Credit Card Center Advertiser Disclosure

New Visitor
Posts: 1
Registered: ‎08-09-2017
0 Kudos

0% interest but don't know where to begin with repayment

All 4 of my credit cards right now have 0% interest and none of them have interest that hits before June 2018. The June 2018 one also happens to be the one with the smallest balance. Balances are Quicksilver, $8400, Barclay Priceline $6000, Cap. 1 Spark $3000 and Chase Slate $2500. I have an extra $550 a month after paying minimums to apply to balances. Should I focus on one at a time or should I just spread an equal amount across all 4 so they all drop lower each month? And if one at a time which balance first? Should I pay off Quicksilver then move other balances there when offered another 0% interest offer. I'm so confused. The $8400 card's interest kicks in February 2019. 
Don't worry I've learned my lesson, I've stopped using them as of last week  And I don't plan on getting myself into this mess ever again. Any advice please and thank you! 
Established Contributor
Posts: 616
Registered: ‎05-05-2017
0 Kudos

Re: 0% interest but don't know where to begin with repayment

If you're paying 0% now you probably want to knock out the one where the APR kicks in earliest so you're still paying no interest when it does. Then do the next one. Try to beat the grace period on zeroing those balances.
Regular Contributor
Posts: 422
Registered: ‎04-26-2017
0 Kudos

Re: 0% interest but don't know where to begin with repayment

[ Edited ]
If you're able to pay off all debts before APR kicks in, I would start with the lowest balance.  If not, I would start with the highest APR.  Now if you have good self control, pool the money into a high interest paying checking or savings account, then make your decision in May 2018.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.