01-07-2013 04:01 PM
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 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" thanks for reading.
01-07-2013 05:03 PM
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.
01-08-2013 06:12 PM
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.
01-08-2013 07:21 PM
Be careful......They might closing your account.
01-08-2013 08:01 PM
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.
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.