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Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
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Parents my sister and I are getting out of debt!

Okay so about 13k in cc debt, it all started in Oct of last year when my mom was approved for a Wells Fargo platinum with a $3k cl and ever since we have been managing it to help us get rid of our debt faster. We are transfering about 500 to 600 to her checking acct every month and giving it to the HIGH APR creditors. Before the due date we are paying in full the money we borrow from the Wells Fargo CC . Its like having a second auto loan because we have to give it back or else we will have to pay high APR. So far we have paid about $1,600 in cc debt. We are seeing the light and it feels good. This early experience has helped my sister and I to learn that going crazy on credit cards is NOOO good and that its a pain in the boootay. Just wanted to share :smileyhappy: We have learned our lesson! MAYBE THE ENDS OF THIS YEAR OR THE BEGINNINGS OF 2014 WE WILL HAVE ALL OUR CC DEBT PAID INCLUDING ONE AUTO LOAN SINCE WE ARE SELLING A PROPERTY IN MEXICO.  Inconclusion we will have Just one 14k carloan and our mortgage. THE SO CALLED "GOOD DEBT" :smileyhappy: thanks for reading.

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Parents my sister and I are getting out of debt!

We are transfering about 500 to 600 to her checking acct every month and giving it to the HIGH APR creditors.  Before the due date we are paying in full the money we borrow from the Wells Fargo CC

 


So is this a cash advance from the WF CC?  Usually you pay interest from the day you take it, whether or not you pay in full.  May still be worth while if the other APRs are high.

 

 

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
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Re: Parents my sister and I are getting out of debt!

YES ITS A CASH ADVANCE BUT WE ONLY PAY A $25 FEE. NO THAT MUCH :smileyhappy:

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14
Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
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Re: Parents my sister and I are getting out of debt!

AND NOP THRY DONT CHARGE US INTEERST EACH DAY. ONLY IF WE DONT PAY IT IN FULL ON DUE DATE. OTHER THAN THAT WE DONT PAY INTEREST FROM THE DAY WE TAKE THE CASH ADVANCE.

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14
Frequent Contributor
E150GT
Posts: 371
Registered: ‎12-30-2012
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Re: Parents my sister and I are getting out of debt!

like direct deposit advance?


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $18k
EQ-742 EX-702 TU-737
Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
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Re: Parents my sister and I are getting out of debt!

UM NO WE JUST TRANSFER MONEY FROM MY MOMS WF CC TO HER WF CHECKING ACCT. ALMOST LIKE CASH ADVANCE BUT THROUGH THE PHONE AND NOT AN ATM.

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
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Re: Parents my sister and I are getting out of debt!

Be careful......They might closing your account.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
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Re: Parents my sister and I are getting out of debt!

^why??

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
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Re: Parents my sister and I are getting out of debt!

They probably consider as high risk that taking out cash advance every month even thou you paid it back every month.

 

Seem like you have to paid both High APR CC and Well FArgo Fees......

I suggest your parent should call credit card company and discuss with them about the situation . Maybe low APR on your current card. Not hurt to try and hope you guys get out of debt soon .

 

I hate paying interest on any credit card.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Senior Contributor
BearsAndTurtlesRtheBest
Posts: 3,578
Registered: ‎10-02-2012
0

Re: Parents my sister and I are getting out of debt!

yea just 25 dollars every transfer. so we should call WF and tell them the reason why we are transfering money from her cc acct to her checking acct? 

$1,000$600 "Two credit cards is all I need"
EX FICO---, EQ FICO---, TU FICO 603, No Delinquencies of any Sort, Gardening Since 10-05-14

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