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Valued Contributor
Posts: 2,287
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

So should i set up autopay? I have no problem with it, i will probably just continue to pay at the first of the month!

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
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Posts: 28,095
Registered: ‎04-01-2007

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

(previous post removed)

The next snotty post that appears on this thread will result in its permanent removal. We have some members here who badly need to learn how to present an opposing viewpoint without insulting other members of these forums.
* 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
Valued Contributor
Posts: 2,287
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Darn i never get to see those negative comments,  you MODS are on top of it! Smiley Very Happy

 

 


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
Valued Contributor
Posts: 2,287
Registered: ‎10-23-2007
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!


Schoolbuskid wrote:

LilMirth wrote:

Hi SBK!

 

Can you post the APRs for each card?I know Cap 1 accounts are around 14&15%, Chase BP and Chase Rewards is at 22%, Truliant FCU is at 8.1%, I will have to check on the others dont know them right off! 

 

Found out that my Kay Card is at 18% and Bank/Carolina is 17.99%

 

Message Edited by Schoolbuskid on 03-06-2009 08:03 PM

 


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
Moderator Emerita
Posts: 3,090
Registered: ‎08-09-2008
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Okay, I'm trying to get this all put together clearly and concisely. Some details are still missing-- can you please fill-in-the-blanks when you get a chance?

  1. From your monthly salary, exactly how much money (total) can you dedicate to paying your debt each month, right now? This is not including your $1200 tax return.
  2. What is the current minimum payment for your Chase Freedom?
  3. What is the current minimum payment for your Truliant FCU card/LOC?
  4. What is the APR for your Walmart card?
  5. What is the APR for Macy's?

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


LilMirth wrote:

Okay, I'm trying to get this all put together clearly and concisely. Some details are still missing-- can you please fill-in-the-blanks when you get a chance?

  1. From your monthly salary, exactly how much money (total) can you dedicate to paying your debt each month, right now?Roughly $100 This is not including your $1200 tax return.
  2. What is the current minimum payment for your Chase Freedom?$10
  3. What is the current minimum payment for your Truliant FCU card/LOC?$30
  4. What is the APR for your Walmart card?Dont know.
  5. What is the APR for Macy's?Dont know.

I'll see if i can find one of the statements sent in the mail!


 


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
Moderator Emerita
Posts: 3,090
Registered: ‎08-09-2008
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Re: Too Many Credit Cards With Balances! A lil Overwhelming!

Uh oh...

 

SBK, do you mean $100 over and above the minimum payments that you noted? Your combined minimum payments are more than $100-- according to your responses, they're currently $307 (combined). Or, are you saying that you can no longer make the minimum payments?

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"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Super Contributor
Posts: 5,722
Registered: ‎10-06-2007

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

Kinda late to the game here but I might look at it 2 ways.  First I would look at the Debt Snowball approach to attack the card with the smallest balance first.  The other way I would look at it would be to attack the card with the highest rish of AA and or the one that is your best.

 

If it hasnt been mentioned, would you conisder a DMP program.  It could solve your debt problem and make it eaiser to say no to getting new credit.  For some reason it was harder for me to say no to myself and others when I was drowing in debt.  The DMP program was the only way I could stop the debt cycle.

09/10/2016 FICO: EQ: 797 EX:788 TU:795
Moderator Emerita
Posts: 3,090
Registered: ‎08-09-2008

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

[ Edited ]

Here's what I think, based on my understanding & assumptions:

 

Your current minimum payments total $307/month. You can afford to throw another $100 over and above the total minimum amount, for a total of $407. You have a tax refund in the amount of $1200 on the way. Your mother owes you $65. 

 

Based on your input so far, I believe that this is your current CC situation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obviously, this is just my personal opinion, shaded by my rather severe case of Adverse Action Paranoia, but this is how I think your tax refund + your next monthly payment + $65 owed you for the Macy's account should be applied:

 

ETA: Okay, I fixed it. The previous version would have had at least two collection agencies calling you in addition to the $65 shortage (blush).

 

I suggested this distribution because it will apply extra payments to the creditors that appear (from internet research) most likely to take AA against you for not making more progress with your balances, which would cost you even more money in the long run. This plan would pay off three cards entirely, and make a sizeable dent into your high interest Chase BP. It would also guaranty some extra payment to your other cards that are next most likely to ratejack, but not currently at a default rate (aka CapitalOne). Your overall utilization would drop by 20%.

 

After your tax payments, I'd suggest a modified snowball approach. Until you can either increase your income and/or cut your expenses & collect your car payment from your sister, I think that a more rapid pay down approach should be taken with both Chase and Bank fo Carolinas to save you money. The APRs are so high, and it could really hurt a lot if you were to be ratejacked or CLDd. You may get different or better advice from others, so keep in mind that this is just my personal opinion:

 

 

Normally, I'd suggest a more directed snowball approach, paying off the highest interest CC. But, because of your debt to credit ratios, and the corresponding high APRs, I'm really worried about balance chasing and additional ratejacks if you don't start paying above the minimum on the highest APR cards. I would also suggest that you think about combing your two Cap1 cards, and splitting the $200 that your sister owes you each month for the car, between CapitalOne & Chase BP.

 

All of this assumes that you won't be making additional charges to your cards, just paying off.

Message Edited by LilMirth on 03-07-2009 10:12 PM
Message Edited by LilMirth on 03-07-2009 10:49 PM

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Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

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

FWIW, if it'll help LilMirth's calcs, on the Macy's, if that's the store card, the APR is 22.99%, last time I looked.
_____________________________________________________________________________
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02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

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