topic Re: Which is better? in General Credit Topics

Which is better?

Annabe — Fri, 03 Jun 2022 14:37:31 GMT

Okay, So I have 3 Cards with balances which are...

Card #1 $2589 @Anonymous.49% Limit $2750

Card #2 $2672 @Anonymous.24% Limit $2900

Card #3 $2457 @Anonymous.49% Limit $3000

So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%

So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

Re: Which is better?

Mdowning30 — Fri, 03 Jun 2022 14:31:38 GMT

What are your credit limits on those cards ? Its better to get them down to under 29% of your limit, best to under 9%.

Re: Which is better?

Annabe — Fri, 03 Jun 2022 14:40:41 GMT

I added my limits to the post.

My goal is to get them under the 9% or paid off by consolidate and have a lower payment and lower interest.

I had seen this Tally App advertising on TV and thought I would check it out and see if it's worth it in my situation to save money.

@Mdowning30 wrote:
What are your credit limits on those cards ? Its better to get them down to under 29% of your limit, best to under 9%.

Re: Which is better?

SouthJamaica — Fri, 03 Jun 2022 16:18:05 GMT

@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

Yes it would benefit you.

Re: Which is better?

Annabe — Fri, 03 Jun 2022 19:27:16 GMT

@SouthJamaica wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

Yes it would benefit you.

Awesome 😎 Thank you for feedback. 😁

Re: Which is better?

FireMedic1 — Fri, 03 Jun 2022 20:46:03 GMT

Once you pay down the cards. Use them only like a debit card to get some cash back. Put swipe fever away for good. Seen too many get consolidation loans and then run up the cards again. Double the trouble. Good Luck!

Re: Which is better?

SoCalGardener — Fri, 03 Jun 2022 21:13:55 GMT

@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.

Re: Which is better?

tcbofade — Sat, 04 Jun 2022 12:21:05 GMT

Honestly, even with the fee, I'd do it.

As mentioned a few times already, do NOT run the balances on the cards back up.

If something is broken, fix it.

Tally looks like a good option for you.

Good luck!

Re: Which is better?

SouthJamaica — Sat, 04 Jun 2022 12:23:53 GMT

@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.

Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

Re: Which is better?

GatorGuy — Sat, 04 Jun 2022 14:06:29 GMT

The $300 fee is about half of your interest savings so definitely not much help in actually paying it off. But it would help your score.

Most important would be to get control of your finances and pay off this debt.

Re: Which is better?

Annabe — Sun, 05 Jun 2022 13:48:37 GMT

@FireMedic1 wrote:
Once you pay down the cards. Use them only like a debit card to get some cash back. Put swipe fever away for good. Seen too many get consolidation loans and then run up the cards again. Double the trouble. Good Luck!

My plan is not to run them up. I am in a different situation now than I was when I racked up the cards at the time. I actually have had these debts for a couple of years, just been paying minimum payment on them to be able to spread the money. But with this "consolidate" and lower interest than compared to all 3 cards.... I figured doing Tally might be a good option for me.

Re: Which is better?

Annabe — Sun, 05 Jun 2022 13:54:05 GMT

@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.

If the balance (from Tally) is paid off, then would there still be an annual fee? Tally had been having ads on TV is how I found out about it.

BTW the way, I had put more reply to your feedback in with my reply to Firemedic1...

Re: Which is better?

Annabe — Sun, 05 Jun 2022 13:56:17 GMT

@tcbofade wrote:
Honestly, even with the fee, I'd do it.

As mentioned a few times already, do NOT run the balances on the cards back up.

If something is broken, fix it.

Tally looks like a good option for you.

Good luck!

Thank you. Yes, my plan is to keep them under control and not rack them back up.

Re: Which is better?

Annabe — Sun, 05 Jun 2022 14:10:26 GMT

@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.

Re: Which is better?

SouthJamaica — Sun, 05 Jun 2022 15:19:59 GMT

@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.

Yes, you did the right thing.

Re: Which is better?

OmarGB9 — Sun, 05 Jun 2022 15:52:24 GMT

@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.

As long as you stick to your plan and pay it all off within a year before next annual fee comes due, I think you'll be fine.

Re: Which is better?

Annabe — Sun, 05 Jun 2022 17:16:44 GMT

@SouthJamaica wrote:
@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.
Yes, you did the right thing.

Awesome 😎 Thank you for reassuring me.

Re: Which is better?

Annabe — Sun, 05 Jun 2022 17:17:55 GMT

@OmarGB9 wrote:
@Annabe wrote:
@SouthJamaica wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
Good catch. It will still help OP's score, but OP better be sure to get rid of the Tally line of credit before a year passes and the next annual fee hits.

For sure. Yes, I hope to be able to get this paid off as quickly as possible. My credit score, (the last I looked) on credit check total ( about a month ago) was Equifax 653, Experian 659, TransUnion 672. So yeah I'm definitely hoping those do go up. I no longer have a car payment anymore which frees up approximately $350 that I can use as 1 consolidated payment. I did go ahead and did Tally and it is saying that my estimated payment would be like $219. I'm hoping that I did the right thing. I should be able to put more down on the payment since I have my old car payment money freed up.
As long as you stick to your plan and pay it all off within a year before next annual fee comes due, I think you'll be fine.

Thank you 😊

Re: Which is better?

SoCalGardener — Sun, 05 Jun 2022 18:21:09 GMT

@Annabe wrote:
@SoCalGardener wrote:
@Annabe wrote:
Okay, So I have 3 Cards with balances which are...
Card #1 $2589 @Anonymous.49% Limit $2750
Card #2 $2672 @Anonymous.24% Limit $2900
Card #3 $2457 @Anonymous.49% Limit $3000
So, I downloaded the App called Tally and they approved me for a Running Line of Credit for $12k @17.49%
So, Question is: Would it benefit me to let Tally pay all 3 of these cards off for me and I just make 1 payment to Tally?

It really depends. Please correct me if I'm wrong but judging from the data you provided, including your balances versus your credit limits, plus the fact you're thinking about consolidating them, it looks like you might be in trouble, or heading for trouble. You have low limits, high APRs and high utilization. Consolidating those cards, with a lower APR, can certainly benefit you, but my concern is something @FireMedic1 brought up: I'd be concerned about running up the credit cards again after they're paid off.

If you're *sure* you can refrain from using your cards after paying them off, then your idea of consolidating them may be good. But if you know you're going to cave in and start charging things again, you're going to find yourself in double trouble.

UPDATE: Are you aware of the $300 annual fee Tally charges? I had never heard of Tally until this thread; I just did a little research and found "The $300 annual fee is paid directly from your credit line--nothing out of pocket!" After you factor that in...well, I wouldn't do it.
If the balance (from Tally) is paid off, then would there still be an annual fee? Tally had been having ads on TV is how I found out about it.

Yes. As I read it, the $300 is automatically deducted from your credit line. In other words, say you're getting a $10,000 line of credit; right off the bat that amount is reduced to $9,700. I didn't look into it further so I don't know if they take a lump sum out right away, or if it's split out into monthly payments, or what, but it definitely comes out of your LOC. They're really playing up the 'no out-of-pocket!' bit, but you're still paying the fee.