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Regular Contributor
Posts: 153
Registered: ‎07-01-2008

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

[ Edited ]
I guess they always say to keep credit cards by 2 or 3 maximum. Sometimes, managing more than that can be a bit too much and will go out of control. First off, just breathe! I know things may seem a little too overwhelming right now. Don't look at your balances as one whole problem -- it will get overwhelming. Try to break things down into smaller tasks. Second, make sure that are you NEVER to be late on your payments again. I think that's the most important part. And even if it's just the minimum payment, at least it is paid and on time. Buy yourself a huge calendar and mark the due dates. Now it just takes time. Hang in there! =]

Message Edited by thatdoodjohn on 07-15-2008 06:52 PM
Valued Contributor
Posts: 2,151
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Its mostly due to the summer being here and being out of a job....i am working now til school starts back! Its just so easy to spend spend spend! I will be getting a good chunk of money this week or next so i can definitely pay off two cards! Thank you fo all of your hearty comments and advice! Thats why i come to this place!

I'm not a kid anymore, I've done a lot of growing up! Smiley Happy
Starting Scores Sept '15- EQ-555, TU-542, EX-536
Current Scores as of Feb '16 - EQ-584, TU-570. EX-595
Gardening since January 2016
Frequent Contributor
Posts: 474
Registered: ‎06-16-2008

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

Have you tried calling Chase and asking the CSR to forgive the late payment and waive the fee?  I think they're allowed to do that once per year.  I've been late a few times in the past.  Each time it was by just a day or so.  I explained what happened and they waived the fee.  When I asked if it would be on my credit report they said NO, and it never appeared.  If the CSR can't do it, ask for their supervisor.
 
It can't hurt to ask.  Of course, it works best if you have a great payment history with them.
DH's FICOS: July '08 TU-661 / EQ-593 / EX-656 --> April '09 TU-730 / EQ-705 / EX-685

MY FICOS: July '08 TU-735 / EQ-727 / EX-767 --> April '09 TU-789 / EQ-774 / EX-767
Regular Contributor
Posts: 137
Registered: ‎06-28-2008

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

I'm right there with you..7 cards and all have high balances, to put it simply:$10,300 credit line and I have $8900 balance. It comes down to self discipline, sock drawer all the cards and pay at least more than minimum on the highest interest rate cards and get them out of the way..as the balance comes down, call the creditor and ask for a interest rate reduction as every little bit helps psychologically and financially. And you can also watch your score go up during the process which in turn makes you value and respect your credit.
I find that I have gotten to the point where I am protective on the "balance" column on my CR more than the score. I was charged a $49 annual fee on my Cap1 last week, and that bothered me so I called them and asked if this fee could be waived, I was extremely polite but to no avail. Never the less it had me wanting to pay that particular debt asap, especially since I don't have wiggle room to begin with. When your mind set shifts from "I want to spend" to "I want to pay down" you will find that you've disciplined yourself into doing the right thing. Don't be overwhelmed though, just be patient.
July 08 FICO TU/683 EQ/629 EX/658
Goal: 700+ by June 09
Freedom is just another word for nothing left to lose.
Senior Contributor
Posts: 3,279
Registered: ‎08-03-2007

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



Schoolbuskid wrote:
Its mostly due to the summer being here and being out of a job....i am working now til school starts back! Its just so easy to spend spend spend! I will be getting a good chunk of money this week or next so i can definitely pay off two cards! Thank you fo all of your hearty comments and advice! Thats why i come to this place!





I know the feeling! Even though I PIF sometimes I just go ahead and swipe a CC without even thinking about when my next paycheck is.

As Hauling stated, it's all about self control. In your case, it might seem like since you aren't maxing out any one card, it's okay to rack up half of the limit on all of them. This will tank your score, as well as put you in debt.

I think you are on the right track though. Get your paychecks, run through you budget, and get those balances paid down!
Here we go again...
Regular Contributor
Posts: 153
Registered: ‎12-04-2007

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

This may sound odd but look at what you bought. If anything that you bought was an impulse item and can still be returned to the store you purchased it at. It is a way to get rid of some of your debt quickly. In another few weeks if you find that what ever you found that could be returned is still needed school will be starting back soon. You can rebuy it again and defer the payment for 30 days, by then you will have your regular school bus salary coming in. Also I agree with being out for the summer work part time jobs to get debt paid down. If you drive school bus, I know in my area alot of school bus drivers get driving jobs during the summer. Limousine work, Shuttle Bus at an Airport.
Regular Contributor
Posts: 198
Registered: ‎01-25-2008

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

I am right there with you SBK. My BF and I have 5 credit cards with high balances at the moment. Two of which are at 0%(one until the end of the year and the other until september). I wish I could say it was a spending spree that got us into this mess but no. We had to use one to save my kitty's life from liver failure and the other was a car repair bill (all totaled about 5100.00 extra on top of our current debt).
 
Up until then we were right on schedual with our debt paydown. I understand it is quite overwhelming. I had to take a break and step back a moment and restructure everything to accomodate the new bills. Not terribley easy to do when you are on a limited budget.
 
My BF and I are commited to getting our debt down and since all this he has picked up like 40 hours of overtime for this coming week alone and has let his work know if they need anymore help let him know. Its going to be hard but we know its all for the best and its only temporary.
 
Oh an just so you know we have our cards put away and out of sight all the time. We only carry one card in our wallets and that gets payed down every month. So to all of you out there please please don't give up it can be done  it just takes good old sweet time.
apping spree or shopping spree...lesser of 2 evils???hmmm
Established Member
Posts: 23
Registered: ‎07-15-2008
0

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

I used to have balances on a few cards, eventhough not as many as you, I still had a difficult time keeping track of the due dates, especially since each month it changes slightly. To remember all the due dates, I now put all my bills, household and everything in an Excel spreadsheet. I have a column for Due Date, Vendor, Paid Date, Amt Due/Balance, Login names, passwords for the websites, etc. Everytime I paid a bill, I entered the Paid Date and the tracking/confirmation number. When I receive a bill, I enter the information in right away. This way I get a list of all the bills for the whole month and know exactly what's coming up. After one month, I copy the information for the next month since the bills will be the same and just adjust the due dates accordingly. This has kept me sane in dealing with the different bills and due dates because it's very linear. I actually look forward to paying off each bill because I get to mark it off. Another way I keep myself from overspending is I have 2 checking accts with WAMU, one I use as a regular checking acct, the other I have no $ in. Everytime I pay with a CC I transfer the same amt over to the blank one. That way I spend with what I have but still use a CC to receive reward points and have money to pay the CC bill when it's due! I do everything online so it's pretty simple to transfer money back and forth. This is my way of disciplining my spending. I hope this helps and good luck paying off the debt.
Frequent Contributor
Posts: 456
Registered: ‎07-09-2008
0

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

A very good system, you have there. I might also recommend they pick up Intuit's Quicken to help manage the finances. I've used it for over a decade and swear by it.



Psyche0209 wrote:
I used to have balances on a few cards, eventhough not as many as you, I still had a difficult time keeping track of the due dates, especially since each month it changes slightly. To remember all the due dates, I now put all my bills, household and everything in an Excel spreadsheet. I have a column for Due Date, Vendor, Paid Date, Amt Due/Balance, Login names, passwords for the websites, etc. Everytime I paid a bill, I entered the Paid Date and the tracking/confirmation number. When I receive a bill, I enter the information in right away. This way I get a list of all the bills for the whole month and know exactly what's coming up. After one month, I copy the information for the next month since the bills will be the same and just adjust the due dates accordingly. This has kept me sane in dealing with the different bills and due dates because it's very linear. I actually look forward to paying off each bill because I get to mark it off. Another way I keep myself from overspending is I have 2 checking accts with WAMU, one I use as a regular checking acct, the other I have no $ in. Everytime I pay with a CC I transfer the same amt over to the blank one. That way I spend with what I have but still use a CC to receive reward points and have money to pay the CC bill when it's due! I do everything online so it's pretty simple to transfer money back and forth. This is my way of disciplining my spending. I hope this helps and good luck paying off the debt.


New Contributor
Posts: 61
Registered: ‎03-25-2008
0

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

WOW..i can never have these many cards myself due to my previous pianfull experience with credit cards. i prefer to have at least 3.. Smiley Happy i have 1 credit card now.... Smiley Happy
chivo

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