Plan of Attack

[NikJ4]

Thanks Mauve.....thats exactly my plan.

[Jazzzy]

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@NikJ4 wrote:
I am currently trying to study for my NCLEX-RN license. I can not work until I pass this test. Once I pass this test then we will have a great deal more income to handle. I looked to see wht the amount was actually for interest charge so I can pass enought to keep me below once next month cycle hits so I dont go over. Plus now with the new credit card laws the over the limit charges wont be taking me over. I just need to get this paid down. I am paying this month to get back below and in the next two months I plan on having this paid off in full. Next month's goal is to get below 50% usage. The following month is to get to 0% usage.

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Hey...good luck! When do you take it?

I'm a nurse. My exam turned off after the magic number of questions...75 if I remember right? It was a few years ago. Don't worry...you'll pass.

[BaddebtKing]

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@NikJ4 wrote:

Ok I need some advice on how to approach this matter. I am trying to determine how to best pay the follve a owing items. I am over the limts on all as you can see. I have a set amount of money to devote to paying on them. I am just not sure if I should pay to bring them all down under the credit limits or pay a few of them off and work on paying the others down each month as I get more money. Please help.....

Debt                        C/L                  Balance      APR% 

Dillards                   $100.00             $78.55      27.24%

Discover                  $300.00           $712.87      29.99%

Best Buy                 $320.00          $738.52      29.99%

Credit One               $200.00          $398.04     46.66%

JC Penney's             $100.00           $87.94      29.99%

Kay Jewelers       we closed           $553.69     21%

Macy's                  $100.00            $146.14     24.50%

Orchard                 $300.00            $762.27     29.99%

I have around $1600 to put towards this right now....

Thanks in advance for any input....

Trying to get paid off or at least down so hubby can start looking for another vehicle soon

Those APR's and overlimit fees are killin you! I also think other posters are right.. pay down to CL asap.

To avoid next month's overlimit fees.. Find out exactly what day each statement cuts and pay before they do.

Pay online directly at each creditor (you have a debit card?), mail too slow and unreliable.

PIF one account at a time, making sure that all other accounts: 1) doesn't go overlimit 2) gets a minimum monthly payment.

As each account is PIF, snowball that payment towards the next highest APR.

I'd start with Credit One of course. WOW.. 46.66%?!

Good luck! 

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[NikJ4]

@ LynetteM- I had test anxiety bad the first time so I am retaking it needless to say....

Message Edited by NikJ4 on 02-24-2010 02:00 PM

[Jazzzy]

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@NikJ4 wrote:
@ LynetteM- I had test anxiety bad the first time so I am retaking it needless to say....

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You'll make it this time...last time was just practice. I'll be thinking good thoughts.

[NikJ4]

ok, so I called HSBC which has the discover and the orchard bank card accts. I negotiated $200 off of them total so that saved me some $$$.....Yippie.

[NikJ4]

Ok, so here is an update of my DH's stuff.... I am happy to say almost all of them are under the CL. Debt C/L Balance APR% Dillards $100.00 $0.00 27.24% Discover $300.00 $240.00 29.99% Best Buy $320.00 $291.00 29.99% Credit One $200.00 $398.04 29.99% (called and got reduced) JC Penney's $100.00 $0.00 29.99% Kay Jewelers we closed $404.00 21% Macy's $100.00 $0.00 24.50% Orchard $300.00 $762.27 29.99% I still need to get Orchard and Credit One down. My next step is to try to negotiate on both of those to get some fee's removed and them pay everything that is left off. I tried to GW Kay and Best Buy regarding the lates....They said heck no! I also send GW to some accounts I have already paid off (Americredit and First Premier) They both said hmmm NOT! I will keep trying. Thanks for the inspiration. Hubby is moving up slowing. I hope to see a nice increase after this month once all bills are paid off.

[NikJ4]

Status Update....

Debt                        C/L                  Balance      APR% 

Dillards                   $100.00             $0.00        27.24%

Discover                  $300.00           $0.00         29.99%

Best Buy                 $320.00             $0.00         29.99%

Credit One               $200.00          $130.00     29.99%

JC Penney's             $100.00           $0.00         29.99%

Kay Jewelers -we closed $1K           $240.00       21%

Macy's                  $100.00                $0.00           24.50%

Orchard                 $300.00            $520.00         29.99%

I am getting there. I should be done with all of this by next month. I am so thankful for everyone's advise.

[mauve]

Almost under limit for all of your accounts!  That's certainly a large improvement!

[NikJ4]

 I know. I just have to get the Orchard Bank card to get down below the minimum limit. Then I am straight. I only have three cards left with balances. (of his stuff.) I hope to see a nice jump in credit scores once all of this hits next month. Just the one that is still over should not hurt me too bad huh?