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Advice Needed! Paying off CC

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Anonymous
Not applicable

Re: Advice Needed! Paying off CC

NRB525-  Thanks for the advice! I was paying just the minium but I'm now ready to attack the balances. That's why I was asking in which order I should proceed. I know Dave Ramsey says to start with the lowest balance? But in cases where I have a 0% for a period of time I thought a different path might fit me the best. I haven't PC'd the Capital One into a Quicksilver. What does this mean?  Thanks again for all the detailed advice. Greatly appreceiated. 

Message 11 of 15
Anonymous
Not applicable

Re: Advice Needed! Paying off CC

Thank you all for the feedback! It's appreciated.

Message 12 of 15
NRB525
Super Contributor

Re: Advice Needed! Paying off CC

You're welcome Smiley Happy

 

Ramsey's advice to start with the smallest balance is fine if all cards have interest charges. It enables him to give generalized advice to an audience of millions without complicating the message. Your (and my) situation with low APR for a time changes the approach.

 

PC means to Product Change. An existing non-rewards or 1% rewards Capital One card, with good history, can be converted to a Quicksilver with 1.5% cash back and no annual fee with a phone call to Capital One. Not every cardholder can convert, but many many on this forum, including me, have done so. There is no new credit inquiry and you end up with the same long history account and better rewards.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 13 of 15
Broke_Triathlete
Valued Contributor

Re: Advice Needed! Paying off CC


@Anonymous wrote:

Hello! This is my first post. I've been kinda obsessed with this site for a while now. I have learned a lot and now I'm here to get involved in the convos. I wanted to know in which order I should attack my debt. It's actually embarrasing to see these numbers. Please be nice to me :/

 

The devil (debt) is as follows:

 

                                   Balance             Limit                       APR

1. Chase Slate ----$2,326 ----------$4,000-------------- 0% until 8/17 --Then 13.24%

2. Discover It-------$4,000-----------$10,500------------ 0% until 4/17 --Then 20.2%?

3. Costco Citi-------$2,188-----------$8,500------------- 0% until 2/17 --Then 15.49%

4. AMEX-------------$4,637---------- $10,000-----------  0% until 4/17-- Then 16.24%

5. Barclay-----------$1,338 -----------$2,000 -----------  0% until 7/17 --Then 23.24%

6. Capital One -----$1,201-----------$2,000------------- 8.4% 

7. Navy Federal LOC $5,807------$15,000------------ 13.9%

 

My current FICO score with Credit Check Total is 713. 

Total Avail is $84,550

 


I'd sell anything tangible you bought with the cards that are not a necessity as a way to jump start getting those numbers knocked down. There is other great advice in this thread too!

Personal:

Business:


Message 14 of 15
Anonymous
Not applicable

Re: Advice Needed! Paying off CC

I think 7 and 6 then 3. After that see what time frame you are in for the rest of them. Id throw everything at 6 and 7 do like half and half that way 6 gets paid off and you can SEE the quick results. Then throw #6 in a block of ice and freeze it till all of them are paid off. Do the same thing over and over again.
True definition of freezing your credit. Then when ALL cards are paid off you can THAW out the cards in a celebration.
Message 15 of 15
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