What cc should I pay first? All or part?

[Anonymous]

utilization shouldn't be the concern. debt management is the concern.

[Kevin86475391]

I agree for the most part. Debt management should definitely be the primary concern. However, personally I think avoiding AA should also be a consideration. If for example OP is sitting at 95%+ utilization on some of the cards I would recommend first getting all cards below 80%, then applying the remaining money to the highest APR card(s). OP also said there was concern about going over limit, which definitely needs to be addressed IMO. So yes, focus on managing the debt and saving money, but I do think utilization/limits should factor in as an additional concern and if that concern can be ameliorated with a relatively small portion of the tax refund I absolutely recommend it.

[Cookie2120987]

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@Kevin86475391 wrote:
I agree for the most part. Debt management should definitely be the primary concern. However, personally I think avoiding AA should also be a consideration. If for example OP is sitting at 95%+ utilization on some of the cards I would recommend first getting all cards below 80%, then applying the remaining money to the highest APR card(s). OP also said there was concern about going over limit, which definitely needs to be addressed IMO. So yes, focus on managing the debt and saving money, but I do think utilization/limits should factor in as an additional concern and if that concern can be ameliorated with a relatively small portion of the tax refund I absolutely recommend it.

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This is. Good explanation, with interest the op could be over his limit, like 520/500 (ouch!) but even if he pays a little extra on every cards and than attacks card 4, the highest apt and balance, that would be a major help, that $4,500 with a HUGE apr is really scary.... After 4, is done they may even have the others paid off or close to being paid off and they can take out 5 and than the rest will fall like melting candy. Luckily not every card is 20% or more will mAke it a bit easier unless money is really tight.

[dangerdave]

So the over the limit is an issue on every card but 5. So combining the advice is my best bet. Attacking that 4500 first and applying the rest to the other three would get me a good start at hacking away at that debt. That alone would solve a lot of problems right now. Money is stable right now so I'm on good shape. It hasn't always been that way. Thanks for the advice. You guys are great!

[Cookie2120987]

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@dangerdave wrote:
So the over the limit is an issue on every card but 5. So combining the advice is my best bet. Attacking that 4500 first and applying the rest to the other three would get me a good start at hacking away at that debt. That alone would solve a lot of problems right now. Money is stable right now so I'm on good shape. It hasn't always been that way. Thanks for the advice. You guys are great!

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You need to for sure get evert card below its limit, 90% at the most, 80% if possible, than attack 4 and than hit 5. It's hard, I had recent medical bills hit me, lawyer fees, life events and than the pains of being a single parents, life can be difficult but keep a smile and keep your head up! It will work out with hard work and budgeting.

[takeshi74]

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@dangerdave wrote:
What cc should I pay first? All or part?

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What's the revolving utilization on each?  If any of them are high or maxed then you want to get them down ASAP.  It's not just a matter of scoring but risk assessment.  if they're all below a certain threshold, say 50%, then focus on APR.

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@dangerdave wrote:
Should I pay a little on each so I don't run into over limit fees?

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Limits would help us to give you such recommendations as well as to assess utilization.

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@dangerdave wrote:
Is it bad to pay a cc down to 0. Would I be in danger of them canceling the card? Should I leave a small balance?

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No.  You want to aim to pay every statement balance in full.  A creditor won't just close a card because of a 0 balance.  A creditor may close a card due to inacitivty but you'd have to confirm with each of your creditors what their policies are on closure due to inactivity and then ensure that you at least meet the minimum activity requirements.

Given that the OP was concerned about going over limit it's likely that there are maxed cards.  Those have to be brought down ASAP regardless of APR's.

Make sure you're addressing whatever it was that led to carrying these balances.  Budget and stick to it.  Don't spend what you don't have.  Build a liquid reserve and don't rely solely on credit for emergencies.

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@Anonymous wrote:
utilization shouldn't be the concern. debt management is the concern.

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Utilization is always a concern and not mutually exclusive to debt management.  Again, it's not just a scoring factor but a risk factor as well.  We need more information to determine what should be top priority at this point.  We don't know if all cards are low, if one is maxed, if several are maxed, if all are maxed, etc.

Given that the OP mentioned concern about going overlimit there are probably maxed cards.  Those must be brought down ASAP regardless of APR.