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[SIZE=3]I'm a college student and back home making money right now. I've got an AMEX Blue with 2000 on it (8000 limit) and Chase Freedom with 1200 on it (7500 limit). Both are out of their introductory 0% for a year time limits and I'm now paying interest. I've got an old Citi MTVu Card with no balance and 5000 dollar limit.
I'm thinking of looking for another card that I can transfer these two balances to and hopefully phase out the Chase Freedom. I will keep my MTVu, because I've had it open for 3 years and I love Amex's customer service, so that leaves the Chase either in the sock drawer or closed (any opinions?).
My credit score from equifax (freecreditreport.com) tonight was 747. I figure that's good for a college student with not a lot of history.
Any thoughts, suggestions. I'm charging about 1000 a month on each and paying 1200-1300 (2000 spent - 2400-2600 paid).[/SIZE]
Your best course of action is to stop charging on your credit cards and to get them paid off ASAP. Don't open a new card and transfer the balances there - that's just re-arranging deck chairs on the Titanic.
Your best course of action is to stop charging on your credit cards and to get them paid off ASAP. Don't open a new card and transfer the balances there - that's just re-arranging deck chairs on the Titanic.
Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by kristi459
[SIZE=3]I'm a college student and back home making money right now. I've got an AMEX Blue with 2000 on it (8000 limit) and Chase Freedom with 1200 on it (7500 limit). Both are out of their introductory 0% for a year time limits and I'm now paying interest. I've got an old Citi MTVu Card with no balance and 5000 dollar limit.
I'm thinking of looking for another card that I can transfer these two balances to and hopefully phase out the Chase Freedom. I will keep my MTVu, because I've had it open for 3 years and I love Amex's customer service, so that leaves the Chase either in the sock drawer or closed (any opinions?).
My credit score from equifax (freecreditreport.com) tonight was 747. I figure that's good for a college student with not a lot of history.
Any thoughts, suggestions. I'm charging about 1000 a month on each and paying 1200-1300 (2000 spent - 2400-2600 paid).[/SIZE]
Look I don't know your personal situation is and if your short of money. I can only assume that because of school your on the broke side. But here's the deal. Don't start playing credit card roulette (moving balances). It will eventually catch up with you and you'll probably end up paying big. And I'm also assuming that your in debt on college loans so when you walk out of school you'll have that debt on top of it. Basically in the end your going to be a slave to your debt and you be working better than half the time to pay off that debt.
So what I suggest is (if you can) get your self out of as much credit card debt as possible. And live frugally for the next couple of years until you get a fully time gig and are making a regular income.
As others have said, you must quit charging a $1,000 every month.
Now I'm going to break ranks with them. I'm assuming your credit card(s)interest rates are somewhere around 20% or higher. At those rates it will be very hard to quit charging and make headway on paying down your cc debt.
I think IF you can find a 0%, or very low transfer interest rate card that won't change for nearly a year (don't fall for a 5-6 month deal); and a balance transfer percentage fee of no more than $99 max, then go for it. Be aware the balance transfer fee is for each balance.
This idea will not work if you do not have the discipline to stop charging, you will be only delaying the plunge into the abyss.
Never charge anything to a card that has a balance. You will pay interest from the day of purchase. If you use a credit card instead of cash as I do, make sure it is a separate card that is paid off every month.
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