I am comparing all my credit cards to determine which are the ones to keep and which to ditch, but I am struggling trying to decide what makes a good deal.
My scores are low 600s, which I expect to raise once I pay these off, but that limits my ability right now to qualify for the low interest no fee cards, but those are my end goal.
I have a card with a limit of $800, APR of 30.99, no other fees.
I also have a card with a 800, APR of 9.9, but monthly fee of 6.50 and an annual fee of 48. By my math, assuming worst case where card is always maxed:
Card A would cost $247.92 a year.
Card B would cost $205.20 a year.
BUT if I keep my balances low, Card A wins due to no fees besides finance.
How do I decide which card to keep? I am trying to whittle down 8 cards to 3, so keeping them both is NOT an option. I am encountering this situation though over and over again as I play with the numbers. I think I am too close to the situation - any advice on interpreting this data?
Ultimately, it is your decision but I would keep
card with a 800, APR of 9.9 and
Card B would cost $205.20 a year
is this the same card? Where do the other 8 come into play, do you really have 8 cards?
With a credit score of 600 can't you get a consolidation loan and pay off the six that you do not want to keep?
cards
Yes, I really have 8 cards, but I do not want to take on more debt to pay off revolving debt. I have a student loan and 1 other installment debt and I'd rather not add to that. The bulk of my tax refund will go to paying off some of the cards, which is why I am trying to figure that out now.
My score is low due to old debt, collections, etc. Nothing within the past 30 months has been late at all. I was hoping that having so many positive open credit lines would increase my score, but I underestimated how quickly those little payments added up. $200 a month just in minimum payments, and that's not even maxxing out the cards.
The example I used was just showing the kinds of things I am trying to consider when picking which cards stay, but I am afraid I am missing something in my thinking...
I think that you have it all figured out, what you have done here looks good, as I said above I would but I would keep
card with a 800, APR of 9.9 and
Card B would cost $205.20 a year
that just makes more sense to me than all the other cards.
Perhaps you can try negotiating with your creditor to eliminate the monthly/annual fees.
Cards
I finally figured out which cards were best for me, and I learned a great deal about the cards I carry. The ones I assumed were the best deals actually weren't!
I want to share how I ended up rating my cards.
First, I contacted each card to verify any monthly or yearly fees associated with my accounts.
Then, since each card has different limits, I did a series of 3 calculations.
1) Assuming a 0 balance, what would the card cost to keep open all year
2) Assuming the current limit maxxed, what would the fees + interest cost me in 1 year.
3) For ease of comparison, I assumed a limit of $1000 on each card, and what would the fees and charges be for 1 year of carrying that balance.
This was my result, and keep in mind these are just FEES AND FINANCE CHARGES - this doesn't count any purchases or credit use!
Card A)
0 balance:$122 a year
Current Limit: $187.60
$1000 limit: $311
Card B
0: 69.00
Current: 140.70
$1000: 308.00
Card C:
0: 0!
Current: 247.92
1000: 309.90
Card D & E (same company, 2 identical cards - they are a fee making MACHINE!)
0: 120
Current: 189.65
1000: 279.75
Card F:
0: 19.00
Current: 89.20
1000: 159.40
Card G:
0: 178.00
Current: 348.00
1000: 390.50
Card H:
0: 59.00
Current: 148.22
1000: 297.40
I didn't realize how much money I was spending over the course of a year even with no/low balances. I am keeping C and F, paying off the rest and calling the companies to tell them they can either drastically reduce their fees or I am closing them!
THANKS!
Oh heavens yes, you will spend way more at times than you realize...like August said it sounds like you have this figured out but keep in mind what morningstar said too because in the future it may help to know that negotiating with creditors is a good option. It's so easy (this is the approach that i took while in debt) to just hope things go away, and unfortunately don't. I did finally negotiate with my creditors, and like you i had several cards, and most negotiated with me. The one that DID NOT negotiate with me is the retail companies!! awful places.
good luck to you, i think you have a good approach and perspective on this...main thing is to keep your head above sand. your better offers will come, but sometimes we have to 'do our time' and pay our existing accounts down or completely. keep in touch with us :)
You got it right in front of you, you have taken the time to figure out, now you see the numbers, make the smart choice and get rid of the ones that you want to and keep the ones that you have chosen.
I think you have made the right choice in this case. Keep us updated.
This is a little late, but have you considering trying to give the company a call and ask if you can get the annual fee waived? Alot of times if you explain your situation, such as your comparing cards and which one to "USE" that the only thing holding you back is the annual fee. That is usually enough to make them waive the fee depending on the company.
It's always worth a shot.
Great job in figuring this all out, please keep us updated. :D :D :D
thanks all! I have figured it out, ranked my cards in order of payoff and close and have started paying off. 1 down so far!
I have weighed the benefits of a couple hundred dollars more "available credit" to increase my credit score a few points with the costs I incur over a year and decided to close the accounts anyway. My goal is to be debt-smart, and my score will reflect these choices eventually!
So you are doing your own credit repair. That is really great. We would like to know how you are dealing with this?
I think it is awesome that you are doing this yourself, please keep this forum updated, there are other people here that were inquiring about doing the do it yourself credit repair. Please let us know how it is going. goodluck.
I would like to know also, I have been trying to clean up some stuff, I have taken care of alot, if I could just stay focused and not waste what I think is extra money that would do me good.
I think we all can be guilty of wasting what we think is extra money. I know I waste it every month when I pay the extra interest charges on a credit card. Best thing to do is work at getting rid of all credit cards with high interest. Now a days you see more people only keeping 1 major credit card.
Please update us when you get the chance...and I wish ya the best of luck!
I like when post are updated and especially when the OP has a good turn out.
OP, OP are you out there OP?
Ground Control to Major Tom.
hello, hello, hello, is there anybody in there?
Nod if you can hear me.
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