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Frequent Contributor
shalane85
Posts: 286
Registered: ‎06-19-2008
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Re: Help!! I need to pay off my credit cards!

I don't think a loan is the way I want to go. I just received a huge promotion and I will definitely be able to pay.
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Starting Score: 472
Current Score: 628
Goal Score: 680


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Starting Score: EQ FICO 470 TU FICO 482 7/15/2011
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Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: Help!! I need to pay off my credit cards!

So you basically max out the cards?  Not trying to be critical, but want to know so I can give advice.  In any case, if they are maxed out and your scores are accurate given maxed out utilization, the immediate goal could be to bring up the score to qualify for 0% BT cards.  Keep the balances on 0% interest so you pay them off faster.  But only works with discipline, organization, but MOST IMPORTANTLY, you have control of your spending as more cards will just get you in more trouble.

 

What can you afford to pay every month?

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Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
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Re: Help!! I need to pay off my credit cards!


john398 wrote:

Have you thought about a loan, I was able to get one from the Lending Club, theres a good thread on that on myfico

 

 


His rates are pretty low already.  With those FICO scores, no way he can get personal loan at lower rates, and doubtful he can get personal loan at all.

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Frequent Contributor
shalane85
Posts: 286
Registered: ‎06-19-2008
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Re: Help!! I need to pay off my credit cards!

I did max them out. It's hard to hear myself say that out loud. I would like to pay $500 a month towards my debt. I will receive a $7000 bonus in December. I don't know if I should pay one of the lower balances off or pay towards all equally. I am a she by the way.
-------------------------------------------------------------------------------------------------

Starting Score: 472
Current Score: 628
Goal Score: 680


Take the FICO Fitness Challenge





Starting Score: EQ FICO 470 TU FICO 482 7/15/2011
Current Score: EX ?? /EQ FICO 628 / TU ??
Goal Score: 680 across the board!

Navy Federal nRewards $500 cl
Capitol One Platinum (AU) $7500 cl
USAA Amex $250
Kay Jewelers $900
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Help!! I need to pay off my credit cards!


shalane85 wrote:
I did max them out. It's hard to hear myself say that out loud. I would like to pay $500 a month towards my debt. I will receive a $7000 bonus in December. I don't know if I should pay one of the lower balances off or pay towards all equally. I am a she by the way.

Are the scores in your signature accurate?  And are they FICO scores.  (off to store, expect delay on any response).

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New Contributor
Bluebonnet
Posts: 104
Registered: ‎07-16-2013
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Re: Help!! I need to pay off my credit cards!


shalane85 wrote:
I did max them out. It's hard to hear myself say that out loud. I would like to pay $500 a month towards my debt. I will receive a $7000 bonus in December. I don't know if I should pay one of the lower balances off or pay towards all equally. I am a she by the way.

When does Capital One's 0% end?  Do you know what the interest rate will be after that?  

 

I think the snowball method involves paying the minimum on all cards, and then applying whatever extra you can contribute to the card with the highest interest rate.  Then, once that card is paid off, you apply what you were paying for that card toward the next highest... and so on.  If you are willing to use all or a good amount of your bonus to knock out the credit card debt, that would help and you should definitely reach your goal within 3 years.  

 

 



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09Lexie
Posts: 26,285
Registered: ‎09-13-2012
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Re: Help!! I need to pay off my credit cards!

Frequent Contributor
shalane85
Posts: 286
Registered: ‎06-19-2008
0

Re: Help!! I need to pay off my credit cards!

The 0% ends around November.
-------------------------------------------------------------------------------------------------

Starting Score: 472
Current Score: 628
Goal Score: 680


Take the FICO Fitness Challenge





Starting Score: EQ FICO 470 TU FICO 482 7/15/2011
Current Score: EX ?? /EQ FICO 628 / TU ??
Goal Score: 680 across the board!

Navy Federal nRewards $500 cl
Capitol One Platinum (AU) $7500 cl
USAA Amex $250
Kay Jewelers $900
Moderator
09Lexie
Posts: 26,285
Registered: ‎09-13-2012
0

Re: Help!! I need to pay off my credit cards!

Moderator
09Lexie
Posts: 26,285
Registered: ‎09-13-2012
0

Re: Help!! I need to pay off my credit cards!

And is the $500 you can pay in addition to the normal mo pyts?

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