Pay off those Credit Cards
- Thread starter bsmith
- Start date
- Thread starter
- #27
So today I transfer the funds to Chase. :cool:
So in 8 months since Chase closed my Fixed rate card and reopened in an adjustable program, the Interest has climbed to 14%. 6.9% fixed for 8 years, and now 14%, thats just insane!
I'm looking at geting a Capital One Card, anyone have experience with them? I'm just looking for a good Mileage plan card and plan on paying it off monthly, but want the leverage to skip a month during the summer when our business income is reduced by 40%.
So in 8 months since Chase closed my Fixed rate card and reopened in an adjustable program, the Interest has climbed to 14%. 6.9% fixed for 8 years, and now 14%, thats just insane!
I'm looking at geting a Capital One Card, anyone have experience with them? I'm just looking for a good Mileage plan card and plan on paying it off monthly, but want the leverage to skip a month during the summer when our business income is reduced by 40%.
B
biglou
I've had Capital One for 12-15 years now. Fixed at 9.9 I think. No complaints. I don't think you can skip a month though. I know nothing about the rewards. I don't do the flying thing...
And, I'm on a mission as well. No payment but the house. Hence my garage sale and selling the TTR/YZF play bike (although I can see a genuine YZ150F in my future, if Yamaha would ever release the darn thing). Anywho, other than my house payment and utilities, I currently have one CC and one sig loan. I'm sitting pretty good as it is, but want to drop the other payments.
And, I'm on a mission as well. No payment but the house. Hence my garage sale and selling the TTR/YZF play bike (although I can see a genuine YZ150F in my future, if Yamaha would ever release the darn thing). Anywho, other than my house payment and utilities, I currently have one CC and one sig loan. I'm sitting pretty good as it is, but want to drop the other payments.
- Jun 20, 1999
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Patman said:
I can't picture you in "something sporty". LOL
- Dec 26, 1999
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- Jun 20, 1999
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B
biglou
You've slimmed down quite a bit, Pat.
- Thread starter
- #39
Update; Wasn't able to pay off the credit cards with my bonus, my brother wanted money for hay, yet found a Small Business Card from Advanta. 7.99% Fixed rate on transfers with 0% for 15 months :ohmy:
So my bad dept went from $500 a month in credit card "minimums" in August with no payoff time frame in the forseable future, to $0.00 in monthly payments with $4000 to be paid off in the next 15 months.
Its been a really pain not having a pickup so with the Tahoe (I couldn't sell it) as trade in I'm looking at a 2003 Dodge Diesel 1 Ton flatbed for about 20k.
So $500 in interest only to about $350 in a pickup payment. I get a 3 year newer pickup and save $150 a month and have a set date to be paid! Not to bad ;)
Over all, it got very stressful at some points, but in the end I think it was 100% worth it. I most likely do Christmas this year with out using a Credit Card if I want and can start working on our house :whoa:
Should make life a little easier, if I get in a bind, can unload the pickup and be debt free but the house and farm payment! Just need to keep the 1 Card we have away from the wife!
So my bad dept went from $500 a month in credit card "minimums" in August with no payoff time frame in the forseable future, to $0.00 in monthly payments with $4000 to be paid off in the next 15 months.
Its been a really pain not having a pickup so with the Tahoe (I couldn't sell it) as trade in I'm looking at a 2003 Dodge Diesel 1 Ton flatbed for about 20k.
So $500 in interest only to about $350 in a pickup payment. I get a 3 year newer pickup and save $150 a month and have a set date to be paid! Not to bad ;)
Over all, it got very stressful at some points, but in the end I think it was 100% worth it. I most likely do Christmas this year with out using a Credit Card if I want and can start working on our house :whoa:
Should make life a little easier, if I get in a bind, can unload the pickup and be debt free but the house and farm payment! Just need to keep the 1 Card we have away from the wife!
- Thread starter
- #40
Well, another followup to my debt saga for anyone who cares.
An unexpected trip to Vegas racked up the card more then I wanted and we lost about 5 horse this summer so income down a lot amount owed up so I tried to do the elusive refi again!! Wihich I have never been able to qualify for because my debt to income has always been out of whack, However much to my surprise selling the Pickup last fall and paying down the card so much, my credit score went up to 740.
At that number I was able to do a refianance loan with a Stated income, and since the appraisel came in more then I thought we were able to refi at less then 70% of the home value for the 1st and 2nd. Under 70% loan to value and over 720 I guess puts you in the "prime" catagory and they didn't require anything from me except proof of employment and I got a 6.5% rate for 30.
I'm saving about $200 a month on interest buy wiping out the 2nd which was at 9.9%. I also took out enough to pay off the card, the wifes car, and the Dodge 1 ton I bought.
As of now I'm debt free but 1 house payment, 1 land payment, and a rental house payment! Since the farm pays for it self and the rental covers it's self, I'm almost a normal person paying for only 1 home payment.
This will make life so much easier and less stressful! I didn't like paying the cars with the home equity, yet I'm not planning on moving and wanted to free up as much monthly income as a can. 2 cars payments, 1 credit card, and Interest saved clears up about $1,000 a month :yeehaw:
An unexpected trip to Vegas racked up the card more then I wanted and we lost about 5 horse this summer so income down a lot amount owed up so I tried to do the elusive refi again!! Wihich I have never been able to qualify for because my debt to income has always been out of whack, However much to my surprise selling the Pickup last fall and paying down the card so much, my credit score went up to 740.
At that number I was able to do a refianance loan with a Stated income, and since the appraisel came in more then I thought we were able to refi at less then 70% of the home value for the 1st and 2nd. Under 70% loan to value and over 720 I guess puts you in the "prime" catagory and they didn't require anything from me except proof of employment and I got a 6.5% rate for 30.
I'm saving about $200 a month on interest buy wiping out the 2nd which was at 9.9%. I also took out enough to pay off the card, the wifes car, and the Dodge 1 ton I bought.
As of now I'm debt free but 1 house payment, 1 land payment, and a rental house payment! Since the farm pays for it self and the rental covers it's self, I'm almost a normal person paying for only 1 home payment.
This will make life so much easier and less stressful! I didn't like paying the cars with the home equity, yet I'm not planning on moving and wanted to free up as much monthly income as a can. 2 cars payments, 1 credit card, and Interest saved clears up about $1,000 a month :yeehaw:
Congrats!
Mine is almost gone and will be by the end of this year if things will quite breaking on me. Just a very small car payment, a little bike payment (will pay off very soon), and the house! Savings are managing growth while debet is sinking! Its a good feeling.
Mine is almost gone and will be by the end of this year if things will quite breaking on me. Just a very small car payment, a little bike payment (will pay off very soon), and the house! Savings are managing growth while debet is sinking! Its a good feeling.
