Help with Debt

[Anonymous]

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

[SouthJamaica]

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@Anonymous wrote:

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

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I don't understand your question, and I don't know what your circumstances are.

[ojefferyo]

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@Anonymous wrote:

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

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I would stop charging and start paying on the cards. No need to open another or close any. 

[Anonymous]

haven't been charging lately, cause i am trying to bring down the debt.  just not sure if i should transfer chase/cap one to chase slate so i dont have to worry about interest.  and i want BOA and AMEX as two main cards

[Anonymous]

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@Anonymous wrote:

Current Cards: (balance/limit)

Amex ED: $750/$1200 ( 800 short to get sign up bonus by mid july)

BOA Travel: $5500/$10k

Cap One QS: $1750/$5k

Chase Freedom: $1650/$2500

SHould I close? Open Slate?

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Chase Slate is notorious for giving small starting limits and with your utilization percentage you may not get enough of a limit to allow for any significant balance transfer. Additional information may help to receive more concise answers, what are your scores, AAoA, any negatives, number of revolving and installment accounts balances and limits.

[jacetx]

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@Anonymous wrote:

haven't been charging lately, cause i am trying to bring down the debt.  just not sure if i should transfer chase/cap one to chase slate so i dont have to worry about interest.  and i want BOA and AMEX as two main cards

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The problem with applying for a Slate card is that 3 of your cards are over 50% of their limit. You could end up with a tiny limit. Have you considered a consolidation loan from a credit union? Also, trying to reduce debt and meeting a spend for a bonus is not a good combination.

[creditguy]

Your utiluzation is probably too high for a slate approval, plus you left out key factors such as your scores and any potential negative items on your CR's. I'd look into a consolidation loan and if that's unsuccessful, just pay off your smaller balances first so you can free up those payments and then apply more to your larger balances. It may take time but it's entirely doable.

[Appleman]

You are in a situation that many of us have been in before: spending more than earning.

Top 3 pieces of unsolicited and free advice:

1: Every payment is on-time or early. Late payments kill scores.

2. Set up a budget and stop creating new debt

3. Begin to pay down the debt according to the highest interest rate and/or utilization percentage. (Remember 90% utilization is considered maxxed out).

I recommend that you explore some budgeting software/program to avoid producing more debt. Mint.com or YNAB (you need a budget) are 2 such programs and these are either free or have a free trial period. 

I see that you have a spend bonus you are trying to meet (on the Citi card I believe). It looks like you will need to pay down the card to be able to even have enough credit available to meet the bonus. It may be worth it  if you were going to spend the $800 on things anyway prior to bonus deadline (say groceries or auto insurance).

Unfortunately you have already been losing the sign up bonus game by paying interest. With budgeting you will be able to put yourself in a situation where you can utilize these offers as a benefit to you and not as a money maker for the bank.

Good luck

[aussiesareforever]

Couldn't have said it any better than Appleman!

[Anonymous]

Appleman is right on.

Looks like you'll have to start working weekends or get your salary increased--and start eating Top Ramen or beans and rice. I honestly don't undertand why people use over 50% utilization. I only do so if I PIF before statement cut (motive: cashback rewards), or at least get it down to 30%. The entire web preaches on matters like this.