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Too Many Credit Cards With Balances! A lil Overwhelming!

Valued Contributor

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



Phoenix-rising wrote:
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.


 
I believe chase allows a grace period, so being two days late shouldnt cause a 30 day late on my credit report should it?
 
Also i have a spreadsheet with all my monthly bills due...time has been flying by and i just simply forgot about the payment being due!


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 June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 21 of 98
Moderator Emeritus

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



Schoolbuskid wrote:
I believe chase allows a grace period, so being two days late shouldnt cause a 30 day late on my credit report should it?
 
Also i have a spreadsheet with all my monthly bills due...time has been flying by and i just simply forgot about the payment being due!


The grace period on a CC has nothing to do with reporting to the CRAs, and it is not a grace period in the sense that it allows you to pay after the due date without penalty.  All the term "grace period" means is that there is a certain amount of time before new purchases begin accruing interest.
 
Unfortunately, some creditors will report a 30-day as soon as you are even one day late.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 22 of 98
Valued Contributor

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

Now thats SCARY!Smiley SurprisedSmiley Sad

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 June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 23 of 98
Moderator Emeritus

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

I know how you feel with this SBK. In April I spent $2k more than what I earned due to more business expenses and April is typically a more expensive month for us; I failed to plan. Unfortunately, I put that loss on CCs and utilization shot up within 2 months from around 20% to 60% for myself and 30% to over 70% for DW. Scary stuff.
 
Last month, I paid off 1/2 of my cards and shelved them. DW also shelved the cards except a couple. Her utl dropped down to 60% and mine to 40%. Getting there. I figured that if the CCs are at home, I won't need to make that impulse buy.
Message 24 of 98
Senior Contributor

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



llecs wrote:
I know how you feel with this SBK. In April I spent $2k more than what I earned due to more business expenses and April is typically a more expensive month for us; I failed to plan. Unfortunately, I put that loss on CCs and utilization shot up within 2 months from around 20% to 60% for myself and 30% to over 70% for DW. Scary stuff.
Last month, I paid off 1/2 of my cards and shelved them. DW also shelved the cards except a couple. Her utl dropped down to 60% and mine to 40%. Getting there. I figured that if the CCs are at home, I won't need to make that impulse buy.





I know exactly what you mean llecs. Though I am completely tame with my Amex cards as I don't want them canceled, sometimes I buy things I shouldn't with my Chase Freedom Visa. I had the super strong urge to throw a new pistol on it last weekend, but I resisted temptation and left the gun store empty handed. It also helped that the store didn't have what I wanted.

I always end up being able to PIF still, but it's the principle of the matter.

I blame the Freedom Visa card. The rewards are so good it begs me to spend on it. I put all my utilities on it every month as they rack up 3 percent cash back. I am only one month of solid spending on it away from getting up to $200 in cash back, and being able to claim my check for $250.
Here we go again...
Message 25 of 98
Valued Contributor

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

I may have already asked this question but whats the best way to get the balances down? I have actually added more debt by using the cards! This month i will get a my regular full check, so things should be leveling out! Gosh im tired of my cards being so high and scores so low! I know i know you might say stop using them, but its not that easy!

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 June '16 - EQ-592, TU-635. EX-629
Gardening since June2016
Message 26 of 98
Established Contributor

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



Schoolbuskid wrote:
I may have already asked this question but whats the best way to get the balances down? I have actually added more debt by using the cards! This month i will get a my regular full check, so things should be leveling out! Gosh im tired of my cards being so high and scores so low! I know i know you might say stop using them, but its not that easy!


There is no magic to the way to get the balances down, you have to make payments on the outstanding balances.  Your income minus your expenses must leave some extra money so you can apply that to the outstanding debt.  If you are spending more than you make you will never pay it off.
Message 27 of 98
Super Contributor

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



Schoolbuskid wrote:
I may have already asked this question but whats the best way to get the balances down?


Send them much more money every month and don't use them until the balance is zero?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 28 of 98
Senior Contributor

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



Schoolbuskid wrote:
...I know i know you might say stop using them, but its not that easy!


SBK- in some ways it is- well, not easy -but it is simple: your choice is to stop using them completely and pay down or you may find yourself working to pay interest and fees and losing charging privileges. 
The choice is clear, no?  stop charging now and pay the debt OR lose the cards.  Wouldn't you rather keep them even if you had to stop using them now for a while in order to do so?  The true cost of overspending makes it so not worth the short term benefit...let your discipline guide you and you'll be out of debt and able to use the cards responsibly again before you know it, as you say, time flies so just do it !
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 29 of 98
Moderator Emeritus

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

Get a copy of MS Money-
 
Enter all of your accounts and track everything-
 
Set your budget and STICK to it-
Set up debt elimination and forcast cash flow-
 
I have $1500 a month going to savings that used to pay debt.
Message 30 of 98