Just checked my credit card statement ...

[WDW_fan_in_TX]

Thanks for the list. These APRs are all lower than I"m paying (about 36% on average). So I will look into these. But not before paying off the ones I have. So thanks.

Here is a list of no-fee cards for people who do not have strong credit. Saving another $200+ a year in fees is the way to go.
https://www.credit.com/credit-cards/no-annual-fee/

 

[WDW_fan_in_TX]

Yes, I will be calling to cancel all protection fees. And the one that has the monthly is the one I have the highest credit limit on, so I don't erally want to cancel that one. But I will check and see if there's ones with better APRs and no fees. I just hate to get close all the accounts and be stuck without a card in case of an emergency.

Phone each of those cards and cancel the monthly fee for protection. Use that money to pay down the cards instead. Then cancel them when it’s paid off and get one, no fee card for emergencies.

 

[WDW_fan_in_TX]

Correct. I had a score that was really low when I got the card. Probably why I didn't get many options. I'm trying to pay them off (haven't used any of them in about 4 months). Once I do, then I'll probably close a couple, keep the one with the highest credit limit (the one that charges the monthly fee) and just charge something small, pay it down to maybe a dollar left on it so it doesn't close and possibly build my score better,

As for the last part, I'm not selling all my cards. I've been collecting since 1982. It's my vice (I don't drink, don't smoke, do do anything illegal nothing like that, so this is my addiction/hobby, lol). But I have sold off a bunch of what I don't intend to keep over time and used those funds as an extra income. I've kept all my personal collection, but I've been selling stuff that's not my PC. But I'll never get completely get out of the hobby.

The OPs credit card is designed for people with very bad credit.

Carrying ANY balance on that kind of card is very bad.

Charge a few dollars every.month. Pay in full immediately. Raise your credit rating enough to get a real card.

Sell all your baseball cards and pay down your balances

 

[EACarlson]

Check out www.myfico.com They have a forum there and a rebuilding section where there will be lots of very smart people that can help you figure out what you need to do to get your credit score back in a much better place. Then you can start working on getting rid of those sub prime cards and work on getting something better.

 

[Mackenzie Click-Mickelson]

Over the long term a CC with that high of a fee and that low of a credit limit isn't worth having. It's a bad card if you're looking to get out of financial woes. I get that someone mentioned it's for people with bad credit on the other hand it's a way to keep people in debt because there's not enough available credit most especially when you look at the $200 fee. One medical emergency and you're even worse off than if you didn't have that CC because you've maxed it out and are unlikely to be able to pay it off.

Back when I got my first CC they were doing youths dirty for sure but I was able to benefit from a student card from my bank that hardly anyone ever got denied, no annual fee. I think my credit limit with zero credit (back then) was something like $1,100. It's increased over the years exponentially in credit limit without me requesting it. It has just transitioned over the years off a student and rolled into whatever was applicable at that time. It started as a regular CC though just one targeted towards students just starting off.

I know the OP has had numerous, like numerous posts about their poor financial decisions.

 

[WDW_fan_in_TX]

Thanks. And yes I have had many posts. I made some super stupid decisions. But this year my focus has been trying to change. So I've been trying to recover and get back on track, raise my credit, raise my savings, not spend as much. It's a very long and disheartening process. But seems worth it in the long run. Just a couple of days ago, all my office went out to eat (everyone paying for their own this time), and I told them no and stayed back by myself and had a sandwhich. Not an easy thing to do. And that $15 or whatever won't do much harm, but it's learning to make changes. That one decision could help me when it's time to make bigger decisions down the road. I've been trying to do stuff like that, and this forum has helped me see the light.

Over the long term a CC with that high of a fee and that low of a credit limit isn't worth having. It's a bad card if you're looking to get out of financial woes. I get that someone mentioned it's for people with bad credit on the other hand it's a way to keep people in debt because there's not enough available credit most especially when you look at the $200 fee. One medical emergency and you're even worse off than if you didn't have that CC because you've maxed it out and are unlikely to be able to pay it off.

Back when I got my first CC they were doing youths dirty for sure but I was able to benefit from a student card from my bank that hardly anyone ever got denied, no annual fee. I think my credit limit with zero credit (back then) was something like $1,100. It's increased over the years exponentially in credit limit without me requesting it. It has just transitioned over the years off a student and rolled into whatever was applicable at that time. It started as a regular CC though just one targeted towards students just starting off.

I know the OP has had numerous, like numerous posts about their poor financial decisions.

 

[Mackenzie Click-Mickelson]

Just a couple of days ago, all my office went out to eat (everyone paying for their own this time), and I told them no and stayed back by myself and had a sandwhich.

Well yes you should have been packing a lunch for a long time by now with what you've posted, sure not as glamourous as eating out but yeah. Going out to eat especially during work time is a huge no thing to do if you're struggling with money.

It's pretty easy to do pack lunch but I know it can be easy to then fall back on eating out. Years back my husband mentioned to me he thought we should cut back on eating out and I was perplexed because we really don't do that much or we have used gift cards that were given to us as gifts. He combed through the budget and found it was him going out to eat with co workers not spending $15 like you mentioned, less than that, but too often that it became noticeable to our expenditures. We're long past that type of situation but he's still often packing a lunch or they do do a Taco Tuesday where it's about $3 or $4 lunch, he does benefit from a lot of catering lunches that his work does though.

 

[firefly_ris]

Thanks. And yes I have had many posts. I made some super stupid decisions. But this year my focus has been trying to change. So I've been trying to recover and get back on track, raise my credit, raise my savings, not spend as much. It's a very long and disheartening process. But seems worth it in the long run. Just a couple of days ago, all my office went out to eat (everyone paying for their own this time), and I told them no and stayed back by myself and had a sandwhich. Not an easy thing to do. And that $15 or whatever won't do much harm, but it's learning to make changes. That one decision could help me when it's time to make bigger decisions down the road. I've been trying to do stuff like that, and this forum has helped me see the light.

Keep at it. It's hard to really see the big picture at first but over the next couple of years if you keep chipping away at all of these small lifestyle changes you will see it really add up once it starts accumulating. One day it will be nice to have an emergency fund for emergencies and not a credit card.

 

[jo-jo]

Correct. I had a score that was really low when I got the card. Probably why I didn't get many options. I'm trying to pay them off (haven't used any of them in about 4 months). Once I do, then I'll probably close a couple, keep the one with the highest credit limit (the one that charges the monthly fee) and just charge something small, pay it down to maybe a dollar left on it so it doesn't close and possibly build my score better,

As for the last part, I'm not selling all my cards. I've been collecting since 1982. It's my vice (I don't drink, don't smoke, do do anything illegal nothing like that, so this is my addiction/hobby, lol). But I have sold off a bunch of what I don't intend to keep over time and used those funds as an extra income. I've kept all my personal collection, but I've been selling stuff that's not my PC. But I'll never get completely get out of the hobby.

You mentioned charging something small and paying off all but a dollar or so , Why would you do that? Why would the card be closed?

As far as your cards, I’d sell what you consider your extras to pay off those balances on credit cards.

 

[Mackenzie Click-Mickelson]

You mentioned charging something small and paying off all but a dollar or so , Why would you do that? Why would the card be closed?

As far as your cards, I’d sell what you consider your extras to pay off those balances on credit cards.

A card can be closed due to inactivity, the length of time varies by the financial institution, however paying it off but leaving a dollar on it really isn't necessary. At that point it's showing that you're carrying a balance and frequently which wouldn't look the best.

 

[jo-jo]

A card can be closed due to inactivity, the length of time varies by the financial institution, however paying it off but leaving a dollar on it really isn't necessary. At that point it's showing that you're carrying a balance and frequently which wouldn't look the best.

I understand inactivity reason, it’s the dollar part that doesn’t make sense to me.

 

[Mackenzie Click-Mickelson]

I understand inactivity reason, it’s the dollar part that doesn’t make sense to me.

It doesn't make sense to me either but you also asked why would the card be closed so I mentioned why. They must think keeping a dollar on it is keeping it active but that's not necessary to do that to keep a card active.

 

[Lewisc]

Leaving a dollar balance, almost all cards, is a horrible idea. You might be subject to a minimum interest charge (dollar amount) You'll probably lose your grace period on new purchases. In other words youll paying interest on new purchases from the date of your charge.

The limit is too low relative to your annual and monthly fees.

I agree with PP, you may be better off with no credit card, plead poverty and negotiate.

 

[greeneyedchick]

You mentioned charging something small and paying off all but a dollar or so , Why would you do that? Why would the card be closed?

As far as your cards, I’d sell what you consider your extras to pay off those balances on credit cards.

I was wondering the same. When a card says that it can be closed due to inactivity, that usually means a year or more without using it. It makes no sense to carry a balance if you don't have to. It will keep your score down. If you want to keep the card active, pay it off entirely. Then charge a candy bar to it once a month. Then pay off the balance of the candy bar the next month. I have never heard of someone needing to keep a balance on a credit card in order to keep the card "open."

 

[CoP Luv]

Correct. I had a score that was really low when I got the card. Probably why I didn't get many options. I'm trying to pay them off (haven't used any of them in about 4 months). Once I do, then I'll probably close a couple, keep the one with the highest credit limit (the one that charges the monthly fee) and just charge something small, pay it down to maybe a dollar left on it so it doesn't close and possibly build my score better,

As for the last part, I'm not selling all my cards. I've been collecting since 1982. It's my vice (I don't drink, don't smoke, do do anything illegal nothing like that, so this is my addiction/hobby, lol). But I have sold off a bunch of what I don't intend to keep over time and used those funds as an extra income. I've kept all my personal collection, but I've been selling stuff that's not my PC. But I'll never get completely get out of the hobby.

I applaud you for all of your hard work. It is very hard work to make financial changes. It is a journey.

It is time to start making bigger steps instead of small ones. If your one card is growing in balance even when you aren’t using it, then your minimum monthly payment is not covering your fees and interest. If that’s the case, your balance will never go down. You need to pay more than your monthly payment to make any headway. Right now you aren’t paying down your balance, you are just paying the bank for nothing.

Pay the entire thing off, and then close it. There is no need to have a card open that you are paying hundreds of dollars for each year just to have a few hundred dollar credit limit. Once it’s closed, start putting your monthly fees in a savings account for an actual emergency fund.

Have you looked into Financial Peace University at a local church? You have mentioned enjoying fellowship with others after church and this might be a good idea for you to learn from others in a small group setting. We have many couples that go together (usually one may go just because the other wants them to) or we have one half of a couple come independently. I lead at our church’s FPU, and while our church gifts the class to others, there is also financial assistance in other church’s for those who may not be able to afford it. I encourage you to reach out to the coordinator to find out more info.

Please keep up with all that you are doing. Keep asking questions. Keep learning. You’ve got this!

 

[QueenIsabella]

Instead of leaving a $1 balance--which can incur fees--try paying $1 extra. It will show you with a positive balance, and not incur any extra fees. Make a note to use the card every couple months or so, to keep it active, as long as you need it.

Another thing to watch for: Synchrony Bank recently tried to charge me $1.99 a month for paper statements. Instead, I chose to cancel the card. I'm not paying them $24 a year, just to get a paper statement!

 

[dpswift]

Do you have any bank or CU that you have a positive relationship with? My daughter had poor credit but a local CU gave her a personal loan to pay off her cards. With the amount of extra fees you are being charged the usual advice of not using your cards and paying extra now and then is not working

 

[barkley]

I was wondering the same. When a card says that it can be closed due to inactivity, that usually means a year or more without using it. It makes no sense to carry a balance if you don't have to. It will keep your score down. If you want to keep the card active, pay it off entirely. Then charge a candy bar to it once a month. Then pay off the balance of the candy bar the next month. I have never heard of someone needing to keep a balance on a credit card in order to keep the card "open."

in my experience cards can be inactive for year(S) yet credit card companies will keep them open even if they are no fee cards. i sat down a few years ago and looked over which cards were active in our names and came to the realization that despite never making a charge in 4 or 5 years on a couple they were still active (and they had raised the limits a couple of times over that time period). i cancelled them-i did not need them and certainly did not need them being available for hacking.

 

[mi*vida*loca]

I will have to explore that. I only have one credit card, 3% back, no annual or monthly fee and a credit limit that I hope I NEVER hit. But I should get a second card in case that one gets compromised. I just can't imagine paying $200 a year for a card, let along one with only a $700 limit.

I was in Puerto Rico in June and our main card got hacked. We had to report the fraud and the card was closed. Then another one of my cards was being declined at some locations. I think it was their electronic iPad vendor they used (it wasn’t a vendor I remember ever seeing here) and two of my cards did not want to go through so I had to pay cash there. And realized any place that used that vendor my card was being declined. Thank god we take 3 cards with us plus cash.

 

[Mackenzie Click-Mickelson]

in my experience cards can be inactive for year(S)

It's specific to the financial institution. Information available online shows it can be even just 6 months, 12 months, 14 months, 15 months, 24 months, 36 months, etc. A person should be looking at their exact specific card or ask their financial institution about their particular card if they are unable to locate the terms and conditions.

The point multiple of us were trying to say is there's not a need to leave a balance to keep a card active.