Question, 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
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. Matt
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?
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
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.
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>
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.
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.
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, Mist
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.
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.
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.
THEY DON'T EVER REDUCE INTEREST RATE UNLESS YOU HAVE A PRIME + RATE... YOU CAN APPLY FOR A DIFFERENT CARD...
