Credit Cards

[auggiedawg]

Current Situation
Pay interest on cc

Out (CC interest):
$4000 x 8% = $320/yr = $26.66/mo

In (savings acct interest)
$4000 x 5% = $200 = $16.66/mo

Net (before Taxes)
-$10.00/mo

At the end of 12 months these two accounts will cost you
$120, and you’ll still owe $4000.


Fix #1
Pay off cc with savings

Out (cc interest)
0

In (savings interest)
Month 1 = $26.66 +$0.11 = $26.77
Month 2 = 53.43 + 0.22 = 53.65
Month 3 = 80.31 + 0.33 = 80.64
Month 4 = 107.3 + 0.45 = 107.75
Month 5 = 134.41 + 0.56 = 134.97
Month 6 = 161.63 + 0.67 = 162.3
Month 7 = 188.96 + 0.79 = 189.75
Month 8 = 216.41 + 0.90 = 217.31
Month 9 = 243.97 + 1.02 = 244.99
Month 10 = 271.65 + 1.13 = 272.78
Month 11 = 299.44 + 1.25 = 300.69
Month 12 = 327.35 + 1.36 = 328.71

Net (before Taxes)
+328.71


you can have a swing of almost $450 before taxes. And if you have an emergency you can then dip into your $17k credit line.

thanks alot buddy. The problem is that i dont have 4grand in my savings to dip into to pay off my cc. Its not like my cc debt is killing me, but i would just like to find a card i can transfer my balances to (0% for 12mo), and then chip away at paying off that debt. Also a card that allows for great cash back rewards.

Im thinking about the american express blue card....anyone else use this or recommend something else?

thanks

 

[WVU]

American express blue is great. Zero interest for 12 months with no balance transfer fees and also good on purchases

 

[auggiedawg]

American express blue is great. Zero interest for 12 months with no balance transfer fees and also good on purchases

OK WVU, lets say i have a Bank of America CC with...

a) credit line = $17,000
b) balance = $3,500

How would i go about transferring my balances? Would they also give me a credit line of $17,000? Or would they accept the $3,500 balance and then set my credit line to what they want? Im a little confused about this. Other than that, do u have a link to AX blue card?

thanks bro'

:money8:

 

[WVU]

I dont have links but the info is easily googled.

When you open an amex blue account they will let you transfer your $3500 balance and also write checks off the credit line. You should get 12 months interest free if your credit is good with no transfer fees.

After BOA gets paid off you may get offers from them. BOA is not one of the better banks to do this with but you can search and get better offers elsewhere.

 

[auggiedawg]

I dont have links but the info is easily googled.

When you open an amex blue account they will let you transfer your $3500 balance and also write checks off the credit line. You should get 12 months interest free if your credit is good with no transfer fees.

After BOA gets paid off you may get offers from them. BOA is not one of the better banks to do this with but you can search and get better offers elsewhere.

so, let me get this right. Saying that my credit scores are pretty decent, i should be able to transfer my 3500 balance to AX blue? Right? Now, what will my CL be with my new AX blue? Will it be the same as my BOA ($17,000), OR will it be deemed based on what they think it should be.

Also, what do u mean when u say "after BOA get paid off, u may get offers from them". Do u mean, once the transfer has taken place to AX BLUE, then that is basically saying BOA is paid off...

sorry, im a little confused with that one.

thanks

 

[buddyboy]

all these places use different calculations to determine how much credit to give.

basically

first they determine your MAX credit line. (income-assets)

then they subtract from that what you have used and what is avail...(loans-debts) the difference is would be the max they would want to extend to you.

then they look at your payment history (late/ontime/length) run that all thru their supercomputer... and presto!

 

[WVU]

so, let me get this right. Saying that my credit scores are pretty decent, i should be able to transfer my 3500 balance to AX blue? Right? Now, what will my CL be with my new AX blue? Will it be the same as my BOA ($17,000), OR will it be deemed based on what they think it should be.

Also, what do u mean when u say "after BOA get paid off, u may get offers from them". Do u mean, once the transfer has taken place to AX BLUE, then that is basically saying BOA is paid off...

sorry, im a little confused with that one.

thanks

you understand better than you think. When your BOA card gets paid off by your amex then they often try to entice you to hold a balance again by offering you a competative rate. Often you will get a choice of a very low (often 0%) introductory rate for 6-12 months and a fixed rate for the life of the loan (usually 3.99-7.99%)

 

[juice]

I just did something similar a few months ago.
you have a $3,500 balance on your BOA credit card.
Go to americanexpress.com or whatever card has an introductory 0% for 12 months offer going on. Capital One has this, I think Discover does as well, they aren't too hard to find.
Apply for the card, you should get approved, usually online the very next step is to transfer a balance. You enter in your BOA credit card account info.
Your new credit card pays off BOA, you're $3,500 balance is now at a different financial institution, but you're not paying interest on the payments.
Some places make you call in the balance transfer, but that's a piece of cake too.
The new credit card will also give you a credit limit of their choosing. Your existing credit line at BOA has some bearing on it, but they just pick it based on your credit score/history. If you don't get a $4,000 line, call them and see if it can be raised, or maybe open another 0% card somewhere else, but I'd shy away from doing that as it might adversely affect your credit score.

 

[auggiedawg]

I just did something similar a few months ago.
you have a $3,500 balance on your BOA credit card.
Go to americanexpress.com or whatever card has an introductory 0% for 12 months offer going on. Capital One has this, I think Discover does as well, they aren't too hard to find.
Apply for the card, you should get approved, usually online the very next step is to transfer a balance. You enter in your BOA credit card account info.
Your new credit card pays off BOA, you're $3,500 balance is now at a different financial institution, but you're not paying interest on the payments.
Some places make you call in the balance transfer, but that's a piece of cake too.
The new credit card will also give you a credit limit of their choosing. Your existing credit line at BOA has some bearing on it, but they just pick it based on your credit score/history. If you don't get a $4,000 line, call them and see if it can be raised, or maybe open another 0% card somewhere else, but I'd shy away from doing that as it might adversely affect your credit score.

thanks juice and all others....i think im gonna look into american express blue card....seems to have the best cash back rewards program out of all of them.....unless anyone else has any suggestions.

thanks

 

[billbeater]

Ram Ram Ram

Paying your bills does not get you a new kidney when you need one. So screw those companies for all you can at that point!
I rammed over 50k and am proud of it :toast: Even did my own bankruptcy all my myself

 

[RacerX]

I rammed over 50k and am proud of it :toast: Even did my own bankruptcy all my myself

and people wonder why this country is headed for the shitter

 

[billbeater]

These are the same companies that outsource American Jobs. Have no respect for them ever.

Check out Kevin Flanigan who was a programmer for BOA...
BOA outsourced his job, and he committed suicide very soon after. Tell that family about corporate america.

 

[Hitman26]

Paying your bills does not get you a new kidney when you need one. So screw those companies for all you can at that point!
I rammed over 50k and am proud of it :toast: Even did my own bankruptcy all my myself

You only got them for 50 dimes? Why wouldn't you build up great credit over the next 10 years and then hit them for about 500 -1000 dimes? Unless you needed a new kidney with the 50 dimes or you are around 70 years in age. You had a shot to really stick it to them a few years down the line. You have much to learn if you want to really ram it to corporate america.

 

[billbeater]

Tata is another great example. This is computer firm that hires h-1b visa foreigners to do the programming.
They were given a huge contract to automate the "unemployment" system for arizona i believe.
WTF, now we are outsourcing our own unemployment.

Take these greedy companies to the bank! arty:

 

[billbeater]

exactly, may not live 10 years. 34 now

with the bad economy, lending is headed down, not up imho

 

[Hitman26]

So you used the money for a new kidney?

 

[RacerX]

Take these greedy companies to the bank! arty:

You honestly think you "took them to the bank"??

Or did you take your neighbors and family to the bank?...they will end up paying for your 50K in higher rates....not the "greedy" companies...

get a clue

 

[billbeater]

That money has been earning me money for about 5 years now. The kidney will come when i hit dialysis, that could be 6 months or 6 years... I am ready to feel 100% again.

Other than that Racer will be happy to hear that federal permanent disability pays for my living and my wagers :toast:
free money is a great perk when you are sick, but it dont take the sick away

 

[RacerX]

Actually, this is how you "took them to the bank"

You ram them for 50K. They look at their bottom line.

"Looks like we lost a ton this year due to fraud"
"No problem...let's outsource some more"

They both laugh.

More jobs go overseas.

So in a round a bout way...you sent the jobs overseas.

%^_

 

[billbeater]

They would outsource regardless. Now they have to move back if we Americans bitch about talking to people in India. That is happening. So we WIN!

but the only way to WIN is not to play and use credit!
but americans want everything NOW. Thats a problem