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My debt reduction tracker

February 28th, 2007 at 04:40 pm

This category is where I am going to track my debts and anyone with suggestions feel free to chirp in. As I mentioned in my main blog the goal for me right now is increase FICO as fast as possible so we'll be ready for the refi in March of 2008 on our mortgage. SO the main goal right now is to get the balances below 50 percent and then start attacking the interest rates one-by-one. So I will post accounts, balances, limits and APR's and each reply will have the payments made and updated balances (I think I may even post when I get notified a bill is due so that when I come back here it's just another reminder to pay the bill!) The sooner we see 0 the better!

Card/Balance/Limit/APR

Card 1/$12416/$20000/14.23
Card 2/$15215/$31000/12.24
Card 3/$8135/$12500/12.24
Card 4/$6363/$9000/18.24
Card 5/$6214/$9000/18.24
Card 6/$6143/$8000/0.00*
Card 7/$6023/$10000/4.99**
Card 8/$3821/$10000/0.00***
Card 9/$3681/$7250/17.24
Card 10/$3464/$4400/16.99
Card 11/$2882/$3900/13.99
Card 12/$2100/$2500/0.00****
Card 13/$4000/$4500/5.82
Card 14/$416/$5000/15.99
Card 15/$135/$17500/19.99

*Teaser rate ends 4/1/07 (up to 13.99)
**Balance Transfer rate
***Teaser rate ends 8/22/07 (up to 24)
****Teaser rate ends 5/1/07 (up to 13.99)


Now for some number crunching. When you total it all up it's $81008 in unsecured revolving debt. Ow that hurts! Now as I said we're talking about reducing balances to limits to increase my credit scores for a better rate at refi time. The cards that actually report on my credit reports are Card 1, Card 2, Card 9 and Card 11. So those are the cards I am focused on first. Card 1 needs the most help to get to below the 50 percent mark ($6399) followed by Card 11 ($932) and Card 9 ($56) so that's where I am focusing my efforts on first. I have some plans going forward so stay tuned to the blog and I'll be sharing them with everyone!

2 Responses to “My debt reduction tracker”

  1. JanH Says:
    1172682073

    I have the same sort of chart in my spreadsheets. My chart automatically changes the balance to limit percentage as I pay things off. I put in the new balance according to each statement. Basically because I like to watch numbers.....Hubby had to set up the percentage reductions because I don't know much about these programs yet. I never thought of playing with it to see how much I'd need to pay to get it to the percent that I want. Good idea!

  2. I-78 Commute Says:
    1172689523

    Thanks Jan! Yep it seems to be easier to track this way. I like the big picture (I also have columns to enter in payment due dates and minimum payments in my spreadsheet...and then when I pay them and what date I pay them on.)

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