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Hi All,
I don't post much here for help...but its finally time. I need advice. I'm working two jobs...one full time at a factory, and one part time at a retail store. I'm doing this to pay down my ridiculous debt...no college student should have almost 8K in FOOLISH CC debt two years in... Anyways, enough of that. I have 7 reported accounts. One installment thats been PIF...and 6 revolving accounts. Two of the revolving accounts have been paid off. (Target and CU "Kwik Cash.) I am left with:
Discover - $4305 - Line: $4400 19.99%
Citi - $1795 - Line: $2000 0% for next two months, then ?
Chase - $764 - Line: 900 18.24%
CU Card - $564 - Line: 700 8.00%
The killer here has been the discover....$60+ in interest a month...
I contacted my CU...they do balance transfers, but its a 3% fee (50 max). My limit though is only 700, I'd have to probably have them pull a hard and see if they will raise my limit.
My goals in all of this are:
-to be debt free by my 21st birthday (nov. 15th)...ambitious, but ive been so frugile...
-purchase a more reliable car
-be "set" to go back to school to focus on my studies, no working to pay this off.
If you have any questions for me, or need additional info, let me know...i'll be here! Thanks!
Hi kyobakes,
The problem as I see it is that you're "maxed" on every card. Not much room for transferring balances, etc. Unfortunately, I think you'll have a difficult time getting any new cc to transfer balances.
My advice, as many people on this forum concur, is pay the higher interest cards (Discover and Chase) first.
As you pay the balances down, you may be eligible for CLI if accounts are current. Your UTIL will drop, thereby raising your FICO score.
Hopefully, some forum members will join in with some additional advice.
Good luck
@Anonymous wrote:
As you pay the balances down, you may be eligible for CLI if accounts are current. Your UTIL will drop, thereby raising your FICO score.
Yeah, I have no baddies to speak of...no lates. Im proud of myself for that. My score is being dragged down primarily by the utilization and limited credit history (2 yrs, 4 months)
I know going with focusing on the discover is a good choice...i just wanted to know if anyone had some "outside-the-box" ideas.