I have 3 credit cards (all with annual fee's-stay away from them) and will be probably take me 3 yrs to pay them off so I am looking ONE credit card to use for all my monthly needs, i.e., home repairs, auto expenses, etc.
Any info would be greatly appreciated.
Grandma-60
2007-02-21 10:16:16 · 7 answers · asked by Grandma-60 1 in Business & Finance ➔ Personal Finance
This is Grandma-60 again and thanks for some of those answers, prefer they answers come from someone who takes my question seriously. I am not a credit junkie, I am raising my granchild and this takes money and I am considered a low income head of household. My 3 credit cards balances are $430, $295 and the highest being $1200.00.
There is no way that I could pay off the next month what I would have to charge this month, i.e.,legal fees, dental work, car payments, utilities,etc..get the picture!?
My goal is to pay off my house ($8000.balance) and all my credit cards in 3-5 yrs so I can retire and enjoy my grandchild, as I have to work 2 jobs in raising her, so please, do not call me a credit junkie. My expenses have incurred to my custody battle of this child and had no choice but to get 3 credit cards.
Don't be silly or foolish in your answers, I am looking for serious solutions. Maybe I made a mistake in asking Yahoo for help.
2007-02-21 12:43:04 · update #1
If you already have credit cards that you need to pay off, you'll be better served to pay cash for your monthly needs and focus on getting those credit cards paid off.
2007-02-21 10:23:41 · answer #1 · answered by Jen G 5 · 0⤊ 0⤋
You are going in the wrong direction. You need to take out a fixed loan 10% to 14% to pay off all of the credit cards. Cut up all but one to use in case of emergencies. You should not need more than $2,500 credit limit and there should not be any charges on this card that is not paid in full when the monthly statement comes in.
If you think that credit can be operated some other way, you need a credit councilor. There are too many people getting into trouble because they are trying to do things that credit is not ment to do.
2007-02-21 18:34:58 · answer #2 · answered by whatevit 5 · 1⤊ 0⤋
Grandma, you are in over your head now in debt. You need to break your credit card addiction. Get zero interest cards and transfer the balance. Watch out for fees. You will pay them off faster.
2007-02-21 18:24:47 · answer #3 · answered by The Rabbi 5 · 0⤊ 0⤋
Most credit card companies have a "gold" card that has astronomical limits, but you often have to have a significant income to obtain one of those.
I'd look at consolidating your debts into a personal loan with a lower interest rate so you can make one simple monthly payment.
2007-02-21 18:20:53 · answer #4 · answered by RIffRaffMama 4 · 0⤊ 0⤋
I have an A T & T Visa Platinum card with a limit greater than $10,000.
I don't think anyone should have a card with such a large limit. It is a lot of money to pay off, and the interest is a killer.
2007-02-21 18:20:53 · answer #5 · answered by regerugged 7 · 1⤊ 0⤋
the credit limit on a card is based on your credit history. one person may get one with a 25,000 limit, while you may get the same card with a 1000 limit. creditors wont give you a lot of open credit if they can see you are already stretched to your limits.
2007-02-21 18:22:50 · answer #6 · answered by EllisFan 5 · 0⤊ 0⤋
you are a credit card junkie - stay away from them and reduce your debt then you will be very happy like me namely debt free which i recommend immensely.
2007-02-21 18:20:24 · answer #7 · answered by Exterminator 4 · 0⤊ 0⤋