cancel
Showing results for
Did you mean:

## The GREAT CC Payoff Challenge!!

Valued Contributor

## Re: The GREAT CC Payoff Challenge!!

Thank you for the algorithm. It looks like greek to me, but i am learning slowly!!
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Message 81 of 559
Established Contributor

## Re: The GREAT CC Payoff Challenge!!

Pupeitmeister wrote:
Thank you for the algorithm. It looks like greek to me, but i am learning slowly!!

Hmm... I should probably explain it.

`=IFERROR(ROUNDUP(-(LOG10(1 - ((E11/12 * B11)/H11))/LOG10(1 + E11/12))), IF(AND(B11 > 0, F11 >= 0),"∞",0))`

Column E holds the interest rate, column B holds the current balance, column H holds the payment you're going to make, and column F holds the minimum required payment. So, E11 references the interest rate in column E on row 11.

I've gussied it up a bit so that instead of showing an error when there aren't any payments to be made it'll show 0, or if the payments you're making are insufficient to overcome the interest, the infinity symbol. Still, it could probably use a little more work to be bullet proof, but I'm not writing accounting software here. Just estimations.

 Scores 2013-09-21 Current Equifax 630 (LP) 755 (CK)/749 (Quizzle) Experian 640 (FCR) FICO 707 (Amex) TransUnion 588 (CK) FICO 754 (Barclaycard)
Message 82 of 559
Regular Contributor

## Re: The GREAT CC Payoff Challenge!!

going to  transfer my usaa balance to discover - 14 months 0% interest.  my plan is to pay off by July.

 creditor credit limit credit balance utilization USAA \$2,500 \$1,155 46.2% Wells Fargo \$1,000 \$66 6.6% Cap One \$300 \$30 10.0% walmart \$400 \$30 7.5% nordstrom \$500 \$44 8.8% discover \$2,000 \$575 28.8% macys furniture \$3,200 \$1,805 56.4% Total Debt \$3,705
FICO Scores: (EX-735-11/12) EQ-757-12/03 (TU-750-11/12)
Discover FICO: 756 - 12/17 Walmart FICO: 750-1/06
USAA FAKO: EX-742 EQ-761 TU-761

Macys \$7.2k - NFCU \$24k - Discover \$6.8k - Cap One \$3500 - Nordstrom \$3.5k - Wells Fargo \$1k - Walmart \$4.5k- The Limited \$2.5k- Victoria's Secret \$2.2k- Bloomingdales \$2k- JCP \$700
Message 83 of 559
Established Contributor

## Re: The GREAT CC Payoff Challenge!!

credit_challenged09 wrote:

going to  transfer my usaa balance to discover - 14 months 0% interest.  my plan is to pay off by July.

 creditor credit limit credit balance utilization USAA \$2,500 \$1,155 46.2% Wells Fargo \$1,000 \$66 6.6% Cap One \$300 \$30 10.0% walmart \$400 \$30 7.5% nordstrom \$500 \$44 8.8% discover \$2,000 \$575 28.8% macys furniture \$3,200 \$1,805 56.4% Total Debt \$3,705

If you don't have a BT fee with Discover, that's a good way to go. You'll probably save yourself a payment or two.

 Scores 2013-09-21 Current Equifax 630 (LP) 755 (CK)/749 (Quizzle) Experian 640 (FCR) FICO 707 (Amex) TransUnion 588 (CK) FICO 754 (Barclaycard)
Message 84 of 559
Regular Contributor

## Re: The GREAT CC Payoff Challenge!!

just checking in..  5 months to go...will make an extra paymnt or two on the bigger balances.  good luck to those in the challenge!

FICO Scores: (EX-735-11/12) EQ-757-12/03 (TU-750-11/12)
Discover FICO: 756 - 12/17 Walmart FICO: 750-1/06
USAA FAKO: EX-742 EQ-761 TU-761

Macys \$7.2k - NFCU \$24k - Discover \$6.8k - Cap One \$3500 - Nordstrom \$3.5k - Wells Fargo \$1k - Walmart \$4.5k- The Limited \$2.5k- Victoria's Secret \$2.2k- Bloomingdales \$2k- JCP \$700
Message 85 of 559
New Visitor

## Re: The GREAT CC Payoff Challenge!!

Challenge Accepted! And boy what a challenge it will be, lol.

Seemed like the perfect thread for this longtime lurker to come out of the shadows

My wife and I are currently in the middle of paying down our mountain of debt aggressively while we are in the position of not having a mortgage or rent or other housing-related expenses to pay. We live with my parents currently, but buy our own groceries, and pay the cable/internet bill every month, as well as the occasional water or electric bill to help my parents out (not consistently).

I have variable income and my wife isn't making anything currently, so it is hard to plan ahead. However, as a freelance Web Application Developer, I am in the lucky position to have as many hours of work available to me as I can possibly handle... so at the end of 2013 I decided to step up my game and not waste the opportunity. Paying this all off is just a matter of me staying as focused as possible for as long as possible.

Most of the debt was accumulated 4-5 years ago when we had much less income than we do now. We both very much look forward to the day when we don't have all this debt hanging over our heads any longer, and I see that day coming very soon. My ambitious goal is to have everything paid off by July, but as always taxes are going to make that difficult.

As you'll see, much progress has been made in the new year. I am working on my credit score first since I'm the one with the income. Next step: Paying Capital One down to \$0. (I hope they don't balance chase us!)

We are opening an account with NFCU next week; fingers crossed for a useful limit for BTs. Then, I am hopeful that my other creditors will be generous with CLIs once they see my higher scores and some responsible use out of me.

Following are tables of all our credit cards as of 2013-12-31, and then as of today... first my cards, then my wife's.

My Credit Cards as of 2013-12-31

 # Card Limit Balance Util APR Int./Month 1 Capital One Platinum \$2,000 \$2,006 100.3% 18.90% \$31.59 2 Walmart Discover \$2,500 \$2,384 95.4% 22.90% \$45.49 3 Capital One (Household Bank) \$500 \$438 87.6% 19.99% \$7.30 4 Zales \$1,600 \$315 19.7% 0% (28.99%) \$0.00 5 CareCredit \$2,500 \$246 9.8% 26.99% \$5.53 6 BillMeLater \$825 \$779 94.4% 19.99% \$12.98 7 Citi Diamond Preferred \$1,000 \$989 98.9% 19.99% \$16.48 8 Discover More \$1,700 \$1,692 99.5% 22.99% \$32.42 \$12,625 \$8,849 70.1% \$151.78

Wife's Credit Cards as of 2013-12-31

 # Card Limit Balance Util APR Int./Month AU - On My Credit Reports 1 Capital One \$15,200 \$15,188 99.9% 15.80% \$199.98 Yes 2 Fifth Third Platinum \$1,000 \$938 93.8% 12.99% \$10.15 3 Amazon Store Card \$3,500 \$3,288 93.9% 25.99% \$71.21 4 Newegg Preferred \$5,600 \$5,279 94.3% 25.99% \$114.33 5 BillMeLater \$1,649 \$1,607 97.5% 19.99% \$26.77 6 VS Angel \$1,700 \$1,647 96.9% 24.99% \$34.30 7 Capital One (5/3 Optimum) \$500 \$461 92.2% 20.24% \$7.78 Yes 8 David's Bridal \$1,500 \$0 0% 26.99% \$0.00 9 Discover More \$1,000 \$977 97.7% 0% \$0.00 Yes 10 AAA Financial \$8,000 \$2,350 29.4% 0% \$0.00 11 Chase Slate \$500 \$464 92.8% 0% \$0.00 12 Kohl's \$300 \$258 86.0% 23.99% \$5.16 \$40,449 \$32,457 80.2% \$469.68

As of 2014-02:
EX 686, TU 670
Wife's TU: 709
Message 86 of 559
New Visitor

## Re: The GREAT CC Payoff Challenge!!

To conclude my prior post...

My Credit Cards as of 2014-02-08

 # Card Limit Balance Util APR Int./Month 1 Capital One Platinum \$2,000 \$0 0% 18.90% \$0.00 2 Walmart Discover \$2,500 \$0 0% 22.90% \$0.00 3 Capital One (Household Bank) \$500 \$0 0% 19.99% \$0.00 4 Zales \$1,600 \$290 18.1% 0% (28.99%) \$0.00 5 CareCredit \$2,500 \$221 8.8% 26.99% \$4.97 6 BillMeLater \$825 \$754 91.4% 19.99% \$12.56 7 Citi Diamond Preferred \$1,000 \$0 0% 19.99% \$0.00 8 Discover More \$1,700 \$0 0% 22.99% \$0.00 \$12,625 \$1,290 10.0% \$17.53

Wife's Credit Cards as of 2014-02-08 (Changes only)

 # Card Limit Balance Util APR Int./Month AU - On My Credit Reports 7 Capital One (5/3 Optimum) \$500 \$0 0% 20.24% \$0.00 Yes 9 Discover More \$1,000 \$0 0% 0% \$0.00 Yes

As of 2014-02:
EX 686, TU 670
Wife's TU: 709
Message 87 of 559
Frequent Contributor

## Re: The GREAT CC Payoff Challenge!!

spt1224 wrote:

To conclude my prior post...

My Credit Cards as of 2014-02-08

 # Card Limit Balance Util APR Int./Month 1 Capital One Platinum \$2,000 \$0 0% 18.90% \$0.00 2 Walmart Discover \$2,500 \$0 0% 22.90% \$0.00 3 Capital One (Household Bank) \$500 \$0 0% 19.99% \$0.00 4 Zales \$1,600 \$290 18.1% 0% (28.99%) \$0.00 5 CareCredit \$2,500 \$221 8.8% 26.99% \$4.97 6 BillMeLater \$825 \$754 91.4% 19.99% \$12.56 7 Citi Diamond Preferred \$1,000 \$0 0% 19.99% \$0.00 8 Discover More \$1,700 \$0 0% 22.99% \$0.00 \$12,625 \$1,290 10.0% \$17.53

Wife's Credit Cards as of 2014-02-08 (Changes only)

 # Card Limit Balance Util APR Int./Month AU - On My Credit Reports 7 Capital One (5/3 Optimum) \$500 \$0 0% 20.24% \$0.00 Yes 9 Discover More \$1,000 \$0 0% 0% \$0.00 Yes

Congrats on getting your credit cards balances down! Great job!  Guess your next project is your wife's Cap One (#1)?

Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 88 of 559
New Visitor

## Re: The GREAT CC Payoff Challenge!!

aubie1kenobie2 wrote:
Congrats on getting your credit cards balances down! Great job!  Guess your next project is your wife's Cap One (#1)?

Yep. It's not our highest interest card, but it will feel great to have it out of the way and be halfway to our goal. Will help both our utilization ratios greatly.

As of 2014-02:
EX 686, TU 670
Wife's TU: 709
Message 89 of 559
Valued Contributor

## Re: The GREAT CC Payoff Challenge!!

Pupeitmeister wrote:

newmomnewme wrote:

Ok, I am in. I wish I could have used the NFCU balance transfer....can't pay my NavCheck with a BT to cashRewards right?? lol...

Due 8th- NavCheck- 4.5k/7.5k 15%

Due 2nd- Barclays MC- 400/500 0% until 4/14

Due 7th- Cap1 QS Visa- 0/1k 19.8%

Due 3rd- Victorias Secret- 0/300 28%?? I just know its high....

Due 17th- NFCU Visa- 0/20k 12% 10k CLI 2/11/14

Due 15th- Cap1 QS MC- 0/750 22%

Due Not Sure- Macys 0/400 ??

Due 2nd- Target 0/200 ??

I just planned on paying about \$500 monthly on the NavCheck, I may boost it up to \$700 and have it paid off before 2014 holidays. I use the Barclays and QS for groceries and gas (rewards)....so should I be using them for rewards and PIF each month?  Maybe I could switch out the QS Visa for MC to give me more time to pay? I could use a different paycheck for each...Barclays stinks because the limit is so low....I can't get all of my shopping and gas done with it.

Help!!!!

Welcome in Newmomnewme!.. Ok.. Lets see here.. It is too bad you couldn't take advantage of the 2.9 on NFCU.. That would help a bunch.. either way.. this is still doable. I would PIF the Visa, along with the Barclays and the Capone, or leave a small balance if you need a statement to cut for possible CLI on that VS.. (by small I mean less then 5 bucks, let it roll, go pick up the 6 for 20 deal next month if they have it, and pay off again to like 3 bucks. don't give them any more then the minimum interest, just so you can get the Statement cut for possible CLI.. (if you want that after 4 statements)...

Which NFCU Visa is that? If you aren't using it for rewards, go ahead and PIF that one too... and let it sit while you steady push on that Navcheck.

Are you planning any additional apps for now or are you gardening?

We can knock out a TON of debt if we use each other for motivation and support!.

I had to search high and low to find this discussion....Pup, I just wanted to say "Thanks" for starting this challenge. Since my last post, I paid off three small balances on NFCU, QS Visa, and VS. I also paid 1k of the NavCheck down. Barclays is 0% for a few more months, I just wish the CL was a little higher so I could actually USE the card. BUT, since then I have also acquired two new Amex's (PRG and BCE).  I plan to SD all cards except the BCE and QS Visa....and I will be PIF each month.

I am hoping to get a decent bonus from work mid March and I should be able to pay off NavCheck. I still have a personal loan with another CU and my auto loan that was just refi with NFCU, so I will be stalking this thread to check-in and provide support for others.

Starting Score: May 2013 EQ: 577 TU: 537 EX: 555
Current Score: EQ: 634 TU: 617 EX: 639
Goal Score: ALL 720+

In the Garden Until August 2018 Last App June 2016
border="0"Take the myFICO Fitness Challenge
Message 90 of 559