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Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
0

Re: The GREAT CC Payoff Challenge!!


goal_digger wrote:

Count me in! I'll have to calculate my current util but I know it's in the 55-65% range. I lost my job and have had to pay bills with credit cards. But, I  refuse to let a minor setback keep me from maintaining the credit profile I've worked so hard to build.

 

Thanks OP for this timely challenge!


We look forward to you joining the ranks.  Unemployment is never an easy thing to deal with.  We can accomplish anything when we set our minds to it.!..

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Contributor
Posts: 103
Registered: ‎11-28-2013
0

Re: The GREAT CC Payoff Challenge!!


Pupeitmeister wrote:

@pembrokepride Awesome!.. Glad you have made progress!.. Lets keep working on this as a team, and support each other to continue to make progress!

 

@ everyone else:

 

Sometimes it takes the "painful to look at it" approach for us to correct something that may turn into a mistake.  I felt the same way looking at mine.  We are here through the good times and the bad... so lets rock it !!


X2 Lets rock in 2014!!!

In garden as of 04-06-14 to 12/01/14

Starting score EQ MyFico 646 11/29/13 Current 691 EQ MyFico SW 04/03/14
Starting score EX MyFico 657 12/01/13 Current 686 EX MyFico 03/01/14
Starting score TU MyFico 627 12/02/13 Current 696 Barkclay 03/26/14
Valued Contributor
Posts: 1,066
Registered: ‎07-09-2013
0

Re: The GREAT CC Payoff Challenge!!


wHiTeSoL wrote:

Awesome idea! Keep me honest guys!  All 0% BTW

 

      Cards                             Balance             Due Date             Limit

 

AMEX BCE$3,177.6915th$6000
Barclay Lufthansa                     $6,051.70 19th$9000
OCCU $4,749.5021st$12000

Total                                 $13,978.89          

Goal August 2014 (Due date for first child!)    


First little chip, i have an extra $2500 to throw at this today, where should it go?


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
0

Re: The GREAT CC Payoff Challenge!!


wHiTeSoL wrote:

wHiTeSoL wrote:

Awesome idea! Keep me honest guys!  All 0% BTW

 

      Cards                             Balance             Due Date             Limit

 

AMEX BCE$3,177.6915th$6000
Barclay Lufthansa                     $6,051.70 19th$9000
OCCU $4,749.5021st$12000

Total                                 $13,978.89          

Goal August 2014 (Due date for first child!)    


First little chip, i have an extra $2500 to throw at this today, where should it go?


based on what you posted:

 

Barclay is at 67.24%

Amex is at 52.96%

OCCU is at 39.58 %

 

If you want maximum scoring I would split that 2500 between the barclay and the amex, but if you are just looking to zero them out, I would pick the highest interest charging card and pop all of it to that. 

 

If any of them is on a 0% I would just pay the min on that card, and sock it to the other ones first, that youa re paying interest on each month.  As soon as they are paid off i would "snowball" the payment into the next one that has an interest charge. 

 

Ultimately the choice is  yours to make, but anytime you can save money you will be able to lock it in longer.  and if you are not planning on Apping for anything new for a bit, UTI doesn't really come into play as much as saving money on the interest.... Just my $.02

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Regular Contributor
Posts: 161
Registered: ‎10-07-2013
0

Re: The GREAT CC Payoff Challenge!!

Fun! I plan to have all of this paid by Jan-Feb 2015 as well.

Amex BCE: 10k limit, 7k balance, 0% intro period until 3/2015
Best Buy: 4.5k limit, 2k balance, 0% for 18 months, expiring in about 11 months.

And all other balances I have will be PIF by the end of each month. Smiley Happy
EQ MyFICO: 719 - Discover It TU FICO: 749 - EX 728
Amex PRG: NPSL | Amex Blue Sky: 2k | Amex BCE: 10k | Amex TrueEarnings: 5k | Amex Delta Gold: 2k | Discover It: 4k | SFCU: 13k | Quicksilver: 4k | Venture: 10k | Freedom: 2k | CSP: 7.5k | Amazon Visa: 5k | Citi TYPremier: 6.3k | Best Buy: 4.5k | Macy's Amex: 6k | Nordstrom: 4k | Old Navy Visa: 4k | Target: $1.2k | Angel: 1k
Valued Contributor
Posts: 1,066
Registered: ‎07-09-2013
0

Re: The GREAT CC Payoff Challenge!!


Pupeitmeister wrote:

wHiTeSoL wrote:

wHiTeSoL wrote:

Awesome idea! Keep me honest guys!  All 0% BTW

 

      Cards                             Balance             Due Date             Limit

 

AMEX BCE$3,177.6915th$6000
Barclay Lufthansa                     $6,051.70 19th$9000
OCCU $4,749.5021st$12000

Total                                 $13,978.89          

Goal August 2014 (Due date for first child!)    


First little chip, i have an extra $2500 to throw at this today, where should it go?


based on what you posted:

 

Barclay is at 67.24%

Amex is at 52.96%

OCCU is at 39.58 %

 

If you want maximum scoring I would split that 2500 between the barclay and the amex, but if you are just looking to zero them out, I would pick the highest interest charging card and pop all of it to that. 

 

If any of them is on a 0% I would just pay the min on that card, and sock it to the other ones first, that youa re paying interest on each month.  As soon as they are paid off i would "snowball" the payment into the next one that has an interest charge. 

 

Ultimately the choice is  yours to make, but anytime you can save money you will be able to lock it in longer.  and if you are not planning on Apping for anything new for a bit, UTI doesn't really come into play as much as saving money on the interest.... Just my $.02


Everything is @0% with atleast 12 months left.  I think priority is going to go to Barclay, overall UTI is still only 9% so I'm not worried. 


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

Regular Contributor
Posts: 260
Registered: ‎11-28-2013
0

Re: The GREAT CC Payoff Challenge!!

[ Edited ]

You guys are doing great and coming up with plans! keep it up!

Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: The GREAT CC Payoff Challenge!!

The point of this thread is to be supportive and come up with 'fun' ways to pay off debt -whether it's from 0% APRs or carrying balances on non-promo cc's. 

Let's not be judgmental and ask why? Instead, if posters are willing to admit they may have over spent or just want to reassure they've budgeted accordingly- this is the place to admit they need help. 

 

Thank you ~Lexie 

Frequent Contributor
Posts: 357
Registered: ‎01-16-2013
0

Re: The GREAT CC Payoff Challenge!!

Great thread. I don't have any debt currently, so I cannot participate in that aspect. However, I highly (highly!) recommend the debt reduction calculator at this link (Excel spreadsheet):

 

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

 

Input your debts, APR, and minimum payment, and then play with the different options it gives you to pay them down (snowball, avalanche, highest or lowest balance first, etc.). You can see how much interest you will pay (or save) with different strategies, and a timeframe for when the debt will be paid off based on minimum payments, additional payments, and lump sums (the spreadsheet calls them snowflakes I think).

 

That site also has great budget spreadsheets, etc. too that might be of help to avoid CC debt going forward (I don't mean that as a slight - here to help!).



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 777, myFICO TU: 778, myFICO EX: 779
My Wallet: NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 06/08/15
Contributor
Posts: 103
Registered: ‎11-28-2013
0

Re: The GREAT CC Payoff Challenge!!


_jb_ wrote:

Great thread. I don't have any debt currently, so I cannot participate in that aspect. However, I highly (highly!) recommend the debt reduction calculator at this link (Excel spreadsheet):

 

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

 

Input your debts, APR, and minimum payment, and then play with the different options it gives you to pay them down (snowball, avalanche, highest or lowest balance first, etc.). You can see how much interest you will pay (or save) with different strategies, and a timeframe for when the debt will be paid off based on minimum payments, additional payments, and lump sums (the spreadsheet calls them snowflakes I think).

 

That site also has great budget spreadsheets, etc. too that might be of help to avoid CC debt going forward (I don't mean that as a slight - here to help!).


Very nice. Thank you!

In garden as of 04-06-14 to 12/01/14

Starting score EQ MyFico 646 11/29/13 Current 691 EQ MyFico SW 04/03/14
Starting score EX MyFico 657 12/01/13 Current 686 EX MyFico 03/01/14
Starting score TU MyFico 627 12/02/13 Current 696 Barkclay 03/26/14

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