First post so I might as well make it a useful one hehe. I have an MBNA Visa that I used during college for books and food sometimes and whanot. Right now it has a balance of $3000 at 26.8% :mad:

I need to get this pig paid off and was thinking about moving the balance to another card. I applied for a chase with 0% BT rate. I got the card but it only has a $900 limit. That didn't work so well hehe.

Basically, I am wondering what the best route would be to get rid of this card lol. Maybe there is a better card I can transfer it to? All I know is the interest is too high hehe. Any help would be appreciated.

You are on the right track...

You need to get a lower rate. Call the card that has a $900 limit and tell them your situation. They may up your limit right there.

After you get the debt migrated to a lower rate card, set up a budget for yourself. You will most likely have to make sacrifices to make it work. Don't go out much, shop frugally.

I suggest checking out http://forums.gottadeal.com/forumdisplay.php?f=14 and using grocery coupons to their max.

I had a friend who had $5,000 worth of CC debt. His wife wanted to have a baby. He was deploying for 3 months. He told her that if she could figure out how to pay of the credit cards by the time he got back, they could have a baby. She transferred the debt to a lower intrest card. She really buckled down... she hardly ever went out, she ate ramen and p-butter. When he came back in three months, the debt was gone and he had to live up to his end of the bargain. :)

I myself had over $3000 worth of debt on a credit card for the same reason as you when I finished college. My wife and I didn't do much for our first year of marrige, but we got it payed off. We have always paid every loan we have ever had early by spending smart.

Thanks for the reply. I actually had a capital one platinum card with a 500 dollar limit so I called them yesterday. Told them I wanted to cancel. The guy asked what they could do to get me to stay. I said "How about 0% BT for 12 months on my higher rate care" He said they could do that then asked me how much. I said 3000 and he said "ooooh, I don't think so" Needless to say I cancelled lol.

I'll try calling Chase and whine a bit. I don't have any school loans which is good. I kind of look at this as my one school loan :) I don't think I'll have to eat ramen and PB only but I will definately have low funds for a bit :) Luckily I am getting a year and and quarterly bonus next pay check so that should hammer it down a bit. I just want rid of that card. I am mad at them :) Thanks again sdible!

I don't blame you for being mad at them, 26.8% on $3,000 balance is very high! They are making quite a bit of money off of you.

I'd recommend keeping a journal of EVERYTHING you're spending. Cancel unecessary expenses and luxuries you can live without.

With enough dedication and committment I'm sure you can have that $3k balance paid off and CLOSE that cc by the end of the year, possibly sooner.

Just committ to yourself that you'll pay off at least $xxx every month, you will slowly chip away at that monsterous balance.

Thanks Ross. I might still try calling Chase and see if they will let me transfer somehow. It would be much better to get a low rate while I am paying it off hehe

Ok, here is my little update. I called MBNA about the crazy 26% interest rate. They lowered it to 16%. Still not pleased but its better I guess. Called chase and the best they will do is 8.9% on a balance transfer. They are "looking to see" if they can raise my rate. I think I am just going to close it. 8.9 still isnt' that great when other cards (citibank for one) are offering 0%. I applied for citi to see if they will give me a decent enough limit. I have heard good things about them so we shall see. This all seems like a big game lol. I just want 0%! Is that so much to ask :)

Thanks for the update and you did a good job lowering the rate to 16%.

Just continue to make your payments on time and eventually you will begin receiving a flood of 0% APR BT offers :)

Thats what I am hoping Ross hehe. Hopefully Citi bank will come through ;)

Unfortunately, Credit Card companies give credit to those who don't need it, and won't give it to those who do need it. I don't know what your credit score is but it may be low with the APR they are giving you. Good luck paying it off!

Unfortunately, Credit Card companies give credit to those who don't need it, and won't give it to those who do need it.
I think you're on to something.

Several years ago when I desperately needed a $1,800 personal installment loan (for debt consolidation) I was declined by one of the big banks. Something like that isn't easy to forget although I don't think about it that often. Recently I get pre-approved offers for $10k-$20k credit cards and I never join them because the last thing I need is another cc.

Sometimes I think it's better to have NO CREDIT than GOOD CREDIT.

It might be low or I might just be unestablished. I am only 24 and just recently bought my first car. Everytime I tried to get a loan from the bank I couldn't. They would always cite insufficient credit history. I ended up having to go through a dealer :-/

I have never missed a payment or anything, I think I just don't have a decent enough history. I wouldn't even have this balance if I didn't need to buy books in school hehe. I don't even have any loans or anything.

Ok, yet another update hehe. I now have a discover card (with the cash back on gas purchases) with 0% BT for one year and a Citibank Platinum (not the dividend card, probably made a mistake there) with 0% purchase for a year and then a 9.8% apr. Much better than 16 :) And the discover will make much nicer to get rid of that balance. Once it goes through I am just going to cancel that 16% pig hehe. I am pretty happy.

Great news Avtar! It sounds like you are well on your way to paying off your debt and establishing a good credit history!

Ok, yet another update hehe. I now have a discover card (with the cash back on gas purchases) with 0% BT for one year and a Citibank Platinum (not the dividend card, probably made a mistake there) with 0% purchase for a year and then a 9.8% apr. Much better than 16 :) And the discover will make much nicer to get rid of that balance. Once it goes through I am just going to cancel that 16% pig hehe. I am pretty happy.

Just be sure to read ALL of the terms and conditions. Most 0% balance transfer offers require you to make at least 1 or 2 purchases on the card every month. Your payments go toward the part of your balance with the lowest interest rate - the 0% balance. So their intention is that by the time you finish paying off your $3000 at 0%, you'll have a balance of $3000 at some higher percentage from all of the purchases you made to meet their terms. Either that, or you'll forget to make a purchase one month and they'll cancel the 0%.

So just make sure you read all of the terms and meet them. If you have to make one purchase a month, buy a pack of gum on the card every month. :)

Good call Mugs. Didn't think of that. I'll just buy gas on it and then pay off the gas plus whatever I was going to pay and get 5% back for the gas ;)

Good call Mugs. Didn't think of that. I'll just buy gas on it and then pay off the gas plus whatever I was going to pay and get 5% back for the gas ;)

I did the same thing with Discover, there is no minimum purchase requirement but there is a minimum payment each month on the 0 percent balance. Smart move.. What you should do is put that card away don't touch it until its paid off.