Reply
Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

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
Established Contributor
Posts: 500
Registered: ‎05-11-2007
0

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.
Valued Member
Posts: 48
Registered: ‎12-02-2012
0

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.

Valued Member
Posts: 48
Registered: ‎12-02-2012
0

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.

Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

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
Established Contributor
Posts: 500
Registered: ‎05-11-2007
0

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...
Valued Contributor
Posts: 1,603
Registered: ‎09-15-2012
0

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) $32,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Citi Thank You Premier (6/15) $6,800

Last App: June 27, 2015
Established Contributor
Posts: 554
Registered: ‎06-02-2012
0

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
Frequent Contributor
Posts: 252
Registered: ‎02-19-2013
0

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 ?
      

      

Valued Contributor
Posts: 1,485
Registered: ‎08-30-2011
0

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. 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10.5K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 818 EQ = 822 TU = 830 - 01/2015
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.