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DEBT WISE BY EQUIFAX

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elaine829
Frequent Contributor

DEBT WISE BY EQUIFAX

Have anyone tried the debt wise that equifax has. I just sign up for the free 30 day trail. It suppose to help u decide wich cards to pay down first. And other features.

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2 REPLIES 2
RobertEG
Legendary Contributor

Re: DEBT WISE BY EQUIFAX

Which cards to pay down first depends on so many factors that, in my opinion, no such service can truly give you comprehensive advice on.

What is your %APR on each card? Are you seeking reductilon in overall interest paid each month, or solely on immediate FICO score increases?

These two considerations are frequently in conflict.

When do you plan to, or need to, apply for new credit?  Which translates to, how important are immediate FICO gains to you, vs interest $ out of pocket?

Do they suggest paying down your highest %APR cards first, or your highest balance cards first?  Do they suggest paying to 30% util, or paying one or more in full?

In my opinion, knowing the tradeoffs of each is the key, and I would not personally rely on a commercial service to make those recommendatilns to me.

 

I would post my personal considerations here on this site for objective opinions before I relied on any such commercial service for their recommendations.

Just my opinion.

 

 

Message 2 of 3
elaine829
Frequent Contributor

Re: DEBT WISE BY EQUIFAX

This is the order Debt wise ADVISE ME TO pay down my debt. They said I would be out of debt by 2013 and save 4494 in interest rate and 116 months. Any suggestions?? This is without no extra payments just minimums. All my credit cards are sock drawer until further notice.

Banana Republic balance 240 interest rate 22.99% minimum balance 20 dollars credit limit 1200

Best Buy                 balance 533 intersest rate 0 promotional ends june 2011 after that 25.24 minimum payment 25 credit limit 2200

Credit One Bank  balance  1167 interst rate 23.90& minimum payment 59 dollars credit limit 1175

JCpenney               balance 1681 interest rate 24% minimum payment 84 dollars credit limit 2000

Citibank                   balance 974 interest rate 0 promotional period ends 7/11 after it will be 13.99 credit limit is 1000

Home Depot          balance 810 interestrate 26.99 payment 27 credit limit 1300

Macys                      balance 2298 interest rate 24%payment 75 credit limit 2500

American Express Blue balance 2078 interest rat 0 until 1/2011 then 15.24 payment 30 credit limit is 3000.

My equifax is 656 right now. Im not trying to get anymore credit any time soon.

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