@Anonymous wrote:Thanks for the input. One card (13k limit) just increased my limit by 2.2k last week without me asking for it. I don't want to increase my limits though, for fear I will use the limit. It seems counter productive to what I'm trying to accomplish.
One credit card is through my Credit Union. The other is through Elan Financial Services with Busey Bank, a small Illinois-based bank.
Lots of good advice here, and as someone who has been in the same situation before I know how frustrating and stressful it can be.
I highlighted the above text in blue to point something out... I understand how you want to avoid temptation, but getting your utilization down would help your credit score, which would in turn help with your goal at the moment, which is to get a break on your interest.
Obviously you don't want to set yourself up for failure, but if you can have the discipline to not spend your available credit (and since you're on here, I suspect you can) you can really help yourself out. I have a very modest life myself and my annual income is less than yours, yet I have several credit cards with $10k+ credit lines - three at $20k - and I'm content to let their balance remain at $0. Are there things I would like to buy? Of course there are, but I know it's not feasible to use my cards to finance those 'wants'. My point in sharing this is to demonstrate that it's not that unusual to have credit lines (or extra limit on a card) that go unused, and it can be helpful... in my case I'm able to let balances report and my utilization is still OK. Having higher credit lines on your cards would help your scores... but only if you don't charge against the new limit.
I understand your predicament on your car as well... it's easy for somebody to suggest getting a cheaper car, but once you're upside-down if you're not careful you'll just get deeper if you try to trade down, and that's the last thing you want to do. (Again, been-there done-that, got the t-shirt...)
Basically you're not as bad off as you think... you're getting by OK and you've recognized that some things need to be tightened up. If I were you, I would concentrate on doing anything possible to raise your credit score (including having your current credit lines increased, if possible) and then I would try to get a card with a 0% promo to transfer at least one of your balances over to. Your current interest rates aren't bad, and as others have mentioned it's unlikely you would get a better rate with a consolidation loan even if you could get approved.
So many people come here asking for help with multiple cards maxed out with APRs of 20%+, but that's not you. While I know things may look bleak right now, I believe with a little time and a set budget you'll start to see things get better. 
I would start out by transferring your balance to another card that provides you with 0% interest for so many months. Take that time to pay down your credit cards. If you can pay it all off then great. Also, are you on autopay for your student loans? They might lower the interest if you do. Furthermore, you need to be on a stricter budget. Living on a frugal budget for the next few years will help you get rid of your debt and by then, you'll have more money to spend on other things. I would start out by trimming some more fat off your bills. See if you could refinance your car at a lower interest rate, find a cheaper cell phone provider, perhaps you can exercise outside instead of paying to use the gym, cheaper Internet bill and also cutting back on entertainment. I would recommend you try a few of these things and add them gradually so it's not as shocking but in the end, you will be debt free if you get on an even more conservative budget! I hope this helps 
I forgot to mention about making an expense diary. That will really help you trim out the extra fat. It will allow you to see where your money is going and how you can save that money and use it towards your debt! I know most of my money goes toward food so maybe you can become a frugal eater as well. A major chunk of my money use to go towards alcohol and eating out which is why eating at home a lot can be an option for you too. Plus you get to learn how to cook and save money at the same time
@UncleB wrote:
@Anonymous wrote:Thanks for the input. One card (13k limit) just increased my limit by 2.2k last week without me asking for it. I don't want to increase my limits though, for fear I will use the limit. It seems counter productive to what I'm trying to accomplish.
One credit card is through my Credit Union. The other is through Elan Financial Services with Busey Bank, a small Illinois-based bank.
Lots of good advice here, and as someone who has been in the same situation before I know how frustrating and stressful it can be.
I highlighted the above text in blue to point something out... I understand how you want to avoid temptation, but getting your utilization down would help your credit score, which would in turn help with your goal at the moment, which is to get a break on your interest.
Obviously you don't want to set yourself up for failure, but if you can have the discipline to not spend your available credit (and since you're on here, I suspect you can) you can really help yourself out. I have a very modest life myself and my annual income is less than yours, yet I have several credit cards with $10k+ credit lines - three at $20k - and I'm content to let their balance remain at $0. Are there things I would like to buy? Of course there are, but I know it's not feasible to use my cards to finance those 'wants'. My point in sharing this is to demonstrate that it's not that unusual to have credit lines (or extra limit on a card) that go unused, and it can be helpful... in my case I'm able to let balances report and my utilization is still OK. Having higher credit lines on your cards would help your scores... but only if you don't charge against the new limit.
I understand your predicament on your car as well... it's easy for somebody to suggest getting a cheaper car, but once you're upside-down if you're not careful you'll just get deeper if you try to trade down, and that's the last thing you want to do. (Again, been-there done-that, got the t-shirt...)
Basically you're not as bad off as you think... you're getting by OK and you've recognized that some things need to be tightened up. If I were you, I would concentrate on doing anything possible to raise your credit score (including having your current credit lines increased, if possible) and then I would try to get a card with a 0% promo to transfer at least one of your balances over to. Your current interest rates aren't bad, and as others have mentioned it's unlikely you would get a better rate with a consolidation loan even if you could get approved.
So many people come here asking for help with multiple cards maxed out with APRs of 20%+, but that's not you. While I know things may look bleak right now, I believe with a little time and a set budget you'll start to see things get better.
Thank you for your feedback. (Yes, I just figured out how to 'quote' someone) I think the accountability and knowing that others have been in the same position but managed their way out is the support I need right now. Much appreciated!
One question I have for anyone: Would it be beneficial to have my CC's locked? So that I can't use them?
I wouldn't lock them, if you really need help in trusting/training yourself, get a safety deposit box at your credit union and store them there. This way you don't have easy access to them.
Best credit wishes to you!
