I have 7 CC and not that much credit limit so I cant transfer over any balances! I am tired of making only small payments. Please help me!!! I have to many inquires in my C Score PLEASE HELP!!
2007-01-02 17:18:51 · 9 answers · asked by KIMMIE 2 in Business & Finance ➔ Personal Finance
If you can't transfer them to a lower interest card...Then put them in order of highest to lowest interest and all the extra money beyond minimums goes to the highest interest rate, until that is paid off then the next highest and so on.
2007-01-02 17:22:05 · answer #1 · answered by feanor 7 · 0⤊ 0⤋
You could handle this one of 2 ways...
THE "SUCK IT UP" WAY
Charge less crap to your cards and never spend more than your paycheck allows. Concentrate on paying off 1 card at a time, then burn that card and move onto the next. I only use 2 CCs. By taking time to build up my credit and paying in full every month I've built my limit from $350 to $10,500 in 5 years. Putting that much money on a card would be ridiculous but I could if I wanted to. In your situation you will NEED to limit your spending considerably to stay ahead of the accruing interest. In this scenario the bank screws you but you keep your CS after a long, difficult and ultimately pointless battle to save your credit ending in your mid 30's (assumining your in your 20's now). Please note this way only works if you have the means of doing so are not mentally reatarded and may therefore may not apply to you.
THE "DIRTBAG" WAY
Max everything out and go Chapter 13. If your screwed you might as well have fun getting screwed and if you can't keep up on the bills your Credit Score will eventually drop to crap anyways. 7 CCs is a lot (insane amount) and dealing with finances I can tell you that most of your money will be eaten up in interest alone. You will most likely not be able to recover on your own so if you do have some money hidden away, file for bankruptcy. In this scenario you screw the banks (and they deserve it) and will most likely recover your credit score in a couple years. You will have to deal with higher interest rates for a while, but will recover a lot faster than you would paying the current interest you have. Anyways the banks are dirtbags. It's a shame to sink to their level, but oh well...
CCs exist because banks want to make money, they don't care about people (in fact they like you broke, that way you need to come to them for money and they charge interest). Hope you learned not to let this happen again. CCs require responsibility, you should never have 7 of them....especially maxed out...(alcohol and illegal drugs most likely contributed to your current situation)
2007-01-02 18:12:00 · answer #2 · answered by dr. awesome 1 · 0⤊ 0⤋
Call each company and ask customer service to lower your interest rate. If they say no, try again a month later at a different time of day. Pay your minimum payments on all credit cards except your highest interest rate. Knock that off as hard as you can! Oh, and always say no to the credit protector insurance!
2007-01-02 17:26:12 · answer #3 · answered by Tony M 2 · 0⤊ 0⤋
Take your tax refund and pay off what you can. Try to double what you are paying on two of them. Pick the ones with the highest interest. I do think that if you go to a credit union (vs. a bank) they are more apt to let you consolidate debt into one credit card and or loan. Good Luck. Also when you get them paid off actually call and cancel them. Open revolving cards count against you in the game of credit scoring. However leaving one open is a good idea.
2007-01-02 17:22:04 · answer #4 · answered by ME 4 · 0⤊ 0⤋
Pay as much as you can over the balance on the highest interest, highest balanced ones, maybe call a credit counseling service, sometimes they are free and can really help. They helped my daughter. I suppose bankruptcy is always an option, but that seems like not facing your responsibility, plus credit is shot for what, seven years after that? Good luck!
2007-01-02 17:23:34 · answer #5 · answered by lookn_4_laffs 5 · 0⤊ 0⤋
pay more than the minumum balance. every month they add a finance charge 10$ or more, and and annual fee. so if you had 300$ in bebt and you pay the minimum 15$, after that they add 10$ for your finance charge, so you only payed 5$. it cost money to borrow money.
pay more than the minimum, and pay it all back as fast as you can. or consalate your payments so you can pay all your credit cards in 1 payment. call a debt company and get help. they can lower your interest on your cards. pay off the highest interest cards first.
2007-01-02 17:25:09 · answer #6 · answered by beach_babe971 1 · 0⤊ 0⤋
Call your credit card companies and ask for your interest rate to be lowered. They usually will as long as you have been making your minimums every month. Just a few percent can add up to a few more dollars a month you can pay.
Just call them, say you need help. Ask if it would be possible for a interest rate decrease. The worst they can say is no. A lot of companies like Capitol One and Bank of America already have you authorized for a rate decrease but they wont give it to you until you ask!!!
2007-01-02 17:24:37 · answer #7 · answered by Katia 1 · 0⤊ 0⤋
IN CHARGE DEBT SOLTIONS!!! Look it up on the web and fill out the get started they will lower your rate and on top of that work with you creditors so you make on monthly low payment!! I has $10,000 indebt due to school and I payed off all my credit cards off in a year!!
http://www.incharge.org/
Oh and its FREE they are a non profit agency so your not paying them anything just all you bills!!!!
2007-01-02 17:23:57 · answer #8 · answered by Anonymous · 0⤊ 0⤋
pay tham all off exept one in case you need credit for an emergency...it doesnt matter if you pay them off completely...but if you are gonna do this..i think you have to call them as well to cancel them
2007-01-02 17:22:03 · answer #9 · answered by free-spirit 5 · 0⤊ 0⤋