General Credit Topics

[sankofa]

Below is our debt situation.   Credit Scores 696 TU - 715 EQ - 695 EX

Paid off our  car  and did home remodeling  with all this debt! Now we're trying to pay off our debt within 5 years. 

Any suggestions?  Another balance transfer card?  Or just leave alone and pay, pay, pay!!    

Company               Credit Limit                Int Rate        Available       Balance

Amex Clear            10,000                      4.99              5,011.85         4,988.15

Blue Cash              10,600                      2.99              7,170              3,430.00

Blue Amex             15,000                       4.99              8,077.75        6,922.25

Bank of Amer        11,100           -0- to 10/07               5,848.00        5,252.00

cap1                       3,500                       5.99              1,482.47         2,017.53

cap1                       1,600                       1.99              529.99            1,070.01

CitiDiamond          8,000             -0- life of loan           3,946.81         4.053.19

CitiDividend          4,000                      6.90                 3,962.25            37.75

CitiSimplicity         6,300                       6.90                3,232.65         3,067.35

HSBC                 15,000                       15.99              14,872.75          127.25

WAMU                  8,000         -0- until 1/08                  6,168.54        1,831.46

Totals:  Credit Limit:  93,100           Available:  60,303.06          Debt:  $32,796.94

[MidnightVoice]

I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing. 

[Tuscani]

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MidnightVoice wrote:

I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing. 

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OMG.....

[masdeocho]

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MidnightVoice wrote:

I could answer that question, but in case I am accused of giving unwanted financial advice, I will refrain from so doing. 

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never stops me

[sankofa]

Yep, we know this is a lot of debt!!! 

If you don't want to help, it's ok.

SandyK

[masdeocho]

B of A, and WAMU -- what rate do they revert to after 0% ends?

[Tuscani]

Do you have any children to sell? What about investing in the lottery?

All kidding aside, how much equity do you have in your home. HELOC could be an option.

[sankofa]

Bank of America reverts to 7.9% and Wamu reverts to 9.9%

SandyK

[sankofa]

Tuscani,

Our children are grown!  (darn!).  Our home equity is around 60K.  With the remodeling that we have done, house has increased in value!  A good positive for sure!

We have a good income.  I just took out too many cards...(you think?)    

SandyK

[masdeocho]

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sankofa wrote:

Below is our debt situation.   Credit Scores 696 TU - 715 EQ - 695 EX

Paid off our  car  and did home remodeling  with all this debt! Now we're trying to pay off our debt within 5 years. 

Any suggestions?  Another balance transfer card?  Or just leave alone and pay, pay, pay!!    

Company               Credit Limit                Int Rate        Available       Balance

Amex Clear            10,000                      4.99              5,011.85         4,988.15

Blue Cash              10,600                      2.99              7,170              3,430.00

Blue Amex             15,000                       4.99              8,077.75        6,922.25

Bank of Amer        11,100           -0- to 10/07               5,848.00        5,252.00

cap1                       3,500                       5.99              1,482.47         2,017.53

cap1                       1,600                       1.99              529.99            1,070.01

CitiDiamond          8,000             -0- life of loan           3,946.81         4.053.19

CitiDividend          4,000                      6.90                 3,962.25            37.75

CitiSimplicity         6,300                       6.90                3,232.65         3,067.35

HSBC                 15,000                       15.99              14,872.75          127.25

WAMU                  8,000         -0- until 1/08                  6,168.54        1,831.46

Totals:  Credit Limit:  93,100           Available:  60,303.06          Debt:  $32,796.94

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I vote for leave alone and pay, pay, pay.  HELOC is dangerous -- you trade unsecured debt for secured debt.  If you default on your CCs, you don't lose your house.

IMvery,very,veryHO, the first priorities would be roughly:

1. HSBC (highest interest rate plus annoying small balance)

2.  CitiSimpl (high interest rate plus high balance)

3.  Citi Div (high interest, annoying balance)

4.  In Oct., attack B of A

As for the rest, pay all based on what approach works for you.  Some favor the Dave Ramsey snowball approach -- you pay the smallest amount of the debts first so you have that warm fuzzy feeling from paying off debt.  Some favor paying the debts with the highest interest rates first so you pay less in the long run. Good luck!