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New Visitor
Posts: 1
Registered: ‎07-31-2007
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Going to pay down 1k on my Debt....should i split it between two cards or just pay down one?

I have 3500 on one card and 2800 on another I want to pay down 1 k of my debt next month but i'm wondering if it would be better to put 500 on one and 500 on another would it matter if i just put it down on one or help my score if i spread it between two?
Regular Contributor
Posts: 171
Registered: ‎05-18-2007
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Re: Going to pay down 1k on my Debt....should i split it between two cards or just pay down one?

I would pay the one with the highest interest rate.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
Member
Posts: 5
Registered: ‎03-14-2007
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Paying off some debt. Got any advice?

I'm a 21 year old college student. I have 2 Chase cc's, one Cap1 cc, one express (store) card, 2 bank accounts and one savings. the savings is pretty much empty. Fortunately, I'm getting my student loans in in about 2 or 3 weeks. I'll have around $2-3k from them to spend at will. I don't have any other bills besides these and a cellphone. If I'm correct, my FICO is somewhere around 660-670 range (or was). I have had all except one(2nd chase) of these accounts open for about 3 and a half years. 2nd Chase is about 8 months or so. Also, I was a victim of identity theft(repaired now) and I was trying to get a car recently, so I have A BILLION inquiries in the last year on my credit report (14 respectively... I know I know). In retrospect, I've never been late on one bill. Balances are as follows:

Chase:1000/1700 - 29.99% apr

Chase:490/1000 - 18.24% (just went up from intro 0%)

Cap1:200/500 - 22.8%

Express: 75/900 -22.8%

wow.. stacked up like this these apr's look HORRIBLE...

If these are the balances due, and the right numbers are the limits, what can I do that would be most beneficial? I would even take advice such as which accounts to close if I should close any. Realistically I would be fine with one (possibly two max) credit cards. I'm getting close to making those steps. Because I'm young and these were kind of "gift" cards I think... my APR'S have been high from the beginning. What kind of advice can I get to steer me in the right direction? I would like to have lower APR'S, higher limits and you know... all the rest of the beneficial things for credit cards.
New Member
Posts: 6
Registered: ‎05-08-2007
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Re: Paying off some debt. Got any advice?

If you believe that one of the bank cards may offer you a balance transfer special, pay that off.
Call each one and simply ask for a lower rate.  Ask each one if they have any balance transfer specials. 
 
Generally pay off balances that are really low (so you don't forget, and end up paying a late fee), and cards with higher rates first.
 
 
Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
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Re: Going to pay down 1k on my Debt....should i split it between two cards or just pay down one?



dannyboy6554 wrote:
I have 3500 on one card and 2800 on another I want to pay down 1 k of my debt next month but i'm wondering if it would be better to put 500 on one and 500 on another would it matter if i just put it down on one or help my score if i spread it between two?


Can you list the card names, CL's and APRs?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

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