cancel
Showing results for 
Search instead for 
Did you mean: 

Need advice...Please be nice

Established Contributor

Re: Need advice...Please be nice

the fico on here is tu08 and others use 10... what are your limits and balances, how long have you had the cards also... what is your income, look at my previous list

 

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Message 11 of 46
Established Contributor

Re: Need advice...Please be nice


stealthc63 wrote:

I'm going to try and make a long story short here. I recently traded in a car that I was about 12k upside down on for a car that was priced 20k below blue book. I couldn't pass up the deal. Not only did I get a better car but I am now 8k ahead of the game. The unfortunate thing is I was required to come up with a pretty good chunk of change for the down payment. I didn't have the entire amount in cash so I had to put about 6,500 on cc's. 5k of which is 0% until Dec. On my Amex blue which was just opened this past Dec. In doing this I brought my utl to about 55% and the Amex is now about 90%. I don't wanna lose Amex at all since they are my biggest CL at the moment at 7.5k. My problem is I've put myself in a situation that it is difficult to pay much more than the minimum on all my cards (about 6) every month. I'm not sure how to attack this. I will be getting a raise in a few months that should help but not by much. My plan is to wait it out till next tax season then put my return which is roughly 4k on the cards then apply for a personal loan and consolidate. Does anyone out there have any suggestions on what my approach should be. I'd like to bet another 3x increase from Amex but I don't know how much of that balance I need to have paid off before I do so. Any advice would be appreciated. And please, be gentle LOL.


Were it me, I would sell the car asap and pay down the cc's. You have put yourself into a bad situation ( with good intentions), and that car is going to wipe out your credit. Just my opinion. Cars seem to be one of those things that we will put ourselves in credit danger for. But then again, inhave been driving a paid off 2005 wrangler that i bought new so my perspective is different maybe.
Message 12 of 46
New Contributor

Re: Need advice...Please be nice

It's a 90k plus car so I don't know if selling it is an option right now. I absolutley love the car too so that would be a tough one. I make approx 80k per year and I owe about 16k of my avail 39k on my cc's.

Message 13 of 46
New Contributor

Re: Need advice...Please be nice

I realize to most it doesn't make sense to keep the car but cars have always been a way of validation for me. It's my way of rewarding myself for all of the hours I put in every day. I am single and don't own a house so I am getting my midlife crisis over with now so when I settle down and have kids I won't have any regrets.

Message 14 of 46
Established Contributor

Re: Need advice...Please be nice

let me guess something like a s500  or a 5series? anyways At this point, since your not giving me the details I needed to help you. Go to a local CU and apply for a personal loan. or quit spending on anything except bare min. Quit drinking, partying, going out, eating out manage your money till these cards are paid off. Call and ask for a CLI on the cards over 6 months old

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Message 15 of 46
Established Contributor

Re: Need advice...Please be nice


stealthc63 wrote:

It's a 90k plus car so I don't know if selling it is an option right now. I absolutley love the car too so that would be a tough one. I make approx 80k per year and I owe about 16k of my avail 39k on my cc's.


I really like the new boxster but i am having a hard time convincing myself it is worth 68,000 dollars. Of course it is a bargain compared to the 911...
Message 16 of 46
Valued Contributor

Re: Need advice...Please be nice

I guess my question is - if you can't pay more than the minimum on 16k in CC debt, and you drive a 90k car, but you make 80k, where does the rest of your money go? Large mortgage? 6 kids?

Based on current info, and current info only (which isn't much), I think you are living above your means, and you need to change your lifestyle first before getting into other types of credit fixes. You are clearly not in a dire situation, but if you can barely pay your CCs now when they are in 0%, what do you expect when you get to that 20% APR or whatever? This seems like a dangerous place to be in, and I don't know of a better, more effective solution than strict budgeting until this debt (including the car) is paid down and potentially refinanced.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 17 of 46
Established Contributor

Re: Need advice...Please be nice

hince the advice I gave above. we all agree


SnackTrader wrote:
I guess my question is - if you can't pay more than the minimum on 16k in CC debt, and you drive a 90k car, but you make 80k, where does the rest of your money go? Large mortgage? 6 kids?

Based on current info, and current info only (which isn't much), I think you are living above your means, and you need to change your lifestyle first before getting into other types of credit fixes. You are clearly not in a dire situation, but if you can barely pay your CCs now when they are in 0%, what do you expect when you get to that 20% APR or whatever? This seems like a dangerous place to be in, and I don't know of a better, more effective solution than strict budgeting until this debt (including the car) is paid down and potentially refinanced.

 

"As long as the music is playing, you've got to get up and dance," he said. "We're still dancing."---Prince CEO Citi Bank

"Money isn't the most important thing in life, but it's reasonably close to oxygen on the "gotta have it" scale". ~Zig Ziglar
Message 18 of 46
Frequent Contributor

Re: Need advice...Please be nice

You're leaving something out. You don't own a house or have kids, make $90,000 a year but you can barely afford 6 minimum CC payments ? Are you in debt to the wrong people or something ?
   Total CL: $177,300
 Highest CL: $10,000
  Average CL: $6,300
 Total PLOC: $26,000
     AAoA: 3 yrs & 11 mos
         Utilization: 7%
Inq: 11 (EQ) | 10 (TU) | 9 (EX)
         Derogatories: 0
         
Message 19 of 46
Valued Contributor

Re: Need advice...Please be nice


swpopham wrote:

the fico on here is tu08 and others use 10... what are your limits and balances, how long have you had the cards also... what is your income, look at my previous list

 



I think you may have had a typo...the TU here is TU98, not 08...at least according to prior reports.  The other versions are TU04 and TU08, with TU04 being the most commonly used by lenders. 

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 20 of 46