07-24-2013 12:54 PM
I knew that the credit union would end up being your best alternative, and it looks like they helped you get your utilization down in multiple ways. I'm really happy it worked out so well for you.
What's the plan with the $4,500???
Since you asked...I just sent $2,500 to an attorney as a retainer to handle a family court matter...for the moment, the other $2,000 is going to sit in the bank until the aforementioned matter is resolved... (just in case...)
Assuming that I end up with that $2,000.00 left in my hand, I'll probably pay off my signature loan...
07-24-2013 01:53 PM
07-24-2013 02:22 PM - edited 07-24-2013 02:23 PM
Yikes. Hope all works out for the best there. Good thing you had the money available.
Sorry for prying, I didn't know if we should be preparing for another great story about your Util coming down and how big the score increase was. I'm sure that story will come in time.
No worries...just an unplanned change in child custody arrangements...all is well, everyone is healthy and relatively playing nicely with eachother.
Using the other $2,000 to further reduce my utilization has crossed my mind, but using it to pay off a $1,700 or so personal loan will save me $100 a month...so I think that IF the legal situation is resolved for the dollars I've already spent, I'll pay that loan off...right at the moment, I intend to hold on to those dollars because I've never dealt with an attorney who didn't think of some reason to charge more than the agreed price for some reason...
07-26-2013 04:25 PM
Order up a round of soft-pull CLIs while you're at it... can't hurt, and with that turn might wind up doing pretty well. I've been watching for a good while now, you've made a lot of progress in a relatively short amount of time. Keep up the good work. If you're planning to stay in the garen a long time, you might consider the next 6~ months of the next app-free year just focusing on entirely paying off either the low-balance non 0% cards (to drop minimum payments) or the highest interest cards (to save bucks long-term).
Before paying off the signature loan which was meant to consolidate and lower interest rates... What's the largest number of non 0% interest rate cards that 2,000 can pay off completely (across you and DW)? and how much does that equal in terms of minimum payments reported? If it's $75, you're only really talking a net advantage of $25 per month to pay off the low-interest signature loan compared to higher interest cards. 2k could knock out 3 to 4 of the cap one cards you mentioned in part 1
Also, with your new bigger limit, is there a BT fee, and how many cards are higher than 16.4% APY? It's a possible opportunity to knock out ~2k in balance transfers without maxing out the card, saving a little interest (even going from 19% to 16.4% APY should help, and if it knocks out a minimum payment or two in the process that's a nice bonus). It's not the prettiest BT card, but you're in it for the long haul.
07-26-2013 05:17 PM
My Capital One Card is going is now SD
Chase Freedom will be SD after i use 500 in the first 3 months to get the 100 bonus
debating if i should SD Discover IT card until i get my Bal ($1000) down to a budget where i can pay it off before the Honey Moon ends in January 14
My Main usage card will be Bofa Cash rewards because of the extra 10% into checking acct and 3% gas and Discover IT for the 5% percent Gas until the end of the enrollment and i'll switch to Chase since they have it at multiple quarters
07-27-2013 05:02 AM
Thanks again all. More good ideas...I did consider doing some BT on the increased CU card, but haven't done so yet. Soft pull CLI's were done in May, so I'm stuck waiting for September.
Until the legal situation is resolved, I intend to just sit on both the $2k in cash, AND the $3.5K in increased available credit...in the mean time, I'm certainly considering my options and appreciate everyone's input!
07-27-2013 12:23 PM