topic Re: High store card balances.....what to do?? in Credit Cards

High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 16:18:45 GMT

I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much

Re: High store card balances.....what to do??

JSS3 — Wed, 22 Apr 2015 16:22:19 GMT

@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much

I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?

Re: High store card balances.....what to do??

Anonymous — Wed, 22 Apr 2015 16:25:17 GMT

Do another balance transfer after you pay your venture off or pay off your store cards instead of your venture and then pay what's left to the venture

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 16:28:56 GMT

@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?

Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.

Re: High store card balances.....what to do??

JSS3 — Wed, 22 Apr 2015 16:35:12 GMT

@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?
Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.

It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne.

Re: High store card balances.....what to do??

Berk — Wed, 22 Apr 2015 16:36:28 GMT

@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much

I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 16:38:41 GMT

@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?
Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.
It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne.

Yes but if I keep the balance lingering or use the money to pay the store cards instead, wouldn't that hurt me in trying to get an increase? I want to still have some room to make purcahses while also paying off the tranferred balances. The limit is $3000 Macys is $2500 Kohls is $1500

Re: High store card balances.....what to do??

FinStar — Wed, 22 Apr 2015 16:50:10 GMT

Use the funds you're about to receive to pay off the highest interest on those store cards (since you appear to be carrying a 0% promotion on Venture). Don't accumulate more debt.

However, that being said, you don't need to cut up the cards if you plan on using them in the future (rewards/points, etc). Just stay disciplined about your finances and only buy what you can afford (i.e, living within your means).

So, if that cute little jacket at the Macys coat rack or those hot little sassy pants at Kohls are of no necessity but you're itching to buy them, just ask yourself - can I afford to pay cash for them now? If so, you can charge them on your Macy's/Kohls, get your points/rewards, go to the service desk and pay those cards off!

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 16:50:57 GMT

@Berk wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.

OMG I couldn't imagine closing them. I love both stores and get good cardholder discounts. I'll just charge what I know I can pay off immediately.

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 16:53:02 GMT

@FinStar wrote:
Use the funds you're about to receive to pay off the highest interest on those store cards (since you appear to be carrying a 0% promotion on Venture). Don't accumulate more debt.

However, that being said, you don't need to cut up the cards if you plan on using them in the future (rewards/points, etc). Just stay disciplined about your finances and only buy what you can afford (i.e, living within your means).

So, if that cute little jacket at the Macys coat rack or those hot little sassy pants at Kohls are of no necessity but you're itching to buy them, just ask yourself - can I afford to pay cash for them now? If so, you can charge them on your Macy's/Kohls, get your points/rewards, go to the service desk and pay those cards off!

I know right. Most of the balances came from holiday spending. Its so easy to swipe swipe swipe and get great gifts and worry about it later. Never again

Re: High store card balances.....what to do??

JSS3 — Wed, 22 Apr 2015 16:53:53 GMT

@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?
Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.
It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne.
Yes but if I keep the balance lingering or use the money to pay the store cards instead, wouldn't that hurt me in trying to get an increase? I want to still have some room to make purcahses while also paying off the tranferred balances. The limit is $3000 Macys is $2500 Kohls is $1500

Personally, I'd be maxed on a 0% APR Venture and cancel out the two high interest store cards. If you pay the Venture down, you'll still have high balances on those store cards with high APRs. I gather you won't received a lump sum again any time soon like the one you're about to get? Take the opportunity to cancel out TWO cards. Then use whatever funds you receive monthly to pay down the Venture. The money you'll be saving in interest by zero-ing out the store cards can be applied to the Venture as well.

Re: High store card balances.....what to do??

FinStar — Wed, 22 Apr 2015 16:53:59 GMT

@icyhot wrote:
@Berk wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.
OMG I couldn't imagine closing them. I love both stores and get good cardholder discounts. I'll just charge what I know I can pay off immediately.

Exactly. As long as you exercise some financial discipline, then this should be no issue going forward. No need to close them, just don't accumulate more debt.

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 17:01:35 GMT

@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?
Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.
It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne.
Yes but if I keep the balance lingering or use the money to pay the store cards instead, wouldn't that hurt me in trying to get an increase? I want to still have some room to make purcahses while also paying off the tranferred balances. The limit is $3000 Macys is $2500 Kohls is $1500
Personally, I'd be maxed on a 0% APR Venture and cancel out the two high interest store cards. If you pay the Venture down, you'll still have high balances on those store cards with high APRs. I gather you won't received a lump sum again any time soon like the one you're about to get? Take the opportunity to cancel out TWO cards. Then use whatever funds you receive monthly to pay down the Venture. The money you'll be saving in interest by zero-ing out the store cards can be applied to the Venture as well.

I will, another one in July and again in August. I'm just trying to figure out the best strategy to 1) get the store cards paid down as quick as possible 2) get a CLI on my Venture and get more points so I can get more room to spend. I just want to use this amount I get next month to pay down all balances and not use the other ones for CC balances.

Re: High store card balances.....what to do??

FinStar — Wed, 22 Apr 2015 17:04:03 GMT

@icyhot wrote:
@FinStar wrote:
Use the funds you're about to receive to pay off the highest interest on those store cards (since you appear to be carrying a 0% promotion on Venture). Don't accumulate more debt.

However, that being said, you don't need to cut up the cards if you plan on using them in the future (rewards/points, etc). Just stay disciplined about your finances and only buy what you can afford (i.e, living within your means).

So, if that cute little jacket at the Macys coat rack or those hot little sassy pants at Kohls are of no necessity but you're itching to buy them, just ask yourself - can I afford to pay cash for them now? If so, you can charge them on your Macy's/Kohls, get your points/rewards, go to the service desk and pay those cards off!
I know right. Most of the balances came from holiday spending. Its so easy to swipe swipe swipe and get great gifts and worry about it later. Never again

Sure, but if you develop a sensible budget from the get-go on the things that you plan to buy, then there wouldn't be an issue or surprise by the time the bill comes around

Re: High store card balances.....what to do??

FinStar — Wed, 22 Apr 2015 17:05:18 GMT

@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
@JSS3 wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I'm confused about something. You did a BT onto your Venture card first? From my understanding, a BT onto that card would not have a zero APR. Am I wrong?
Well I used to tutor and provide other services on the side so I have a Square Card reader in my name. I swiped the Venture to my bank account and used the money to pay off the other cards. 0% APR plus got the points. I'll probably do the same thing this time.
It's then treated as a purchase and has a 0% APR until next year. No need to rush to pay that off. Tackle your high interest store cards first. They more than likely have lower limits than the VentureOne.
Yes but if I keep the balance lingering or use the money to pay the store cards instead, wouldn't that hurt me in trying to get an increase? I want to still have some room to make purcahses while also paying off the tranferred balances. The limit is $3000 Macys is $2500 Kohls is $1500
Personally, I'd be maxed on a 0% APR Venture and cancel out the two high interest store cards. If you pay the Venture down, you'll still have high balances on those store cards with high APRs. I gather you won't received a lump sum again any time soon like the one you're about to get? Take the opportunity to cancel out TWO cards. Then use whatever funds you receive monthly to pay down the Venture. The money you'll be saving in interest by zero-ing out the store cards can be applied to the Venture as well.
I will, another one in July and again in August. I'm just trying to figure out the best strategy to 1) get the store cards paid down as quick as possible 2) get a CLI on my Venture and get more points so I can get more room to spend. I just want to use this amount I get next month to pay down all balances and not use the other ones for CC balances.

Pay off store cards first (or any other lingering high interest debt). Then, focus on Venture.

Re: High store card balances.....what to do??

JSS3 — Wed, 22 Apr 2015 17:07:25 GMT

1. Pay the store cards off. That immediately saves interest, lowers utilization, and has less cards reporting.
2. You should still be able to get a CLI on the Venture because you put a lot of spend on it; showing you need a higher limit.

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 17:10:26 GMT

If I had it my way I'd just apply for a BT card later on I don't know if I want to take another hit within the next few months

Re: High store card balances.....what to do??

Berk — Wed, 22 Apr 2015 17:10:39 GMT

@icyhot wrote:
@Berk wrote:
@icyhot wrote:
I have two store cards will considerable balances. Macy's card with $1208 at 24.5% APR and Kohls with $650 at 23.99% APR. I doubt I'll be able to get approved for a balance transfer card at this point with a limit high enough to accommodate a BT of that amount. I plan on recieving a large lump sum of money next month and use this to pay off my $2700 Venture card balance that I also used to transfer balances. Since I already have it and its still in the 0% APR period right now, I think this would be the best bet. After those balances are zero I'm never using them unless theres a huge sale going on and I can get a discount and pay for it immediately. That interest is way too much
I would get rid of both store cards immediately. You can cut them up and close the accounts when you pay them off. If you only use a regular credit card to buy clothes for fun you might be less inclined to spend needlesly so as not to use up your trade line for things you really need. And, if you do happen to carry a balance the interest rate won't hurt so much.
OMG I couldn't imagine closing them. I love both stores and get good cardholder discounts. I'll just charge what I know I can pay off immediately.

Very, very good! Just stay disciplined. I would love to buy what I want when I want. Life would be so much more fun if the bill never came due. I ruined my credit by my late 20s. Took me almost 20 years to recover and get where I am now.

Re: High store card balances.....what to do??

JSS3 — Wed, 22 Apr 2015 17:16:22 GMT

Honestly, a BT isn't worth the AAoA ding when ALL your debt could be gone by July. 2+ months away.

Re: High store card balances.....what to do??

icyhot — Wed, 22 Apr 2015 17:18:12 GMT

My scores are in the 690s and I have a lot of inq and new accounts. UTL about 28%. Who could I get a BT card from? If not approved, who's good with recons?