Reply
Established Contributor
bahbahd
Posts: 731
Registered: ‎08-12-2011
0

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

The one thing I don't understand is why you are wasting a 5% premium on the $500 you are pulling out in cash vs just waiting a month and paying the full $500 directly to the debt. $25 a month is going to add up.

Epic Contributor
Creditaddict
Posts: 21,016
Registered: ‎10-23-2007
0

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

I am SO CONFUSED!

 

Who has the $13k in debt?

The Wells Fargo Card was approved for $3k but you did not do a balance transfer and you don't actually charge purhcases using the card but each month you transfer $500 from Wells Fargo Credit Card into her Wells Fargo Checking account and then pay who? and then after you pay who, how do we then go back and pay off the $525 Wells Fargo Credit Card because they charged you $25 to take the advance?

and I'm pretty sure taking $500 and paying $25 would cancel out ANY high interest you would be paying on a credit card and even if it was WHERE do you ACTUALLY pay any of the debt down if you are using the Wells to cash advance?

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 686 Prosper(10-30-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
63 Cards and Counting :smileytongue:
Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
0

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

So you are paying WF 60% APR taking the cash advance to pay off high APR balances? :smileyfrustrated:

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}