Need some financial advice.

[IronWing]

Originally posted by: Tobolo
UPDATE: I applied for the Citi® Dividend Platinum Select® MasterCard®. I was approved for $2k with 0% on balance transfers for 12 months and 18.24% APR normal.

Is this worth doing? What I mean, it's not high enough to pay off the large CC. Should I open a new line of credit?

Two questions:
Do you have the discipline to pay the debt on time?
Does the new card have a universal default clause? If so then really reflect on question one or you could get really hosed.

 

[Tobolo]

Yes, If my bill is due on the 5th of the month, I try to have it payed on the 10th of the previous month. Yes it does have a default clause of 32%. My gf is helping with this at the moment also, so we have a lil extra income going towards it.

 

[RaistlinZ]

Originally posted by: Tobolo
Yes, If my bill is due on the 5th of the month, I try to have it payed on the 10th of the previous month. Yes it does have a default clause of 32%. My gf is helping with this at the moment also, so we have a lil extra income going towards it.

Marry that girl!!! Seriously, that's really cool of her to help you pay off your credit cards. Girls like that are hard to find man.

 

[Tobolo]

Originally posted by: RaistlinZ

Originally posted by: Tobolo
Yes, If my bill is due on the 5th of the month, I try to have it payed on the 10th of the previous month. Yes it does have a default clause of 32%. My gf is helping with this at the moment also, so we have a lil extra income going towards it.

Marry that girl!!! Seriously, that's really cool of her to help you pay off your credit cards. Girls like that are hard to find man.

LOL that is why she is helping me. She and I want to be debt free when we get married, which I hope will be soon on both things

 

[kranky]

Originally posted by: giantpinkbunnyhead

Originally posted by: Tobolo
UPDATE: I applied for the Citi® Dividend Platinum Select® MasterCard®. I was approved for $2k with 0% on balance transfers for 12 months and 18.24% APR normal.

Is this worth doing? What I mean, it's not high enough to pay off the large CC. Should I open a new line of credit?

YES. If you get 2K off that large CC; that's 2K that is not racking up 32% interest anymore. If that 2K sits at 0% for 12 months, that'll save you about $600 bucks right there.


edit: in fact, if the approval was online... you could even call the card up and say "Hey I just got approved for $2K but I'm trying to transfer a larger balance, can I be considered for $3K?" or something along those lines.

get what you can!

Definitely call and see if they will bump you to $4K or even $3K. And even if they don't, you've just cut your interest on card 2 in half by transferring 2K to the 0% card.

 

[Garet Jax]

Try to get a loan from a bank or a credit union to consolidate your debt.

You can also try a debt consolidation service.

 

[Tobolo]

OK, After speaking with some people and, of course, ClarkHoward.com. I have applied and recieved 2 credit cards. I am looking for one more credit card. I know that it isn't a great idea to have a lot of open line of credit, however Clark Howard has said that its not the amount of lines of credit, its the balance to limit ratio.

So one is 2000, and the other is 2500. If I can get one more with the O% Balance Transfers then I will cancel both my previous credit cards, and will in effect only gain one line of credit.

FYI 18% apr on both cards.

 

[giantpinkbunnyhead]

Originally posted by: Tobolo
OK, After speaking with some people and, of course, ClarkHoward.com. I have applied and recieved 2 credit cards. I am looking for one more credit card. I know that it isn't a great idea to have a lot of open line of credit, however Clark Howard has said that its not the amount of lines of credit, its the balance to limit ratio.

So one is 2000, and the other is 2500. If I can get one more with the O% Balance Transfers then I will cancel both my previous credit cards, and will in effect only gain one line of credit.

FYI 18% apr on both cards.

Good to hear! Now, instead of trying to get a 3rd card... did you try calling either of the first two (new) ones to get an increase? As this point you only need a few hundred more dollars.

 

[bctbct]

Yes, keep trying the two cards you have to get them to increase your limit. Tell them that you have a balance of 4700 you would like to transfer to their card.

I would avoid trying to get more cards, just increase your limits.

Pay this debt down before you add more or you will be back here in 6 months with the same story but higher debts.

 

[Tobolo]

Heck no, I am buying nothing. My gf was going to buy my a Wii for christmas but instead she is giving me cash to pay my card with.

I sooo need to marry her!!!

 

[bctbct]

Originally posted by: Tobolo
Heck no, I am buying nothing. My gf was going to buy my a Wii for christmas but instead she is giving me cash to pay my card with.

I sooo need to marry her!!!

Yeah GFs are like that, hard to believe that one piece of paper can change it all

 

[spidey07]

Originally posted by: Tobolo
OK, After speaking with some people and, of course, ClarkHoward.com. I have applied and recieved 2 credit cards. I am looking for one more credit card. I know that it isn't a great idea to have a lot of open line of credit, however Clark Howard has said that its not the amount of lines of credit, its the balance to limit ratio.

So one is 2000, and the other is 2500. If I can get one more with the O% Balance Transfers then I will cancel both my previous credit cards, and will in effect only gain one line of credit.

FYI 18% apr on both cards.

I'd suggest you slow the heck down. You're killing your credit.

Think out a plan and most definately don't cancel those credit cards. Your credit score could take a huge tank. Read a whole ton about credit scores and make calculated moves instead of knee-jerk "open more credit" decisions.

 

[Tobolo]

This has been something that I have been wrestling with for a while. I just now acted on it. I did speak with a finacial advisor this afternoon and am moving largely on his suggestion.

 

[Benthere]

While in school did you ever think about taking a class in economics ,math or common sense? If you can't afford it don't buy it. Now you have a fiancial advisor? How much does the advisor charge?