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NEED to find a solution to repay 1k-2k credit cards

New Member

NEED to find a solution to repay 1k-2k credit cards

Want to find a solution to pay off credit cards i have one I pay 29 monthly too but takes butload of intrest 19 dollars . balance of 3 cards is total 2200 abouts . First cards has balance of 1092 dollars i pay 29 and charged 19 for interest .That annoying cause its saying I need to pay 7 yrs on it . I have 2 others from same bank capital one this other is 725 balance with monthly payment of 25 and 12 goes to interest . Last one is 276 with 25 a month and 4.99 to interest. My score is 650 my payment historMy credit history   

 

My question is what type of loan can i get to repay this off  here is my info on history my credit profile   

Message 1 of 14
13 REPLIES
Valued Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

You don't need a consolidation loan for this. Find some savings in your budget, increase your earnings a little, have a yard sale, whatever, and just get it done.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards/PenFed Pathfinder AMEX - $60k total revolving
EQ/EX/TU: FICO 8's Oct 2018: 700/685/671, 1% utilization/AZEO, INQ's: 6/2/4
Message 2 of 14
Valued Contributor

Re: NEED to find a solution to repay 1k-2k credit cards


@Packard93 wrote:

Want to find a solution to pay off credit cards i have one I pay 29 monthly too but takes butload of intrest 19 dollars . balance of 3 cards is total 2200 abouts . First cards has balance of 1092 dollars i pay 29 and charged 19 for interest .That annoying cause its saying I need to pay 7 yrs on it . I have 2 others from same bank capital one this other is 725 balance with monthly payment of 25 and 12 goes to interest . Last one is 276 with 25 a month and 4.99 to interest. My score is 650 my payment historMy credit history   

 

My question is what type of loan can i get to repay this off  here is my info on history my credit profile   


No, you don't need to spend 7 years paying off a credit card bill.  That is merely a calculation of how long it will take if you make only the minimum required payment.  But of course, you should be paying much more than the minimum payment each month if you're unable to pay the full balance.

 

A loan will not be a solution except that you MIGHT be able to get one with a lower interest rate than your credit cards but that's doubtful given you current credit score.  





Message 3 of 14
New Member

Re: NEED to find a solution to repay 1k-2k credit cards

I dont want to pay 19 dollar to bank with only 10 going to principal. bull. I want to maximize my pricipal . i want more of 29 a month to principal . I need better loan where can I get it with 100 percent 7yr payment history.The answers about I recieve are irrelevant. Dont reflect a solution to help .i never applied for loans in 7 yrs .I have no new cards . Only took these when they showed up  in my box with intro offers.


@MaizeandBlue wrote:

@Packard93 wrote:

Want to find a solution to pay off credit cards i have one I pay 29 monthly too but takes butload of intrest 19 dollars . balance of 3 cards is total 2200 abouts . First cards has balance of 1092 dollars i pay 29 and charged 19 for interest .That annoying cause its saying I need to pay 7 yrs on it . I have 2 others from same bank capital one this other is 725 balance with monthly payment of 25 and 12 goes to interest . Last one is 276 with 25 a month and 4.99 to interest. My score is 650 my payment historMy credit history   

 

My question is what type of loan can i get to repay this off  here is my info on history my credit profile   


No, you don't need to spend 7 years paying off a credit card bill.  That is merely a calculation of how long it will take if you make only the minimum required payment.  But of course, you should be paying much more than the minimum payment each month if you're unable to pay the full balance.

 

A loan will not be a solution except that you MIGHT be able to get one with a lower interest rate than your credit cards but that's doubtful given you current credit score.  




Message 4 of 14
Valued Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

Your credit score is 650 which is basically a sub-prime score.  That means you will not get good terms on a loan; if you can even get one at all.

You will need to check for prequalifications from lenders like Prosper.com.  Good luck.

 


@Packard93 wrote:

I dont want to pay 19 dollar to bank with only 10 going to principal. bull. I want to maximize my pricipal . i want more of 29 a month to principal . I need better loan where can I get it with 100 percent 7yr payment history.The answers about I recieve are irrelevant. Dont reflect a solution to help .i never applied for loans in 7 yrs .I have no new cards . Only took these when they showed up  in my box with intro offers.


@MaizeandBlue wrote:

@Packard93 wrote:

Want to find a solution to pay off credit cards i have one I pay 29 monthly too but takes butload of intrest 19 dollars . balance of 3 cards is total 2200 abouts . First cards has balance of 1092 dollars i pay 29 and charged 19 for interest .That annoying cause its saying I need to pay 7 yrs on it . I have 2 others from same bank capital one this other is 725 balance with monthly payment of 25 and 12 goes to interest . Last one is 276 with 25 a month and 4.99 to interest. My score is 650 my payment historMy credit history   

 

My question is what type of loan can i get to repay this off  here is my info on history my credit profile   


No, you don't need to spend 7 years paying off a credit card bill.  That is merely a calculation of how long it will take if you make only the minimum required payment.  But of course, you should be paying much more than the minimum payment each month if you're unable to pay the full balance.

 

A loan will not be a solution except that you MIGHT be able to get one with a lower interest rate than your credit cards but that's doubtful given you current credit score.  





 





Message 5 of 14
Established Contributor

Re: NEED to find a solution to repay 1k-2k credit cards


@Packard93 wrote:

My question is what type of loan can i get to repay this off  here is my info on history my credit profile   


Hi, Packard. 

 

Because the linked "credit profile" is to Cap1, I'll assume the score you're using is derived from there, thus a Vantage 3.0. This score, while free, is not very useful in gauging one's ability to buy a car, get a CC, or qualify for a personal loan. You should spend $1 here, while it's still working, and get your 3-bureau FICO 08 scores which will much better illuminate your credit worthiness. Once those scores are known, informed recommendations can be made.

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (12/05/2018): FICO 08 EXP: 721; TU: 754; EQ: 747
2018 Goal Score: 720 across the board


Take the myFICO Fitness Challenge
Message 6 of 14
Established Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

There was a time when I thought you could borrow from Peter to Pay Paul, but that is a negative sum game. And while you may get a loan, you are still in debt.

 

If you owe a $1000 and pay 29 each month and 10 is going to principle and 19 is going for interest. 1000/10 = 100 months to pay so you would pay 100 X 19 = 1900 in interest.

 

If you owe the same 1000 and pay 49 per month, then 30 is going to principle and 19 is going for interest. 1000/30 = 33.3 months and you will pay 33.3 X 19 = 633.33 in interest. 

 

***Calculations just for illustration, not exact as interest amount will also be going down as balance reduces***.

 

Make more than the minimum payment every month and add any you spend onto that payment. Soon they will be paid and its this will be a memory. 

Started Rebuild 4/2018: EX 616| TU 604| EQ 621

Current 12/8/18:


Goal Score: 750+
Message 7 of 14
Established Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

I suppose I missed the part where the OP asked for a lecture on saving & bill paying -- would someone be kind enough to quote it please?

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (12/05/2018): FICO 08 EXP: 721; TU: 754; EQ: 747
2018 Goal Score: 720 across the board


Take the myFICO Fitness Challenge
Message 8 of 14
Moderator

Re: NEED to find a solution to repay 1k-2k credit cards

Message is now re-opened to replies..

 

I will just remind people to stay FSR which for the most part it has been on this thread, but can be reviewed here:

 

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/m-p/2797115

 

With that said OP 2k isn't really alot of money owed in the CC world and in my opinion a personal loan or another option isn't the best way to go, but that is your option and do what you think is best.  Granted paying interest isn't fun, but money isn't free either.  There are many ways to pay back that 2k as 2k can be more to you than others depending on income if you can only afford currently to pay min. payment it is going to hurt more of course.  As others stated you can certainly pay more than the min payment and you won't incur near as much going towards interest and be payed off way before the 7 years.  Other options is doing a side gig like uber or pizza delivery for a month or two and that debt will be paid off in no time.  Best of luck whatever you decide to do

 

 

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Message 9 of 14
Community Leader
Super Contributor

Re: NEED to find a solution to repay 1k-2k credit cards

Pay as much as you can, above minimum each month until you can get it down to 0. Then use cards with a pay in full mentality.
Message 10 of 14