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Ism
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Subject: Credit Card Comparison
 
Posted on Sat Feb 02, 2008 4:35 pm  

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?
August



Joined: 09 Jan 2008
August's page
Posts: 125



54 Magic Points

 
Posted on Sat Feb 02, 2008 5:16 pm  

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?
Ism
Guest






Subject: cards
 
Posted on Sat Feb 02, 2008 6:05 pm  

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...
August



Joined: 09 Jan 2008
August's page
Posts: 125



54 Magic Points

 
Posted on Fri Feb 08, 2008 3:55 am  

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.
Morningstar

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 576



11 Magic Points

 
Posted on Fri Feb 08, 2008 6:14 am  

Perhaps you can try negotiating with your creditor to eliminate the monthly/annual fees.
_________________
I don't dream since I quit sleeping
Ism
Guest






Subject: Cards
 
Posted on Sat Feb 09, 2008 4:20 pm  

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!
debtstinker



Joined: 03 Nov 2007
debtstinker's page
Posts: 272



-10 Magic Points

 
Posted on Sat Feb 09, 2008 4:52 pm  

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 Smile
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



436 Magic Points

 
Posted on Tue Feb 12, 2008 3:26 am  

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.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



35930 Magic Points

 
Posted on Tue Feb 12, 2008 6:34 am  

I think you have made the right choice in this case. Keep us updated.
_________________
Regards,
Laura.
diem



Joined: 20 Feb 2008
diem's page
Posts: 82



202 Magic Points

 
Posted on Thu Feb 21, 2008 1:52 pm  

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.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



436 Magic Points

 
Posted on Tue Mar 25, 2008 2:23 am  

Great job in figuring this all out, please keep us updated. Very Happy Very Happy Very Happy
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
Ism

Ism

Joined: 13 Feb 2008
Ism's page
Posts: 43



2524 Magic Points

 
Posted on Tue Apr 01, 2008 5:12 pm  

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!
Laura

Laura

Joined: 21 Jun 2007
Laura's page
Posts: 1327



35930 Magic Points

 
Posted on Thu Apr 03, 2008 8:51 am  

So you are doing your own credit repair. That is really great. We would like to know how you are dealing with this?
_________________
Regards,
Laura.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



436 Magic Points

 
Posted on Mon Apr 07, 2008 12:57 am  

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.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online
http://www.crazymonkeygold.com/members/register.php?ref=fedupinpa
erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

 
Posted on Sun Jul 20, 2008 6:04 pm  

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.

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