I got into a bad situation (financially) and have been forced to use my credit card a lot more than I usually do. Long story short, I got really sick then my current boss kept cutting my hours (so I lost my medical) and my new job doesn't start till mid April. I never carried a balance before, and there's no way I can pay it in full before the due date. Not really sure how to go about it. I looked into balance transferring to a new 0% APR card but it would take too long. I can pay the minimum, but I don't know if that would even help or not. My card is the Capital one Savors One card. I'm just worried because I've heard people say that capital one sometimes shuts down cards that miss a payment or holds balances.
I will be able to pay off the balance in full towards the ending of this month. Does anybody have advice that could help me in my current situation? Thank you for your time!
I'm holding a $2000 balance. How screwed am I?
byu/Willing-Potential562 inCreditCards
Posted by Willing-Potential562
9 Comments
Make your minimum payment then push all to this debt that you can afford to make it go away. If you pay it down in like 3 months you’ll pay like $150 in interest maybe
Just pay at least the minimum each month until you get some money coming in. Then pay as much as possible as quickly as possible to get rid of it. In the meantime, use a separate card for everyday spending.
They won’t close you for holding a balance. They WANT you to hold a balance. Thats how they make money. Missing a payment at all would be bad more for your credit than risking the account. But on 2,000 the minimum is likely under $50. You are NOT screwed by any means. The “never carry a balance ever” people hype that up a lot. This is why credit cards exist. Just make sure to get it down quick and you’re fine.
Even if it’s a 29% APR interest is only 48 bucks. You’re fine.
For starters pay the minimum. It all that you are legally required to do, one (two actually) months interest isn’t great, but F’n up you credit for years is much worse.
If you can pay it off fully in 4/6/8 weeks, it not a big deal in the bigger (longer term) picture. If you can’t then yes 0% APR could be an option.
If you’ll pay it by the end of the month just pay the minimum and some more to avoid late fees.
You’ll pay interest but it’s maybe 15-30 dollars. And pay it all when you get the money
Pay at least the minimum.
You won’t be late on payment. Late payments are for missing the minimum payment.
If you know for sure you can pay it off at the end of the month, just eat whatever interest you get. You might get balance chased, but that’s whatever. It’s probably not worth balance transferring.
Do not use the card for two cycles and just pay off the balance on time. This is to limit trailing interest and reset your grace period.
After that, continue using card as normal tbh.
Pay the minimum and find a 0% card. It shouldn’t take too long if you qualify. But make the minimum payment by any means.
Always make *at least* the minimum payment before it’s due. Always. Otherwise you will risk damaging your credit.
> I looked into balance transferring to a new 0% APR card but it would take too long.
You could get that done in 48 hours or less
A balance transfer to a 0% card might be a good idea, but only if you have a definite plan to pay it off before the 0% promo period ends.
Also, you gotta STOP using your credit card, for anything, until you get it paid off. Don’t keep piling cc debt on top of cc debt you already can’t pay.
You’re good. As long as you didn’t go over your credit limit. Just pay off the minimum when you get the monthly statement then pay off the rest of your monthly bills. Any moneys left over, use that to attack the rest of your credit card debt.