@taxdoc wrote:
OP - You've received a lot of great advice. Consider cutting up all the store cards and the cards you bring down to a zero balance (i.e., don't add any new debt to balances you paid off). In case of an emergency, you'll still have open cards that still have a balance. Once you've finished your pay down plan, reassess your portfolio and close out the unnecessary accounts and order placements for the cards you want to keep.
Unsubscribe from all solicitation email from stores until pay down plan is complete.
Yep, this is part of my plan. The cards are still in one piece but I have no desire to use them at all. I really just like to go through them from time to time separating them into keep/close piles. Now that I have put it in writing how bad my rates are and seeing no real advantage to most of them, my Close pile is huge. Obviously I will wait to close until my UTIL can withstand the hit. I would say all but 2 are as good as gone if I am being honest here, and why not be? lol I plan to keep my Chase FU and my perpetually secured Discover. I plan to get a Chase Ink and maybe an AMEX for my business once this is in the rearview mirror. Other than that, I am done with the lesser cards and amassing large numbers of them.
I almost forgot. I have had some of these cards for almost a year now with no activity. I am getting letters to use it or lose it. I don't mind letting them go but my UTIL and scores can't afford the hit right now. Here are the ones I have now that have less than 60 days till auto-close and what I plan to use them for to keep them open.
Target $800 CL : My mom loves Target and will use it and give me the money to pay it off. Probably $50 or so.
Kohls $1500 CL : I need a set of pillow cases and I will buy them and pay them off. About $20.
BP Gas store card $3500 CL : I have no idea how to keep this open. I don't have a BP anywhere near me. They closed the one near me 2 days after I got the card. Closest one now is 452.02 miles away. Any ideas? I can't locate an online sotore or anything either.
Would this be enough to keep these open for another year?
Revised based on new suggestions. I think this looks good. and I hit 24% Total UTIL and all my cards are under 90% UTIL which is much better. Leaves me with 6 cards. All of which will be hard to pay off after this 10k is gone but its better than the alternative.
Also, I hit the CLI button on all the Sync cards last night and no love their, not that I was expecting it. Maybe after these large payments hit I can get a boost but for now, I am stuck where I am.
Well, I just tried Kohls and got a bump to $2500 so that helps. lol.
That looks promising! Enough activity to just generate a statement on Target and Kohl's should give you quite a while before they consider it not being used. Has it been more than 3 months since your last CLI with Kohl's? It's possible you may be able to get the SP CLI to $2500. I'd ask now and if turned down, ask again after you PIF next time. Once you get it, wait 3 statement and they should move you to $3000. With your revised spreadsheet, the BP closing is not going to be the end of the world. It will take at least a cycle or two to report as closed and instead of 24.3% you would be at 25.25% util using the numbers in your spreadsheet.
ETA: Well, I took too long to type that out. Congrats on the Kohl's CLI. 3 statements to $3000.
Have you called the overseas Credit Solutions to ask for a ridiculously large CLI on your Amazon Prime Store Card? I was getting nowhere with the luv button. I should have asked for $25k not $12k, but it was quick and relatively painless.
@K-in-Boston wrote:That looks promising! Enough activity to just generate a statement on Target and Kohl's should give you quite a while before they consider it not being used.
Has it been more than 3 months since your last CLI with Kohl's? It's possible you may be able to get the SP CLI to $2500. I'd ask now and if turned down, ask again after you PIF next time. Once you get it, wait 3 statement and they should move you to $3000.With your revised spreadsheet, the BP closing is not going to be the end of the world. It will take at least a cycle or two to report as closed and instead of 24.3% you would be at 25.25% util using the numbers in your spreadsheet.
ETA: Well, I took too long to type that out. Congrats on the Kohl's CLI. 3 statements to $3000.
lol. No worries. Makes me feel better about the BP card, useless as it is. lol
I was absolutely living beyond my means. No question about that at all. After 3 years of the single life doing nothing but living to work I got a lot of credit and did not tend to it properly. I had fun and bought some new toys, which are up for auction as I type this and thankfully, they retain their value so I am getting near face value for most.
Now it's time to pay the piper.
This attitude alone will ensure your success. You are taking responsibility and have gotten great advice here. I wish you the best of luck. It isn't going to be easy but you do this and look back with pride on facing and conquering adversity. This is a great group here who will root for you all the way.
@K-in-Boston wrote:Have you called the overseas Credit Solutions to ask for a ridiculously large CLI on your Amazon Prime Store Card? I was getting nowhere with the luv button. I should have asked for $25k not $12k, but it was quick and relatively painless.
wow, you know, I haven't called CS in a long time. I will give them a call. I just figured since the LUV button didn't work it would not help to call.
