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TravelNut

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Everything posted by TravelNut

  1. Yep good point, this would get me out of a high risk bucket if I'm in one and keep me out till the end. Thanks for the feedback!
  2. Yeah I don't think I will be trying this because I don't want to rattle any cages and have them close one of my cards. Bofa decided to do that all on their own and closed my account with them and Barclay took my Max limit on their card from $20k down to $3050 and I don't need that happening to the others at all.
  3. Is there any negative reporting for reducing a rate on a card if they agree? Worth a try if no negative reporting
  4. Yes all great suggestions! Already down to bare minimum now on monthly expenses and forecasting about an extra $5k a month from here forward so i should be able to make quick work of the debt but just trying to see what the smartest way to go about it to save some money in the long run. No BT offers on the $0 cards and haven't shopped for any consolidation loans yet but might be worth checking since they can take into account that the loan will be fully to pay for CC debt and will then lower my monthly liability increasing the chances of paying the consol loan off. My payment history is Exceptional so that should be taken into account too.
  5. Ok everyone, my first post here and I NEED help! 🙂 I have $90,048 of CC debt across 10 cards with interest rates ranging from 11.9%-24.9% Card Balance Limit Rate 1 $23000 $23500 24.9 2 $8388 $9000 23.9 3 $4044 $4300 22.9 4 $2493 $2600 22.2 5 $6700 $7500 20.9 6 $8200 $8200 20.7 7 $6785 $9500 20.2 8 $2014 $2250 16.9 9 $18549 $19000 12.9 10 $9875 $10000 11.9 11 $0 $1500 27.2 12 $0 $3050 24.9 13 $0 $2200 20.2 Long story short, I am usually very good on my financial decisions but the last two years have been crazy with family issues, medical stuff etc. I knew that I would eventually get to a point where all the issues would flatten out and a promotion at work was on the horizon. Well, luckily there is no need to be bleeding out money anymore and the promotion has been realized so i can now start to aggressively get back to $0 CC debt. My current calculations show that with my current income and as long as nothing crazy happens in the next couple of years that I could have all of this paid off by 9/2022 if I just focus on the the high rate cards first and work my way down. This calculation includes the interest as well so it is a solid calculation. My initial thoughts were to just start with the 24.9% card and start there and work my way down to the last card that has a 11.9% rate. I then starting to think that i could maybe save money by paying down all cards at the same time instead of focusing one at a time to get all cards under maybe 50% utilization at the same time to then apply for a SOFI loan and hopefully get like a 7-9% rate for like $50k loan to pay off the rest of the CC debt and only be paying on a personal loan at a lower rate. 3yrs ago prior to me jacking up all the cards when i had zero CC debt and one 60 day late reporting my FICO scores were pretty good so if i get my CC utilization down quickly I think my FICO's would get up rather fast and possibly high enough to qualify for a decent rate for a personal loan. Here are my FICO scores from my "My FICO 3B Report" from 1/2018 when i had 0 CC debt and 1 60 day late reporting: FICO 8: Equi: 688 Trans: 695 Exp: 705 FICO 5: Equi: 731 Trans: 735 Exp: 740 FICO Auto Score 8: Equi: 715 Trans: 719 Exp: 717 FICO Auto Score 5: Equi: 734 Trans: 768 Exp: 774 Since then I have zero lates on my records, my credit age has gone up considerably since I have not shopped for new credit in last 3 years so the only thing obviously seriously holding back my scores is the atrocious CC utilization. Based off this i think once utilization goes down my FICO's will be looking great. Current FICO's with the like 88% CC Utilization: I have not paid for my 3 B report since 1/2018 so the scores below are from my various CC companies or CU's that provide scores to me monthly: Nasa Fed CU: 724 (Experian) AMEx CC: 611 (Vantage 3.0 Score) BofA CC: 683 (Transunion) Capital One: 611 (Vantage 3.0 Score) DCU: 687 (Equifax FICO 4) Discovery: 683 (Transunion FICO 8 Barclay: 683 (Transunion) PenFed CU: 663 (Equifax FICO 9) I have a home with a mortgage in perfect standing but no room for an equity loan to cover this debt so would have to go for a personal loan. i guess another option would be that as utilization goes down and FICO's go up to look for CC's that have 12-18 month 0% balance transfers offers and focus on the cards that have interest being charged. How would you approach this situation to come out with more money in your pocket in the end?

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