PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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ANIMESCREEN
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PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby ANIMESCREEN » Wed Aug 10, 2016 2:13 am

So I still don't really know much about credit card interests etc.. But lately I realize that i must do something about monthly interests that is eating my pocket.

My sitiuation I have 5k credit card that is maxed (wells fargo apr is 28%.. whoa)
Capital One Card is at 2500K which is ? interest rate)

So when I forgot to pay my wells fargo card (i was doing online payments but suddenly it didn't work and forgot to pay).. Then they called and I owed 550 on the spot. I managed to do 3 separate payments but wondered why it was so high!! Person i spoke to said it was due to interest rate racking up.. I was paying 135 dollar just on interest.. whoa again!!!

So I was wondering should i transfer both cards into a (consolidate as they call it?) to a 0% interest card and if yes where would i start? I would love to do this asap before another 135 bucks goes to waste just on interest.. That is good money that can be going to my dinner of choices!!!!

Thank you
J


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PhillyPhoto
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby PhillyPhoto » Wed Aug 10, 2016 11:36 am

If you're looking for a balance transfer option, the Citi Diamond Preferred card has 0% for 21 months, and is one of the longest at 0% around. You'll also have to keep in mind you can't transfer more than your limit, so if you have $7500 in balances, and only get approved for $5K, you can only transfer $5K out of the $7.5K. Your late payment might hurt the credit limit given to you by Citi if approved (not to mention you only having 2 cards). You'll want to plan you payments to make sure you are finished or close to it when the 21 months comes up (i.e. $5K/21mo = $238.10/mo).

Another option would be a personal loan from either a bank or credit union, or from someplace like lending club. That has a interest rate, but your payments are fixed, and you have an end date for your payments, because the loans usually go for about 3 years, instead of being open ended as credit cards are.
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takeshi
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby takeshi » Wed Aug 10, 2016 12:30 pm

With a maxed card, possibly 2, don't count on a new card for balance transfers. All you can do is pay your balances down. Get your finances in order or you won't be able to make long term progress.

ANIMESCREEN wrote:So when I forgot to pay my wells fargo card (i was doing online payments but suddenly it didn't work and forgot to pay).

You cannot miss payments. All payments must be on time. Do whatever it takes to ensure that all payments are on time.

ANIMESCREEN
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby ANIMESCREEN » Thu Aug 11, 2016 12:54 pm

takeshi wrote:With a maxed card, possibly 2, don't count on a new card for balance transfers. All you can do is pay your balances down. Get your finances in order or you won't be able to make long term progress.

ANIMESCREEN wrote:So when I forgot to pay my wells fargo card (i was doing online payments but suddenly it didn't work and forgot to pay).

You cannot miss payments. All payments must be on time. Do whatever it takes to ensure that all payments are on time.


Yeah I'm thinking i won't be approved for credit at this time. So there is no other way to consolidate using some third party help or some other method besides credit card transferring to consolidate my 2 cards (total of 7500) and avoid the 140 interest fee every month? Or do i need to just work super hard and get it down .. Luckily my new job is allowing me to pay much more and hope to clear this up around 6 months so ill have to just stop buying stuff... is this much more wiser way to go? I think this makes me much more responsible on what i buy.. I have impulses but seem to think about this hardship and refrain from it.. Separting want to buy and need to buy

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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby Tubpbs » Thu Aug 11, 2016 5:25 pm

That's the key. Pay as much as you can and spend as little as you can. 6 months isn't a long time to restrict yourself. Always treat the cards like there is no available credit until they're paid off in full. Don't buy anything you don't need. Buy groceries and cook instead of eating at restaurants. Etc.
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby ANIMESCREEN » Thu Aug 11, 2016 11:40 pm

Tubpbs wrote:That's the key. Pay as much as you can and spend as little as you can. 6 months isn't a long time to restrict yourself. Always treat the cards like there is no available credit until they're paid off in full. Don't buy anything you don't need. Buy groceries and cook instead of eating at restaurants. Etc.


yeah eating out adds up like crazy.. its like one meal here one meal there.. anyways...... so thats my only option i guess right ... that sucks i feel like im giving credit card companies free money when i could give this to my parents. So is there rule of thumb on how many cards i should have? I was thinking have one credit card and pay the balance in full always just so i can get my credit rating back up again...

How evil are card companies that once i start making money and deposit that i get flooded with card offers .. and when its bad i get declined.. oh well guess its world of corporation.. can't blame one person..

i was so tempted to buy a new pc... but i didn't self congratulations.. :) :) :)

Tubpbs
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby Tubpbs » Fri Aug 12, 2016 7:18 pm

ANIMESCREEN wrote:
Tubpbs wrote:That's the key. Pay as much as you can and spend as little as you can. 6 months isn't a long time to restrict yourself. Always treat the cards like there is no available credit until they're paid off in full. Don't buy anything you don't need. Buy groceries and cook instead of eating at restaurants. Etc.


yeah eating out adds up like crazy.. its like one meal here one meal there.. anyways...... so thats my only option i guess right ... that sucks i feel like im giving credit card companies free money when i could give this to my parents. So is there rule of thumb on how many cards i should have? I was thinking have one credit card and pay the balance in full always just so i can get my credit rating back up again...

How evil are card companies that once i start making money and deposit that i get flooded with card offers .. and when its bad i get declined.. oh well guess its world of corporation.. can't blame one person..

i was so tempted to buy a new pc... but i didn't self congratulations.. :) :) :)


They're not evil for not extending credit when your cards are maxed out. Think of it this very simple way... Right now you are struggling (in theory) to pay your bills. This is indicated by extremely high utilization on your current cards. They ignore that and give you another $5000 in credit. You max it out because you're already under water.... Now you really can't pay your bills. They you default on all your cards and pay them back $0.

Just makes sense not to lend any more right now for them...

-Zach
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webbrowan
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Re: PLEASE HELP CREDIT CARDS ARE KILLING ME!!!!!!

Postby webbrowan » Mon Oct 10, 2016 11:36 pm

I have not believed in credit cards for anything but the points. That means that anything charged to the card needs to be paid off when the bills come in! Leaving anything unpaid for just gets you into a sick cycle of debt that will eventually cost you more and more.



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