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Old 01-16-2008, 08:44 PM
 
232 posts, read 1,718,470 times
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they are open.... i've got several closed accounts that all closed in good status. Also, I noticed when I ran my credit that many of the items would say something to the effect of "will go to good status in 2014" or something like that. I don't recall the exact wording. Is that true that regardless of what I do, It's going to be negative for 6 years?
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Old 01-16-2008, 10:05 PM
 
69,368 posts, read 63,850,368 times
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Quote:
Originally Posted by Steven2149 View Post
Heres the deal....
Card 1 - about 7,000... maxed out, crap rate
Card 2 - about 4,000... maxed out,crap rate
Card 3 - $500.... about maxed out, can pay off pretty quickly though
Gas Card - $900 limit, owe about $700
Store Card - $2,000.... owe about $1500, crap rate
Student Loans - 30k... spread out over a bunch of loans
Vehicle Loan - Will be paid off in March
Oh yeah.. furniture store - $5,000 line, owe about 800
Mortgages - 1st and 2nd... had a tough time last year with lates, but everything has been paid on time for the last 2 months

I am finally back to the point of paying stuff on time.. as of now, nothing is late. The cards were all slightly over the balance, but now I'm under the balance... by a few dollars.

Any specific suggestions?
How much might I expect it to raise in 6 months if I continue to make payments on time and pay down... say... 15-20% of the credit card balances?
Suggestions
1) lock the gas cards away, they are a killer in todays economy
2) pay the minimum on all cards, then pay off card #3 asap
3) That will take you through February payments, where you pay the minimum on all cards, then pay off as much of the gas card that you can.
4), That will take you through March, where the car will be paid off. Pay minimum on all, putting all of the extra payment from the card #3, and the car payment onto the furniture store.
5) By April, you have freed up card #3, the gas card, the car payment, and the furniture store payments, paying 4 less bills a month. Use that money to put towards the store card.
6) May, do the same as #5
7) June, You should have, card #3, gas card, car payment, furniture store, and the store cards all paid off. Take all of these payments, and apply them towards the remaining debt, in the order of the highest interest rates.
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Old 01-17-2008, 06:04 AM
 
Location: NE Florida
17,833 posts, read 33,018,391 times
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Steven
The open cards are the ones you need to call and request lower interest rate for.
They won't lower interest rates on closed cards unless they have a "program"

pghquest
broke down the suggestion I made earlier except I would add the finance charge to the min payment especially on the high interest cards so more money goes to the balance and you actually see them gong down.
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Old 01-17-2008, 07:51 AM
 
Location: lumberton, texas
652 posts, read 2,658,262 times
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I totally agree with all of this. except I have one concern. This reminds me of a situation I was in many years ago. What I worry about is do you have any savings to fall back on if the same situation happens? Or what if your hot water heater blows up? typically I would not suggest this but if something like this happens you have no money in saving and your regular credit cards are still maxed. So, then you run into the same circle of problems. you end up becoming late on your regular cc's then go over the limit etc. then you are almost in the same boat you started in. If you have a little extra to fall back on dont listen to me. but if you dont you may want to follow their exact advice but start with the highest interest regular cc. BUT DONT USE IT UNLESS IT IS A DIRE EMERGENCY.

just my 2 cents
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Old 01-17-2008, 07:59 AM
 
Location: lumberton, texas
652 posts, read 2,658,262 times
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[quote=Karla with a K;2534739]First congratulations on some really great scores, it shows that you can go from a challenging situation to a terrific one.

The best way to approach the CC is to make sure you are speaking to the "account retention team" it is their job to keep you as a customer.
I always start with "I have been a customer for x years I have recently received balance transfer offers of x%, I would like to continue our relationship is their any way we can work this out together"
Many times a lot will depend on the customer service rep you get, if you don't get the desired results call back and try again. Also make sure you are not talking to the "out sourced dept" they have no ability to adjust the apr. Also never pay a fee to have you interest lowered or in some cases your credit limit raised.


Thanks Karla. I consider myself pretty "money and credit savy" but never knew that. at this point it doesnt help me but I always like to keep up with the way things work. At this point in my life I am "debt free" whohoo!!!!!! hopefully I will stay that way. I paid off my last credit card 1month ago and mortgage 6 months ago. It can be done. I also do kind of what pghquest commented about. I buy a lot of groceries and misc stuff on the cc and then pay it off in full. sometimes I will pay half one month and then half the next. Just to keep my fico up. My goal is to be at 830-840 by the time I am 35. I dont know if it is possible but i'm trying! LOL
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Old 01-17-2008, 08:04 AM
 
Location: NE Florida
17,833 posts, read 33,018,391 times
Reputation: 43378
this is why this is such a great forum because what one person may of forgotten another will mention

emailvasally has brought us a great point. Everyone needs an emergency fund. even if it starts out as a small one. Eventually you want it to cover 6 months of expenses.

The thing is we are all making great suggestions based on the info we know.
We are not sure of the total extra amount of available money Steven has to put towards the cards.
One idea maybe if you are getting a tax refund use that to fund the emergency stash or take half of the car payment for a few months.
Just make sure the balances are at at least $100 to $200 under the limit so you don't risk OL fees.

Also I am going to give you a suggestion I have been telling folks for 20 years put all of your cards in a zip bag in a container of water in your freezer. That way if you are tempted to use them you have to wait till they "defrost" usually that is long enough to realize did you really want to use them.
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Old 01-17-2008, 08:11 AM
 
Location: NE Florida
17,833 posts, read 33,018,391 times
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Quote:
Originally Posted by emailvasally View Post

Thanks Karla. I consider myself pretty "money and credit savy" but never knew that. at this point it doesnt help me but I always like to keep up with the way things work. At this point in my life I am "debt free" whohoo!!!!!! hopefully I will stay that way. I paid off my last credit card 1month ago and mortgage 6 months ago. It can be done. I also do kind of what pghquest commented about. I buy a lot of groceries and misc stuff on the cc and then pay it off in full. sometimes I will pay half one month and then half the next. Just to keep my fico up. My goal is to be at 830-840 by the time I am 35. I dont know if it is possible but i'm trying! LOL
You have a paid off mortgage and you are under 35 !!! You have tons to Wooohooo about
that is wonderful .

Even though I am "retired" from the credit industry I also like to stay current
on the "working of credit"

We do the same thing I use one card for everything and pay it at the end of the month I like the rebate points it builds up Next month they are sending us a check for almost $300. Not to mention the extended warranty the amex provides. This has saved me lots of money not having to buy certain "extended warranties"


Steven
It is going to take some time but if you follow the advise you will not only see improvement in your credit score,but it will take away the what I like to call "the credit stress"
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Old 01-17-2008, 08:22 AM
 
Location: lumberton, texas
652 posts, read 2,658,262 times
Reputation: 259
That is the best thing I have ever heard!!! I dont have a problem with the urge to buy things anymore but I used to leave my credit cards at my grandmothers house in a locked safe. I had to drive 1 hr to get them. I like your idea much better.

I am personally lucky I think that I went through the problems I did because I always think about it when I want something now. I really really want to buy the new volkswagen eos. I have the credit score and finances to go out and get a loan for one. but I refuse because of how much money in interest I would pay. I drive a 94 explorer that is slowly falling apart. I pay myself a carpayment between $150 - $250 per month. (I dont know anyone with a car payment that cheap) eventually I will save up that 30k. along the way I will do all of the research involved and will make sure that is the right car to buy. I know I am rambling about something you probably dont care about steven but my point is if you try hard and dont let yourself get to depressed about it you will end up being able to be the same way. I almost claimed bankrupcy myself once. many times I kicked myself for not doing it, but now I am so glad I didnt.
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Old 01-17-2008, 09:05 AM
 
Location: NE Florida
17,833 posts, read 33,018,391 times
Reputation: 43378
sally
keep your eyes out I have seen some ads where they are doing either "0" interest or very very low 1.9% & 2.9% on Volkswagens

also the great thing about the "block 'o ice cards" is you can't cheat and nuke them in the micro because it will mess up the magnetic strip on the back.
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Old 01-17-2008, 10:53 AM
 
232 posts, read 1,718,470 times
Reputation: 196
Thanks everyone for the advice. I know it will take some time. At one point, I was a good credit risk so I know I should be okay. Between my wife and I, we make pretty decent income and we have an emergency fund available so we are getting back on track. Does anyone think the idea of being above 600 by the end of the year is an attainable goal. I'm *stops to vomit* at 542 now.
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