Credit Card Center Advertiser Disclosure†
03-06-2009 03:22 AM
03-06-2009 06:34 AM
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!
03-06-2009 09:50 AM - last edited on 03-06-2009 10:05 AM by Scamp
Please keep posts friendly, supportive and constructive.
03-06-2009 09:51 AM - last edited on 03-06-2009 10:07 AM by Scamp
03-06-2009 09:57 AM - last edited on 03-06-2009 10:10 AM by llecs
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.
03-06-2009 10:52 AM
03-06-2009 11:09 AM
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!
03-06-2009 12:16 PM
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!
03-06-2009 01:08 PM - edited 03-07-2009 10:09 AM
(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.
03-06-2009 04:22 PM
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.
Chase-200/180 pay this balance to 0
Walmart-700/622 use the remaining 520 and pay this down, leaving you with $102 balance
Bank of the Carolinas-1000/980
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.