Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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!!


All I gotta say is WOOOOOOW thats some high balances! But yes pay off the highest balance first then work your way down! 


But if you cannot pay that off quick enough I would try to get a loan to consolidate your debt. Maybe even close them after so you dont go that deep again

$100K in Credit
Last Credit Card App: 11/16/13