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Senior Contributor
Posts: 3,453
Registered: ‎11-30-2007

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

SBK:  Best of luck to you.  I know how it is....trying to help family.  I truly believe that what goes around comes around......you're always repaid....tenfold.  You sound like an amazing young man! 
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Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007

Re: Too Many Credit Cards With Balances! A lil Overwhelming!


Schoolbuskid wrote:

As it was mentioned before, should i consolidate my two Cap 1 cards into one? I am just concerned that this will bring my minimum payment higher, i was just thinking about it and wanted to know your opinions!

 

~Thanks~



Right now, two things occur to me:

-- Having two cards instead of one means that you have two TL's reporting for you, helping dilute whatever bad credit history you have with good, and this is helpful. Of course, it means that you can't be late, no way, no how.

-- I don't know that I would want to do anything to get them to check out your current balances, on all your cards, not just Cap 1.

Combining cards can be helpful to get one card with a decent limit. But you're still going to have the same total amount of credit, and the same total amount of debt. I wouldn't mess with it right now. Instead, I'd put my energy into getting the balances down. HTH
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hi SBK

 

I don't know if you've seen this calculator before, but it's the absolute best way to see how to pay off credit card debt in the fastest, least expensive way possible. You can enter information for as many cards as you want...shows you exactly how long it will take you to pay off cards and what it will cost you in interest.

 

Be sure to click on and print "See full payment plan" Really was an amazing help to me when I needed it!

 

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

Frequent Contributor
Posts: 358
Registered: ‎11-05-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

That is a neat calculator vegas, should be very helpful to lots of people.  I'm glad you put it up.  Vicki
~We'll Never Say Goodbye~
In Loving Memory
Of All Lost Mothers
Established Contributor
Posts: 645
Registered: ‎10-24-2007
0

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Thanks Vicki...I really hope it helps others as much as it helped me. From reading this foum lately it seems like a lot of people are looking for a way to get out from under overwhelming debt just like SBK is. Most of them much older than he is and with more credit experience. You don't have to be young to make mistakes.

 

A note to SBK...I really do appreciate that you realized so quickly that you were in trouble and needed to change the way you handle credit. This shows maturity and intelligence. Keep working toward your goal of having these debts paid down/off...you'll get there. One day at a time.

Valued Contributor
Posts: 1,926
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Thanks Veen, yea i keep fantasizing about the day i become debt free again,(as far as credit cards), i'll be glad when i can be considered a low risk again! Im so ready to get started, but my refund money is taking forever to get here! Arrgh!:smileymad:
Regular Contributor
Posts: 138
Registered: ‎03-05-2008
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hi I would like to get that spreadsheet as well but I don't have your email to PM you I don't know how that works.

Thanks

Contributor
Posts: 78
Registered: ‎02-18-2009

Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hi favor4me2

I haven't been on the boards in a few days so didn't see your message until now.

I'm happy to send it to you - I need your email address though because I don't think I can attach a spreadsheet to a PM (unless someone tells me otherwise).

 

There is an icon for PMs in the upper-right-hand corner of the site - looks like a little envelope.  I just sent you a PM.  Just reply to it with your email address and I'll send it out to you.

 

 

Question to others:

Is there a way for me to upload a spreadsheet so anyone who wants it can use it?

 

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