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Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
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Re: The GREAT CC Payoff Challenge!!


H4LO wrote:

I'll bite.

 

6% util. 

 

$29,000 CL, $1,700 debt. 

Hopefully will be paid down here soon. 


quit feeding that gator thats at your back door and you will be fine!.. I bet he eats a TON!

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
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Re: The GREAT CC Payoff Challenge!!


titanofold wrote:
CreditorBalanceLimitUtilizationInterestMinimumDuePaymentTTP
Chase Freedom$509.25$700.0072.75%22.24%$15.0013th$70.008
Capital One (MC)$928.14$1,500.0061.88%8.15%$25.0027th$25.0043
GECRB/Belk$520.65$950.0054.81%24.49%$25.002nd$25.0028
CB/Victoria's Secret$410.03$930.0044.09%24.99%$25.003rd$25.0021
GECRB/JCP$1,240.64$3,000.0041.35%26.99%$42.0011th$42.0050
GECRB/CareCredit (TitanOfOld)$145.10$500.0029.02%26.99%$25.0016th$54.003
GECRB/CareCredit (Fiancée)$1,397.36$4,400.0031.76%26.99%$46.005th$47.0050
Capital One (Visa)$588.82$2,250.0026.17%19.80%$15.003rd$15.0064
GECRB/Dillard$0.00$1,250.000.00%21.99%$35.001st$0.000
Subtotal$5,739.99$15,480.0037.08%22.51%$218.00 $303.0024

 

So, this chart is fibbing a little bit. Things are a bit messing this upcoming month. I only have one CC to my name. I'll let you guess which one that is.

 

I'll actually be paying out $400 per month to our CCs. (We also have installment loans but we're not worried about those.) Dillard's is going to be paid off at the end of the month and I got a little trigger happy on the spreadsheet. My plan is to pay no more than 10% of the CL on each card while maintaining $400 per month going with a top down approach based on utilization.

 

I'm not doing more than 10% of CL to coax out a little auto-CLI luv by showing I can afford larger payments over the long run.

 

Once we have these debts paid off we'll be able to start using the cards like they're supposed to be: Maximum rewards! And I can be added on as an AU.

 

I'll be back to update on 2013-02-28.


I think you mean 2014 (I do it too, we miss years every so often).

 

It looks like you have a good plan as well to take care of your current debt, as well as coax some CLI luv!.. Best of luck!.. Please keep us posted!

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
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Re: The GREAT CC Payoff Challenge!!


newmomnewme wrote:

Thanks for starting this thread Pup!!! I am going to pay off the cashRewards Visa, QS Visa, and Barclays on 2/1, then concentrate on paying the NavCheck off in 3-4 months vs. 5-6.   I need to get a neat spreadsheet like the rest of you. Templates anywhere or should i simply google to find an app....

 

Best of Luck all!!!


I found mine here.. another member shared it, then I just went in and added my own stuff.. I will try to find it and PM it to you Smiley Happy

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Established Member
Posts: 20
Registered: ‎05-25-2013
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Re: The GREAT CC Payoff Challenge!!

[ Edited ]

Hi everyone. It's been suggested a few times that I join this thread as I have CC's to pay down and not much else to do as far as improving scores:

 

 

 

2014 goals are simple:

 

Pay down UTIL

Establish relationships with Amex, Chase, and possibly Citi

No baddies and derogs, just pay down, pay down, pay down some more

 

Below is my progress from the beginning of the year until today.

 

Overall UTIL 57.4% --> 47.5%

 

CapOne - 78.3% (Just BT a large balance, had to be done) -->76%  22.9% APR

Discover - 63.3% -->60.7%  0% APR

Walmart - 28.2% -->12.7%  0% APR

BestBuyMC - 52.1% -->48.8% 21.74% APR

Target - 22.0% -->0%  22.9% APR

BofA - 38.0% -->28.0%  0% APR

 

Target and BofA will be paid down to 0 balance. Then Best Buy MC since that is charging interest. Walmart after that then I concentrate on CapOne and Discover.

 

PAY DOWN 2014!

 

Looking forward to help, suggestions, and keeping track of progress with everyone!



In the garden since 06/11/2013

CapOne Platinum MC $3,000/Discover IT $2,000/WalMart $2,000/BestBuy MC (AU) $900/Target $700/BofA Bank Americard $500

As of 12/13/13 - TU: 698 EXP:699 EQ:660
Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
0

Re: The GREAT CC Payoff Challenge!!

[ Edited ]

Schism213 wrote:

Hi everyone. It's been suggested a few times that I join this thread as I have CC's to pay down and not much else to do as far as improving scores:

 

 

 

2014 goals are simple:

 

Pay down UTIL

Establish relationships with Amex, Chase, and possibly Citi

No baddies and derogs, just pay down, pay down, pay down some more

 

Below is my progress from the beginning of the year until today.

 

Overall UTIL 57.4% --> 47.5%

 

CapOne - 78.3% (Just BT a large balance, had to be done) -->76%  22.9% APR

Discover - 63.3% -->60.7%  0% APR

Walmart - 28.2% -->12.7%  0% APR

BestBuyMC - 52.1% -->48.8% 21.74% APR

Target - 22.0% -->0%  22.9% APR

BofA - 38.0% -->28.0%  0% APR

 

Target and BofA will be paid down to 0 balance. Then Best Buy MC since that is charging interest. Walmart after that then I concentrate on CapOne and Discover.

 

PAY DOWN 2014!

 

Looking forward to help, suggestions, and keeping track of progress with everyone!


Is that correct? 22.9 on a BT? I think I would look at a different BT offer.. Please tell me they gave you some 0% for a bit and thats a typo... otherwise.. work on that real fast!!

 

Edited to Add:  Also, if you feel comfortable, what are the limits and balances? along with the interest rates and percentages.  Only share information that you feel comfortable sharing.   And are you planning any apps? if not.. Payoff :  Highest interest first, minimums on everything else, PIF everything that you can on ANY interest bearing card.  every dollar counts!!

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Senior Contributor
Posts: 3,070
Registered: ‎11-02-2009
0

Re: The GREAT CC Payoff Challenge!!

5-6 years ago I had about $35K in CC debt and was $10K behind on my mortgage.  With the help of this forum, I managed to crawl out of that hole.  Best of luck to everyone trying to bring down their utilization.  Sometimes it might seem insurmountable, but you can do it. 


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


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Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
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Re: The GREAT CC Payoff Challenge!!


Walt_K wrote:

5-6 years ago I had about $35K in CC debt and was $10K behind on my mortgage.  With the help of this forum, I managed to crawl out of that hole.  Best of luck to everyone trying to bring down their utilization.  Sometimes it might seem insurmountable, but you can do it. 


Thank you Walt for the words of encouragement!.. This forum has an Awesome group of people, and a wealth of knowledge if folks will just accept the fact that NONE of us can do it on our own ALL the time... Learn from others and prosper!!!

 

I am glad that you were able to get yourself back on track! I know it was not an easy feat to be had!

OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Established Member
Posts: 20
Registered: ‎05-25-2013
0

Re: The GREAT CC Payoff Challenge!!


Pupeitmeister wrote:

Schism213 wrote:

Hi everyone. It's been suggested a few times that I join this thread as I have CC's to pay down and not much else to do as far as improving scores:

 

 

 

2014 goals are simple:

 

Pay down UTIL

Establish relationships with Amex, Chase, and possibly Citi

No baddies and derogs, just pay down, pay down, pay down some more

 

Below is my progress from the beginning of the year until today.

 

Overall UTIL 57.4% --> 47.5%

 

CapOne - 78.3% (Just BT a large balance, had to be done) -->76%  22.9% APR

Discover - 63.3% -->60.7%  0% APR

Walmart - 28.2% -->12.7%  0% APR

BestBuyMC - 52.1% -->48.8% 21.74% APR

Target - 22.0% -->0%  22.9% APR

BofA - 38.0% -->28.0%  0% APR

 

Target and BofA will be paid down to 0 balance. Then Best Buy MC since that is charging interest. Walmart after that then I concentrate on CapOne and Discover.

 

PAY DOWN 2014!

 

Looking forward to help, suggestions, and keeping track of progress with everyone!


Is that correct? 22.9 on a BT? I think I would look at a different BT offer.. Please tell me they gave you some 0% for a bit and thats a typo... otherwise.. work on that real fast!!

 

Edited to Add:  Also, if you feel comfortable, what are the limits and balances? along with the interest rates and percentages.  Only share information that you feel comfortable sharing.   And are you planning any apps? if not.. Payoff :  Highest interest first, minimums on everything else, PIF everything that you can on ANY interest bearing card.  every dollar counts!!


CapOne 2279/3000 The BT I needed to do was for $977. From a deferred int BML account. This was at 22.9% which I know is ridiculous but was a better option at the time. The rest of this balance is a 0% for another 6 mos.

 

Discover  1213/2000 0% intro until august

 

Walmart  253/2000  0% promo

 

Bestbuy  439/900  21.74% standard APR

 

Target  0/700  22.9% standard APR

 

BofA  140/500  0% intro until June

 

I have a few cards that I wanna work towards. Duck card, AMEX, Chase.



In the garden since 06/11/2013

CapOne Platinum MC $3,000/Discover IT $2,000/WalMart $2,000/BestBuy MC (AU) $900/Target $700/BofA Bank Americard $500

As of 12/13/13 - TU: 698 EXP:699 EQ:660
Valued Contributor
Posts: 1,164
Registered: ‎11-11-2013
0

Re: The GREAT CC Payoff Challenge!!



Schism213 wrote:

Pupeitmeister wrote:

Schism213 wrote:

Hi everyone. It's been suggested a few times that I join this thread as I have CC's to pay down and not much else to do as far as improving scores:

 

 

 

2014 goals are simple:

 

Pay down UTIL

Establish relationships with Amex, Chase, and possibly Citi

No baddies and derogs, just pay down, pay down, pay down some more

 

Below is my progress from the beginning of the year until today.

 

Overall UTIL 57.4% --> 47.5%

 

CapOne - 78.3% (Just BT a large balance, had to be done) -->76%  22.9% APR

Discover - 63.3% -->60.7%  0% APR

Walmart - 28.2% -->12.7%  0% APR

BestBuyMC - 52.1% -->48.8% 21.74% APR

Target - 22.0% -->0%  22.9% APR

BofA - 38.0% -->28.0%  0% APR

 

Target and BofA will be paid down to 0 balance. Then Best Buy MC since that is charging interest. Walmart after that then I concentrate on CapOne and Discover.

 

PAY DOWN 2014!

 

Looking forward to help, suggestions, and keeping track of progress with everyone!


Is that correct? 22.9 on a BT? I think I would look at a different BT offer.. Please tell me they gave you some 0% for a bit and thats a typo... otherwise.. work on that real fast!!

 

Edited to Add:  Also, if you feel comfortable, what are the limits and balances? along with the interest rates and percentages.  Only share information that you feel comfortable sharing.   And are you planning any apps? if not.. Payoff :  Highest interest first, minimums on everything else, PIF everything that you can on ANY interest bearing card.  every dollar counts!!


CapOne 2279/3000 The BT I needed to do was for $977. From a deferred int BML account. This was at 22.9% which I know is ridiculous but was a better option at the time. The rest of this balance is a 0% for another 6 mos.

 

Discover  1213/2000 0% intro until august

 

Walmart  253/2000  0% promo

 

Bestbuy  439/900  21.74% standard APR

 

Target  0/700  22.9% standard APR

 

BofA  140/500  0% intro until June

 

I have a few cards that I wanna work towards. Duck card, AMEX, Chase.


This does look like you have a great plan in place!.. Keep up the good work.  Deferred intrest is always a bit tricky, even if its going to a higher interest, to avoid the full backpay interest.  You have a plan, lets get 'er dun!!
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Established Contributor
Posts: 621
Registered: ‎11-13-2013
0

Re: The GREAT CC Payoff Challenge!!

[ Edited ]

Pupeitmeister wrote:

newmomnewme wrote:

Thanks for starting this thread Pup!!! I am going to pay off the cashRewards Visa, QS Visa, and Barclays on 2/1, then concentrate on paying the NavCheck off in 3-4 months vs. 5-6.   I need to get a neat spreadsheet like the rest of you. Templates anywhere or should i simply google to find an app....

 

Best of Luck all!!!


I found mine here.. another member shared it, then I just went in and added my own stuff.. I will try to find it and PM it to you Smiley Happy


I use Google Drive to make my spreadsheet. This way it's easy for my fiancée and I to keep track of our budget and debts. We're not doing anything particularly fancy, but for the time-to-payoff (TTP) I use this algorithm:

 

=IFERROR(ROUNDUP(-(LOG10(1 - ((E11/12 * B11)/H11))/LOG10(1 + E11/12))), IF(AND(B11 > 0, F11 >= 0),"∞",0))
Scores2013-09-21Current
Equifax630 (LP)755 (CK)/749 (Quizzle)
Experian640 (FCR)FICO 718 (Amex)
TransUnion588 (CK)FICO 758 (Barclaycard)

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