For the last 2 months I have paid about 10 dollars over the minimum payment on ALL my credit cards. This resulted in my credit score increasing by 18 points (as 2/28/06). 18 dang on points!!!!! Just by paying an extra $100(total) for the last two months.
After my credit score went up the 18 points I decided to try and get myself a new credit card. I know they always say "dont apply for new credit cards" but the purpose of this card is not to spend money but to decrease it! Makes no sense huh?!! Let me go further.
Here are my criterias for the new credit card:
- 0% APR on purchases and balance transfers for at least 12 months
- No fee on balance transfer
- Awards or cash back on purchases
- Low APR after promo ends
- I saved $140 a month on credit card payments (thats $140 dollars off my monthly expenses. Debt-to-income ratio is now down to 50%!!
- I saved $1442 in interest I would have accrued by the time I plan to pay these off (12/07).
So now when I pay my CC debt each month I actually see the balance going down.
Man.....God is soooo goood!!!