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Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: What to pay and bal xfer??

Exactly shakalakaka! Lol

It's all about cash flow and cheap rates! Such an American idea! I've always made sure that if I were going to allow myself to go into cc debt that I kept an equal amount of liquid or easily liquified (lol) assets to pif if a big bank starts hassling me!!! Ever since I was 20 or 21, that is what I do. That's how banks manage their balance sheets, right? Except they leverage up like 40x haha. I think Citi failed that way? Lol!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: What to pay and bal xfer??

Yeah pay off your 23.99% interest first then the rest to your Chase 92% UTI on one card is kind of scary Smiley Happy but I bet this debt didnt even dent your overall UTI Smiley Wink

$100K in Credit
Last Credit Card App: 11/16/13
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: What to pay and bal xfer??

Liquidated*
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: What to pay and bal xfer??

Thanks chnceit! Yeah...that 92% scares me..
And I never thought I'd say this.. But $5000 is a low limit in terms of util... One $500 pmt would reduce that util by 10%! So that's good! Yeah, my overal util is like 11% I think now lol to get it to 9%, that's going to cost... Like $2000 LOL gah
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
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Re: What to pay and bal xfer??

If you are trying to raise your FICO score, paying the PayPal MC might help. I have found that the number of credit cards with balances negatively affects your score. By paying that $1,000 off, that will be one less card reporting a balance.

 

I know you realize that 0% credit cards doesn't really mean 0%. You have already paid a fee to carry that 0%...so at this point you may as well let it ride (and hope the market doesn't turn down). Don't forget that you could easily lose money on your investments....and then still have the credit card debt. Carrying balances on credit cards in order to invest it is high risk. I hope none of those investments are on margin.

Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: What to pay and bal xfer??

Yeah! I've noticed even when small balances report, like literally $10-12 bals on one account- my score gets dinged. Lol Yeah, my bt fee on Barclay's was like 2% and on Citi, it'd be 3%.

I know it is high risk, but the stock market is in a great position right now imo, and I already have locked in some gains in my positions.
Even if I were to lose half of my investments, I'd be fine for at least a year or two..so I've def calculated the worst case!!
I love this forum! Everyone is so knowledgable. I'd prob be stuck in the low 600s without it!
And none of them are on margin; now that'd be absolutely crazy!! That's too much leverage, even for me.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Contributor
Posts: 569
Registered: ‎09-10-2012
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Re: What to pay and bal xfer??


youngandcreditwrthy wrote:
Exactly shakalakaka! Lol

It's all about cash flow and cheap rates! Such an American idea! I've always made sure that if I were going to allow myself to go into cc debt that I kept an equal amount of liquid or easily liquified (lol) assets to pif if a big bank starts hassling me!!! Ever since I was 20 or 21, that is what I do. That's how banks manage their balance sheets, right? Except they leverage up like 40x haha. I think Citi failed that way? Lol!

Some here. And it helps if you want to app for something. You can always bring down your UTIL for a month and rack it up again after approval.

 

Pay down the Paypal beast and lower the Chase Util.

 

 

Amex Platinum (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (16,200) | Citi DCB (7,000) | CapOne (7,000) | Chase Freedom (6,300) | Walmart (4,500) | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)


Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
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Re: What to pay and bal xfer??

Exactly! :-)

Now I have a plan!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
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