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Posts: 78
Registered: ‎08-23-2008

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

I'm certainly no expert in these matters, however it would appear that in the 8 months since you first asked for help, stating you don't know how you got in this prediciment... you've received some CLIs on the old cards, opened two new accounts and owe approximatedly $2,000 more than you did back in July.  This is a help-based forum, so I will temper my remarks by simply asking... are you serious about reducing your debt?  You don't accomplish that by opening new accounts and maxing out new CLIs.  You need to "just say no" to using the cards, apping for new ones.  FOCUS on paying them down.  I've heard of "addition by subtraction", but never subtraction by addition.  You're headed for trouble if you don't exercise some control here.
4/13/08 FICOs: TU 646 / EQ 583 / EX 623
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Oh yes i am super serious about getting these cards paid. I have since cut up both Cap 1 cards, Chase BP and my Walmart CC, and i am thinking about cutting my Truliant FCU card as well. This is best option to keep me from using them until i can get them close to zero!


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

[ Edited ]

(edited)

 

Please keep posts friendly, supportive and constructive.

 

-Scamp, Moderator

 

 

Message Edited by Scamp on 03-06-2009 10:05 AM
Contributor
Posts: 76
Registered: ‎01-20-2009
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

[ Edited ]
(If OP is serious), time to start using the powers of the computer to make money, (instead). 
Message Edited by Scamp on 03-06-2009 10:07 AM
Super Contributor
Posts: 5,712
Registered: ‎10-06-2007

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

[ Edited ]

Actually the OP is valuable member of the forum who has helped people here.

 

Many people here have had to deal with massive credit card debt that in some cases took years to PIF.  It took me 5 years to pay about 70k off and I wish I had known about this forum when I started.   

Message Edited by llecs on 03-06-2009 01:10 PM
03/21/2016 FICO: EQ: 772 EX:773 TU:779
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

If you have $700 to throw at cards, I'm wondering if you should perhaps pay off the Walmart. That way you would have a card with 0 balance (plus 0 on the Macy's that your mom will pay), and it might be a confidence builder to see those "$0 owed" with those cards. You could then pay the minimums on the other cards. I'm not sure how much extra money you'd have left after that, but you could try to pay off your Chase card as well - then you'd have 3 cards with $0 balance. After that, I guess you'd have to prioritize based on interest rates and other considerations. I'm such many other forum members can help you out much better than I can - I just know that for me, having a few card with no balance would be huge in mentally working through the issue. Good luck!

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


pez478 wrote:
If you have $700 to throw at cards, I'm wondering if you should perhaps pay off the Walmart. That way you would have a card with 0 balance (plus 0 on the Macy's that your mom will pay), and it might be a confidence builder to see those "$0 owed" with those cards. You could then pay the minimums on the other cards. I'm not sure how much extra money you'd have left after that, but you could try to pay off your Chase card as well - then you'd have 3 cards with $0 balance. After that, I guess you'd have to prioritize based on interest rates and other considerations. I'm such many other forum members can help you out much better than I can - I just know that for me, having a few card with no balance would be huge in mentally working through the issue. Good luck!

 

I agree with this plan. It gives the quickest payoff on a few of the cards. This could be all the more motivation to hanker down on the other cards.  

 

Schoolbuskid, I wish you luck and remember sock drawer these cards!

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Posts: 2,277
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Yea that sounds like a pretty good plan, i can totally understand the mentality behind that. like i said in another thread i am currently only using two cards, one which is about to be sent to the grave like alot of the other ones!

 

Thanks for your help once again!


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
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Valued Contributor
Posts: 2,791
Registered: ‎03-18-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

[ Edited ]

(two snarky, unhelpful posts removed)

 

Okey-dokey - one more time:

 

Please keep posts on-topic, constructive, friendly, supportive and respectful.

 

Sermonizing and/or passing judgment on OP for being (*gasp*) humanly imperfect do NOT count as on-topic, constructive, friendly, supportive and respectful posts.

 

Last time I checked, nobody in here was sitting on three 850's and a past completely mistake-free in all respects, so please refrain from chucking asparagus at OP from glass houses.

 

Message Edited by Scamp on 03-07-2009 10:09 AM
_____________________________________________________________________________
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02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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Posts: 313
Registered: ‎06-19-2008
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Hey dont get discouraged from the critisim. If you have $700 to pay towards cc, first single out the higher % cards and the cc with small cl. It will help your overall utility to have a couple of cards with a 0 balance so I would do the following.

Cap 1-1100/1037

Cap 1-1100/1050

Chase BP-1700/1593

Chase-200/180 pay this balance to 0

Kay-1000/858

Truliant FCU-1500/1460

Walmart-700/622 use the remaining 520 and pay this down, leaving you with $102 balance

Bank of the Carolinas-1000/980

Macys-100/65

 

 

That leaves you with 5 cc with balances instead of 7. Get on a monthly budget and pay above your minumum payment every month on time. Whats your minimum payment on these 5 cards? Depending on what it is pay $50 a month to each card, or more if you can afford it. STOP using the cc because you will soon drown yourself in debt. I'm young too so I understand how easy it is to get into this situation but you have to focus and stick to your goal---to pay these cards off.

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Slowly reaching my credit goals!

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