what should I do about my credit cards?

[G35ftw]

So... I'm a full time college student. This is my junior year, so I will have 1 more year of school after this. I have no job and therefore no income.

So pretty much I am a dumba$$ and I have 4 different credit cards, with a total of about $9000 worth of credit between all of them. I am now about $8000 in debt, so all my cards are just about maxed out.

I can only afford to pay about $5 more than the minimum on each card every month. I'm sure my credit score sucks balls right now. I hope to get an internship this summer to help pay them off, but nothing is certain. Is it true that employers will sometimes do a credit check on you before giving you a job? What do you recommend I do about my credit?

[emceephi]

Find a weekend part-time job and stop going out?

[G35 Mass]

Have you ever been late on a payment over 30 days? While running them to almost max, it wont SERIOUSLY effect your credit, and your payments over the minimum on time every month will far outweigh it. If you're not late or going over your limit, you probably aren't in that bad of shape.

When I was overloaded with credit, I worked on paying one at a time. I started with the one with the smallest balance. I got it paid, felt like I accomplished something, then went on to the next. If you have one card for 6k and two for 1k, trying to pay down that 6k will feel like you're getting noting accomplished. Paying down to completely will make you feel a TON better about tackling the last, biggest one and you'll be able to pay more towards it since you don't have the other two payments each month.

[emceephi]

I'm in college. I have about $3500 in credit card debt and work about 35 hours a work, and I still feel like I'll never be able to pay off my credit.

I don't know how you can manage $8k debt and no job.

[WhosRich]

I think as long as you keep paying on time and above the min. no matter how much, your credit wont be hurt. But yes, a job would go great lengths, even part time while youre in school. I learned to cut back too. Less eating out and no random purchases, even for $1.

[otd34]

consolidated all of them into one lower rate then start paying it off slowly. it will take some time and lifestyle changes, but you'll eventually pay it off...

[Birdhouse]

Originally Posted by G35ftw

So... I'm a full time college student. This is my junior year, so I will have 1 more year of school after this. I have no job and therefore no income.

So pretty much I am a dumba$$ and I have 4 different credit cards, with a total of about $9000 worth of credit between all of them. I am now about $8000 in debt, so all my cards are just about maxed out.

I can only afford to pay about $5 more than the minimum on each card every month. I'm sure my credit score sucks balls right now. I hope to get an internship this summer to help pay them off, but nothing is certain. Is it true that employers will sometimes do a credit check on you before giving you a job? What do you recommend I do about my credit?

If I recall, the credit check by employers is to gauge the person's personality towards money (financial responsibility). If your irresponsible with your own money, can you really trust someone to deal and handle money in a business? Their judgement comes into question. It's not the end all be all; I'd imagine with a solid resume, accomplishments, education, references, etc. this can be overlooked.

If you say you are near maxed out on all cards well then you are above the 30% rule of thumb (balance: limit ratio) which drops your FICO credit score. However, as long as you are NOT late and pay above your minimum balance you should be in stable condition regarding to your score.

However, 4 credit cards, $8,000 credit card balance + interest, college student, with little to no income is dire indeed. Fortunately, there is light at the end of that tunnel.

Consolidate your credit debt balance into another card with lower interest. Interest is the real killer! Interest is the difference from mildly cursing at the bill statement to screaming "My life is over!".

You must control your spending. I don't know if this debt was incurred through spending on lavish things, tuition or both. Loans for tuition is one thing, still bad, but "justifiable"; careless, reckless spending is another.

Spend within your means, generate income, pay off your debt and you should do just fine.

[Dranom]

^^^good advice

[jutn35]

Yes . theyll see how you manage money and how itll reflect onyourself being an employee.

i recommend you to cut up all but one card, get a regular job (Flipping burgers) so you can start managing it before your credits sucks to the negative, and before interests pile up.

GL though.

P.S. - how did you manage to get yourself in this situation, and what did you buy ?

[IVRY PRL]

Suck it up hard, and cut things out of your life. I had CC debt before, not as bad as yours, maybe like 3K or something like that, and I just started depriving myself of certain pleasures until I paid it off. It was more than worth it for the feeling of freedom you get at the end when you're debt free.

[azzkikr]

how are you driving a g35 if u got no jobs, 8k in debt and no income?

[IMA-G-RIDER]

try to find a c.c. that you can consolidate all your debt onto ..

http://www.creditcards.com/balance-transfer.php

[05DGx]

You're going to have to make lifestyle changes.

Also, like someone mentioned, consolidate your debt into a lower interest payment, but if you can't do that, then I would suggest paying off the card that is charging you the most for interest.

[G35ftw]

Originally Posted by G35 Mass

Have you ever been late on a payment over 30 days? While running them to almost max, it wont SERIOUSLY effect your credit, and your payments over the minimum on time every month will far outweigh it. If you're not late or going over your limit, you probably aren't in that bad of shape.

When I was overloaded with credit, I worked on paying one at a time. I started with the one with the smallest balance. I got it paid, felt like I accomplished something, then went on to the next. If you have one card for 6k and two for 1k, trying to pay down that 6k will feel like you're getting noting accomplished. Paying down to completely will make you feel a TON better about tackling the last, biggest one and you'll be able to pay more towards it since you don't have the other two payments each month.

No, I've never been late on a payment. Thanks for the advice. I always thought I would tackle the card with the largest balance first but your way makes more sense

Originally Posted by emceephi

I'm in college. I have about $3500 in credit card debt and work about 35 hours a work, and I still feel like I'll never be able to pay off my credit.

I don't know how you can manage $8k debt and no job.

I have a scholarship so I don't have to pay for tuition. That helps out a lot.

Originally Posted by Birdhouse

If I recall, the credit check by employers is to gauge the person's personality towards money (financial responsibility). If your irresponsible with your own money, can you really trust someone to deal and handle money in a business? Their judgement comes into question. It's not the end all be all; I'd imagine with a solid resume, accomplishments, education, references, etc. this can be overlooked

.................

Great info, thanks for the advice.

Originally Posted by jutn35

P.S. - how did you manage to get yourself in this situation, and what did you buy ?

That's the sad part. I did get a couple of mods for the G, but mostly this is all from going out with the gf. I'm an idiot......

Originally Posted by azzkikr

how are you driving a g35 if u got no jobs, 8k in debt and no income?

No longer have the G

[mark5]

use this site http://us.whatsthecost.com/snowball.aspx to help with your payment plan