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The Credit Card Repayment Time Clock

Regular Contributor

The Credit Card Repayment Time Clock

Hey All,

 

  Okay so I've accomplished what I started out to do in 2010 and that is obtain a couple of CC's that would grow in time with some great CU's (NFCU and USAA) so I've used them and now I'm paying them off 'should be Zero'd out on all but one next month'.  

 

  While thinking about my payoff time-frame on these small CC limits I wondered about some of our 'pro card holders' loll (didn't know what to call you guys/ladies so this works for me) and how long [the longest] time-frame took you to pay down all but (10%) of your limits?

 

   For instance has anyone ever spent 2 or 3 even more years paying down CC debt to reach a (10%) usage?  I'm curious to find the 'longest' amount of time in years it took to pay down your CC balances? 

 

   Just something I think would encourage 'somebody' who feels like time stands still while paying off CC's (I know these few months took forrreeeevvveeeerrr) for me it seems.

 

Me::

 

3 CC's overall limits     $5500.00

Pay Off Timeframe        7 Months

________________________________________________________________________________________________
I’ve found that I can "charge" WHATEVER I want…. Just not all at THE SAME TIME!*Last CC App 07/2010*
Message 1 of 7
6 REPLIES
Established Contributor

Re: The Credit Card Repayment Time Clock

Most of the credit vets (that's my terminology for the pros hahaha) PIF, therefore don't carry BALs.  For those who do, know how to play the BT game between cards to inch down their bal lower and lower either to due to a good promotional offer or a new card with an intro rate (same difference). 

 

I'm old-school trained by AMEX where I had no choice but to PIF, so I'm used to loading up monthly bills on my favorite card, then PIF.  Actually, I overpay first, then use the card for the utilities, insurance, car, cable, etc.  This keeps my utilization at zero every month, while running several thousand through the card without breaking a sweat.

 

Smiley Wink

Message 2 of 7
Senior Contributor

Re: The Credit Card Repayment Time Clock

I don't like thinking about it, but...

5 CCs.  Total balance ~$35K.

Payoff timeframe: 2 years, 3 months.

 

Never want to carry a balance again.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 3 of 7
Valued Contributor

Re: The Credit Card Repayment Time Clock

I'm currently working on it.

 

Graduated 05/10 with $9000 in CC debt on 4 cards.

 

Here I am 10 months later and I have slimmed it down to $2900 on 1 card.  The 0% offer on this card is expiring, so I will be paying interest for the remaining months it takes me to pay it off, but at only 9.90%, I'm not too upset.  Thanks BoA!

 

I have reduced my util from 49% to 14%, and it feels great!  I feel like I'm in a pretty good situation right now with my credit, and think the remaining balance will be paid within the next 6 months.  It will be much easier when I hit my out of pocket max on insurance next month, and no longer have to pay $900/mo. for medication. (Thanks ObamaCare)


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Message 4 of 7
Valued Contributor

Re: The Credit Card Repayment Time Clock

 


thrasher865 wrote:

I'm currently working on it.

 

Graduated 05/10 with $9000 in CC debt on 4 cards.

 

Here I am 10 months later and I have slimmed it down to $2900 on 1 card.  The 0% offer on this card is expiring, so I will be paying interest for the remaining months it takes me to pay it off, but at only 9.90%, I'm not too upset.  Thanks BoA!

 

I have reduced my util from 49% to 14%, and it feels great!  I feel like I'm in a pretty good situation right now with my credit, and think the remaining balance will be paid within the next 6 months.  It will be much easier when I hit my out of pocket max on insurance next month, and no longer have to pay $900/mo. for medication. (Thanks ObamaCare)


I will check with BOA to be sure that I don't have to pay interest from the day you opened the card.

 

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 5 of 7
Moderator Emeritus

Re: The Credit Card Repayment Time Clock

I guess I've been "paying down/paying off" CC's for many years but the big push started about 3 years ago. Here are 2 EQ reports from 2/2008 and 2/2011. You can see how much the CC balance has been reduced. I try not to think about how much interest I have paid over the years.  Smiley Sad


 

 

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Note: For some reason the report (pulled here) has my mortgage listed as installment but my full report has it correct.


 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

 

Message 6 of 7
Highlighted
Valued Contributor

Re: The Credit Card Repayment Time Clock

 


vish1 wrote:

 


thrasher865 wrote:

I'm currently working on it.

 

Graduated 05/10 with $9000 in CC debt on 4 cards.

 

Here I am 10 months later and I have slimmed it down to $2900 on 1 card.  The 0% offer on this card is expiring, so I will be paying interest for the remaining months it takes me to pay it off, but at only 9.90%, I'm not too upset.  Thanks BoA!

 

I have reduced my util from 49% to 14%, and it feels great!  I feel like I'm in a pretty good situation right now with my credit, and think the remaining balance will be paid within the next 6 months.  It will be much easier when I hit my out of pocket max on insurance next month, and no longer have to pay $900/mo. for medication. (Thanks ObamaCare)


I will check with BOA to be sure that I don't have to pay interest from the day you opened the card.

 


No, that's not generally how BTs work.  You're thinking of promotional purchases with deferred interest.

 


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Message 7 of 7