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l | I got my first credit card last year and screwed up. I went over the credit limit. If I cancel.......? |
If I cancel it, will all the monthly finance charges and such stop, and I will just have to pay what I bought only?
I screwed up, it was so easy to just use the card and now I wish I never got it. Im 23, in college and barely make ends meet, and with all the extra charges they add on, I'll never get it paid off.
Btw, the limit was 750 and I owe around 760. Which isnt all that much to some, but to me, it is.
Suggestions? Help please.
Additional Details
Changing my name is not an option. I just want to get this under control. |
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Imaka
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The charges will continue until you pay it off, even if you cancel it. Call them and see if you can work out a plan to pay it off slowly, and maybe have the interest rate reduced. Talk to a counselor at your school - they may be able to speak on your behalf if you give them permission. The credit card company will be happier to get a little money from you than none at all. And you want to pay it off for your own sake - you want to protect your credit rating as much as possible. |
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paganmom
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It won't change the finance charges if you close it. I suggest you get it under the limit and pay as much as you can on it every month to get it paid off...and stop using it. |
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YD
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Sell some stuff that you bought with it on ebay and pay the card off...the interest rates and the overlimit fees will only accrue and it will be worst...PAY IT OFF!! Trust me! Or ask one of your parents to help you out and cut the card up dont use it! |
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footballer
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No as long as you have a payoff balance you will keep getting finance charges, I work in a bank and I see this all a time goodluck! You can go get help with it though, there are people that specialize in consolidating and stuff like that just go get help with it and they will maybe limit finance charges or even help you get it paid off the fastest way so u limit those charges... i feel for you girl, im in college too so i know how tight money is but you will make it trust me! |
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o0o0o_xoxo_katie_xoxo_o0o0o
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Just make sure you always pay at least $10 more than your monthly minimum payment and you should be fine... credit card companies know that you have other bills and they will work with you. Just take things step by step and you will get it paid down. |
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Augustus Caesar
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lol, calm down man, its not that bad.
the worst thing you can do is miss your payments.
actually, it sounds like theyve raised the limit on you so you can end up spending more. if the limit was 750 and you put 760 on it, it would have come up declined when you tried to use it.
pay as much as you can, as soon as you can. as long as you pay the minimum, you wont damage your credit rating, but you will have interest charges.
pay it off as soon as you can, cuz those interest charges are going to screw you worse than anywhere else you get money is going to.
once your balance is zero, call them and have them cancel the card.
or, you can get another card with no monthly fees and such. if you are having trouble spending tho, i would say cancel it. |
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Taz
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You can't cancel your card with a balance on it... The CC company usually won't let you. But they can put a hold on it. But the Finance charges and fees will still accumulate and you will still have to pay them... |
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marie
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if you want to pay for it, you need to make a sacrifice stop using your credit card. you need to cut them or shred them so you will not continue to use them. if you can afford just a noodle or TV dinner live with it just for now. I did noodle for five years to pay for my credit card, but now I'm happy because I'm free dept no credit card at all.
good luck. |
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Billy Shat
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If you cancel, you will owe interest for each month you have a balance. You may save yourself a yearly credit card fee, but that would be minimal. Cut up the card, but keep it open. Pay a little bit EACH WEEK in addition to your monthly minimum. This is easy if you have online billpay. If $5 is all you can do, then do it. Soon that balance will come down and you will have learned a good lesson in the process. |
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butterfliesRfree
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A sad life lesson is what you have learned. You can't cancel it because it isn't paid off and yes the charges will keep accruing. You'll need to, at the very least, pay your minimum payment -- if you do that - it will take a LONG time to pay off. Credit cards can be so dangerous. I have a judgment against me on one that I couldn't pay. I'm 49 now -- we had had GREAT credit until I ended up with breast cancer and my oldest son was a drug addict and stole from us - we lost our home -- I was fired (for missing too much work was the legal reason although treatment and surgeries were awful).....we have not been able to use a credit card now for 10 years...and that's just fine --- they (the CC companies) seem to be targeting the young ones (yes, you are young) because they KNOW you will buy and buy and buy and they will make so much money off of you. Think about it -- you area a "risk" and they could lose if you file bankruptcy but there are also a LOT of young people with rich familie who will bail them out. YOU ARE FAR FROM ALONE. |
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Owlwings
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Unfortunately, cancelling the card will not stop the charges. Speak to your bank manager about a short term loan and a repayment strategy to cover the outstanding amount on the card.
Don't worry, you are not alone - many have done just the same at one time or another - and the world won't end yet. It is important, though, to speak to the lenders asap and to offer a regular payment method of settling the debt. |
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N S
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If you cancel the card, the bank will probably send the account to collections, to get the $760 back right away.
Instead, pay the minimum balance, and enough to get you under the $750 amount. Then continue to make timely payments of at least the minimum balance. Credit companies are usually pretty forgiving if you make only one mistake. It is actually better for your credit if you keep the card, and make the payments.
Canceling the card will make your whole payment due and payable immediately.
Ten dollars over is not bad in the credit world. You're doing fine. The fact you want to solve this as quickly as possible shows your maturity. We all make mistakes, you haven't made any that are that bad yet.
Good luck |
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Christopher B
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First things first - yes, if you cancel it, you will not be able to charge on it anymore. That is the first step. Second, you are going to be charged overcharge fees (which probably will cost you a bunch more than the $10 over you are at now), so pay at least the $10 down now.
Third, check your interest rate. Your interest rates probably just shot up because you went over the max credit limit. If you interest rate is 15% or higher, and you only pay the minimum amount due each month, you will not pay it off anytime this century.
There is a table, in which you set up all your current debt, from highest balance to the lowest. You then set your budget so that you are paying the MINIMUM on each debt. Then you take your smallest debt, and you take all your left over money, and you put it towards your smallest debt. When this is paid off, you add all the payments you were making to the smallest, and you add it to the MINIMUM payments of your next highest debt. Continue until paid. You can even calculate how long it will take you.
Remember to always take 10% of your net income, and put it towards savings. If you don't have 6 months of living expenses tucked away in a safe place - then you will ALWAYS be in the place your are at now (living precariously on the edge). |
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Kate P.
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my aunt was once in the same boat as you, but im sure she owed more as she had a nice job and was a lot older, and i think her limit was a lot higher.
what she did was made damn sure, no matter what her monthly payments were, that she paid double every single month. whether she had to eat mac & cheese, or a grill cheese she made sure she paid double.
today she and her hubby own a beautiful home, they both have a caddilac and great jobs.
she fixed her credit, and so can you. if you want to, that is. you must do without to get this done.
i also like the abay idea, but it may not be right for you since ebay charges sellers fee's and such and there is another payment you would be stuck paying. Its only worth it if you have items that you could get a realy good price for.
Good luck |
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src50
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Canceling the card does not make the charges go away. You have to pay them off. And quit using the card. |
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Lisa v
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No, the fees will not stop and if you do not pay them it will go against your credit.
if you ever plan to buy a car, house or finance something as simple as a computer you will have trouble being approved and although you may not care much now you might be kicking yourself in 5 years for not paying it before.
It seems as though its a lot of money to you now but it will only go higher if you do not pay it now. I would at least pay off a good chunk of that money and Cut up your card.
Pay in small installments (as much as you can afford) as FAST as you can because the longer you owe them money the more fees are added.
Just remember. credit cards are not free money, and if you continue to think they are eventually you'll find yourself at a dead end because credit card companys will start to deny you. Don't go looking into identity theft either because you will eventually get caught. |
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°ીીી
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You'll just have to pay it back.
You screwed up and now you
learned from it.
OR, you can rip the card up and change
your name. You won't have any debts since
you'll be a 'new person'. It only cost 200 to change it;
But it beats paying almost 800 |
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