ViviTheMage
Lifer
How'd they save you 20k ? Did they lower interest or something, not sure how they could just cut off 20k like that ...
How'd they save you 20k ? Did they lower interest or something, not sure how they could just cut off 20k like that ...
I didn't use a debt consolidator but I did consolidate some debt by taking out a loan with my car as collateral. I got a great rate (at the time) because of this.
The question to ask is how BAD your credit is?
if you have max out more than 80% of any of your credit card, you need to bring those down. it is not the high balance that is killing your credit, it is the utilization rate on each card. max out $1000 out of $1000 line of credit will make you ultra high risk. utilize $1000 out of $10k won't make a ding to your credit score. your credit score will shoot up when you get the credit utilization under control. after then, you can apply to 0% APR CC to consolidation your current credit card.
having a high line of credit card will help too. when a lender see you have a $25k LOC on one card, there is no reason to give you 2.5k. it is like looking for your first job. Once you have a high credit line, other lender will prone to give you higher limit. you can try to combine two of more cards from the same lender to obtain this goal, I know chase/citi/amex all do this.
I have 11k balance myself on a citi prof card taken out last year with 0% APR for 12 months. I just got approved for a BofA card for $15k LOC last night for another 0% APR for another 12 months. they will give you more LOC if you choose to do a balance transfer while applying the card. I could've gotten a lot more 0% APR cards if I am willing to pay balance transfer fees.
have you started calling the creditors to lower the rate.
if you have max out more than 80% of any of your credit card, you need to bring those down. it is not the high balance that is killing your credit, it is the utilization rate on each card. max out $1000 out of $1000 line of credit will make you ultra high risk. utilize $1000 out of $10k won't make a ding to your credit score. your credit score will shoot up when you get the credit utilization under control. after then, you can apply to 0% APR CC to consolidation your current credit card.
having a high line of credit card will help too. when a lender see you have a $25k LOC on one card, there is no reason to give you 2.5k. it is like looking for your first job. Once you have a high credit line, other lender will prone to give you higher limit. you can try to combine two of more cards from the same lender to obtain this goal, I know chase/citi/amex all do this.
I have 11k balance myself on a citi prof card taken out last year with 0% APR for 12 months. I just got approved for a BofA card for $15k LOC last night for another 0% APR for another 12 months. they will give you more LOC if you choose to do a balance transfer while applying the card. I could've gotten a lot more 0% APR cards if I am willing to pay balance transfer fees.
have you started calling the creditors to lower the rate.
- Feb 13, 2001
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I have lowered the rates on all that would. You have explained exacted what I stated already though.
My score is good, by problem is I can't move the balances due to my amount of limit used is considered too much to what's available...it's more like 60% though, not 80%. Some of the cards are close to max now as all were balance transfer cards.
Citi would not combine my cards even though they are all nearly identical in rate.
The problem I have is no one has considered simply taking on the debt I am paying now, they do the math as if I keep the current debt and double it.
my point is you can't have some cards close to max out. You shouldn't have any card utilized more than 80%. try to work on the utilization ratio first. once you get this under control, you should have your credit score go up to a lot. It may take a few months. Once you have a credit score around 720ish, apply to a few credit cards for BT. mind if I ask what is your card with the high line of credit?
Citi may have changed the rule on combining cards from what I read. Chase rejected my sony card application, but they happily move $10k from my chase marriott card to my sony card, that was how I got my sony card. When I closed my marriott card soon after the 12 months mark, i moved my line of credit to my other card before it got close down.
You don't assume what the system do, you play with the system. I state a "household income" of 150,000, that's because I live with my sister and bro. our combined income is probably more than that. no, they never ask me to verify my income
Citi may have changed the rule on combining cards from what I read. Chase rejected my sony card application, but they happily move $10k from my chase marriott card to my sony card, that was how I got my sony card. When I closed my marriott card soon after the 12 months mark, i moved my line of credit to my other card before it got close down.
You don't assume what the system do, you play with the system. I state a "household income" of 150,000, that's because I live with my sister and bro. our combined income is probably more than that. no, they never ask me to verify my income
PricklyPete
Lifer
- Sep 17, 2002
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You follow the comment above directly by the comment below...
The fact that you think an extra $100 a month toward your debt won't make a difference makes me very quickly think you don't have very good financial practices. Especially for something as completely unnecessary as cable TV.
No...I'm just glad I'm not you and so WRONG all the time. I paid my way through college and came out with less than 10K in student load debt that I immediately paid off (less than 6 months). If you racked up nearly $60K in debt...you didn't manage that right either.
Dave Ramsey's advice can be summed up in one short phrase. "Smart advice for dumb people. Dumb advice for smart people."
Capt Caveman
Lifer
- Jan 30, 2005
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- Feb 13, 2001
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An extra $100 per month would amount to less than $3600 in my pay off period...this is three payments. HARDLY significant.
Damn you really got screwed that first time then...my first 6 years of college left me with about $7k in debt....
Were you living with mommy and daddy able to put over $2k into your loans each month?
You want to know what I did? I bought a pretty nice home in Wellington, Florida fresh out of college...those first loans I also got rid of.
Now I am not saying I made all the right decisions in college the SECOND time when I was 30. I have posted here about the chick I lived with that spent a ton...
I had grown accustomed to my life a certain way. I had not been tracking my finances so closely as I was busy doing another bachelor's degree in a year.
Please know the facts.
PricklyPete
Lifer
- Sep 17, 2002
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You are still making comments that completely satisfy many people's suggestions in this thread that you need to read and follow advice similar to what Dave Ramsey gives.
Clearly you're too hard headed and continue to think that you are "always right".
I can only disagree based on the fact that:
A) You feel that $3600 is "HARDLY significant" relative to $57K in debt. That's over 6% of your total debt..that is certainly significant and makes me doubt your attitude toward working off your debt. It makes you look like an ass if you are infact looking to get your debt reduced.
B) You clearly mismanaged your money/priorities going to school for a SECOND time, yet still take on the attitude that you're always right...brilliant. If you had made all the RIGHT decisions, you wouldn't be in this predicament.
C) You only seem focused on paying off your debt...not building wealth as evidenced by your comment regarding $3600. You should be looking at that $ amount as how in the same time period you could come out $3600 in the positive (plus whatever additional money you were paying toward the loan) in the SAME PAYOFF PERIOD
So feel free to try to bash my college experience...I can take it...I am not embarrassed by it at all. I do know that it didn't require me to go back a second time and I haven't lived with my parents since I was 18.
Oh yeah...and buying a house means nothing if you have no equity in it. Until you've paid off a significant portion of your house mortgage...it provides nothing in proving you are financially responsible...especially the way they were throwing around loans in the last 5+ years. There is a reason we are in record high foreclosure rates.
I commend you for having the means to pay off your debt. I recommend you realigning your priorities and actually paying it off. You haven't stated it directly, but PLEASE do not ruin our economy even more by getting some debt consolidation company to drop your balances and case credit card companies to write-off bad debt.
Good luck.
- Feb 13, 2001
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Dave Ramsey has been covered already...he is great for those that do not know how to manage their money. You are projecting perhaps your own problems on me.
I know what I need to do, I am looking for something faster.
LISTEN, LET ME REPEAT THIS AGAIN...it's two payments or so. I am not stretching this debt out over 5-10 years. 2-3 months in a 40month pay out is pretty damn insignificant to me vs cutting out minor extras.
My intention is not to pay off the school loans at this time anyway. I get the interest back in part and the rate is under 4%. That's not my problem.
UMM no, you are simply being an ASSHOLE now. Regardless of something that happened 8 years ago, things are different now and I have been paying these debts on time and properly.
AGAIN! I am not in a predicament. I am looking for advice on how to make the process go faster.
UMMM NO, again you can't comprehend out of your eagerness to TRY and prove me wrong. I have savings, I have a 401K. Frankly $4k isn't a whole big chunk of cash in and of itself. Someone that was really sending $2k to college loans each month however long ago that was now would know this. I am calling shens on your 'real' story.
I really doubt you were sending $2k to loans then without roommates or help...you'd have been a rather lucky graduate.
I didn't go back to school a second time because it was required though...I did it because I wanted to.
WTF is this tangent? I have a real loan product, 30 year fixed. I have no equity now because the market tanked. Equity shows nothing of financial responsibilty...proper payments do. Again you are trying to hard to just despite me like some little whiney toddler crying to his mommy.
My first home I had put $40k down and had another $20k in equity in a couple years
AGAIN WTF?!?! you could not have gone to college being that dense.
Why do cowards always put something like this in closing?
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