I need help deciding how to pay off credit cards

[purplestaples]

NO sorry. I mean i have paid for the vacation with cash already. I would like the card for an emergency only.

[dtjones052209]

Are your plans to alleviate the multiple cards into just one 5k card? It seems that if you pay the balances down by the time you head back to your family reunion you will have 3350 available for emergencies.

JMO

[noobody]

are they made up numbers?

how is possible have one or two dollar available credit on every card you carry?

[titanofold]

Well, you're lucky you don't have much debt to work on. I'm working on about twice that much, and it will take us twice as long to reach $0.

I'm estimating that you've allotted $400 per month to paying your debts.

This month, I would split the $400 more or less evenly across all 7 cards. This will give your cards a bit of breathing room and eliminate some of the over 90% utilization dings you're getting.

There are several plans of attack you can take. What I'm doing is paying off the lowest balance first to get a card reporting $0 as quickly as I can, then I'll move on to the highest utilization card and, when I've paid that off, progress to the next highest utilization. Obviously, I'm doing this while paying the minimum on the other cards.

Whatever you do, just continue to pay out the same amount each month to your cards; we will pay out no less than $400 out each month to the cards we have.

[purplestaples]

Today i paid $60 off on all of my cards. It wont be to long before i have them paid.  I will be paying $60 on each of them per month.

[chwebb1]

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@carmen6505 wrote:

So i pay on time always ( I pay then use them). I am never late on paying any credit cards/bills. I have recently maxed out my cards. My score is at 608 now i believe Here is a break down of my 7 cards.

card#1 $400 limit and my balance is $397

card#2 $200 limit and my balance is $190

card #3 $300 limit and my balance is $298

card #4 $450 limit and my balance is $449

card #5 $700 limit and my balance is $699

card#6 $300 limit and my balance is $298

card#7 $1000 limit and my balance is $998

So here is the thing i think its going to take me like 9 months to pay these all off. Will my score go up each month after paying?.

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With your balances the way that they are with all of your lenders (which as others have mentioned, is as close to a credit catastrophe as you can get), balance chasing is a real possiblity as you pay them off. Just mentally prepare yourself for that.

[purplestaples]

what do you mean mentally prepare myslef for balance chasing? whats that?.

[chwebb1]

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@purplestaples wrote:

what do you mean mentally prepare myslef for balance chasing? whats that?.

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Balance chasing is when you make a payment, your credit card company then cuts your limit to within a few dollars of your new balance (normally a multiple of $100 from what I understand). And when you get it paid off, they nuke your account.

[purplestaples]

Ohhhhhh I didnt know that. I paid $60 off each card yesterday and am not touching them. Hopefully since the cards are under a year I wont have that happen. Will continue to pay $60 on each card each month.

[titanofold]

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@purplestaples wrote:
Ohhhhhh I didnt know that. I paid $60 off each card yesterday and am not touching them. Hopefully since the cards are under a year I wont have that happen. Will continue to pay $60 on each card each month.

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Given that they're relatively new and you haven't had them at those limits for relatively long, you may not get balance chased. I'm not guaranteeing anything, but I'm not thinking it would be a concern.

At any rate, the important bit is that you still pay the debt regardless of whether or not they balance chase.