any advice?

Question

so.
i already have a wachovia credit card with a 1300 dollar balance, I also have a dell credit card with a 500 dollar balance. My money is running low, but I will be receiving a couple thousand.

I was thinking I should put 1100 in my checking account to live off the semester with and use the other half to put on my credit card.

Now, I have another credit card that I havent opened with a $5000 limit with citi bank, I was thinking Id take money from there and pay off the remaining balance off for my wachovia credit card, and pay off the dell credit card. And just have to worry about the monthly payment of this citi bank card in addition to my car/health insurance?

any advice?

also you guys

I stay at home, so I have more than enough to pay off monthly bills since this money should last until december(only 2 months).

and i have no idea what the minimal balance is with the citi bank, with wachovia it USED to be $15 a month, but its been a year already.

Answer 1

My advise to you is to get rid of credit cards, except for one - the one with the lowest interest.

You already have balance that you are not paying off at the end of the billing cycle. You are already talking about using another credit card to pay off the rest.

It basically means you are starting to lose handle on your financial situation. Instead of trying to come up with a complicated scheme, I'd suggest you review your entire financial sitation, consolidate, and concentrate on paying off all of your debt.

Answer 2

also, do not cut up your credit cards, use them at least once a year (and pay it off), so you can build a credit card history and increase your fico score... this will help you when you do a bigger purchase such as a car or home in the future... don't miss any payments in the mean time even though the payment is just the minimum..

and when you get there, never exceed 25% of the maximum you have for each credit card... fico score is based on how well you used your credit card and also indicates if you spend way more than you should at any given time... oh, and do well and do take the time to enjoy college as well

Answer 3

My advice:

Take 500 and pay off del credit card
Take 500 and put it in an emergency fund
Take the balance and begin to pay off wachovia credit card.

leave the citi card alone

cut up dell credit card

when you start shifting bills from place to place, you just end up owing more. This way, you will have one $1300 credit card to take care of - and don't put any more on your credit card, if you have an emergency use the emergency fund.

Answer 4

consolidate onto your 5K card and cancel the other two
but try to live on what you make and buy only what is absolutely needed. Don't go maxing it out, because you might not be able to handle the monthly payment on 5K
and then you in trouble !!!!