Re: What Credit Cards should I pay off?[ Edited ]
12-07-2012 12:52 AM - edited 12-07-2012 12:53 AM
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.
FICO scores: 763 (EQ) 740 (EX) 751 (TU) | Goal scores: 750+ (all 3)
Open loans: Hyundai Motor Finance - $8k balance remaining | 60 months @ 4.9% (First Time Buyer 12/2012)
Tradelines: Capital One (5k) | Macy's (1.1k) | Living Spaces (8.5k) | Ashley (5.5k) | Discover IT (2k) | Walmart Discover (3k) | Chase Freedom NPSL | Citi Simplicity (8.0k)