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@SouthJamaica wrote:Don't hold your breath waiting for Citi balance transfer offers. I've been a card holder for 5 years and have never seen one.
I get enough offers for two people, but that's probably because I'll never use one
Just wanted to drop an update. This has worked out remarkably well for me. After paying them off, Citi gave me a couple BT offers pretty quickly (one low interest, zero fee, other vice versa) and I moved the FirstBank and a bit of the Amazon Store onto those. I requested CLI with a most of my cards and had success with most which drove my utilization down nicely. Then paid off the Discover and Paypal with my lump of money in the bank. Waited a few months and took a shot at opening a second Discover to get an intro BT offer and that worked with a new 5k limit. Moved the BoA and remainder of Amazon Store onto that. Then managed to get a low interest zero fee transfer with my original Discover and put the Amex and Chase SW on there. I won't save much with any of the transfers, but it has kept me focused on paying down and not spending. Paying off the CSP this month. So I will be down to 8k at 7%, 2k at 6%, and 8k at 0%. With the CLIs, my utilization is right at 30%. So from 39k at high interest to 18k at low/no interest in 6 months. I'm pretty happy with my effort! Provided my income does not fall apart (I am in a very resilient sector) I should have the remaining 18k gone by end of year. Other than that, I am planning on merging the 3 Chase accounts to keep the CSP only, merging the 2 Citis, and merging the Discovers once they are paid off. Anything else I should think about doing? I am planning on actually using my credit score to purchase a home mid 2021. Thanks to everyone who replied!
This is fantastic and thank you for the update! Looks like you are well on the way to getting these paid off. Only advice I can really offer at this point is to try not to open any new cards and try to avoid hard pulls in the 12 months leading up to the home purchase. Of course if doing so will help you pay the cards off or at least down a lot faster, the resulting decreased utilization and DTI may outweigh the credit seeking and new accounts.
Wow, just WOW, I am so impressed! You totally changed your situation in a few short months with determination and discipline! Bamm!! How amazing to know that it's like you have a totally new profile!!
Huge kudos to you and I am so excited for your next update (and the housewarming party next year)!!
Congratulations on the rapid pay-down and credit profile improvement.
Congratulations on the progress!! Looks like you are really hammering everything down! Great work👍👍👍
@beelee wrote:Just wanted to drop an update. This has worked out remarkably well for me. After paying them off, Citi gave me a couple BT offers pretty quickly (one low interest, zero fee, other vice versa) and I moved the FirstBank and a bit of the Amazon Store onto those. I requested CLI with a most of my cards and had success with most which drove my utilization down nicely. Then paid off the Discover and Paypal with my lump of money in the bank. Waited a few months and took a shot at opening a second Discover to get an intro BT offer and that worked with a new 5k limit. Moved the BoA and remainder of Amazon Store onto that. Then managed to get a low interest zero fee transfer with my original Discover and put the Amex and Chase SW on there. I won't save much with any of the transfers, but it has kept me focused on paying down and not spending. Paying off the CSP this month. So I will be down to 8k at 7%, 2k at 6%, and 8k at 0%. With the CLIs, my utilization is right at 30%. So from 39k at high interest to 18k at low/no interest in 6 months. I'm pretty happy with my effort! Provided my income does not fall apart (I am in a very resilient sector) I should have the remaining 18k gone by end of year. Other than that, I am planning on merging the 3 Chase accounts to keep the CSP only, merging the 2 Citis, and merging the Discovers once they are paid off. Anything else I should think about doing? I am planning on actually using my credit score to purchase a home mid 2021. Thanks to everyone who replied!
That is fantastic and a great example of how to attack high credit card balances! Thanks for checking back with us! Huge congratulations on your progess-to-date!
Your method of targeting high interest rates is really paying off! Since it appears you at least partially took my advice, I reposted my "Before" table showing your previous debt combined with a new table showing current debt. I also added a new column calculating your annual payments in interest-only using both situations.
- - - - - - - - - - - - - -
(Before):
@Aim_High wrote: "Paying down smaller balances is a moral victory but paying down the high APRs is where you start to really get ahead. I found something that will REALLY help you out as I studied your list. I reorganized it by high-to-low APR, high-to-low balance, and high-to-low utililzation. I'm going to focus on my APR chart. Especially the $3,730 balance on that Amazon Store Card at 27.99% is eating your lunch on interest. I calculated that at $87 per month!! Ouch. Finding BT offers is good, but first we need to stop the BLEEDING! Triage medical care kicks in first ...
Cards by APR | Balance | APR | Cost/Yr |
Amazon Store Card | 3730 | 27.99 | 1044.03 |
Bank of America Visa Platinum | 1923 | 25.24 | 485.37 |
Citi Diamond Preferred | 2265 | 22.24 | 503.74 |
Citi Double Cash | 2011 | 21.24 | 427.14 |
Chase Amazon | 1717 | 20.49 | 351.81 |
Discover It | 7737 | 20.49 | 1585.31 |
Paypal Credit | 3427 | 19.99 | 685.06 |
First Bankcard Platinum | 1797 | 19.99 | 359.22 |
American Express Blue Cash | 5190 | 18.49 | 959.63 |
Chase Southwest | 4857 | 17.49 | 849.49 |
Chase Sapphire Preferred | 4938 | 17.49 | 863.66 |
Total Balances | $39,592 |
| $8,114.46 |
Let's compare that to your current situation:
| Balance | APR | Cost/Yr |
Card (1) | $8,000 | 7.00% | 560 |
Card (2) | $2,000 | 6.00% | 120 |
Cards (3+) | $8,000 | 0.00 | 0 |
Total | $18,000 |
| $680 |
So in summary you are now saving:
... $7,434.46 per year
(or $619.54 per month)
... in new interest charges which can used to snowball payments on other debt. I point this out to pat you on the back for your progress but also to show some of our other forum readers how effective a method like this can be to help you conquer an intimidating amount of high-interest debt.
That's almost $1000/mo in just minimums. I have been there!
I'd personally be on a shopping spree for personal loans and BT offers.
There is nearly nothing as discouraging as watching 90% of your monthly payments go to interest.
Congrats on your progress. It's a good feeling when those monthly interest costs drop substantially.
Wow!! Fantastic progress, well done!! 🎈🎉🎈🎉🎈🎉