topic Re: I have gotten myself into an interest situation in Credit Cards

I have gotten myself into an interest situation

twist7d7 — Mon, 02 Feb 2015 22:47:42 GMT

So I went a little overboard with Xmass shopping. Also Post Xmass I had some car trouble. Got myself into about 6k debit.The debit sits mainly on my CSP and AMEX. with about 1k on the citi DC. I apped for the slate and got 1k and also BofA 1.5k recon to 2.5k. My current plan is to Shift all new spending to cards that are still no APR (cap1, citi DC and BofA). BT 1k to the slate from amex. and pay the amex down first then the CSP. I should be able to pay everything down to 0 is about 9 months give or take. What do you credit masters think of this plan. I am still under 30% util so scores are not to bad.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 22:52:50 GMT

I would be cautious tranfering 1k to the slate as it only has a 1k limit with the numbers in your sig. That will show as maxed out...

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 22:53:40 GMT

Personally, I'd watch out for those 0% intro APR offers. If you run into another situation (car troubles, etc.), your plan may be foiled and you'll wind up paying interest on all of your spending for those 0% intro offers. You're in a tricky situation and in one of the rare instances which I suggest shying away from credit usage unless necessary. Make some lifestyle cuts, aggressively pay down your debt, and get to a managable situation before starting to put spend on your cards again.

Re: I have gotten myself into an interest situation

heyarrnold — Mon, 02 Feb 2015 22:56:53 GMT

If you went overboard with Christmas shopping, ask yourself the following: Is everything that I bought something that I actually NEEDED. With that being said, if you can return some items that are still eligible, do so.

As far as what cards to pay down. do them in order of interest. And do a balance transfer to the slate from the card with the highest balance. But be careful with maxing out the Slate. It is a new account. You do not want to get an AA.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 22:57:00 GMT

@Anonymous wrote:
I would be cautious tranfering 1k to the slate as it only has a 1k limit with the numbers in your sig. That will show as maxed out...

@Anonymous,

I agree. The limit on the new cards for OP to use for a balance transfer isn't good. I think you will be worse of by doing a balnce transfer. The Slate and BOA are going to be showing of as "maxed out". What I'd so in your situation is continue to pay down current debt and use the new approvals to pad utilzation instead of doing a balance transfer.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 22:58:06 GMT

I would not advise maxing out the Slate.

Could you move some CL from your CSP over?

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:00:05 GMT

To add to that ( desktop mode is malfunctioning )

Right now your CSP limit is worth more to you on your Slate bc of the 0% Move as much of it over as possible while only leaving 50% or less utilization on the CSP.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:02:14 GMT

@Anonymous wrote:
To add to that ( desktop mode is malfunctioning )

Right now your CSP limit is worth more to you on your Slate bc of the 0% Move as much of it over as possible while only leaving 50% or less utilization on the CSP.

@Anonymous,

The debt is mainly on his CSP and Amex. Moving money to the Slate will make things worse as there won't be much available on the CSP and will probably show close to maxed out thus if chase should approve he request of transfering to the slate.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:06:39 GMT

..Well...first I would BT that CSP balance or as much of it as possible (80% or less of the recipient card)

While this is still fresh, move over a good chunk of the CSP limit to the slate and balance transfer from AMEX, and if necessary the card that was used to BT from CSP.

This is all best accomplished without BT Fees. (This its where a Capital One card becomes useful)

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:08:57 GMT

@twist7d7 wrote:
So I went a little overboard with Xmass shopping. Also Post Xmass I had some car trouble. Got myself into about 6k debit.The debit sits mainly on my CSP and AMEX. with about 1k on the citi DC. I apped for the slate and got 1k and also BofA 1.5k recon to 2.5k. My current plan is to Shift all new spending to cards that are still no APR (cap1, citi DC and BofA). BT 1k to the slate from amex. and pay the amex down first then the CSP. I should be able to pay everything down to 0 is about 9 months give or take. What do you credit masters think of this plan. I am still under 30% util so scores are not to bad.

@twist7d7,

How much debt is on Amex and CSP respectively?

Re: I have gotten myself into an interest situation

TravellingNomad — Mon, 02 Feb 2015 23:10:57 GMT

Nixon makes a good point. But what is the breakdown of that 6k total balance?

If you are talking about putting spend on those 0% cards for your monthly bills and turning around to pif, i personally wouldnt do it. Reason being you'll be spending more by paying balances with interst and then usjng the 0% for your monthly spend. You're not utilizing the bt offer to make it work to your advantage.

Take advantage of the 0% bt offer by shifting balances from cc's with interest. Then use your regular cards for you bills and pif. Bigger picture is for the next 9 months, you won't pay any interest at all.

Re: I have gotten myself into an interest situation

twist7d7 — Mon, 02 Feb 2015 23:22:52 GMT

3k on amex 2k on CSP 1k on citi DC. Almost all of the Debit was the car repairs so i cant return that! Anyway Lifestyle changes have already happened and my thinking was that in shifting monthly spend to the 0% cards i could allocate more funds to the cards that im paying interest on currently. If i transfer 2,200 from CSP to slate how much should i BT from the amex? When everything is cleaned up would transferring the total CL back to the CSP and closing the slate be a good idea?

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:24:04 GMT

What is your current CSP limit?

Re: I have gotten myself into an interest situation

twist7d7 — Mon, 02 Feb 2015 23:25:23 GMT

7.2k everything in my sig is current

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:27:32 GMT

What is your AMEX apr?

Id move 2.7K over to the Slate...

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:36:51 GMT

@Anonymous wrote:
What is your AMEX apr?

Id move 2.7K over to the Slate...

@Anonymous,

Help me understand your calculations. So if the Slate was approved for 1k, CSP has 7.2k limit with 2k balance - a little less of 30% utilization. The Amex which is a NPSL has a balance of 2k, how does moving 2.7k from CSP to slate help him?

So move 2.7k to slate =3.7k on slate leaving 4.5k on CSP with a $2000 debt. Andthe balance transfer Amex $3000 debt to Slate with a limit of $3.7k assuming Chase approves him to move limits? Hmmm... I don't know.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:35:24 GMT

If the AMEX is a charge card like you say then it is likely due soon. I'm not talking about utilization FICO games here. I am talking about getting out of this whole paying as little interest as possible. Use your credit to your advantage.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:36:25 GMT

The 2.7k is more valuable on the Slate than it is on the CSP right now.

Re: I have gotten myself into an interest situation

Anonymous — Mon, 02 Feb 2015 23:42:05 GMT

@Anonymous wrote:
The 2.7k is more valuable on the Slate than it is on the CSP right now.

@Anonymous,

I see what you mean now but thats IF Chase approves the movement of limits. I am going to ask a question directed at OP and I don't want him/her to take this the wrong way. What would have been the plan if the cards for the balance transfer -Slate and BOA weren't approved. How were you going to pay off the Amex NPSL?

Re: I have gotten myself into an interest situation

Imperfectfuture — Tue, 03 Feb 2015 09:45:19 GMT

@twist7d7 wrote:
So I went a little overboard with Xmass shopping. Also Post Xmass I had some car trouble. Got myself into about 6k debit.The debit sits mainly on my CSP and AMEX. with about 1k on the citi DC. I apped for the slate and got 1k and also BofA 1.5k recon to 2.5k. My current plan is to Shift all new spending to cards that are still no APR (cap1, citi DC and BofA). BT 1k to the slate from amex. and pay the amex down first then the CSP. I should be able to pay everything down to 0 is about 9 months give or take. What do you credit masters think of this plan. I am still under 30% util so scores are not to bad.

Without reading the rest of the thread, first priority is BUDGET!! If you can't afford to pay in cash, gifts are definitely not worth the debt cycle. Save that for a TRUE emergency. Focus on building your emergency fund, at least 4 months of must haves (that doesn't include gifts). Now, I shall read the rest of thread.

Best advice, spend within your means.