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Help Me Form A Plan to Pay Down Cc

Moderator Emeritus

Re: Help Me Form A Plan to Pay Down Cc


praise123 wrote:

My interest is high on the Chase but 0 percent for 18 months on Citi Card. 


I would focus all of your Extra money towards paying Chase.  I would BT the smaller balances to your Citi Card.


Starting Score: 08/29/2011 TU 671 EQ 674
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Message 11 of 15
Frequent Contributor

Re: Help Me Form A Plan to Pay Down Cc

IF you don't have a lump of cash to pay off the smaller balances in total, I would also recommend the balance transfer.  The do not use ANY of your cards until it is paid in full. 

If you can't do the Balance transfer, make minimum payments on all but one card, and may hefty payments on that one card.   when its pif, move that payment onto the next (the good old snowball effect). If that is the case, I would work from lowest balance to highest. 

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Message 12 of 15
Frequent Contributor

Re: Help Me Form A Plan to Pay Down Cc

I'd balance transfer the Best Buy and BoA to Citi, which keeps you just under 75% utilization on Citi, at 0% interest. Pay the minimum on Citi, and throw everything you can at Chase first, since it's higher interest. Under no circumstances would I let any single card get over 90%, as it will hurt your FICO and possibly make the creditor nervous. There also seems to be another impact to FICO scoring at 75% of an individual card, so I'd try to stay under that if possible as well.

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Message 13 of 15
Regular Contributor

Re: Help Me Form A Plan to Pay Down Cc


Autumnslight wrote:

I'd balance transfer the Best Buy and BoA to Citi, which keeps you just under 75% utilization on Citi, at 0% interest. Pay the minimum on Citi, and throw everything you can at Chase first, since it's higher interest. Under no circumstances would I let any single card get over 90%, as it will hurt your FICO and possibly make the creditor nervous. There also seems to be another impact to FICO scoring at 75% of an individual card, so I'd try to stay under that if possible as well.


+1

Ex 752 (Amex) Tu 758 (Walmart) Eq 703
Goal: 750+ on all
Current Cards: Cap1 Cash Back; Chase Freedom; Chase Amazon; Citi Thank You; Citi Forward; Discover iT; Amex Zync; GE WalMart; BoA 3-2-1
Message 14 of 15
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Contributor

Re: Help Me Form A Plan to Pay Down Cc

BB card is 0 percent also.  I just made a payment on BB and BofA so it should be able to pay both of them off in the next month.Novemver I have 3 pays so I should be able to knock this out by then. 

Message 15 of 15