This or that?

[Anonymous]

I know this question has been asked before ... or nearly this question.  I hate to repeat, but I couldn't find a direct answer ... so ... here goes:

Visa $6,000 limit @ $5,500 balance
Discover $9,000 @ $8,500 balance

Discover $11,000 limit @ $9,500 balance

Visa $14,000 limit @ $12,000 balance

Visa $20,000 limit @ $16,000 balance

Total $60,000 limits @ about $51,000 balance

Perfect credit other than high balances (and they are HIGH) ... FICO 636

I can bring $20,000 to bear immediately.  So, here's the question:

1. Better that we pay down the top four to 50% 
2. Better that we pay down the top three to 25%
3. Better that we pay down the top two to 0%
4. or ....

While I have money to bring to the problem, I don't know how to get the most bang for my buck.  Lil' help?

Thanks in advance for any assistance you can provide.

(Admin, if this is posted in the wrong forum, please move it)

[Anonymous]

Sorry!  Now, I see a bunch of postings with this EXACT question.  I'll spend some time reading those.

[IOBA]

If it were me, I would pay off the visa (5500) and the discover (8500).   That leaves 6000.  I would do one of two things with that 6000.

* apply it to the 9500 balance, to reduce it to 3500 (and then sock everything you have at it, getting it paid off asap) OR

* apply 2000 to each of the  three remaining cards, to bring them further from the credit limit.

Where is the 20000 coming from?

[Anonymous]

Hi MikeTaylor, and welcome!

Can you give us a little more detail about your credit card debt? Can you tell us the following:

1. What's the interest rate on each card?
2. Who is the issuer for each card (e.g. Bank of America, Citi, You-Name-It Credit Union, etc...)
3. What's the minimum payment for each card
4. Do you usually make more than the minimum payment on each card?

Having a little more info will help our members as they think about how you can get the most bang for your buck.