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

Frequent Contributor

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.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 11 of 41
Valued Contributor

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?

               LIMITS IN CARD DESCRIPTIONS
Message 12 of 41
Valued Contributor

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.

               LIMITS IN CARD DESCRIPTIONS
Message 13 of 41
Frequent Contributor

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.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 14 of 41
Valued Contributor

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).

               LIMITS IN CARD DESCRIPTIONS
Message 15 of 41
New Contributor

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.  

 

 



Last app: 10/4/14
In the garden until Winter of 2016
Message 16 of 41
Moderator Emerita

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

Message 17 of 41
Frequent Contributor

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

The 0% ends around November.
-------------------------------------------------------------------------------------------------Fico Score Range 600-625 across the board
Message 18 of 41
Moderator Emerita

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

Message 19 of 41
Moderator Emerita

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

And is the $500 you can pay in addition to the normal mo pyts?
Message 20 of 41