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Help Me Form A Plan to Pay Down Cc

Contributor

Help Me Form A Plan to Pay Down Cc

So, I have 7 CC with ab12,500 in credit. I cleaned up my CC and then thsee old bills surfaced with people threatening toput something on my report so I paid with my chase and citi cards.  I owe chase 2,300 out of 5,000 and I owe city 1500 out of 3000. I also owe 500 out 1500 toburst buy and 200 out of 500 from BOA. Who should I pay offfirst? I am at 27 percent utilization. I get 3 pays in November and a bonus in December sonI thinkthat I can reallyknock these cards down.  What should I do? Should I try to increase my lines of credit? I really would appreciate any advice that you all may give.  P.S. I am typing on my IPad so please forgive the poor grammar and spelling

Message 1 of 15
14 REPLIES
Valued Contributor

Re: Help Me Form A Plan to Pay Down Cc


praise123 wrote:

So, I have 7 CC with ab12,500 in credit. I cleaned up my CC and then thsee old bills surfaced with people threatening toput something on my report so I paid with my chase and citi cards.  I owe chase 2,300 out of 5,000 and I owe city 1500 out of 3000. I also owe 500 out 1500 toburst buy and 200 out of 500 from BOA. Who should I pay offfirst? I am at 27 percent utilization. I get 3 pays in November and a bonus in December sonI thinkthat I can reallyknock these cards down.  What should I do? Should I try to increase my lines of credit? I really would appreciate any advice that you all may give.  P.S. I am typing on my IPad so please forgive the poor grammar and spelling


I would transfer the:

 

200/500

500/1500

1500/3000

 

to the chase card of 2300/5000, you will have 4500 on it plus the BT fee.

 

and you can have one big payment a month and keep the other credit card at 0 balance.

 

After that I would be trying to get CLI on the 0 balance credit card which are yours 500, 1500, 3000 one.

 

assuming that your chase card is low interest rate.

 

Edit: I can be wrong, but that is what I would do.

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Message 2 of 15
Moderator Emeritus

Re: Help Me Form A Plan to Pay Down Cc

I agree with armbenderc. Transfer everything to the chase card and try to get CLIs before the new balance reports on the chase card. Sock drawer everything until u get chase paid off.

Starting Score: 08/29/2011 TU 671 EQ 674
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Message 3 of 15
Member

Re: Help Me Form A Plan to Pay Down Cc

I personally think paying old debt that is off my credit report should be left alone, I am sure many will disagree and I understand all the different sides. I have an old sears card from 1993 that went into CO and then collection and then did not see anything and later it was off my CR and just last week I got a collection letter asking for 350 dollars, I think my original charge amount was about 250 but I just filed it under "T" for trash.  That sucks you used so much of your good credit to pay  credit which could not have affected your fico anyways, I would call the credit card company and dispute those charges just my .02.

Message 4 of 15
Mega Contributor

Re: Help Me Form A Plan to Pay Down Cc

How old were these debts?? I don't think I would have paid it myself if it was over 7 yrs.



EQ FICO 548 3/3/16
Message 5 of 15
Moderator Emeritus

Re: Help Me Form A Plan to Pay Down Cc

Were you paying debts that were older than 7 years?

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
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Message 6 of 15
Contributor

Re: Help Me Form A Plan to Pay Down Cc

The debt was 4 years old. I have a 650 credit score from my fico and I know that anything on my report would kill the score. I had no other choice but to pay. I would rather pay down the CC then deal with a collection account. I already have 5 (30) late from 2005 and several inquires. I plan to go for a mortgage in March so I will have all of the balances down by then.

Message 7 of 15
Moderator Emeritus

Re: Help Me Form A Plan to Pay Down Cc

Well... good choice on paying them.... before they went to judgement or collections.
Your lates from 2005 will be coming off soon!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Message 8 of 15
Regular Contributor

Re: Help Me Form A Plan to Pay Down Cc

What do the interest rate look like on your cards? If Chase is the highest, or relatively high in comparison to your others, then transferring all of your debt onto that card will cause you to pay massive amounts in interest charges alone. 

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 9 of 15
Contributor

Re: Help Me Form A Plan to Pay Down Cc

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

Message 10 of 15