The GREAT CC Payoff Challenge!!

[JenniferinFL]

Alrighty, here we go, time to join up over here.. . lol

The two highlighted in yellow I already paid off, they just haven't reported yet. The Target card is down to 228.00, everything else is accurate.

It is a bit more than I thought it was, but, being oblivious to it never helped anyone. I work two jobs right now, the money from one job all is going to go on credit cards and the other is for living expenses. I have an extra $1200 coming in soon from a plan I had to cash out which is going to the smaller Cap One. Next paycheck is going to the Target card to PIF. Then I'm going to hack at that smaller Cap One until my 6 month 0% is up at CareCredit. I should be down to just the largest Cap One in 12 weeks if all goes well. Crossing fingers!

[JenniferinFL]

$5500 in balances, 32% util partly because of paying down, partly because of the new cards from my app spree.. Continued work in progress.

[Anonymous]

Hello all! I am so happy to have found this forum. After maxing out my cards during this last year of college, I have now graduated and have gotten a good job. Now I have focused my attention to paying down my debt to help increase my 571 credit score (YIKES!)

Below is my CC debt. I currently have $400 saved from my last paycheck to start attcking this mountain. I was thinking maybe paying it towards my Barclay card before my 5th statements cuts on the 12th and then afterwards, doing a BT of my Credit One account to both pay down the debt plus maybe show Barclay that I can get a CLI. The Cap1 Platinum, Cap1 QS and Gettington are all 0 balance as I just applied for these and I am waiting to recieve them in the mail.

Any ideas would be greatly appreciated!

Creditor                      Balance        CL      Utilization    APR%         Min pmt   Due Date

Bank of America       670.65         700       95%             14.99%       25             5th

Suncoast CU            493.85         500       99%             11.99%      10             12th

Discover IT                672.50         750       90%             22.99%      35             6th

Barclay Reward       462.92          500      92%             24.99%       20            12th

Cap1 Secured         169.73          200       85%            22.90%        25             7th

Walmart Store          263.39         500       53%             22.90%       25           14th

Credit One Bank       170.32       300        57%             24.99%       25           15th

Cap1 Platinum          0                  300         0%                -                 -                  -

Cap1 QS                     0                300           0%              -                  -                  -    

Gettington                  0                 500           0%            -                    -                 -

[Stanic413]

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@Stanic413 wrote:

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OMG.  I don't know what made me re-visit this but I'm glad I did.  I sucessfully got a BT card.  And a TON more. While I increased my CLs significantly and my util went down, I more than doubled my debt in 6 months. I went through all my statements and was able to see where it all went.  There was one major expense, I noticed that a couple hundred here or there for a short weekend trip or new tires or an online class doesn't seem bad at the time, winds up looking like this: 

Card	Balance	CL	Interest Rate	Utilization	Min Payment
BoA Better Bal	405	5,000	16.24	8%	25
Freedom	0	6,000	22.99	0%	0
Discover It	370	2100	22.99	18%	20
Kohl’s	153	1,000	21.99	15%	25
Citi Diamond Pref	4,300	5,000	0	86%	70
Amex BCE	700	6,000	0	12%	35
Express	0	1,000	25.99	0%	0
Barclay Arrival+	1,931	5,000	0	39%	20
Southwest RR	498	5,000	15.99	10%	25
TOTAL	8,357	36,100		23%	220

I've had plans to pay it down and I monitor things, but it never looked bad because the util was decent.  I've been pretty blind to things, until I looked back at my original post.  I probably could've had a lot of the original debt paid off had I been more disciplined.  I'm not in a tough financial spot right now and I see I took advantage of that.  I've always paid way more than minimum, I'm just charging more thinking I can just pay it off.  I have almost $600 that goes towards CCs each month, I'm thinking maybe I need to SD all CC's and go back to my debit card/cash for at least two months to make a dent in this debt.  Who knows how much more damage I would've done had I not revisited this thread. Very disappointed in myself.   

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 UPDATE:  Total balances on CCs now $6,146, util 17%.   Hoping to get DD's braces paid off in November and have CCs paid off by or before June 2015.  Woo!  

[fico660]

the fico score estimators predict that my scores will increase to over 760 points when i pay off my 2 credit card balances

as of today (09/09/14) i locked away the 2 cards and will pay off the balances

my credit scores today on myfico 3-bureau credit score monitoring are  equifax 683  transunion 683  experian 684

i have 5 credit cards and no installment accounts 

i have a $1000 reserved line of credit that is linked to my bank check (debit) card and also acts as overdraft protection

21.90% apr  

$0 balance

overall credit card limit $9300 

overall credit card debt $4675

overall available credit $4625

overall utilization 50% 

discover it

$2800 limit

$2747 debt

$53 available

98% utilization

14.99% apr

bank of america better balance rewards mastercard

$2000 limit

$1928 debt

$72 available

96% utilization

18.99% apr

amazon store card

$2200 limit

$0 balance

25.99% apr

us bank visa platinum

$300 limit

$0 balance

20.99% apr

american express blue cash everyday credit card

$2200 limit

$0 balance

21.99% apr 

i have 2 closed accounts 

a total of 8 accounts

no late payments

no collections

no public records

no inquires 

i have only 30 months of credit history    

[chalupaman]

Just payed off my Wells Fargo CC balance since I'm sock drawering it and probably going to continue to get that 262 dollar balance on my Citi card down since I'm not using that one too much anymore.

[Anonymous]

Just found this thread. I love paying down my CCs! I just got an unexpected $500 and I immediately paid down one of my CCs. I actually get excited paying them down. It used to be if I somehow wound up with extra money I'd be thinking of all the different ways to spend it but now I immediately try to figure out which account I want to pay off. Just a few months ago I had over $7K in CC debt, but now I'm at $3600 and it's all split between two CCs with 0% for another year. Feels so good seeing this kind of progress!

[Anonymous]

Hi y'all, can I join? I just paid $999 to pay off a Cap1 card. Of my 6 open CCs, none of them have a balance.

All that's left is $2029 on a closed USAA card I have to pay off. My goal is to eliminate it before the end of the year and be CC debt free.

[creditnocash]

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@Anonymous wrote:
Hi y'all, can I join? I just paid $999 to pay off a Cap1 card. Of my 6 open CCs, none of them have a balance.

All that's left is $2029 on a closed USAA card I have to pay off. My goal is to eliminate it before the end of the year and be CC debt free.

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of course you can!  congrats! and you can do it!

[creditnocash]

pheww here we go. 

my naughty list. 

ive basically sock drawerd everything besides my amex, which now that i think of it is counter productive since its a charge card... 

Card	Balance	Limit	Free	Used	Rate	Min Pay	Due Date
Citizens	6503.26	7000	496.74	0.929037	17.74%V	164.12	x/8/14
Chase	1481.76	1500	18.24	0.98784	22.9%V	44	x/7/14
Discover	2864.06	2900	35.94	0.987607	22.9% V	77	x/19/14
Citi	5891.66	6000	108.34	0.981943	0%	88	x/14/14
Amex	355.66	500	144.34	0.71132	N/A	All	x/1/14
Best Buy	1443.07	3500	2056.93	0.412306	25.24%V	25	x/27/14
Macys	440.72	3500	3059.28	0.12592	24.5%V	25	x/21/14
Walmart	0	5000	5000	0	22.90%V	35	x/25/14
American Eagle	54.3	2400	2345.7	0.022625	24.99%V	25	x/1/14
Kohls	0	400	400	0	21.90%V	0	x/8/14
19034.49	32700	13665.51	0.582094	483.12

paying off slowly! but surely.