remember that thread about getting my first cc?

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12-14-2007, 11:40 AM
boost

remember that thread about getting my first cc?

... well its maxed out now at 1100$, I actually owe almost 1200. The sick thing is, I felt like I was being smart about it. I didnt go out and buy some big ticket item. I didnt go on any shopping spree. I wasnt buying the whole bar drinks. But Ive been pretty broke and really busy with school. When Ive had the chance to play poker, its just been swingy. I didnt want to go and beg my mom for money, so I would just put it on my cc. Need something for school? 40$ on cc. Hungry before class so I grab a snack? 10$ on cc. I was a retard and didnt keep good track of it, I had thought I was somewhere around 700-800$.

The thing that really screwed me was that theres no APR for 6 months, but theres 24% on cash advances or whatever. I didnt realize this, so I got hit with some interest. The even more fucked up thing is that 6 months is not up but I guess because of interest Ive gone over my limit. Hell 22% APR on purchases.

oh and I got a 68.11% in my intermediate algebra class. Fucking intermediate algebra. I know Below a C in any culinary class is failing, and I think its the same for gen eds. Yea! Im just pissin money down the drain.
12-14-2007, 11:58 AM
chardrian

I wanna put your head in my shemale bosoms and caress your sweet head and tell u it will all be better. But it won't unless u stop being retarded.

I do feel bad about the crappy grade in algebra tho.
12-14-2007, 12:03 PM
seoul_child1

Quote:

Originally Posted by chardrian

I wanna put your head in my shemale bosoms and caress your sweet head and tell u it will all be better.

Ughhh, that was all too graphic Char!?! need to put a NSFWorStomach... :?
12-14-2007, 12:28 PM
biondino

Well, first off, pay off as much as you can to get it under the max, and then set up a system where you are paying the minimum monthly amount - if you can do this so that it pays automatically, so much the better. Once you've done this, figure out what active steps you can take to get money to pay off as much as possible. If this means poker BR, then so be it - bad credit card debt is too dangerous to fuck around with.

Getting this sorted has to be one of your top priorities - at the moment the sum isn't too big, and your credit rating isn't going to be too badly affected. But it does need to be sorted out ASAP. If this means begging to your mum (or taking a bar job) then you've got to do it.

Good luck.
12-14-2007, 12:49 PM
zook

I think you should probably transfer the balance to a new cc that offers you no APR for the first 6 months or something. But I've never done it, just heard from people who have. GL.
12-14-2007, 02:28 PM
Galapogos

Quote:

Originally Posted by biondino

Well, first off, pay off as much as you can to get it under the max, and then set up a system where you are paying the minimum monthly amount

Don't do this! Credit cards are set up so if you only pay the minimum amount you're debt on it will be paid off in 32 years! Make sure you pay as much as you reasonably can each month.
12-14-2007, 03:20 PM
Reidak

I would say lesson learned. it is now up to you to find this money and pay off this balance ASAP. that interest is a killer. dont get sucked into the minimum payments.
12-14-2007, 04:14 PM
mrhappy333

Quote:

Originally Posted by zook

I think you should probably transfer the balance to a new cc that offers you no APR for the first 6 months or something. But I've never done it, just heard from people who have. GL.

I did this when I needed to charge alot of stuff too, just make sure you pay it off ASAP, then only charge what you will pay at the end of the month, in FULL.
12-14-2007, 04:24 PM
Silly String

Don't do this! Credit cards are set up so if you only pay the minimum amount you're debt on it will be paid off in 32 years! Make sure you pay as much as you reasonably can each month.[/quote]
You must not have read the entire post. Biondino makes a good suggestion so as to keep OP from incurring more late fees or over the limit penalties etc. As he said, then get it figured out how to pay the balance on this CC down ASAP.
12-14-2007, 04:27 PM
Galapogos

I tend to do that.

I guess my "read" was off.
12-14-2007, 04:31 PM
Miffed22001

Uk cards allow you to transfer the balance to a new card, normally without a fee so that you can hold the balance there without paying interest for a new 6-12 month period.

Seems like your best option so you dont get raped right now, so long as US cards allow the same
12-14-2007, 05:22 PM
UG

dammit boost, why don't you just give me control of all of your big decisions so things like this don't happen?
12-14-2007, 05:58 PM
IowaSkinsFan

Don't beat yourself over the head, people make these mistakes all the time, seriously you'll get through this fine.
12-14-2007, 06:26 PM
swiggidy

At least it's only $1k, it could have been a lot worse.
12-15-2007, 10:01 PM
boost

it definitely could have been a lot worse. Worse case scenario is that i have to withdrawl most of my br. If I do this, Ill probably just take it all out and forget about poker. I dont have the time nor the will to build from below 1k again.
12-16-2007, 05:03 AM
Jack Sawyer

throw the card away, dammit!

and get a debit card next time.
12-17-2007, 12:33 PM
Aces

Quote:

Originally Posted by Jack Sawyer

throw the card away, dammit!

and get a debit card next time.

CC issuers pretty much count on many people not reading the fine print or not caring util they run up a balance. .
12-17-2007, 01:17 PM
bigred

Quote:

Originally Posted by Aces

Quote:

Originally Posted by Jack Sawyer

throw the card away, dammit!

and get a debit card next time.

CC issuers pretty much count on many people not reading the fine print or not caring util they run up a balance. .

they also punch babies
12-17-2007, 01:58 PM
ensign_lee

Quote:

Originally Posted by Jack Sawyer

throw the card away, dammit!

and get a debit card next time.

Unless you absolutely have no self control whatsoever, this is terrible advice. You'll never build credit and when you need it to get something (car, house) it's going to cost you thousands upon thousands of dollars.
12-17-2007, 03:14 PM
thenonsequitur

I also did this with my first credit card several years ago (also a little over $1k).

What I did was search online for every reputable no-annual-fee cc I could find online, and applied for no-interest-first-12-months balance transfers on the best-looking offers. A few of them declined me (balance too high and over limit, too risky for them), but two of them offered me $300-limit accounts with $250 balance transfers. This immediately fixed my over limit problem and decreased my interest payments. A couple months later, with my balance down a little more and minimum payments being made, I applied for a transfer again, and one company let me transfer the remaining $600+ balance at once. Don't over-do the applying-for-credit thing, too many applications at once can hurt your credit score. But with a maxed out credit card your options are limited (unless you can get a trusting friend/family member to bail you out).

After I did the above, I also then decided to stop being careless with my finances, and had almost a year left before any of my debt would accrue interest. And it was smooth sailing from there. Okay, that's a lie, it was really stormy and the sails were broken, but at least that stopped the boat from sinking. And by the year's end all three of my new cards were cleared. And then I got a real job and $1k seemed a silly amount to ever be a thing to seriously concerned about.

Don't worry, if you can get a balance transfer or two ASAP and be more careful with spending in the future, $1k debt is easy to get out of. I had a friend who built up almost $6k of cc debt being a complete idiot years ago, and is still hurting from it. Be glad you didn't do something really stupid like that.

BTW, I know I haven't posted on this forum in about a year (took a long hiatus from poker), but I needed to waste some time at work and suddenly remembered this web site I used to frequent a long time ago, so here I am.
12-17-2007, 03:49 PM
zook

Quote:

Originally Posted by thenonsequitur

BTW, I know I haven't posted on this forum in about a year (took a long hiatus from poker), but I needed to waste some time at work and suddenly remembered this web site I used to frequent a long time ago, so here I am.

I missed you. The recent bump of the acid thread made me wonder where you had been. You don't have to play poker to hang out here, just ask rilla!
12-17-2007, 04:00 PM
Warpe

This room is a good place to be.
12-17-2007, 04:06 PM
thenonsequitur

Whoa, I completely forgot about those acid papers. On a whim, I just went through some dusty files in the bottom of a drawer and re-discovered them. I can't believe I still have these.
12-17-2007, 05:27 PM
bigred

Quote:

Originally Posted by Warpe

This room is a good place to be.

i wrote this in a recent thread, you bigred wannabe
12-17-2007, 05:32 PM
Warpe

No, YOU suck.
12-17-2007, 05:33 PM
Warpe

besides, 'rilla has it as his location so he beats us both.
12-18-2007, 01:34 AM
ensign_lee

I think everyone runs their cards to the limi tthe first time they get them. Be thankful yo uhave low limits.

I did that too when I first got mine. I looked at my bill when it all added up and was like "Holy S*&^$(*&. This has to add up wrong." then I added it up and was liek "aww...damn." I jsut started working a whole bunch of extra hours and stopped buying stuff, and it helped to clear that 1.5k in what now seems like no time at all. (I think it was like 2 months or something).

Pay it off; learn your lesson; continue using credit cards, but intelligently. You'll thank yourself later.

I'm 21 and when was looking for car financing, got a 5.35% interest rate because my credit score is above 810. I've never had a "big ticket" item before now, and the only other thing that I've ever had other than a CC was a $5k small business loan which I paid back in 2 years.

To put that number above in perspective, the US government (whose debt is supposed to be as close to "riskless" as you can get) pays about 4.75%.

With no credit, I coudl have ended up having to pay 10% interest (in teh best case) or more like 17% interest. this translates to LOTS AND LOTS AND LOTS (I cannot impress this upon you enough) AND LOTS of unneeded finance charges.

Stick with it, boost. Get your head back above water and then go from there. Having a CC and managing it responsibly will help you immensely in teh future. Plus, it's nice to know that you have the extra spending capability "just in case" (in case of emergency, not frivolous spending).
12-18-2007, 08:13 AM
biondino

Quote:

Originally Posted by Galapogos

Quote:

Originally Posted by biondino

Well, first off, pay off as much as you can to get it under the max, and then set up a system where you are paying the minimum monthly amount

Don't do this! Credit cards are set up so if you only pay the minimum amount you're debt on it will be paid off in 32 years! Make sure you pay as much as you reasonably can each month.

No no - I agree with you completely, but what I am saying is first priority is for Boost not to screw up his credit, which he already has done by going above his limit. Once he's got it down, and has set up this minimum payment (purely so that he doesn't damage his credit further), he can then see how to pay off as much as possible as quickly as possible.
12-18-2007, 12:56 PM
Aces

Quote:

Originally Posted by bigred

Quote:

Originally Posted by Aces

Quote:

Originally Posted by Jack Sawyer

throw the card away, dammit!

and get a debit card next time.

CC issuers pretty much count on many people not reading the fine print or not caring util they run up a balance. .

they also punch babies

BASTARDS