I'm trying to lower my monthly payments and can't seem to trust applying for loans because it will lower my credit score? Anyone have any tips?
Does anyone have any ideas for refinancing credit card debt?
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A guy I know just stopped paying his and after a while they stopped chasing him!
lol I'm not doin that haha
Posted by MyStarsShineI want to have good credit lol
A guy I know just stopped paying his and after a while they stopped chasing him!
Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
Posted by EvoxxxscorpioI have decent credit I would say fairPosted by Stensco21If you have a good credit at the moment go the the bank and apply for a loan and transfer all your debt in that one card but I don't know how much your debt is tho.Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.click to expand
Posted by Vageenkalol I'm scared too. This is the highest my debts been. I'm getting it paid off ASAP.
This thread scares me. I don't want to end up in credit card debt. 😢
Currently I owe $ 500 so I'm gonna pay it ASAP before it gets worst. My cousin owes like 15k. LOL.
Posted by VageenkaPosted by Stensco21Posted by Vageenkalol I'm scared too. This is the highest my debts been. I'm getting it paid off ASAP.
This thread scares me. I don't want to end up in credit card debt. 😢
Currently I owe $ 500 so I'm gonna pay it ASAP before it gets worst. My cousin owes like 15k. LOL.
Don't overwhelm yourself. Do it little by little. Make little goals until you reach the big one. xclick to expand
Yea it's not an outrageous amount. Just don't want it to get out of hand.
I don't even consolidate. When I had more than 1 cc (Cause I live on primarily cash now cause I hate debt), I paid off all the lower limit cards first, and minimum on the higher limit cards. Once those were paid off, I closed them, and used what I was paying on those cards towards the larger limit cards.
Now I just put a random bill on the card, and pay it off end of the month. I was terrible with money before.
Now I just put a random bill on the card, and pay it off end of the month. I was terrible with money before.
Posted by DivaCanLeo
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Okay will do! And what credit score requirement do you think a bank would have?
Chase and those better 0 interest cards usually require minimum of 650. Sometimes more like 700
Posted by DivaCanLeoYou should take this advice because she's the best at finances. Really. The bestest.
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Would I lie to you?
Posted by nikkistar
I don't even consolidate. When I had more than 1 cc (Cause I live on primarily cash now cause I hate debt), I paid off all the lower limit cards first, and minimum on the higher limit cards. Once those were paid off, I closed them, and used what I was paying on those cards towards the larger limit cards.
Now I just put a random bill on the card, and pay it off end of the month. I was terrible with money before.
Lol after I get this paid off I will never mess with credit cards again. I got a little out of control.
Posted by LadyNeptuneLol are you being sarcastic?Posted by DivaCanLeoYou should take this advice because she's the best at finances. Really. The bestest.
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Would I lie to you?
click to expand
Posted by nikkistarBest way to build credit. 'Borrow' x amount and pay it in full before the term ends.
I don't even consolidate. When I had more than 1 cc (Cause I live on primarily cash now cause I hate debt), I paid off all the lower limit cards first, and minimum on the higher limit cards. Once those were paid off, I closed them, and used what I was paying on those cards towards the larger limit cards.
Now I just put a random bill on the card, and pay it off end of the month. I was terrible with money before.
Posted by Stensco21Posted by DivaCanLeo
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Okay will do! And what credit score requirement do you think a bank would have?
click to expand
How much can you usually transfer to those cards?
Posted by Stensco21Me— NEVER!!!Posted by LadyNeptuneLol are you being sarcastic?Posted by DivaCanLeoYou should take this advice because she's the best at finances. Really. The bestest.
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Would I lie to you?
click to expand
What you see is what you get
Posted by LadyNeptunePosted by Stensco21Me— NEVER!!!Posted by LadyNeptuneLol are you being sarcastic?Posted by DivaCanLeoYou should take this advice because she's the best at finances. Really. The bestest.
Apply for Chase Slate if you have decent credit over 650
they have a 15 month 0 balance 0 transfer fee...if you transfer your debt within 60 days.
or check out your local Credit Union Credit cards. They also sometimes have the 0% ...0 transfer fee but only for 12 months.
consolidate all that debt....and start making monthly payments interest free until its gone and prior to the deadline....
WARNING: THOSE DEADLINES APPROACH FAST AND YOU THINK YOU GOT TIME, BUT YOU DONT
SO THEN YOU'LL BE STUCK HAVING TO MOVE DEBT INTO NEW CREDIT CARD SO U DONT PAY INTEREST
Would I lie to you?
What you see is what you get
click to expand
—
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
Posted by LadyNeptuneAlso asking for an increase in credit limit every 3-6 months and getting it will impact your credit positively as well.Posted by nikkistarBest way to build credit. 'Borrow' x amount and pay it in full before the term ends.
I don't even consolidate. When I had more than 1 cc (Cause I live on primarily cash now cause I hate debt), I paid off all the lower limit cards first, and minimum on the higher limit cards. Once those were paid off, I closed them, and used what I was paying on those cards towards the larger limit cards.
Now I just put a random bill on the card, and pay it off end of the month. I was terrible with money before.click to expand
Posted by nikkistarThank you! I will try this!
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
Posted by EvoxxxscorpioI'm not lol. That would be dumb. It's not to much but more than I'm used to
If you gonna run might as well file bk but do it only if your debt is 100k and up.
Posted by EvoxxxscorpioSelf employed.....never chased him for yearsPosted by MyStarsShineLol if he's employed they can garnish wages.
A guy I know just stopped paying his and after a while they stopped chasing him!click to expand
Posted by nikkistar
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
What's amount is the highest I could possibly receive? With fair credit?
Posted by nikkistarDoes it reflect poorly if you pay your credit cards off w a loan? On your credit score?
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
Posted by Stensco21No it doesn't reflect badly on your credit. You making a bulk payment and increasing available credit is a positive on your credit score.Posted by nikkistarDoes it reflect poorly if you pay your credit cards off w a loan? On your credit score?
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.click to expand
As for your other question, what is fair credit? Low to mid 600s, or mid to high 600s?
Also, do you have anything that could potentially be used as collateral, or anyone willing to co-sign as well?
These are all factors on how much they could potentially approve you for.
Posted by DivaCanLeoThe only way it is a bad idea is if the debtor pays the debt off, but then goes and uses the cards again.Posted by Stensco21i would never do that. ever.Posted by nikkistarDoes it reflect poorly if you pay your credit cards off w a loan? On your credit score?
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
not cause of your credit score, but a loan to pay off debt
sounds like a bad ideaclick to expand
I am hoping the OP does not do this, but pays the credit cards off, and keeps only 1 open.
If the OP does that, then in all likely chances, the CC's are charging a minimum of 18.99% APR that probably has a stipulation that it could increase depending on the market rate. Which means it could fluctuate drastically.
Given that, the OP would be spending far less in interest at 10-14% . HOWEVER, do not do this, if your sole intention is to pay off the debt, and continue using the credit cards.
Posted by EvoxxxscorpioI'd still chase you. HA lol
Self employed nothing to chase lol
Posted by DivaCanLeoLet me break this down for you, so you understand.
i think that's way too much work for a savings of 4%
instead of just having a goal and paying each card off
Almost all credit cards say the APR is 18.99% . However, in their fine print, there is a stipulation that the interest rate will change based off current market value on a month to month bases, but minimally, it will be 18.99% It really fluctuates upwards to 24%
If the OP is mid 650's, her interest rate will likely be 11%
Thats a 8% to 13% savings on total interest.
If the OP has something like 10,000 in debt, that's an overall savings of 800 to 1300. Saving any additional money is an added benefit.
Being too lazy to do "too much work" is why most people remain in debt, and don't save. It's the same mentality as saying "It's only 3 bucks". If a person buys coffee every day for 3 dollars, they are spending an average of 90 per month, or 1080 per year. Instead of just brewing their own coffee at home, and spending 50 cents a day.
I think most people don't look at the bigger picture nowadays.
Posted by DivaCanLeoWow. Thank you so much. The only thing I'm worried about it that my credit card monthly payment is getting higher every month. At one point the minimum is going to be more than I can afford if I don't get it under control.
The Debt Snowball: How It Works
Step 1: First, make a list of all of the debts you have, arranged from the smallest balance at the top to the biggest balance at the bottom.
When I first made a list like this, it actually hurt. I had several credit card bills, an automotive loan, and multiple student loans. No home loan (yet), thank God, or else I might have had a coronary right then and there.
Step 2: Allocate as much of your monthly budget as you can to debt elimination.
Right now, we’re budgeting about 35% of our income toward killing the debt. We did this by trimming away a lot of wasteful spending and converting that straight into debt reduction payments.
Step 3: Make minimum payments on all of the debts, except for the one at the top of the list.
I literally made a list of each minimum payment and kept a running total of them to see how much I had left in my “debt” budget. The debt budget slowly got smaller, but the bills were getting paid and I knew that the end would be good.
Step 4: As for that low-balance debt on top, pay the absolute maximum amount you can on that debt until it’s gone.
This meant that a pesky, small credit card bill went first. It only took a month of this focus to eliminate the first one – and it felt really good.
And that’s the magic of the debt snowball — it feels good to make quick progress on your debts, and can help you stay motivated through what is often a painful slog.
The Debt Snowball In Action
Why is it called a debt snowball? Once you’ve paid off a debt, there’s a new debt at the top of the list. But suddenly there’s also one fewer debt that you’re just making minimum payments on. So the amount of money you can apply each month to paying off this new “top” debt gets a little bigger.
Here’s an example of how it works. Let’s say you have five debts besides your mortgage, totaling $ 37,400, and you’ve freed up $ 1,000 a month to put toward them.
Debt Snowball, Months 1-2
Debt Starting Balance Minimum Payment You Pay
Store Credit Card $ 400 $ 25 $ 200
Credit Card 1 $ 2,000 $ 50 $ 50
Credit Card 2 $ 5,000 $ 100 $ 100
Car Loan $ 10,000 $ 250 $ 250
Student Loan $ 20,000 $ 400 $ 400
Paying the minimum due on the larger debts leaves you with $ 200 a month to put toward your store credit card balance. At that rate, you’ll have it paid off in two months. In Month 3, take the $ 200 you were paying toward the store credit card and add it to the $ 50/month you were already paying on Credit Card 1:
Debt Snowball, Months 3-11
Debt Starting Balance Minimum Payment You Pay
Store Credit Card $ 0 $ 0 $ 0
Credit Card 1 $ 1,920 $ 50 $ 250
Credit Card 2 $ 4,850 $ 100 $ 100
Car Loan $ 9,600 $ 250 $ 250
Student Loan $ 19,350 $ 400 $ 400
In eight more months, you’ll have Credit Card 1 paid off entirely, too. Pause a moment to celebrate; then, roll that $ 250/month into the $ 100/month you’ve been paying on Credit Card 2, for a total of $ 350/month on that debt:
Debt Snowball, Months 11-21
Debt Starting Balance Minimum Payment You Pay
Store Credit Card $ 0 $ 0 $ 0
Credit Card 1 $ 0 $ 0 $ 0
Credit Card 2 $ 4,200 $ 100 $ 350
Car Loan $ 7,900 $ 250 $ 250
Student Loan $ 16,500 $ 400 $ 400
In about 10 more months, you’ll be totally rid of Credit Card 2 as well, and able to put a full $ 600 a month toward your car loan. That will get it paid off in no time – at which point you can pump the full $ 1,000 a month toward the student loan balance.
Each time you pay off a debt, the amount you can apply to your remaining debts is a little larger, much like a snowball rolling down a hill and picking up momentum. And those little victories – which come quickly in the beginning – help keep you motivated.
When all of your debts are gone, you’ll be living a life style much cheaper than what you can afford, so you can take that snowball — $ 1,000 a month in this example — and start investing it and saving it.
My Own Variation of the Debt Snowball
In my own life, I’ve been using a variation on the snowball system. I call it the “scared straight” snowball. Basically, it works the same as the debt snowball, except that I just make minimum payments on all of my debts and put the remainder of my “debt elimination” budget into a high-yield savings account. Once the amount in that account exceeds the amount remaining on my top debt by more than 30% , I write a check to pay off all of that remaining debt, leaving me with fewer minimum payments each month and more to “snowball” into my savings account.
Why do I do this? It’s less cost effective than the real snowball method, that’s for sure, so I’m losing some money doing it this way. But I gain something valuable (to me) in return, and that’s security. If you follow the traditional debt snowball route, it’s assumed that you have a small amount in an emergency fund in case things go bad. Well, I often feel like my emergency fund is far too small. I imagine my job disappearing or my child getting hurt or a vehicle dying or some similar disaster – or a combination of disasters. As a child, I watched such incidents happen and nearly tear my family apart – and I swore I would never allow myself to be in that tenuous of a situation.
So for now I do the debt snowball my own way, with a bit less risk. Call me chicken if you wish, but this method gives me a sense of security that I don’t get from the ordinary debt snowball.
This post was originally published in December 2006.
Why is my monthly minimum payment getting higher every month? I didn't know that would happen honestly
And I like the scared straight approach. I'm feeling really insecure financially right now and I would be willing to try this approch for security.
And my total credit card amount is about $ 6000 spread between four cards. With two cards having a minimum payment that keeps increasing.
So the increasing payments is what I'm worried about..
Posted by nikkistarNo I don't have anything I could use for collateral and don't want to bother someone to be a co-signer..Posted by Stensco21No it doesn't reflect badly on your credit. You making a bulk payment and increasing available credit is a positive on your credit score.Posted by nikkistarDoes it reflect poorly if you pay your credit cards off w a loan? On your credit score?
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
As for your other question, what is fair credit? Low to mid 600s, or mid to high 600s?
Also, do you have anything that could potentially be used as collateral, or anyone willing to co-sign as well?
These are all factors on how much they could potentially approve you for.
click to expand
Also is my credit card minimum payment increasing because the change in recent interest rates lately? It's increasing 10-15 dollars a month.
Posted by nikkistarAfter I pay the cards off I'm done. Learned my lesson.Posted by DivaCanLeoThe only way it is a bad idea is if the debtor pays the debt off, but then goes and uses the cards again.Posted by Stensco21i would never do that. ever.Posted by nikkistarDoes it reflect poorly if you pay your credit cards off w a loan? On your credit score?
I am in Finance, so I can tell you, if you do choose to consolidate, and you are not approved from those cards. I would suggest going to a small credit union in your area. Credit unions are usually more flexible with their credit stipulations when getting an unsecured personal loan. A lot of times, even if you have a derogatory item on your account, if you give them an explanation for it, and proof that you are working towards paying it, they will approve you.
If your credit is in the mid 600's, your interest rate on a personal loan should be around 10-14% .
I send people to credit unions to obtain loans all the time, because most of them have 5-8% . Only problem with most of them, is they don't really report to credit agencies. So if my clients are looking to build credit towards a business, it really isn't too good.
not cause of your credit score, but a loan to pay off debt
sounds like a bad idea
I am hoping the OP does not do this, but pays the credit cards off, and keeps only 1 open.
If the OP does that, then in all likely chances, the CC's are charging a minimum of 18.99% APR that probably has a stipulation that it could increase depending on the market rate. Which means it could fluctuate drastically.
Given that, the OP would be spending far less in interest at 10-14% . HOWEVER, do not do this, if your sole intention is to pay off the debt, and continue using the credit cards.click to expand
Posted by MyStarsShinelol I misread it.....
A guy I know just stopped paying his and after a while they stopped chasing him!
I thought I saw, he started paying it back and they stopped chasing him.
what the hell....how can they stop?
he must have filed bankruptcy.
Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.click to expand
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
Posted by Deedee86Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
click to expand
How much did they allow you to transfer?
Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
How much did they allow you to transfer?
click to expand
It think it depends what credit limit you get approved for. I was approved for $ 7500 credit limit but I had $ 3000 on other cards so I transferred it all.
Posted by Deedee86Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
How much did they allow you to transfer?
It think it depends what credit limit you get approved for. I was approved for $ 7500 credit limit but I had $ 3000 on other cards so I transferred it all.
click to expand
What was your credit score like? If you don't mind me asking? I'm trying to gage if applying for one is worth a credit ding.
Posted by DivaCanLeo1) Stop PMSing and taking everything offensivelyPosted by nikkistar1) don't talk to me like thatPosted by DivaCanLeoLet me break this down for you, so you understand.
i think that's way too much work for a savings of 4%
instead of just having a goal and paying each card off
Almost all credit cards say the APR is 18.99% . However, in their fine print, there is a stipulation that the interest rate will change based off current market value on a month to month bases, but minimally, it will be 18.99% It really fluctuates upwards to 24%
If the OP is mid 650's, her interest rate will likely be 11%
Thats a 8% to 13% savings on total interest.
If the OP has something like 10,000 in debt, that's an overall savings of 800 to 1300. Saving any additional money is an added benefit.
Being too lazy to do "too much work" is why most people remain in debt, and don't save. It's the same mentality as saying "It's only 3 bucks". If a person buys coffee every day for 3 dollars, they are spending an average of 90 per month, or 1080 per year. Instead of just brewing their own coffee at home, and spending 50 cents a day.
I think most people don't look at the bigger picture nowadays.
2) i don't give a fuk if you're in finance
3) we don't know how much debt she owes and the interest rate its being paid at, that's all variable
and that's all for nowclick to expand
2) My statement was a general fucking statement not directed at you solely. My world does not revolve around you.
3) You aren't my mom, so I can fucking talk any way I want.
and that's all for now as well.
Posted by Stensco21Yes, that is why. That's what most people don't realize about most credit cards.
No I don't have anything I could use for collateral and don't want to bother someone to be a co-signer..
Also is my credit card minimum payment increasing because the change in recent interest rates lately? It's increasing 10-15 dollars a month.
Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
How much did they allow you to transfer?
It think it depends what credit limit you get approved for. I was approved for $ 7500 credit limit but I had $ 3000 on other cards so I transferred it all.
What was your credit score like? If you don't mind me asking? I'm trying to gage if applying for one is worth a credit ding.
click to expand
Around 700 but my ex got approved for Capital One and his was low 600's. He had an intro rate too. The only difference was I got a cash back rewards card and he did not.
Also, be aware with most credit cards, if you pay late, they have a nasty penalty rate. That even applies if you are a single day late, and for that month your interest rate spikes to 28-29. This is why I don't have cc's anymore.
"The APRs will vary with the market based on the Prime Rate" That is the legal terminology of, HEY WE CAN FUCK YOU WHEN WE FEEL LIKE IT!
Posted by nikkistaryou know a lot about credit cards.
Also, be aware with most credit cards, if you pay late, they have a nasty penalty rate. That even applies if you are a single day late, and for that month your interest rate spikes to 28-29. This is why I don't have cc's anymore.
Posted by DivaCanLeoPosted by Deedee86i thought you were going to say 880Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by Deedee86Posted by Stensco21Posted by EvoxxxscorpioOkay what about balance transfers to other credit cards? Do you know anything about this?
only way to to do it is talk to your cc or pay the ones with the most interest and focus on that and just make minimum on the other ones.
I've done that in the past. Whenever I get offers for 6 months zero APR I transfer my balances over and try to pay it off before the intro rate ends.
Last one was Capital One a couple years ago.
How much did they allow you to transfer?
It think it depends what credit limit you get approved for. I was approved for $ 7500 credit limit but I had $ 3000 on other cards so I transferred it all.
What was your credit score like? If you don't mind me asking? I'm trying to gage if applying for one is worth a credit ding.
Around 700 but my ex got approved for Capital One and his was low 600's. He had an intro rate too. The only difference was I got a cash back rewards card and he did not.
click to expand
Oh God, not even close.
I took a few hits over the years. It was very low after the divorce.
Posted by lisabethur8Cause when I 18, I fucked myself with CC's. Add to about 50K in identity theft, and I was forced to learn about it.Posted by nikkistaryou know a lot about credit cards.
Also, be aware with most credit cards, if you pay late, they have a nasty penalty rate. That even applies if you are a single day late, and for that month your interest rate spikes to 28-29. This is why I don't have cc's anymore.click to expand
Posted by nikkistaryou did identify theft?? is that making up a name and getting money for it?Posted by lisabethur8Cause when I 18, I fucked myself with CC's. Add to about 50K in identity theft, and I was forced to learn about it.Posted by nikkistaryou know a lot about credit cards.
Also, be aware with most credit cards, if you pay late, they have a nasty penalty rate. That even applies if you are a single day late, and for that month your interest rate spikes to 28-29. This is why I don't have cc's anymore.click to expand
that must mean you got fake ID or fake passports or something. did you go to jail for it?
well it's good you learned from it.
Posted by lisabethur8No, that is not what I am talking about. Credit wasn't as secure as it is now. When I moved from TX to CA, someone assumed my identity. When they did this, they opened 5 credit cards, 12 cell phones (Sprint, Voicestream (Now t-mobile), AT&T, Verizon), connected utilities, got speeding tickets, and bought a car under a loan using my social security number, and name.
you did identify theft?? is that making up a name and getting money for it?
that must mean you got fake ID or fake passports or something. did you go to jail for it?
well it's good you learned from it.
The only way I found out about all of it, because by the time it happened, I stopped using CCs, was because a repo man showed up at my house in CA asking for a car I had never owned.
Posted by nikkistaroh damn. lolPosted by lisabethur8No, that is not what I am talking about. Credit wasn't as secure as it is now. When I moved from TX to CA, someone assumed my identity. When they did this, they opened 5 credit cards, 12 cell phones (Sprint, Voicestream (Now t-mobile), AT&T, Verizon), connected utilities, got speeding tickets, and bought a car under a loan using my social security number, and name.
you did identify theft?? is that making up a name and getting money for it?
that must mean you got fake ID or fake passports or something. did you go to jail for it?
well it's good you learned from it.
The only way I found out about all of it, because by the time it happened, I stopped using CCs, was because a repo man showed up at my house in CA asking for a car I had never owned.click to expand
and double damn about someone taking your identity.
i hope they got the person who did this to you.
Posted by nikkistarOh lord lolPosted by Stensco21Yes, that is why. That's what most people don't realize about most credit cards.
No I don't have anything I could use for collateral and don't want to bother someone to be a co-signer..
Also is my credit card minimum payment increasing because the change in recent interest rates lately? It's increasing 10-15 dollars a month.click to expand
Posted by DivaCanLeoI have no children and I'm a realtor. Only problem is my license is in Oklahoma and I moved to Texas after split w ex. Relied heavy on my credit cards for the move and I'm very inoujshce with money. This credit card thing is the most debt I've ever had not including a car note.
what are your habits now stenso....like how do you spend your money?
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