How to pay down some debt

[Josh2942]

Hey myFico people. I have three cards that I had 0% 18 months on. 

Lowes 1500CL $949 balance 18 months

Bestbuy 3000CL $540 balance 24 months

Barclay Finnaincing 3000CL $2054 balance 18 months

They ae only 3 months old but I want to pay them down now. I paid the Lowes down to zero. I have one thousand bucks of free cash to make some payments. Should I pay the bestbuy to zero or should I put it all on the barclay? My total utilization is around 16 percent and that doesnt include the lowes card being paid down. Should I reduce the barclay utilization because right now its high? 

[TRC2k13]

Lowes is paid off now with $1000 left?

I'd pay off the BB and put the rest on Barclays...

2 cards reporting 0 would be best IMHO.

[aubie1kenobie2]

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@TRC2k13 wrote:

Lowes is paid off now with $1000 left?

I'd pay off the BB and put the rest on Barclays...

2 cards reporting 0 would be best IMHO.

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+1

[notfancy]

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@Josh2942 wrote:

Hey myFico people. I have three cards that I had 0% 18 months on. 

Lowes 1500CL $949 balance 18 months

Bestbuy 3000CL $540 balance 24 months

Barclay Finnaincing 3000CL $2054 balance 18 months

They ae only 3 months old but I want to pay them down now. I paid the Lowes down to zero. I have one thousand bucks of free cash to make some payments. Should I pay the bestbuy to zero or should I put it all on the barclay? My total utilization is around 16 percent and that doesnt include the lowes card being paid down. Should I reduce the barclay utilization because right now its high? 

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Depends on what you are going for. Someone else posted an example showing that her score was actually dinged more for having multiple accounts with a balance of even $1 more than having UTL on one card at 70% or so.

You have plenty of time left to pay off that Barclay account.  Since you already paid Lowes, I know BB has the longest promo for you out of all them, but I'd pay that off and then put the remaining $460 on the Barclay. That will bring that bill down to $1594 and your UTL on two cards to 0 and Barclay to 53% which isn't horrible. You can then just keep plugging away at that one bill instead of two bills at a time.

[Josh2942]

I have about 15 accounts reporting zero and lowes has 0 balance so I have all 1500 of the CL. I want a Chase Slate and Saphire by january of next year so I want to make the right choice

[Uppingmyscore]

I would pay the one that will have the highest APR or pay 50/50.

[notfancy]

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@Josh2942 wrote:

I have about 15 accounts reporting zero and lowes has 0 balance so I have all 1500 of the CL. I want a Chase Slate and Saphire by january of next year so I want to make the right choice

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May I ask why you want a Chase Slate? That is really only good as a BT card.  Most people seem to prefer to have a Chase Sapphire and Freedom card for max rewards with that company.

[Josh2942]

My mistake I meant the chase Hyatt. I always stay at Hyatts so I want the credit card

[Irisa]

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@notfancy wrote:

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@Josh2942 wrote:

I have about 15 accounts reporting zero and lowes has 0 balance so I have all 1500 of the CL. I want a Chase Slate and Saphire by january of next year so I want to make the right choice

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May I ask why you want a Chase Slate? That is really only good as a BT card.  Most people seem to prefer to have a Chase Sapphire and Freedom card for max rewards with that company.

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+1

As far as your original question, I would pay Best Buy off and the remainder to Barclays.