Need help in a delema

[Anonymous]

Ok I am wondering how should I go about this I have a capital one quicksilver with 1800 and I'm using 1200 I have buy power credit card using 311 out of 750 and navy federal with 14000 and I'm using 12000 I was paying 136 to qs and 100 to buy power card and 260 a month minimum do for navy fed I was wondering should I transfer the balance to navy fed and pay $500 to $1000 a month on the bill so I can have one bill to pay which would effect me better?

[Anonymous]

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@Anonymous wrote:

Ok I am wondering how should I go about this I have a capital one quicksilver with 1800 and I'm using 1200 I have buy power credit card using 311 out of 750 and navy federal with 14000 and I'm using 12000 I was paying 136 to qs and 100 to buy power card and 260 a month minimum do for navy fed I was wondering should I transfer the balance to navy fed and pay $500 to $1000 a month on the bill so I can have one bill to pay which would effect me better?

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I don't think I'd add to your NFCU utilization. Pay the $311 and get that reporting zero and you should get a score bump. Then I'd keep making the Navy minimum and pay off the Cap One in the next two months. Should be another bump for another card reporting zero. Then aggressively pay off Navy.

[Anonymous]

So me doing a balance transfer from both cards wouldn't give me a bump with them going to 0 and me just attacking my navy fed card

[Anonymous]

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@Anonymous wrote:

So me doing a balance transfer from both cards wouldn't give me a bump with them going to 0 and me just attacking my navy fed card

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Any bump for that would be negated by NFCU reporting maxed out.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

So me doing a balance transfer from both cards wouldn't give me a bump with them going to 0 and me just attacking my navy fed card

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Any bump for that would be negated by NFCU reporting maxed out.

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At 85% NFCU is already maxed out I doubt adding a thousand or so more to the utilization would make much of a difference. If your NFCU card has a zero balance transfer fee and a lower interest rate and you will have only one card showing a balance then you would be okay transferring the other cards. You will probably not see a major score change if any.

[Anonymous]

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@Anonymous wrote:

Ok I am wondering how should I go about this I have a capital one quicksilver with 1800 and I'm using 1200 I have buy power credit card using 311 out of 750 and navy federal with 14000 and I'm using 12000 I was paying 136 to qs and 100 to buy power card and 260 a month minimum do for navy fed I was wondering should I transfer the balance to navy fed and pay $500 to $1000 a month on the bill so I can have one bill to pay which would effect me better?

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As others have said pay down the two lower onces first and then apply that amount ot the Navy one.  This is called the snowball method.

Also having those two report 0 should help your score some and it should go up once you pay down the Navy one more.

[Anonymous]

Is your goal to raise your scores as fast as possible?  Do you have a timeline?  What are you preparing for?  

Or is your goal to pay them off while paying the least interest?  What is the rate on each card?  

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

So me doing a balance transfer from both cards wouldn't give me a bump with them going to 0 and me just attacking my navy fed card

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Any bump for that would be negated by NFCU reporting maxed out.

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At 85% NFCU is already maxed out I doubt adding a thousand or so more to the utilization would make much of a difference. If your NFCU card has a zero balance transfer fee and a lower interest rate and you will have only one card showing a balance then you would be okay transferring the other cards. You will probably not see a major score change if any.

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It would take the utilzation past 89% to which is considerably worse scoring wise than 86%

Plus, it just seems unnecessary when OP can pay the two small cards off in 6-8 weeks.