I have gotten myself into an interest situation

twist7d7 · ‎02-02-2015

So I went a little overboard with Xmass shopping. Also Post Xmass I had some car trouble. Got myself into about 6k debit.The debit sits mainly on my CSP and AMEX. with about 1k on the citi DC. I apped for the slate and got 1k and also BofA 1.5k recon to 2.5k. My current plan is to Shift all new spending to cards that are still no APR (cap1, citi DC and BofA). BT 1k to the slate from amex. and pay the amex down first then the CSP. I should be able to pay everything down to 0 is about 9 months give or take. What do you credit masters think of this plan. I am still under 30% util so scores are not to bad.

AMEX PRG (NPSL) Lowes (10k) CSP (7.2k) AMEX BCE (6k) Cap1 QS (3.5k) Citi DC (2.6K) BofA (2.5K)M&T Bank visa (2k) Discover iT (1800) Slate (1k)
Age: 22 Scores ~710 across the board
Future Cards Sallie Mae, US Bank Cash+, Freedom
Goal increase CLs by 20k in 2015

Anonymous · ‎02-02-2015

I would be cautious tranfering 1k to the slate as it only has a 1k limit with the numbers in your sig. That will show as maxed out...

Anonymous · ‎02-02-2015

Personally, I'd watch out for those 0% intro APR offers. If you run into another situation (car troubles, etc.), your plan may be foiled and you'll wind up paying interest on all of your spending for those 0% intro offers. You're in a tricky situation and in one of the rare instances which I suggest shying away from credit usage unless necessary. Make some lifestyle cuts, aggressively pay down your debt, and get to a managable situation before starting to put spend on your cards again.

heyarrnold · ‎02-02-2015

If you went overboard with Christmas shopping, ask yourself the following: Is everything that I bought something that I actually NEEDED. With that being said, if you can return some items that are still eligible, do so.

As far as what cards to pay down. do them in order of interest. And do a balance transfer to the slate from the card with the highest balance. But be careful with maxing out the Slate. It is a new account. You do not want to get an AA.

Anonymous · ‎02-02-2015

@Anonymous wrote:
I would be cautious tranfering 1k to the slate as it only has a 1k limit with the numbers in your sig. That will show as maxed out...

@Anonymous,

I agree. The limit on the new cards for OP to use for a balance transfer isn't good. I think you will be worse of by doing a balnce transfer. The Slate and BOA are going to be showing of as "maxed out". What I'd so in your situation is continue to pay down current debt and use the new approvals to pad utilzation instead of doing a balance transfer.

Anonymous · ‎02-02-2015

I would not advise maxing out the Slate.

Could you move some CL from your CSP over?

Anonymous · ‎02-02-2015

To add to that ( desktop mode is malfunctioning )

Right now your CSP limit is worth more to you on your Slate bc of the 0% Move as much of it over as possible while only leaving 50% or less utilization on the CSP.

Anonymous · ‎02-02-2015

@Anonymous wrote:
To add to that ( desktop mode is malfunctioning )

Right now your CSP limit is worth more to you on your Slate bc of the 0% Move as much of it over as possible while only leaving 50% or less utilization on the CSP.

@Anonymous,

The debt is mainly on his CSP and Amex. Moving money to the Slate will make things worse as there won't be much available on the CSP and will probably show close to maxed out thus if chase should approve he request of transfering to the slate.

Anonymous · ‎02-02-2015

..Well...first I would BT that CSP balance or as much of it as possible (80% or less of the recipient card)

While this is still fresh, move over a good chunk of the CSP limit to the slate and balance transfer from AMEX, and if necessary the card that was used to BT from CSP.

This is all best accomplished without BT Fees. (This its where a Capital One card becomes useful)

Anonymous · ‎02-02-2015

@twist7d7 wrote:
So I went a little overboard with Xmass shopping. Also Post Xmass I had some car trouble. Got myself into about 6k debit.The debit sits mainly on my CSP and AMEX. with about 1k on the citi DC. I apped for the slate and got 1k and also BofA 1.5k recon to 2.5k. My current plan is to Shift all new spending to cards that are still no APR (cap1, citi DC and BofA). BT 1k to the slate from amex. and pay the amex down first then the CSP. I should be able to pay everything down to 0 is about 9 months give or take. What do you credit masters think of this plan. I am still under 30% util so scores are not to bad.

@twist7d7,

How much debt is on Amex and CSP respectively?