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accuracy of the simulator

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Anonymous
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Re: accuracy of the simulator

Plus you will save yourself two years of interest if you pay the cards off ASAP. 

 

PS.  Thanks for the kind word earlier.

Message 11 of 14
Anonymous
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Re: accuracy of the simulator


@Anonymous wrote:

Plus you will save yourself two years of interest if you pay the cards off ASAP. 

 

PS.  Thanks for the kind word earlier.


Sometimes we can't focus on the real goal !!!!!!!!

 

Message 12 of 14
Anonymous
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Re: accuracy of the simulator


@Bankrupt2019 wrote:

@Anonymous wrote:

Thanks again....I think I will just settle in the Garden and learn from the likes of you. The simulator says I will be at 840 if I pay equally over 24 months. So I can live with that!!!


It's likely factoring in the drop in balances as well as the aging of any accounts and or inquiries you have. You will get an immediate result by dropping your balances and or raising your credit limits in a shorter amount of time.


That is what I thought originally ( common sense). So I think I will pay what I can afford on both cards each month (but not go broke or borrow) and hope for a CLI ( not solicited ). Let me know if you have another idea. Really appreciate you time and thought!!!!

Message 13 of 14
Anonymous
Not applicable

Re: accuracy of the simulator

Sounds like a good idea.  Pay your cards down as quickly as you can but not so fast that it creates massive hardship.

 

You will benefit in the long run by adding a third credit card or even a fourth.  Even the short-term harm of the new account(s) will be softened by the fact that your total credit limit will go up.  I would wait on adding your third card until you have shown a clear pattern of paying both cards down.

 

Your CC paydown plan should include not only how you will be able to pay all cards to $0, but also how after that you will pay your CC bills in full each month.  It should also include a transition at the end: where the money you are using to pay off the cards will begin being placed into various kinds of savings: retirement accounts, rainy day funds, house or car down payment accounts, etc.  There is almost no limit to the amount of money you could meaningfully save.

 

Best wishes...

Message 14 of 14
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