CT/NY Convertible Deals 300 - 400$ a month?

[xaximus]

@vertlease

I can’t scale the current increase to 0 balance because I get something ridiculous like 800, but presumably it will be high. I have been focusing on smallest balances first and closing them, my score would go up faster if I had started with the largest ones but it got me in the habit.

Try paying off the balances that have the highest interest rates. Those are hurting you more as more of your payment is going to the interest, less towards the principle. I agree, it’s nice zero’ing out a card but do not close it, that’ll hurt you. Just put it aside and don’t use it. Hopefully, this situation has taught you how to better manage credit and be responsible with it.

[zegna]

If I’ll ever have my garage back I will get the one for a weekend galavanting.

[vertlease]

@DRodes

Right, if “income is more than 20 times the monthly payment” like you said, then Income = Monthly Payment x 20, or Income = 300 * 20, or $6,000. Obviously “more than” is ambiguous, but I expect when people use those kinds of words they mean “close to” not “way more than”. There’s a tremendous difference between $6,000 annual salary and $60,000 annual salary, both of which are more than twenty times the monthly payment.

My monthly (gross) salary = 8750, 8750 / 400 = 21.875 (I used gross because I learned the hard way that’s what banks want [not really hard, just looked a little silly in front of a finance manager])

21.8 times, just slightly more than 20 times. How is $6,000 or $60,000 annual salary supposed to come out to 20*400$, or 8,000 dollars, monthly? (If I ever have a $6000 per annum salary and ask about leasing a convertible, please commit me to a facility, I’ve finally lost it…)

The other comments were right, I’m better off just getting a used convertible, my current car is a lease, I might as well get a permanent car so I’m not running around like a chicken without a head looking for a new car when the lease runs out. I can finance half through PenFed for the warranty and to reduce the opportunity cost a little.

[DRodes]

That was why I originally asked if you meant monthly salary. You didn’t specify.

[vertlease]

I was paying 1 card off at a time…

Got to one that had a crazy low limit but 104% usage (I get the feeling they lowered it after I got the card) and my score shot up 50 points the month I paid it off!

Slowly clawing my way back up, 630 now. I shifted to paying them off in rounds now, didn’t really think much of it before (figured total percentage was all they cared about)

[xaximus]

Usage makes a big difference. The lower your usage is, the more responsible creditors see you as. Keep working on getting all of them down. As far as the points going up, as your utilization ratio gets better and maxed out cards come down, you’ll see your score slowly work its way back up, just make sure to use credit responsibly.