Pay debt advice really need it

[juniornj23]

I have around 23 k on debt .

18k on penfed 20k
2 k on discovery 8k
3 k on penfed amex 5k

I will pay 12k this week
How should i pay them i know you sould not used more that 30% of ypu available credi which ia 83k total

[takeshi74]

You seem to have an understanding of what you need to make the decision.  Calculate your current utilization for each card.  Allocate payments to get them all down as much as possible.  I find a spreadsheet helpful for this since I can set up columns with current utilization, potential payment amount and potential utilization after payment.  Just adjust the amounts as needed.

You'll definitely want to get that card at 90% as low as you can but you also have a card at 60% that should be dropped as well if you can.  It looks like you should be able to get those two down to about 40% or so.

[MyLoFICO]

Unless you need your score to be as high as possible right now I wouldn’t worry too much about UTIL. I would take a look at your interest on each. If they are about the same I would knock out the two smaller balances and then put the rest on the big one. Then maybe try for a cli on Discover and look for BT options? Maybe a LOC from Penfed at a lower interest if your current rate is high? 

[juniornj23]

All my card have no interest until next years .

And total my UTL aroud 32%

[TimeLBK]

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@juniornj23 wrote:
I have around 23 k on debt .

18k on penfed 20k
2 k on discovery 8k
3 k on penfed amex 5k

I will pay 12k this week
How should i pay them i know you sould not used more that 30% of ypu available credi which ia 83k total

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IMO, I would pay the full balances on Discovery of $2k and Penfed Amex of $3K, which leaves you $7K to put on the other penfed of $18K. It will leave you just 1 card of a $11K balance, but ONLY 1 card to pay in the future.

[MyLoFICO]

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@juniornj23 wrote:
All my card have no interest until next years .

And total my UTL aroud 32%

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Then unless you just want or need your score to be as high as possible right now, I would payoff the smaller 2 and then hit that big one with everything you have until it’s paid off. That way if you don’t make it before the 0% is gone you only have the one accruing interest. Maybe by then you will be able to BT to a 0% or lower interest card if needed. That is providing you don’t run any more cards up in the meantime.

[Creditaddict]

Fewer accounts reporting balances will typically help more than an account having a higher util.

So I would pay your 2 small off and apply remaining to the big penfed.

[juniornj23]

Thank you i guess that was my plan but i want to make sure . Pay off the small then pay the rest to the big one and keep paying. I dont need to app for anything at this point but i guess by January i want the citi costo and AMEX CASH PREFERRED .by that time i will have 0to 9% utl plus only 4 HP and better AAAOA

[Anonymous]

I know everyone says higher ut cards first but I tend to do the opposite.  If I owe much less on some others, I tend to pay those off and then work on the larger lines.

[SouthJamaica]

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@juniornj23 wrote:
I have around 23 k on debt .

18k on penfed 20k
2 k on discovery 8k
3 k on penfed amex 5k

I will pay 12k this week
How should i pay them i know you sould not used more that 30% of ypu available credi which ia 83k total

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Pay $1600 towards 3k on penfed amex, so you'll be below 30% there.

Pay rest of it towards the 18k on penfed 20.