How many credit cards?

[anykey]

Hello Lady in Red.

On the $800. $400 of that I re-affirmed when I filed chapter 7. That does not account for the newer $400 tho. I pondered that maybe capital 1 might combine 2 of the cards? I dont know.

I been trying to qualify for bank rebates- $50 was to put into an account- but I cancelled that and a $50 check is in the mail.

What I dont like is all of the actual credit cards carry interest rate that is too high.

The one credit card- the minumin interest is $2. So lets say I owe 14 cents- they have the nerve to charge $2.

I get my tax refund on July 2- that is $650. I it possible to zap it by July 2.

One thing that-- eats at me- I recently got close to my cousin. She sent me an easter gift $53 popcorn thing- not counting shipping. Meanwhile I spent $33.11 on the yard- if there was a way to cash that gift in I would have.

===> cost of produce is noticably higher. It now makes sense to garden when 5 years ago produce was so cheap is hardly paid. I bought 3 blueberry bushes, and 2 blackberry bushes each cost $5.99. They are all planted now. Then Hit the dollar tree for potting soil, a pack of flower bulbs, and special stake ties for tomatoes. A 4 oz pack of blueberries costs around $3 now. The $33 I spent will pay for itself. My point is- my cousin is a bigger part of my life now- will my tightwad ways rub off on her- or will her wild spending ways rub off on me. She treated me to a day at the spa. Poof $100 she spent on me.

I could talk in circles for hours- what I do know is come Jan 1- 2015- I do not want to have $800 in credit card debt.

[LadyInTheRed]

Hello Lady in Red.

Hi!

On the $800. $400 of that I re-affirmed when I filed chapter 7. That does not account for the newer $400 tho. I pondered that maybe capital 1 might combine 2 of the cards? I dont know..

I saw that $400 was pre-BK debt. But, that doesn't change the fact that you should get it all paid down asap. Use your tax refund to do that. Capital 1 will charge you for a balance transfer. So, it could cost you more in the long run to do that.

I been trying to qualify for bank rebates- $50 was to put into an account- but I cancelled that and a $50 check is in the mail...

I'm not sure what you mean by this and how it is relevant. Do you mean that you have been trying to get "cash rewards" by using your credit cards? That's fine, but only buy what you would normally buy in cash and have the discipline to put the cash aside immediately after every charge so you can pay the credit card bill in full when it arrives.

What I dont like is all of the actual credit cards carry interest rate that is too high....

Not an issue if you don't carry a balance.

The one credit card- the minumin interest is $2. So lets say I owe 14 cents- they have the nerve to charge $2.

So don't use that card. Or accept the $2 as the cost of rebuilding. You'll still pay less than a $39 annual fee.

I get my tax refund on July 2- that is $650. I it possible to zap it by July 2....

That's what I'd do.

One thing that-- eats at me- I recently got close to my cousin. She sent me an easter gift $53 popcorn thing- not counting shipping. Meanwhile I spent $33.11 on the yard- if there was a way to cash that gift in I would have.

===> cost of produce is noticably higher. It now makes sense to garden when 5 years ago produce was so cheap is hardly paid. I bought 3 blueberry bushes, and 2 blackberry bushes each cost $5.99. They are all planted now. Then Hit the dollar tree for potting soil, a pack of flower bulbs, and special stake ties for tomatoes. A 4 oz pack of blueberries costs around $3 now. The $33 I spent will pay for itself. My point is- my cousin is a bigger part of my life now- will my tightwad ways rub off on her- or will her wild spending ways rub off on me. She treated me to a day at the spa. Poof $100 she spent on me.

I have family members who treat me to things I can't afford. I am very clear on what I can and cannot afford to do with them. There is no reason the spending of people around you have to rub off on you. If your cousin invites you to do something without offering to pay, just tell her that you can't do it. Maybe suggest an alternative activity that costs less. When she does offer to pay, graciously accept it and enjoy the treat rather than wishing you could have the cash instead.

I garden too. I always at least plant tomatoes. The initial costs payoff. But, you need to budget for them all year round, so you have the cash when you need it. When you are harvesting berries and tomatoes, put what you'd usually spend buying them in savings. That should more than pay for the following year's planting expenses.

I could talk in circles for hours- what I do know is come Jan 1- 2015- I do not want to have $800 in credit card debt.

With that tax refund, you will be well on your way!

[anykey]

I'm not sure what you mean by this and how it is relevant. Do you mean that you have been trying to get "cash rewards" by using your credit cards? That's fine, but only buy what you would normally buy in cash and have the discipline to put the cash aside immediately after every charge so you can pay the credit card bill in full when it arrives. /snip

I wont deviate off topic too much here- but I took advantage of capital one 360- opened a checking account- if I use the debit card 3x and what ever else- I get $50. So that is in progress. There is $25 if I had $250 in a savings- but I missed that one. Now I found a bank called Niagara- I can "earn" $250 by opening a checking- bill pay 5x, debit card 10x and direct deposit with in 60 days. ////////////////// The $50 check that is being mailed I pursued a similar offer which as it turned out- was not a good deal- so I asked that credit union to return my $50. I dont need points or miles. The offer has to be decent for me to jump thru all the hoops. I also switched my electric company- and a 2 year rate lock- in 6-8 weeks I will be getting a $50 prepaid visa. Now- the thing is- use it up on necessities per fees. Also my cousin gave me a dorm size refrigerator as a gift. I am not sure that it falls into the PPL rebate thing- but I sent in the form anyhow for the $25 prepaid card. These offers- you have to keep in the back of the mind-

I am on this forum now 5 years- you are one of the helpful posters here. I see that the bottem line is- my standard of living has to be less then the total actual income.

Surely it is easy to fall in the trap again.

I must consider the big picture- and that is that in 2 years- if I so chose to move and get a new mortgage- I want that option. I do not need to go to the mall- redecorate- get a new car- so the standard of living I lived in the lull between the spending party- and the bust and the discharge.

This year is crucial- because if I rack up a debt higher then $800- I could easily be behind the 8 ball in less then 6 months.

[ksgirl38]

The only reason I have 3 is to help my score. All of them are under 10%... Thanks

It actually takes closer to 30% to help your score. Try putting your utilities on them and then setting up an autopayment to your credit card. Worked for me.

[justbroke]

I'm misunderstanding something. Utilization hurts your score even as low as 10% for "high FICO achievers" (according to MyFico). As such, people not in the 800s, would not "as much" affects of utilization until breaking 30%. Once you get to 90% you are toast, so to speak... at least by the utilization scoring.

Payment History, time (average age of accounts), and Utilization are three of the most important factors. I have seen people with 780 scores with just one credit card at 0% utilization. They could not go higher because they didn't have another FICO factor... mix of credit (installment, real estate, student).

[LadyInTheRed]

It actually takes closer to 30% to help your score. Try putting your utilities on them and then setting up an autopayment to your credit card. Worked for me.

30% is the max, not the minimum. According to a study by CreditKarma of 700,000 scores, 1%-10% is best. https://www.creditkarma.com/article/...zationAndScore

The Experian article I linked to in my above post, says 30% is the max to have a positive effect on your score.

I have read many articles on utilization. I have never seen one that says your utilization should be at least 30%. Most say the lower the better, as long as you are above 0%.

[ksgirl38]

30% is the max, not the minimum. According to a study by CreditKarma of 700,000 scores, 1%-10% is best. https://www.creditkarma.com/article/...zationAndScore

The Experian article I linked to in my above post, says 30% is the max to have a positive effect on your score.

I have read many articles on utilization. I have never seen one that says your utilization should be at least 30%. Most say the lower the better, as long as you are above 0%.

I disagree. I have.

[grizindabox]

LITR is correct. To maximize credit scores for those times you will be needing it, it is best to have between 1-10% utilization reporting. The sweet spot my differ a little for each person. For the other times, the times where you are not going to be needing a credit score for financing, you should never let it exceed 30%.

[ksgirl38]

LITR is correct. To maximize credit scores for those times you will be needing it, it is best to have between 1-10% utilization reporting. The sweet spot my differ a little for each person. For the other times, the times where you are not going to be needing a credit score for financing, you should never let it exceed 30%.

10% did nothing for me, but 30% increased my score.

[Pjmax]

10% did nothing for me, but 30% increased my score.

Most likely something else something else occurred at the same time, for example, maybe something you might not have noticed reached a particular age where it wasn't hurting as much. If absolutely nothing else changed, your score increase at 30% is an anomaly. If you are keeping it at 30% now, get it down below 10% and you should see another increase.

[ksgirl38]

No, if anything it should have gone backwards. Took out two car loans, had several hard inquiries, nothing that would have increased my score. It was only when I started putting my utilities on my credit card and increasing the balance each month that the score went up.

[grizindabox]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

[LadyInTheRed]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

It also could be that the increase was a coincidence and due more to the passage of time since your BK.

[tobee43]

Lady you are so good!

[ksgirl38]

ksgirl, as pjmax stated, if your score increased due to increasing to 30% utilization, than it is an anomaly.

I don't think so, another website I frequent recommends 30% and that's what worked for me.