Hello Hello Reality Check here
Your debt is near $8k you have a 560 score & to go into BK for 8K is not right.
Yes you have maxed out cards however, you can work on paying off these cards especially store cards first
CareCredit - $800/$800 -
First Premier Bank - $800/$800 - 36% APR, $49 annual fee + $10 monthly fee
First Premier Bank - $910/$800 - 36% APR, $79 annual fee + $8 monthly fee, way over limit because annual fee just hit
Build Card - $475/$500 - 31.15% APR, $6 monthly fee
First Access - $300/$300 - 29.99% APR, no fee first year
Fingerhut - $280/$2000
CreditOne - $640/$650 - 26.15% APR, $9 monthly fee
Indigo Card - $300/$300 - 23.90% APR, no fee first year
So $800 + $800 + $910+ $475 +$300 + $280 +$640 + $300= $4505
then your sole aim is to find out what exactly can be done to get extra $4505 which if you can find a way to earn/selloff things or work overtime will be very well worth getting rid of big debt off your overall debt profile. All this will have to be paid in full? not weekly/monthly or anything like that?
Next question I have is how is your Bank account/Chex Report? have you applied for a PLOC with a credit Union ? BECU comes to mind?
You shouldn't run worried about your debt? its nothing compared to most people here & i wouldn't lose my sleep over it? Yes its not the very best & i understand it will take long long time to get out of debt?
Everyone's mind works in very different ways. My way is to think of getting $4500 somehow/somewhere doing things that will bring me $4500. Thats all. what do i need to do for it. who's gonna be with me? who can i get it from? whom i know will allow me this $4500. Its BIG MONEY thinking & not making small $$$$$ doing chores or small things that get you fewest/smallest/$$$$$.
Once you have ability to payoff $4500 you will find yourself smiling & in shock & aw of what you did? It will definitely be a huge sigh of relief.
then your remaining cards will have to be paid on minimum payments so be it.
Goodluck to you.
Let's go get it?[/quote]
This is exactly what I would like to do.
All of my accounts do not have to be paid down in full. I would just like to eradicate most of the debt, and most of those bad cards, and consolidate my profile a bit. I figured the best way to do that would be to first pay off the small store accounts (Target, which i shop at maybe once every month or two, and Fingerhut, which is once or twice a year just to keep the account active and get their incremental CLIs.) Then snowball those payments into the First Premier cards. The interest and fees on those cards are KILLING me, and when I add up the fees I'm paying across all the cards, yearly, it's quite ridiculous.
The post was written more in the sense of, I am barely moving the needle on the debt, cannot get CLIs or loans to consolidate/get rid of the debt, and thus am pretty much stuck. Having an older car, I know it's only a matter of time before it needs to be replaced. Whether I try to get an auto loan or I get a used car and pay in cash, I still need the funds somehow, and living paycheck to paycheck with my cards maxed isn't it. I'm not necessarily losing sleep over it, but the more time goes on, and laying out on paper a structure to try and dig out of it, it just seems overwhelming to deal with.
I'm not sure how my Chex report is.
I had an account closed with Bank of America probably 10 years ago, and promptly paid the account off BEFORE it got out of BOA's hands and sent to an agency.
I have an open account with Wells Fargo, been open for about five years. They will not offer me a credit card, quoting my EX high util etc. I have not tried for a PLOC with them. I have had two bounced checks in the last two years, both were tried to be cashed a second time and both were pulled without further issues. Several rescinded overdrafts due to some credit cards pulling payments slightly before my direct deposit registers in their system (think sometime late Thurs night, say 10 or 11PM payment pulled, 1200AM Fri morning transactions post and account is now overdrafted, 1215AM direct deposit hits account so Wells Fargo has "overdraft rewind" and it rescinds the overdraft status.) So I'm not sure how my bank report actually looks, or if Wells Fargo reports those at all.
I have not tried to open an account or apply for a card/PLOC with a local credit union.
There are several other posts in here I'd like to reply to so hopefully I can do it in one post instead of multi-posting, I'm not sure how to quote on this forum so please bare with me......
[quote=Ericguest]Another thing is calling your creditors and ask them for some options. One of the ways to do it.
Your $8k debt is not much. Try to pick up couple hours in overtime. Talk to your boss, be honest about paying off credit cards.
When I worked at the restaurants, owners were pretty understanding.
As a business owner I am pretty understanding when employees ask for an advance.
I work for a chain restaurant, they do not give advances and I am waiting on back overtime pay (accounting issues with a raise I received verbally 5 weeks ago, and is just now showing in their employee portal, but did not get credited for on my last two paychecks) which will be going towards the CareCredit account because I want to knock that out before the deffered interest hits (and if my older dog ever has to be rushed to the vet again..).
I will be calling First Premier, Credit One, and Bank of Missouri/Build and First Access specifically tomorrow to see if they can waive the fees and lower the interest rates which would really help me.
Someone else in the thread suggested cutting out unnecessary expenses - I really don't have them. Rent, gas and elec, car ins, phone, internet, credit card minimums, thats almost all my money.
Don't make this too complicated with thoughts of moving $$ here and there and all over the place. It never helps!
Then I'd just snowball this debt. You can start by closing your secured card and having the deposit pay the balance. Then you're already down one and on your way. Good luck![/quote]
My secured card was only a $49 deposit. It was the first card I'd opened, I guess Capital One deemed me one of the lucky ones to only have to pay $49 for the $500 line. It just never graduated to unsecured, and as such I can't request a CLI or even get my deposit credited back to me.
The only reason I mention moving money is if I hypothetically could get CLIs or open a card with a BT offer to just assimilate one (or more) of the crap cards, then close those. That makes the most sense to me. Then I can take advantage of far lower (or no) interest, and snowball the payments even more, know what I mean? Then once I'm out of that mess I can consolidate further and open a card or two and close a few of the others to take advantage of cashback, points, etc, as currently only my It and QS cards offer cashback.
You can do it.
Cut all the crap out.
Those first premier are literally over 50% apr with the annual fees factored in.
Pay them off first.
How close are you to work?
Can you do without a car for a bit? --you mentioned winter, so if there is snow, maybe not, maybe
(btw, maybe IF SNOW, shovel driveways $10 bag of salt, $20 shovel can make $100's (this is the way you want to think)
Focus, instead of paying for cable and phone, spend time instead of watching tv, spend it on
how to make $5, or $50
If you are paying over $10 month on a cell phone you are paying TOO MUCH
1 year of tracfone for $60 with a phone. Just might not be able to surf or social media all day,
but you wont have time to if focusing on making money.!!!
Spend ALL your money on your CC payments and GET THEM DOWN
I see that this can be paid off in a year.
Yes not formal methods, but with a passion to do it and severe want and need. -- yes all legal and ethical.
Cant even afford BK, so dont ever think about it for this amount.
Not bashing in any which way you or some may think.
Remember, focus and you can do it.
Budget! Save $10 for emerg, fund. If that fund was in place with $500-1000 you
would be out of this issue in 6-8months? makes sense?
How is your living situation? you say rent. Can you provide a bit more details?
That is your biggest chunk of money.
Again, not typing this negative in any way. Take it as positive. that I what I am trying to push out in WAVES!