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llecs wrote:
eddymvp wrote:
I have 3 credit cards:
HSBC: CL $1,700 Balance $1349.00
DCU: CL $1,000 Balance $566.00
Capital One: CL $1,000 Balance $386.00Nooooooooo! Don't do it! I'm probably going to repeat what others say (as I haven't read other posts), but it has to be said.First off, you need to continue paying your debts as planned, but the only thing listed that impacts your score are your CC balances. Now assuming these are your only ones, your cards breakdown this way:HSBC: 79.4% utilizationDCU: 56.6% utilizationCapOne: 38.6% utilization.Total Util: 62.2%FOR MAX IMPACT, your cards need to be like this (based on 7% (extra room for interest, etc)):HSBC: $119DCU: $70CapOne: $70Total: $259.
eddymvp wrote:llecs, your suggestion is good, but I don't need to sell the furnitures or the TV or neither get a 2nd job. The last two months I have been able to save about $800 dollars a month after paying all my bills and utility. In the last 3 months I've been paying $500 on the credit card, so I can stop saving and pay more toward the balance of the credit card and once I paid off my credit cards, I will start saving again to have the down payment for the house. I can pay $600 dollars toward the cards next month.Should I paid off the whole balance on my capital one card since its the lowest balance I have and then put about $150 toward the other two cards?
Message Edited by eddymvp on 03-18-2008 06:55 PM
I'm losing you now, what is a CD, and what's the benefits of it?
llecs wrote:After the cards, I'd then pay $800 into a 3 mo CD (I hate CDs, but you need the cash in 9 months) for the remaining 6 months. If you did this, then you'd have $5000 extra towards the down payment. After you buy your home, redistribute that to your 401(k) to get as close to the max as possible.
Plz correct me if i'm wrong based on that table, if I open a CD for $1000.00 for 9 months, does it mean that I would gain $20 dollars in the whole 9 months or $20 dollars montly?
eddymvp wrote:I just checked my bank for a CD and these are the rates that they have.Term ...........APY Interest Rate Compounds Minimum Deposit
3 months.... 1.50 ... 1.50 Simple $500.00
6 months.... 1.75 1.75 Simple $500.00
9 months.... 2.00 2.00 Simple $500.00
12 months.. 2.50 2.47 Daily $500.00
Plz correct me if i'm wrong based on that table, if I open a CD for $1000.00 for 9 months, does it mean that I would gain $20 dollars in the whole 9 months or $20 dollars montly?
Unfortunate my current player doesn't match my 401K contribution, that's why I wanted to withdraw to lower down the balance on the HSBC credit card. and what is FHA?
casinoannie97 wrote:does your new employer match your 401k contribution? Then at least put 6% into it. Otherwise you are losing money. Use that 800 extra and pay down your ccs. Rollover that old 401K-- either into your new one or an IRA. Never touch 401K. It's the only break we get. Each year you can contribute something to a Roth IRA. Roth is the governments mistake in our favor. LOLGet your finances and time on the job before jumping into a mortgage. But if you must FHA doesn't care about scores.
Message Edited by casinoannie97 on 03-18-2008 10:11 PM