Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011
Re: What Credit Cards should I pay off?
[ Edited ]

chnceit wrote:

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


All I have to say is HOLY SHIZNITZ! And I thought I was in debt....Pay AMEX and CAP1 off first. Highest APR on down like others have said.

The truth is out there...
FICO scores: 740 (EQ) 738 (EX) 750 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015