Valued Contributor
Posts: 2,300
Registered: ‎07-23-2012
Re: What Credit Cards should I pay off?

dl5770 wrote:

Hello all!

I am new to this board and it appears to be a great resource to get some solid advise.


I am coming into some money ($18,000) in January and would like to take the best approach in paying off some Credit Cards. Both for Credit Score and peace of mind!


Here's my situation (listed by highest ARP):


Cap 1 (17.9%) - $575 balance ($5,000)

AMEX (17.24%) - $7,722 balance ($8,000 limit)

Discover (12.99%) - $6,118 balance ($7,200 limit)

Chase (12.24%) - $4,913 balance ($5,500 limit)

BOA (9.24%) - $9,927 balance ($11,100 limit)

Citi (6.24%) - $9,355 balance ($9,500)


 My thoughts are: Cap 1, AMEX and BOA....OR.....Cap 1, AMEX, Discover and Chase (most of)


Any input would be great!!


i would do the first. 

but then manage your cards better. 

after you pay off most of your balances you should see a gigantic score bump. in which id app for a cu credit card with a super high limit and bt for a 0% for x months for whatever you can. since you prob wont be coming into another 18k anytime soon. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9

2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000