees on this (looks like 2%)?  Have you asked them to remove the late payment on this?  Since its almost been a year you may want to reach out.

Chase Southwest Rewards 0/4k PIF opened for southwest rewards and purchases

Kay Jewlers Store Card 0/10k

Amazon Store Card 0/2k

TU 686 EX 685 EQ 710-730 depending on if I look at credit karma or my citicard eq fico

If anyone has BT suggestions or other suggestions let me know. I've looked at personal loans but they are higher aprs then my normal rate would be on CCs. This is Thanks. 

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You could ask for apr reductions on the discover assuming its just BT at 0, not purchases.  I would consider debt shuffling whatever is left on the discover when the 0% is almost up to another with no bt fees, then move it back to the discover at 4.99% for 18 months, and maybe some of the slate (as long as you dont exceed 30% of the discover limit in early december)

Your scores are almost to 700 (remember citi scores go up to 900, and CK is a vantage score so probably slightly under 700 still).  I would not apply for a card right now because it would not come with a good APR or decent limit unless you went to a CU I suppose.

Regardless no reason you couldnt pay this off in time.  Hopefully your discover card purchase apr is not in a promo and u can ask for a reduction.

Remember discover has great calculator for BTs.  Use it!

[will77]

Thanks. 

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@Anonymous wrote:

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Amex Blue $178/10k PIF every month Ask for apr reductions on this every 60-90 days

Discover It 3k/10.5k 0% until April 16 (Should be able to pay a good chunk off before then)continue to ask for CLIs on this card.

Citi DC 2.5/4.6k 0% expires in Jan pay this off by jan then start to ask for APR reductions

Citi Forward $500/2.6k limit (Former limit was 11k CLD to previous balance of 1.2k then CLI to 2.6k a few months ago)-CLD due to 60 day late last Oct. on Credit Union Card due to there online systems error and credit union not having my updated phone number to inform me that my account wasn't debited for payment. 60 day late is not on my EQ report only negative on my report  May want to consider product changing this card since its rewards have changed, once your scores are up.

Chase Slate 1.8k/3k 0% expires in Jan

Truity Federal Credit Union 0/4.5k (hate them only reason I haven't closed is this is my oldest account) what is the apr and are there BT fees on this (looks like 2%)?  Have you asked them to remove the late payment on this?  Since its almost been a year you may want to reach out.

Chase Southwest Rewards 0/4k PIF opened for southwest rewards and purchases

Kay Jewlers Store Card 0/10k

Amazon Store Card 0/2k

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You could ask for apr reductions on the discover assuming its just BT at 0, not purchases.  I would consider debt shuffling whatever is left on the discover when the 0% is almost up to another with no bt fees, then move it back to the discover at 4.99% for 18 months, and maybe some of the slate (as long as you dont exceed 30% of the discover limit in early december)

Your scores are almost to 700 (remember citi scores go up to 900, and CK is a vantage score so probably slightly under 700 still).  I would not apply for a card right now because it would not come with a good APR or decent limit unless you went to a CU I suppose.

Regardless no reason you couldnt pay this off in time.  Hopefully your discover card purchase apr is not in a promo and u can ask for a reduction.

Remember discover has great calculator for BTs.  Use it!

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Yes Discover is all BT. I've never thought that Amex would give me apr reductions. I will call and ask though. Discover has honestly treated me the best of any CC. I will definitely request CLI in the future. I don't really trust Citi and will either PC or just clost the forward account. Regarding the truity credit union card apr is 10% with 3% bt fee. I called them multiple times regarding removing it and they refuse to despite the fact my family has been with them for over 40 years and I've had the CC 9 years. This is why I was thinking about NFCU so I could have a relationship with a better larger CU, and from what I hear they work with lower scores. 

[NRB525]

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@will77 wrote:

Thanks. 

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@Anonymous wrote:

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Amex Blue $178/10k PIF every month Ask for apr reductions on this every 60-90 days

Discover It 3k/10.5k 0% until April 16 (Should be able to pay a good chunk off before then)continue to ask for CLIs on this card.

Citi DC 2.5/4.6k 0% expires in Jan pay this off by jan then start to ask for APR reductions

Citi Forward $500/2.6k limit (Former limit was 11k CLD to previous balance of 1.2k then CLI to 2.6k a few months ago)-CLD due to 60 day late last Oct. on Credit Union Card due to there online systems error and credit union not having my updated phone number to inform me that my account wasn't debited for payment. 60 day late is not on my EQ report only negative on my report  May want to consider product changing this card since its rewards have changed, once your scores are up.

Chase Slate 1.8k/3k 0% expires in Jan

Truity Federal Credit Union 0/4.5k (hate them only reason I haven't closed is this is my oldest account) what is the apr and are there BT fees on this (looks like 2%)?  Have you asked them to remove the late payment on this?  Since its almost been a year you may want to reach out.

Chase Southwest Rewards 0/4k PIF opened for southwest rewards and purchases

Kay Jewlers Store Card 0/10k

Amazon Store Card 0/2k

---

You could ask for apr reductions on the discover assuming its just BT at 0, not purchases.  I would consider debt shuffling whatever is left on the discover when the 0% is almost up to another with no bt fees, then move it back to the discover at 4.99% for 18 months, and maybe some of the slate (as long as you dont exceed 30% of the discover limit in early december)

Your scores are almost to 700 (remember citi scores go up to 900, and CK is a vantage score so probably slightly under 700 still).  I would not apply for a card right now because it would not come with a good APR or decent limit unless you went to a CU I suppose.

Regardless no reason you couldnt pay this off in time.  Hopefully your discover card purchase apr is not in a promo and u can ask for a reduction.

Remember discover has great calculator for BTs.  Use it!

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Yes Discover is all BT. I've never thought that Amex would give me apr reductions. I will call and ask though. Discover has honestly treated me the best of any CC. I will definitely request CLI in the future. I don't really trust Citi and will either PC or just clost the forward account. Regarding the truity credit union card apr is 10% with 3% bt fee. I called them multiple times regarding removing it and they refuse to despite the fact my family has been with them for over 40 years and I've had the CC 9 years. This is why I was thinking about NFCU so I could have a relationship with a better larger CU, and from what I hear they work with lower scores. 

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Since the AMEX is PIF already, and should remain PIF, I'm not sure what the point of asking for APR reduction is, in this near term case. It's fun to do, no doubt, but if you are trying to get the open balances down, not much difference here since they likely will only go to 10% as a floor, and maybe not even that low with your scores. AMEX is not a BT provider.

The 60-day late is kind of tucked away in there, but that is a separate topic all on its own. Citi is not a bad CC at all, they merely react to risk that they see in your account. I got CLD and closed accounts from very high balances on two cards with Citi, but now have 4 other cards with them.They regularly offer 0% APR BT offers with a 3% fee, those offers can go 15 months or more depending on the account. So I would just continue to keep the cards and try to build that relationship. The DC provides you with an easy 2% cash back once you get it to PIF, where it should always be PIF after this is paid down. Here again, the APR reductions are fun, but won't really get you to a super low APR, if it is reduced at all after the 60-day.

Definitely work on paying off the Discover. That may get good BT offers as well.

Don't approach this as "I might be able to do $500", just decide to pay $500 per month and cut back on other areas of your budget to make the funds available. Budgeting is all about priorities.

Good luck!

[will77]

---

You could ask for apr reductions on the discover assuming its just BT at 0, not purchases.  I would consider debt shuffling whatever is left on the discover when the 0% is almost up to another with no bt fees, then move it back to the discover at 4.99% for 18 months, and maybe some of the slate (as long as you dont exceed 30% of the discover limit in early december)

Your scores are almost to 700 (remember citi scores go up to 900, and CK is a vantage score so probably slightly under 700 still).  I would not apply for a card right now because it would not come with a good APR or decent limit unless you went to a CU I suppose.

Regardless no reason you couldnt pay this off in time.  Hopefully your discover card purchase apr is not in a promo and u can ask for a reduction.

Remember discover has great calculator for BTs.  Use it!

---

Yes Discover is all BT. I've never thought that Amex would give me apr reductions. I will call and ask though. Discover has honestly treated me the best of any CC. I will definitely request CLI in the future. I don't really trust Citi and will either PC or just clost the forward account. Regarding the truity credit union card apr is 10% with 3% bt fee. I called them multiple times regarding removing it and they refuse to despite the fact my family has been with them for over 40 years and I've had the CC 9 years. This is why I was thinking about NFCU so I could have a relationship with a better larger CU, and from what I hear they work with lower scores. 

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Since the AMEX is PIF already, and should remain PIF, I'm not sure what the point of asking for APR reduction is, in this near term case. It's fun to do, no doubt, but if you are trying to get the open balances down, not much difference here since they likely will only go to 10% as a floor, and maybe not even that low with your scores. AMEX is not a BT provider.

The 60-day late is kind of tucked away in there, but that is a separate topic all on its own. Citi is not a bad CC at all, they merely react to risk that they see in your account. I got CLD and closed accounts from very high balances on two cards with Citi, but now have 4 other cards with them.They regularly offer 0% APR BT offers with a 3% fee, those offers can go 15 months or more depending on the account. So I would just continue to keep the cards and try to build that relationship. The DC provides you with an easy 2% cash back once you get it to PIF, where it should always be PIF after this is paid down. Here again, the APR reductions are fun, but won't really get you to a super low APR, if it is reduced at all after the 60-day.

Definitely work on paying off the Discover. That may get good BT offers as well.

Don't approach this as "I might be able to do $500", just decide to pay $500 per month and cut back on other areas of your budget to make the funds available. Budgeting is all about priorities.

Good luck!

So which would you pay down first if it was you? I would assume maybe discover as paying that down will likely earn me a BT offer or paying down the Citi DC as it has highest utilization.... I am inspired by seeing how much of your debt you've paid down. Should I use savings to pay this down or just focus on using income and then savings to pay remainder that may be left over?