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Swaygirl27 | Credit card question for you folks that 'know better'!? |
I have 2 credit cards with extremely high interest rates because of past mistakes.. one is for $500, the other for $700...they are nearly maxed out because with the interest I can't get ahead. Would it be better for me to just get a new credit card, with a lower interest rate and then do a balance transfer and close my other 2 cards....or just stick it out and try to pay the 2 I have off over time? I just feel like I'm getting nowhere with my credit..my financial situation is better now but those 2 cards keep haunting me.
Additional Details
To add some more info; can't take a new loan out because I did that before so I currently have a loan for the other credit cards I had in the past, etc. I am way better off now than before, I just want these other 2 cards GONE! lol |
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Ted
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If you have trouble paying down $1200, then you have a credit problem that getting yet ANOTHER card won't solve. Just pay these down to zero. Then the interest rate won't matter. |
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Dan the Man
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This depends on your financial situation, just by transferring the funds, will not make it disappear. I would apply for a loan, that is not a credit card and pay them off. This way you have only one payment and one interest rate. Be strong and cut up the 2 cards when paid off, because if not they will be tempting to use. Also make sure you call the card company's to close the accounts. Do not take a zero rate for 6 months on another card--because after the 6 months you will be back where you started and stuck with one card with the same balance. |
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SlimMick
 |
If you have bad credit....you're probably not going to get approved for a new card with a lower rate....The good news is that your debt load is very low....$1,200 shouldn't be hard to pay off.....You should at least be getting $600 in the upcoming tax rebate in May....apply that towards the balance....That would completely take care of one card..... |
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Cheliebean
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1.) Call the company and ask if they can lower the rate
2.) I would try to transfer them to another card if you get approved for another card
3.) Don't close the old accounts, this actually hurts your credit score for two reasons, one, it shortens the time length that you have had credit (i.e., when your oldest account was opened, because it only counts open cards) and two, it lowers the amount of available credit you have which would negatively impact your debt to available credit ratio. |
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eze1983
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Check out these offers and look for the cards with a 0% apr on balance transfers and try to apply for it...
http://www.newlowaprcard.com/ |
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djp_brewer
 |
Here's one suggestion for now. Try calling each credit card and asking for a lower interest rate. Suggest that you have an offer from another company for a balance transfer, but would like to remain loyal to them. It's worked in the past for me. |
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frankie77
|
If your credit is not good, you won't be able to get a lower rate card. having your cards nearly maxed out really hurts your creddit score. Take a good hard look at your budget. Find some extra money that you can put towards your debt each month. Maybe you get a $5 latte a few times a week or maybe you can cancel cable tv or netflix or something. Find something you can live without. Then take the money and put it towards the card with the lower balance. Keep making the minimum payment on the other card. Once that first card is paid off, take the extra "latte" money plus the minimum payment from the first card and add that to the minimum payment on the bigger card. Does that make sense?
Example
card 1
$500
$20 minimum payment
plus $30 latte money
make $50 payments every month until balance is zero
card 2
$700 balance
$40 minimum payment
plus latte money+other card payment=$90
pay $90 per month until balance is zero
the more extra money you can pay, the better. Just stick to a plan and don't do it again. |
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$m¤¤v¥ £¤¢¤
|
I work in the credit card industry, and from the answers I've heard, frankie 77's made the most sense. It sounds like that both companies have charged you the "universal default" rate, which causes a domino effect with all your other cards. One gets maxed out, then the other. Now, all those preapproved offers for credit cards start going away. What you're going to have to do is stop using the cards if you haven't already and knock down those balances, especially on the higher interest ones. Here's a tool that you can use to estimate additional payements and an estimator that can give you an idea when you'll get it paid off according to how much more you pay:
https://powerpay.org/
This not only helps with your credit cards, but any other accounts that you're financing.
Building credit shouldn't always be about being in debt. |
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Sabrina
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Anytime you can transfer the balances to a lower interst rate, you are better off. |
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cookie
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yes switch to lower apr card with those balances. but make more than the minimum payment each month. |
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