chase credit limit decrease

[s_rob7488]

No bad weather?? Really? I believe we had snow in April this year... biggest snow of the winter.

[oscar_actuary]

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@s_rob7488 wrote:
No bad weather?? Really? I believe we had snow in April this year... biggest snow of the winter.

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good luck.

.... --Carebear

[CreditScholar]

It's blatantly obvious from his comments that the OP just doesn't get it, nor will he likely get it in the near future. Don't waste any more time with this one. Some things people need to learn on their own, the hard way.

2 new leased cars plus a vacation when he's already deeply in debt? 100% self-inflicted.

[s_rob7488]

It is 100% my fault. Ive said that from the beginning. Excess spending not all from vacation. I didnt ask for you to judge the decisions I made, I simply asked for advice. If you feel like I dont deserve the time of day, so be it. The vehicles weve had for nearly 2 1/2 years and almost 1 year. 

[CreditScholar]

My last comment wasn't directed towards you, but instead towards anyone else thinking about what's left to be said here. I already judged you on page 1, hoping that you'd prove me wrong but you haven't.

[compassion101]

I don't think the guys above are rooting against you at all. I thionk they are reiterating what I mentioned earlier. All this talk about moving money around in accounts etc does nothing until you are spending a good bit less each month than you are bringing in. That needs to be your primary focus

[maiden_girl]

I agree with the other posters. Chase periodically reviews accounts and your credit file and if they feel you are a credit risk, they will decrease your available credit. I'm sorry that happened to you but looking at your balances, I think this is a wake call so that you can get your credit in order and your balances paid off.

[oscar_actuary]

<img width="50" height="67" src="http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/" align="right" border="0">

[HiLine]

The solution to every debt problem: live cheap and pay.

[Revelate]

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@s_rob7488 wrote:

It is 100% my fault. Ive said that from the beginning. Excess spending not all from vacation. I didnt ask for you to judge the decisions I made, I simply asked for advice. If you feel like I dont deserve the time of day, so be it. The vehicles weve had for nearly 2 1/2 years and almost 1 year. 

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If you have access to USAA as a full member, deposit most of your savings there in a CD (term up to you, if you have cash flow shorter is better for your situation), and take out a 100% LTV loan against it and refinance your debt down to 2% (difference between USAA CD return rate vs. loan APR) instead of 20ish while keeping your savings intact but temporarily unavailable while you can go throw money at your debts.

If not, consider doing the same with Wells Fargo but I suspect their interest rate difference may be higher.

Expect it to take ~4 weeks to set something like this up, but it's the most economical way for digging yourself out of this one.  Non-secured personal loans are a dying breed and the interest rates may not be fantastically better than the CC ones: it may dress up your FICO sheet, but it may not improve your finances.  Also if I were a lender, I'd be skeptical of giving a personal loan to pay for their cards when they had 14Kish sitting in a bank account and could write a check for the bulk of the debt... non-trivial fraud risk potentially from a lender's perspective.

Skip the 401K loan route, that makes no sense financially at least from my quick napkin math.