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@smoothjk wrote:
I've actually written them a GW letter already, asking that they remove those baddies. We'll see how that goes. If unsuccessful after a couple tries, I'll probably just ask about the APR reduction. Those two late payments out of 8 years of on-time payments shouldn't be penalized so harshly, IMHO. About 3.3K of the balance is the promotional 1.9% APR, while $6.7K of it is the 24.99%.
I only thought you were a Friends fan because of your username, "Woopah." That's the sound Chandler makes when imitating a whip sound haha.
I would have to disagree with you there Woopah. As your minimum goes down with capital one I would alocate the few dollars towards your BOA. if say your minimum goes from $57 down to $53 I would continue paying the $53 (minimum) on the Cap 1 and reallocate that $4 towards your BOA. I would rather pay 17% on that $4.00 then I would 24.99% on the same money. The thing you should not do is if minimum goes to $53. is take the $4.00 and pocket it. Snowball effect will only work if you maintain the set alloted cash towards your debt ($500 that you said) minimum on cap1 and all the remaining towards BOA. That cap1 ballance will be paid in no time once you get the BOA paid off and realocate the money you were paying towards your BOA to your Capital 1. If at anytime you have extra to throw at it. It is always good. Just keep enough liquid in case of an emergecy. In an extreme emergency you can always charge something but only in an extreme emergency. In a bank account drawing interest even your only makeing maybe 2-3% where your paying out 17 - 25% so any cash laying in a savings account your loss is 15-22% difference.
@Anonymous wrote:
@smoothjk wrote:
I've actually written them a GW letter already, asking that they remove those baddies. We'll see how that goes. If unsuccessful after a couple tries, I'll probably just ask about the APR reduction. Those two late payments out of 8 years of on-time payments shouldn't be penalized so harshly, IMHO. About 3.3K of the balance is the promotional 1.9% APR, while $6.7K of it is the 24.99%.
I only thought you were a Friends fan because of your username, "Woopah." That's the sound Chandler makes when imitating a whip sound haha.
Nope, part of the name comes from the Sims and part is just a variation on a name that I thought sounded interesting. Course this was like a long time ago, and I don't even remember that name.
I've never written a GW letter, so I'm not sure, but if it works and they remove the lates, does that automatically lower your Interest rate? Because if not, you may still need to talk with them about lowering it.
Still agree with paying down BoA and keeping the minimum on Cap1. The other thing is, as you pay on Cap1 your minimum with them should start going down. Don't lower your payment with them as the min goes down though, keep it at $57. That way while you're focusing most of your money on BoA, you can continue to make progress with Cap1 at the same time.