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Reducing balance of which companies card and type is most beneficial and rewarding

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rollerkosh
Established Member

Reducing balance of which companies card and type is most beneficial and rewarding

Discover 

us bank 

American Express blue cash preferred 

capital one rewards

capital one platinum 

capital one quicksilver 

Message 1 of 6
5 REPLIES 5
Scupra
Super Contributor

Re: Reducing balance of which companies card and type is most beneficial and rewarding

Forgive me, can you explain more as to what you're asking? Thank you

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 2 of 6
rollerkosh
Established Member

Re: Reducing balance of which companies card and type is most beneficial and rewarding

If I have a 30 to 50 percent balance on all the cards paying off or reducing maximum expenses I have of the cards  will yield the most benefits 

 

my highest rate rate is US bank and lowest rate is discover

Message 3 of 6
fltireguy
Valued Contributor

Re: Reducing balance of which companies card and type is most beneficial and rewarding


@rollerkosh wrote:

If I have a 30 to 50 percent balance on all the cards paying off or reducing maximum expenses I have of the cards  will yield the most benefits 

 

my highest rate rate is US bank and lowest rate is discover


Well, you just asswered your own question Smiley Happy

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 4 of 6
Scupra
Super Contributor

Re: Reducing balance of which companies card and type is most beneficial and rewarding


@rollerkosh wrote:

If I have a 30 to 50 percent balance on all the cards paying off or reducing maximum expenses I have of the cards  will yield the most benefits 

 

my highest rate rate is US bank and lowest rate is discover


Start with the card that has the highest utilization and work your way down. Good luck!

Filed BK7: 7/2012 (start score EQ 560 / TU 529) Discharge 10/2012
801 EQ FICO 06/2022
797 TU FICO 04/2022
793 EX FICO 04/2022
$30k NFCU Platinum | $30.7k NFCU cashRewards Sig | $15k NavChek | $7.1k Cap1 Quicksilver | $10k Amazon Store | $19k Cap1 VentureOne | $16k Barclay Aviator | $5k Chase Freedom | $5k Chase Sapphire Preferred | $9k Costco Visa | $20k AMEX BCE | AMEX Gold | NFCU Platinum #2 $19.3k | Apple $8.5k
Message 5 of 6
RCFL
Frequent Contributor

Re: Reducing balance of which companies card and type is most beneficial and rewarding

I did it the other way around. I paid off the ones with the lowest balance first - and now working on paying off the ones with the higher balance - only 2 more to go! And lucky both cards i owe money on are 0-4.99% interests only. Can't wait to be debt free though...

Message 6 of 6
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