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post #6661 of 6682
Yea man just keep paying them bills on time and let that 768 build to even higher while you get your wages higher and revisit in a yr or so and you'll be in even better position and get a better rate.
post #6662 of 6682
Quote:
Originally Posted by Bennyhinn View Post

You can try to get a Chase Slate card and hope you get decent limit to at least transfer half of it in there. It's the best balance transfer card out there.

Whats your APR on that debt? embarassed.gif

Chase slate is one of the cards I have laugh.gif

23% 19% and 25% are the APR on the cards I have
post #6663 of 6682
Quote:
Originally Posted by DatZNasty View Post

loandepot.com

They bought to save me about $300 a month on this home refi

I'll look into that, repped
post #6664 of 6682
Quote:
Originally Posted by Based Mod View Post

Income matters when it comes to loans. Credit doesn't mean a lot if you're not making enough to pay back the loans.

this cant be said enough
post #6665 of 6682
Quote:
Originally Posted by FlyNY View Post

I'll look into that, repped

Do not file bankruptcy unless you plan on having terrible credit for 7 years. Your best best it to try to use a Discover IT card and start paying down the debt. You get unlimited 0% 12mo BTs (3% fee) . Make the transfers pay them down , keep asking for CLI's like every 3 months.

Come up with a plan to aggressively pay down the debt.
post #6666 of 6682
Quote:
Originally Posted by DaBottom305 View Post



Was at 769, got an Amex, got approved for 8k in December. A few weeks ago I asked on an increase of 5k and got approved, I should've asked for 10k. Pretty much maxed out and now I'm back in the 600s. I hope to get back to 780s in a few months.

$13k off the bat? eek.gif Might need to apply for Amex next.
post #6667 of 6682
Quote:
Originally Posted by HAWAII 5O View Post

$13k off the bat? eek.gif Might need to apply for Amex next.

Amex has the 3x CLI so if you're approved for $8k you can get an increase to $24k after 60 days. And even if you don't get that much as a starting limit you can request a 3x CLI every 60 days
post #6668 of 6682
Damn, what the hell? Been missing out on easy money.
post #6669 of 6682
Quote:
Originally Posted by BeezyGotSole View Post

Do not file bankruptcy unless you plan on having terrible credit for 7 years. Your best best it to try to use a Discover IT card and start paying down the debt. You get unlimited 0% 12mo BTs (3% fee) . Make the transfers pay them down , keep asking for CLI's like every 3 months.

Come up with a plan to aggressively pay down the debt.

That's one of the cards I already have too mean.gifmean.giflaugh.gif
post #6670 of 6682
Quote:
Originally Posted by FlyNY View Post

That's one of the cards I already have too mean.gifmean.giflaugh.gif

Then use it lol. The BT perks are one of its most overlooked features . Can give yourself 12mo interest free loans at anytime
post #6671 of 6682
Quote:
Originally Posted by FlyNY View Post

Paying the price for the mistakes I made as young adult 19-23.
Got a nice chunk of credit card debt laugh.gifmean.gif
Can't do much but laugh at this point (and pay it off aggressively)
What's the best way to knock it all out as quick as possible? *cough*20k*cough*

(If I apply for a new balance transfer card, chances are they will not give me a limit for that high)

Time to hug the block.
post #6672 of 6682
Quote:
Originally Posted by BeezyGotSole View Post

Then use it lol. The BT perks are one of its most overlooked features . Can give yourself 12mo interest free loans at anytime

It's 95% maxed out, B laugh.gif
I ****** up mean.gif

Unless I'm missing something. I can't balance transfer to a card that barely has any more space on it right?
post #6673 of 6682
Quote:
Originally Posted by FlyNY View Post

It's 95% maxed out, B laugh.gif
I ****** up mean.gif

Unless I'm missing something. I can't balance transfer to a card that barely has any more space on it right?
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*Will trade for a size 12*

 

PM for details.

Reply
post #6674 of 6682
Quote:
Originally Posted by BeezyGotSole View Post

Quote:
Originally Posted by FlyNY View Post

I'll look into that, repped

Do not file bankruptcy unless you plan on having terrible credit for 7 years. Your best best it to try to use a Discover IT card and start paying down the debt. You get unlimited 0% 12mo BTs (3% fee) . Make the transfers pay them down , keep asking for CLI's like every 3 months.

Come up with a plan to aggressively pay down the debt.
Not entirely true. I filed ch 7 in 2013. My credit scores are in the low 7s. You will have to accept some horrible apr's for the first year or so but once you start establishing a good history again your scores will rise. Jus have to be smart afterwards...
post #6675 of 6682
Quote:
Originally Posted by FlyNY View Post
 
Quote:
Originally Posted by BeezyGotSole View Post

Do not file bankruptcy unless you plan on having terrible credit for 7 years. Your best best it to try to use a Discover IT card and start paying down the debt. You get unlimited 0% 12mo BTs (3% fee) . Make the transfers pay them down , keep asking for CLI's like every 3 months.

Come up with a plan to aggressively pay down the debt.

That's one of the cards I already have too mean.gifmean.giflaugh.gif

Think about a debt consolidation loan? I was $8K in debt, took out $5k to pay down all my cards other than one, now I can manage with this credit card.

 

I had two cards maxed at $3500 and $3200 respectively, then another maxed at $300. Got rid of pretty much everything other than 2/3 of one of the big cards. My bills with all those cards was about $250/mo. Now I throw a little extra at the card with a balance (minimum payment is only $66 now, down from $100+).

 

Sometimes you just need that parachute to get you into a position where you can start making a dent.

 

Also doesn't help your score to have your utilization up over 90%. I was literally at 99% utilization, and that had my score in the 500s. No other blemishes on my report. Sometimes all you need to do is fix your utilization and available credit. Score has shot up almost 50 points, and only the payment of the $300 card was reported on my last credit report. Expect to get over 700 by the end of the month.

 

Good luck.

 

Quote:
Originally Posted by FlyNY View Post
 
Quote:
Originally Posted by townbidness View Post

File for bankruptcy...

Nah that big of a balance, only option i see is to get a loan for it. With a decent interest rate and keep paying it aggresively

Will that negatively affect my score? What are some loan companies/lenders that are reputable?
 
 
I went with my credit union. Got a rate of about 12.9%. I was worried about the negative affect on my score too. The hard pull will hurt you a tiny bit, and a denial would hurt too, but wont hurt any more than letting that debt continue to hang around your neck. Take my word for it, a debt consolidation loan is worth the hit. And if you get denied, you can appeal and explain that your score is so low only because your utilization is so high. And if you were able to clear some of that debt, your score will recover and you'll be able to move on. If you do though, make sure you include some screenshots of your report showing youve kept up with payments and been relatively responsible in dealing with the debt.
 
Just gotta give it a shot.

 

Sidenote: I had an Amazon Store Credit Card maxed out at $600. Paid it off in January, and they lowered my credit limit to $100. Score is just starting to recover, though. Should I request an increase when my score breaks 700 again? It was nice having that extra credit to help my score.

 

Also any suggestions on travel rewards cards? Was looking at Capital One's Venture card. Think I could spend $3000 in three months for the reward bonus. Anyone got any personal experience with working the travel rewards game?8o 


Edited by HarlemToTheBronx - Today at 8:31 am
post #6676 of 6682
Appreciate the support and suggestions fam

All in all, I'm in a tough credit situation but things can be worse. I could have a low paying job, I could be unable to pay my rent, buy groceries, buy a meal, have a car note on top of this, and not be able to do the things I love. I could also not have a family who could help me out (if it comes down to it...I'm not about to take that route tho). So I'm not pulling my hair out..yet. I'm determined to get this **** payed off ASAP because every day I'm realizing what I could be doing with that money that I use to pay these cards off. Grind at work, put that extra OT in, I'll be fine. I got hustler blood and pre workout running thru my veins right now so I'm ready to attack the **** with a 10 lb wooden bat wrapped in barbwire feel me?
post #6677 of 6682
When I was trying to aggressively pay down CC debt from college, I basically opened a new CC and balance transfer amount to that card and paid off within promo 0% APR period. The accruing interest was the killer and with this method, all my payments went to the principle amount. Only fee is the balance transfer fee.
post #6678 of 6682
Quote:
Originally Posted by nrg1604 View Post

When I was trying to aggressively pay down CC debt from college, I basically opened a new CC and balance transfer amount to that card and paid off within promo 0% APR period. The accruing interest was the killer and with this method, all my payments went to the principle amount. Only fee is the balance transfer fee.

This is what I'm doing currently with the chase slate cc except no balance transfer fee. 1st 15 months 0% APR. Patience is the hardest part so far.
post #6679 of 6682
Good luck to all of you. Keep grinding until you pay off that debt. Even it means living off top ramen for a few months laugh.gif

It's a huge weight lifited off your back when it's all said and done.

After that, start flourishing on these CC rewards. smokin.gif
post #6680 of 6682
Quote:
Originally Posted by Guzzy View Post

Quick question, Im 22, credit score sitting at 768. Only have 1 CC & make between 1600-2000 a month. I want to buy some prop but was told even though I had good cred I didnt make enough to qualify for a loan.


True right?

 

Mortgage lenders will only let you borrow a certain amount, based on your income/assets (debt to income ratio). 

 

If you make $1600/month x 12 months = $19,200 per year.   Rough guideline is 3x your annual income, is the price you should aim for.   $19k x 3 = $57k 


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Looking for Yeezy v2 Beluga or Breds - Size 9

 

- ^^ will trade green or white stripe v2 towards either ^^

 

Anyone want my DS sz9 Night Cargos or sz9 Oreo UBs?  

 

WTT my Space Jam sz9.5 for...

Reply
post #6681 of 6682
i was under the assumption that if you ask for a CLI with ANY card, it messes with your credit scores?
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post #6682 of 6682
How does this plan sound?

Completely pay off one of my cards lump sum ($1600 balance) that should up my score a point or 2. Throw that card in the freezer in a bowl of water. Then apply for a new balance transfer card (not sure what my limit will be). But transfer as much as I can to that new balance transfer card and pay it off ASAP while paying off my other card. If necessary, apply for a consolidation loan for the balance on the remaining card(s) (if the numbers make sense). Any bonuses I get through my job will be put to my card balances.

I been thinking up solutions all day and that's what I came up with so far.

Can't wait till I get this taken care of. I swear I'm cutting up all my cards but 1 laugh.gif
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