Re: What Credit Cards should I pay off?
12-06-2012 09:41 PM
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