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Author: zigmund555 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: Update to previous post Date: 7/17/2002 9:30 AM
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Ok.. thanks to the folks who offered advice on my BT (I'm new at this)

Wanted to update and ask another question..

Currently.. the CC debt is:

GetSmart Visa ~1900 @ 15%
Umbrellbank Visa ~1900 @ 10.5%
Discover 0% BT offer till 1/03 afterwards 12.5%
Citibank Personal Loan ~2500 @ 24.99% (ouch!!)

Also, have $300 in BrokerageAmerica Account (was playing the market but I'm new at that too and given it's volatility I decided to hold off for a bit)

$500 e-fund

Oh yeah, and the school loan I like to forget I have.. about $22,000 @~4.5%

After BT
GetSmart Visa - $0
Umbrellabank Visa ~1900
Discover - ~$4000 @ 0% till 1/03
Personal Loan ~$500 (which I want to pay off this month with snowball)

So.. here's my question. I know the smart thing to do would be to snowball the Umbrellbank Visa and ride out the Discover for 6 months. I could probably have most if not all of the Umbrellabank card paid off by then. Then to BT the remainder to another low interest offer.

But, I think I'd really feel better paying down the Discover. I think I'd like to hang onto that card, definately close off the GetSmart. (On a side note, I'd have to check my statements but I could have sworn that before the Fed started dropping the prime rate my APR went up when my balance went up).

Doesn't having a lot of credit accounts hurt your FICO? If you keep BTing things around then won't it still affect your FICO?


Another side note.. if anyone has children heading toward college.. please stress to them to NOT fill out any of those credit card apps for free gifts.. even if you say you only make $500 a year a lot of times they'll open an account for you even if you don't receive a card.. the first time I checked my CR I had 5 mysterious credit accounts that I had to track down the creditors and explain everything.. not worth the hassle.

Thanks.
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