Reply
Contributor
Posts: 108
Registered: ‎06-24-2012
0

How should I pay off CC Debit

So, I have 14,500 in credit and I owe 4500. I want to pay them off so what should I do. I owe $300 on store cards. But, I owe chase 3000 and citi 1200. Help me with a plan of action. I have about 1000 to pay on cc per month
Established Member
Posts: 40
Registered: ‎08-26-2012
0

Re: How should I pay off CC Debit

The rule of thumb is to pay off the highest APR cards first.

 

Others like to pay from lowest balance to highest balance, so cards are paid off quicker.

FICO: 754, (Walmart TU, 9/4/13)
Wallet: AMEX Gold, and cash.
Chase Freedom (5000), Capital One Venture1 (4750), CU Visa (5000), Discover More (5500), Walmart Discover (7500), Barclays Visa (2000)

Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: How should I pay off CC Debit

Pay off store cards and rest on citi in first month. Pay off citi and rest on chase in second month. Then just focus on chase.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: How should I pay off CC Debit


praise123 wrote:
So, I have 14,500 in credit and I owe 4500. I want to pay them off so what should I do. I owe $300 on store cards. But, I owe chase 3000 and citi 1200. Help me with a plan of action. I have about 1000 to pay on cc per month

Are you using these cards for any new charges, or do you have others CC for that?   What are APR's for each?

Contributor
Posts: 108
Registered: ‎06-24-2012
0

Re: How should I pay off CC Debit

Citi card is 0 percent chase is 18 percent
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: How should I pay off CC Debit

Id go Chase 800 and Citi 200 a month.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: How should I pay off CC Debit

pay off highest APR card first, then pay off the lower ones after that.

 

If you are unable to pay it off completely within next 2-3 months, get a personal loan for the amount on cards that you owe that are charging you interests fees, and use that money to pay off the credit card loans. Reason being personal loans interest rates are much lower than credit card interest fees.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
Posts: 146
Registered: ‎01-05-2013
0

Re: How should I pay off CC Debit

[ Edited ]

If your citi card is still within the 18 mo 0 apr period then I would pay off the store cards first (since their apr is usually 20+), pay min amount on citi, rest on chase. Minimum on citi and rest on chase for the next couple months until you pay off chase. Finish paying citi balance. 

 

EDIT: oops ignore the 18 mo bit...but still pay off the store card first, then chase, then citi or try to do a BT from chase to citi (still paying off the store card first)?


Last app 5/7/2014

No apps until 3/31/2016!
Blogger
Posts: 3,360
Registered: ‎10-19-2012
0

Re: How should I pay off CC Debit

Here's the simple rule about paying CC debt:

 

1. Pay all the minima first of all

2. If there's money left over from step 1, pay the balance with the highest interest rate

3. If there's money left over from step 2, pay the balance with the next highest interest rate

4. If there's money left over from step 3, pay the balance with the next highest interest rate

5. If there's money left over from step 4, etc.

 

 

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: How should I pay off CC Debit


LS2982 wrote:
Id go Chase 800 and Citi 200 a month.

Why would you pay extra on a 0% interest card instead of paying it on an 18% card?

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 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.

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

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.