topic Re: Payment advice in Credit Cards

Payment advice

Anonymous — Wed, 05 Sep 2007 10:04:04 GMT

Hello.. I have a strange question. I'll try to make this short and brief as I can.

I am on a DMP. I paid off one credit card, and will be paying off another credit card in a few weeks. This leaves me with a $50.00 cushion for my monthly payments to apply to another credit card. At first I wanted to wipe out some cards with smaller balances. I have a couple cards that have balances under $300.00. I thought I would clear them out before the end of the year.

BUT... shortly before I enrolled in a dmp Sam's Club lowered my limit on the card from $1000 to $750.00.. I still have a balance of around $930 or so. At my current payment Sam's Club will take me about 10 to 12 months to have the card paid off to the limit. If I apply that $50.00 Cushion to the Sam's Club card.. I will have the card paid off to $750 by the end of the year so that I am no longer reported over the limit.

My question is... Which would be more helpful to increase my score with this extra $50.00 a month?? Pay off the cards with the smaller balances by the end of the year? Or work on this Sam's Club card which is reporting over the limit?

I need to apply for a car loan within 5 or 6 months. I want to get the best score possible.

Thanks.

Re: Payment advice

Anonymous — Wed, 05 Sep 2007 12:48:41 GMT

I would definitely get that card under the reported credit limit. Are they charging over limit fees? Are they requesting that the amount overlimit be due and payable immediately? I have never seen a card reduce your limit to less than the current balance. Something about that doesn't seem right but GEMB has been getting wonky lately.

Re: Payment advice

Anonymous — Wed, 05 Sep 2007 20:22:00 GMT

I think GEMB STINKS!!!!!

Re: Payment advice

Anonymous — Thu, 06 Sep 2007 09:30:19 GMT

I have no Over the Limit fees because when you are on a DMP OTL fees are waived.. Yep. GEMB stinks...

It looks like I am OTL by $209.00.. I think I'll pay the $50.00 a month plus my normal payment of $28.00 that would be about a $78.00 payment a month.. I should be there (hopefully) in 3 months. (unless they decide to drop my limit down to $500)..

Message Edited by Pants on 09-06-2007 05:30 AM