Increase in limit....
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| Mon, 12-06-2004 - 1:49pm |
At first, I thought this was a bad thing.....but, I started to think....and I was wondering your opinion on this.
I have one card that has $7k on it with 25% apr. I plan on paying off the card that just got the increase ($2k @ 14%) and another one ($1k @ 13%).
Would it be smarter to concentrate on OTHER cards that I have (I have like another 5 or so), or should I start doing the "transfer" game? As in transfer say, $3k to the 14% card and 1500 to the 13% card and pay those off, and keep transfering from the $7k card until the balance is paid off..........
and leave my other cards just where they are (pay minimums, but get rid of that 25% card)?
ugh. lol. I never know what is the best route. I mean, at least that is 10% difference.
Any suggestions? Your thoughts? Did I totally lose you?


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Well, I could do a snowball chart, I have downloaded that, but the hard part is that I'd have to adjust it EVERY month to accommodate the transfers, versus just putting them in.
As for all the balances and stuff, ugh. Do you REALLY need me to list them all out? Because I am not getting rid of them in a specific order (like highest balance, or highest apr), its' in order of importance.
I guess I was wondering if anyone thought it'd make an impact, otherwise, as I said above, I'd have to do the snowball chart, and change it over and over again to figure out the accurate time
For sure I will see what the balance transfer rates are. That or I may just "purchase" the debt. Meaning, using my card to pay off debt, so the apr is lower.
I have talked to them, they put it down 1% and said to call them in 6 months to go down more, they can only change it every 6 months. And during that 6 month time, it went up another 3%. so, down 1, up 2, down 1, up 3, down 1, up 4. Ah, you get the point. I quit asking after they raised it to where it's at. Cuz if they put it down say, a few %'s, they could just raise it up again HIGHER and I can't do anhthing for another
so, down 1, up 2, down 1, up 3, down 1, up 4.
That sounds very shady to me...I would transfer the balance whatever it takes and then just close this card completely!!! Usually, when cards change their terms, they give advance notice so that you can opt out of the changes. Unless you are late on your payments, it doesn't even sound like what this company is doing is legal!!!
Oh, they announce it. It's like this. "you can accept these terms, but if you don't, you are stuck with your high rate, and that's that, no changeing it ever again" and then I don't, but then I ask them to put it down, and in that 6 months, it goes back up. I should've shut down the account, and NOT believed them about it going up again....when it was around 18%. kicking myself in the butt.
BTW, it's MBNA, and we ALL know how shady they are. They did send something out this time, and again, I called to find out how much it was going to go up and if I could lower it. They said at most 2%, um, mine went up about 5%. And nope, I can't lower it. They refused. Not cuz I was late, but because of my "high limit". It's maxed out.
So, while it's maxed out, I cna't do anything. time for me to close it, but that will lock in that lovely 25%.
Thoughts? fight it more? or jsut close it and lock in what i have before i hit 30%?
Thanks for all the info. With most my cards, the amounts are low, but so are the limtis. All those cards are pretty much maxed out, and I have so much debt, w/o enough income that I don't know if I can get an increase. I don't want to ask as if they deny me, it'll show on my credit report. So, for the most part, I don't try to do anything. lol. Except lower the interest rate, which they don't do, cuz my balances stay high and don't go down.
I think I'll have more to negotiate when I start my whole pay off plan, which will be coming into effect in Dec/Jan. Yay!
I'll keep what you wrote though in my files of "things to do for money stuff". =)
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