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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.
Thank you all for the feedback! It's appreciated.
You're welcome
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.
@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!