Better job send more $$

Discussion in 'Credit Talk' started by Bill B, Oct 3, 2001.

  1. Bill B

    Bill B Well-Known Member

    I will soon find out if i get this job and i will have an extra grand to send for payments..Should i send it all to one card or would it be better to split it up between the 4 cards? This is not for sure yet just need to pass the D Test :)
  2. mglanham

    mglanham Well-Known Member

    Rule of thumb is to make Large payments to the higher interest rate card while paying the minimums on the rest until you pay that one off. Then you repeat process with the remaining cards. That's what I have read at least. Hope it helps.


    GEORGE Well-Known Member

    Pay highest interest FIRST...
  4. lbrown59

    lbrown59 Well-Known Member

    What about paying the lowest balance cards off first then adding what you were paying on them to the amount you have been paying on the other cards?
  5. Bill B

    Bill B Well-Known Member

    Yes true i only have 4 cards to pay..

    1.) citibank 8500 8.40
    2.) discover 5300 16.99
    3.) discover 3000 14.99
    4.) national 3800 12.99

    I was thinking of sending 700 a month to discover 16.99% one
  6. lbrown59

    lbrown59 Well-Known Member

    Another idea if you can swing it .
    Do a balance Trans.for as much of the total of these four cards as you can get. with a lower fixed rate for the life of the balance Trans.
    I just done this with five cards that had a rate of 12.99 to 14.99.
    I used 2 other cards to do it .
    One card has a fixed 5.09%rate for the life of the balance Trans.The other one is fixed at 9.90 for life of the Trans.
  7. lbrown59

    lbrown59 Well-Known Member

    PS if you can't get enough money to pay off the full total of the 4 cards call all of them and request a rate reduction.then use the Balance Trans. card to pay on the cards that still have the higest rates after talking to them>
  8. Bill B

    Bill B Well-Known Member

    I could put the discover $5,300 at 16.99% on my citibanks's but that puts me right at my limit shy by $200..Citi may raise my apr for that and it is at 8.40%.,But i think i am going to do that and pay the big $$ to the other discover with $3,000 balance..I could pay that off in 4 months..That sound like the right way to go? Then i would pay off National City.
  9. lbrown59

    lbrown59 Well-Known Member

    Thjey should be hung for these kind of rip offs.
    It's like buying a car for for 12000 and when you go to pick it up they charge you 15000.
  10. lbrown59

    lbrown59 Well-Known Member

    What about a credit line increase on the citi card?
  11. lbrown59

    lbrown59 Well-Known Member

  12. Mist

    Mist Well-Known Member

    Most cc companies have a "trigger" point and when you reach that they try to justify jacking the rate. I think I'd try to keep it $501 under your credit limit. Maybe you could call them or e-mail cust serve thru Account Online (to get it in writing) to try to find out. It's a reasonable question with all the jacking of rates going on. Just say you "heard" that some cc companies do this and you want to find out what Citi's policy is.

    Good luck,
  13. tom65432

    tom65432 Well-Known Member

    Citi's policy is to jack your rate when you approach your credit limit. They did it to me, all the way to 23.99%. Perfect payment record.
  14. Marie

    Marie Well-Known Member

    I don't have Discover... but can you make a large payment or 2 and then ask for an apr reduction?

    then do the same with the other cards... get the aprs down while you pay.
  15. the other

    the other Well-Known Member

    Discover never reduces aprs that I know of
  16. leo728

    leo728 Well-Known Member

    what card was it? i.e. gold, aadvantage etc.
  17. tom65432

    tom65432 Well-Known Member

  18. RichGuy

    RichGuy Well-Known Member

    Re: Citibank

    Regarding the possibility of Citibank raising rates:

    I'm at about 98% of my limit on two of my Citibank cards. They pull Experian, which is my worst report, for some of their account reviews. They have still never raised my rates from prime+9.4 and prime+5.9. With the recent cuts, those rates will soon be 14.9% and 11.4%.

    Citibank has denied me for further limit increases and balance transfers. But one of the denial letters specifically mentioned the balances on my NON-Citibank accounts.
  19. GEORGE

    GEORGE Well-Known Member


  20. Bill B

    Bill B Well-Known Member

    Well i am putting discover in your favorite place once my BT rate expires..

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