Waiting for 0% Credit Card for Debt Consolidation is killing me

9:16 PM –  I took a deep breath and put in my passwords for mint.com.  I got a rejection notice from a blogging job I applied to, so I used that as fuel to get my finances in order and overcome the fear of putting all my financial passwords into one site.  So far, I’ve had problems establishing connections with my hsbc and chase credit cards, and hsbc savings.

I’ve been waiting and waiting for the hsbc to do a balance transfer. Currently, I’m still spending about $90/mo ($1084/yr) for the $6.7K that’s sitting in my bofa at 16%.  I’m trying transfer about $3300 of it to my usaa at 13%. Ideally I’m trying to get all of the bofa balance to zero and then put it back on at 4.99% for the life of the debt.  It’s still a little too high for me as I want my savings account to beat it, but it blows away most of the people’s interest rates. I’m not jumping on the usaa transfer as I’m hoping that the wamu card2 will be accepted and hsbc transfer will happen (initiated 1/4/08) asap so then I will reduce the number of balance transfer fees (3%).  But I’ll still need to transfer some to my usaa eventually after these two as they are only giving about $2.5K credit limit each.  I will try and call usaa cc to transfer some over now.

10:20 PM – I signed up for mint.com and it is ok. Not as great as I thought. I guess it’s because not all my accounts are in there, so I feel like I can’t “see” everything as once.

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3 Responses to “Waiting for 0% Credit Card for Debt Consolidation is killing me”

  1. fyguy Says:

    Cool! Transferred $3200 to usaa (no bal. Trans fees!!!) from bofa on 1/10/08.

    A few features from mint.com that I was hoping to find based on the articles I read online that I didn’t find on the site: having a roommate option to figure out expenses to see who pays whom. They supposedly had an anonymous social network thing to help each other financially. Didn’t find that either.

    My wife is applying for a few credit cards to reduce her interest rates right now on the other computer. 🙂 However, it looks like I’ll put all of her balances on my card once it’s cleared out. 4.99% instead of 18% (her avg) – that’s a savings from $550/yr to $165/yr in interest payments.

  2. fyguy Says:

    Whoa! I just saw my interest rate even at 13.15%:
    USAA Balance: -$7,883.63 13.15%
    Interest charged: -$86.39/mo -$1,036.70/yr
    (I’m using negatives for debt)

    So if I transfer all that to my Bofa’s 4.99%, here are the numbers:
    If transfered to Bofa: -$7,883.63 4.99%
    Interest charged: -$32.78/mo -$393.39/yr

    My wife just checked her FICO score. It went from 520 last year to 657 currently! We’re kicking some bootay! But still ways to go. My goal is to get it to 830 within a year.

  3. Jason M. Putorti Says:

    @Fyguy – Hey, thanks for using Mint! The SpendSpace feature we demoed at CES which allows you to compare your spending with the average person in a big number of cities and states, is launching any day now. You can demo it (alpha) at https://wwws.mint.com/trend2.event.

    I will also look into seeing if we can do anything else to help with your debt consolidation… the way we offer match is usually 1-to-1. Hopefully we can help you more there, or at least others in the future.

    Thanks for reviewing!

    Jason M. Putorti
    Lead Designer, mint.com

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